Quote:
Originally Posted by dogzilla
Yet another story about how Obama's giveaways haven't fixed much of anything.
Hasn't it yet occurred to these guys that since people have discovered that maxing out your credit card or your home equity is a stupid idea, that the economy has shrunk and is going to stay that way for a while? Obama trying to inflate the economy turned out to be a failure.
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The comparisons to personal credit cards and home equity is baseless. The factors in making policy regarding the national economy is just not that simple.'
A growing consensus of economists are of the opinion that the full package (TARP, ARRA, Fed policies) prevented a further collapse of the economy and in fact were significant factors in its stabilization....added significant number of jobs to counter the loss of 8 million in the previous eight years and resulted in stead GDP growth as opposed to the negative growth in 07 and 08.
The TARP payback is a plus, but was expected.
And, the financial reform act passed this year does address, at least to some degree, the problems that got us into the mess. I agree it doesnt go far enