Obama Dismisses Idea of Second Stimulus

In Weekly Address Urges Americans for Patience with His Economic Recovery Plan

(AP)  President Barack Obama on Saturday dismissed the idea the nation might need a second stimulus to jolt the economy out of recession and urged Americans to be patient with his economic recovery plan.

Faced with rising unemployment numbers and criticism from Republicans who have already labeled the $787 billion stimulus a failure, Mr. Obama used his weekly radio and Internet address to remind voters that reversing job losses takes time.

He criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression. And he rejected talk of a second stimulus, an idea that has been discussed by Democrats and even famed investor Warren Buffett.

"We must let it work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity," Mr. Obama, who is visiting Ghana on Saturday, said in his recorded message.

The stimulus included $288 billion in tax cuts, dramatic increases in Medicaid spending, about $48 billion in highway and bridge construction and billions more to boost energy efficiency, shore up state budgets and improve schools.

The plan "was not designed to work in four months," Mr. Obama said. "It was designed to work over two years."

Since Mr. Obama signed the stimulus into law, the economy has lost more than 2 million jobs and the unemployment rate has climbed higher than the White House predicted it would have ever reached without the stimulus.

Some companies say stimulus money helped avoid layoffs. Independent government auditors found that stimulus aid to states helped keep teachers off unemployment lines. But overall job numbers continue to suffer.

Republicans have seized on this opportunity to criticize the president, but they have struggled to find their collective voice. At a news conference Friday, Republican lawmakers criticized the White House for spending so much, while simultaneously saying the administration wasn't spending it fast enough.

With the Obama administration now pushing for a costly overhaul of the nation's health care system, Republicans are casting Democrats as liberals on a shopping spree. In the GOP's weekly address Saturday, Virginia Rep. Eric Cantor, the House Republican whip, accused the Democratic-controlled Congress of reckless spending and careless borrowing.

Though the Republican stimulus proposal this January had its own deficit-pushing price tag of $478 billion, Cantor and Republicans are trying to make their case against President Obama as one of fiscal restraint.

"For the stimulus alone, Washington borrowed nearly $10,000 from every American household," Cantor said. "Let me ask you: Do you feel $10,000 richer today?"

In his speech, Mr. Obama twice referred to "cleaning up the wreckage" of a recession that began on President George W. Bush's watch. But with Mr. Obama's poll numbers slipping on economic issues, Republicans want to lay the economy at the president's feet.

"This is now President Obama's economy," Cantor said.

[Obeidamaharaja]

In 2003 DoD LOST $2.3 Trillion dollars, equivalent to $8,000 for every man woman & child in America.
Thus the alleged $1.0 Trillion Deficit blamed on Obama represents about ~$4,000 for every man woman, child in America.
Sometime before Rumsfeld was Sec-of-Defense, the DoD had already "lost" $2.3 Trillion, and was in-progress of losing addend losses.
By now the accumulated DoD "losses" are 2 X $2.3Trillion or = $4.6trillion.
All we need to do is have oversight over the DoD.
The Lost DoD lost $Trillions likely are stimulus to offshore economies of a foreign countries because the DoD is so globally dispersed.
We have paid trillions upon trillions over 4 decades for a strong defense, yet it couldn't prevent 9/11--however did overcharge us!
Revamp DoD!!!!!!

Now we invest in America with a much smaller stimulus which is a small percent of the Deficit, and we are accused Socialists? How absurd.
Stimulus is an investment in the American economy.
DoD waste stimulates foreign economies.

Invest in America...let's have a second Stimulus.
Let Americans have a chance.

[ubrew12]

There will be a second stimulus. The political consequences of 12% unemployment will demand it. And the GOP would do the same thing. The two parties do what they do, they don't really act for the people anyway. The action now is to prevent mass unrest while waiting for the finance sector to digest its bad bets of the last 15 years.

[hungry1968-16]

by mccain08nc July 11, 2009 12:06 PM PDT
Don't any one point he facts to hungry but Ny and CA are bankrupt becasue the dems control them look at all the bankrupt states the majority of them are Blue.

That should tell people somehting if teh Dem idiolog won't work on the state level what makes them think it will work on the federal.







Gee, do you think it has ANYTHING to do with the fact that we ship money to Washington at a 2-to-1 ratio to what we receive, and Alaska, Mississippi, and Alabama get it FROM Washington at a 2-to-1 ratio compared to what they send?

We're BROKE, because we have to support OUR states AND YOURS!!!

[kenhamlett]

It is amazing how so many people want a four month fix for a problem that was almost 15 years in the making with a quick bilking of the American public at the end. It is obvious to me that the first goal is to stop the job losses as inventories deplete. Once warehoused merchandise reaches a low level, and it is getting there, then we will see more hiring and the benefits of this stimulus will start to be felt. I am sure that those who are unemployed now feel the need for immediate action but I fail to see how the Republicans in Congress can possibly see a benefit in trying to derail the recovery just to further their political motives.
It is certain that political naysayers are a key factor in holding back industry because they reinforce fear in those who would otherwise be making plans for a prosperous future. Once again Republicans show they fail to understand the economy they claim they support.

Free enterprise is not instant enterprise.

[hungry1968-16]

by IThoughtItWasFunnyNaw July 11, 2009 9:27 AM PDT
Ah well, the north is too stupid to feed themselves as they sit there with their heads back screeching feed me, feeeeeeeeeeeed me....from the ghettos...where all the parents are fat and the kids are skinny urchins living in streets with filthy gutters...and they're all wondering why they can't get out...don't they own maps?







That's a typical 'Rowdyism', if I've ever heard one.

The north sends their money to Washington DC, Washington sends it to the south (and Alaska) in the form of 'state welfare', and then you proclaim that WE need someone to feed us?!?!?!

I got a great idea: how about the money sent back to the states, goes back in an equal proportion to how it was sent to Washington.



And us northerners don't want to hear any crying when your unemployment rates hit 20%.

[beaumuff]

Obama will do what President Pelosi and Vp Reid tell him to do. He has no clue.

[beaumuff]

Seems all comments on Obama and his crew look like one idiot in favor and 19 having to pay for it.

[Solarrays247]

Hey CBS, what happened to all the news articles regarding health insurance reform? The articles only appeared for a few hours yesterday, and then were gone...missing! It doesn't have anything to do with the airing last night on PBS of the Bill Moyers interview of Wendell Potter, former head of Corporate Communications at CIGNA, one of the largest health insurers in the United States, does it?

Mr. Potter was basically whistle-blowing on the powerful Insurance Lobby, and that they will stop at nothing to preserve the status quo! Money is no object, and truth is nowhere to be found....the insurance companies have mounted their fight to the death, and to hell with WE THE PEOPLE! Unless WE THE PEOPLE stand up to this assalt, we will all be the biggest suckers of them all! While members of the insurance industry, and our politicians go laughing all the way to the bank!

The enemy is us.

[connunism]

"Virginia Rep. Eric Cantor, the House Republican whip, accused the Democratic-controlled Congress of reckless spending and careless borrowing."

The Republicon base of southerners really eats up the propaganda emanating from their party of fellow and bitter southerners. It is no surprise that the coach potato south leads the nation in obesity.

[nextgenman09]

by IThoughtItWasFunnyNaw July 11, 2009 9:27 AM PDT
-----

Another Rowdyculous Rant.

[speakinup22]

"You saying everyone in the north lives in ghettos is no different than saying everyone in the south lives in trailers. Your rampant generalizations and reckless use of labels only contributes to the divisions in this country. Shame on you. - by slownewsday_05 July 11, 2009 9:32 AM PDT



I don't agree with you often slownewsday_05, but BRAVO !

[xlib]

Just remember, deficit under a Republican administration-BAAAAAAAAD
Mega deficit under a democrat-GUUUUUUUUUD.
Just keep saying that and all will be well.
This guy has lied from day one and anyone who believes him is just plan fooling themselves.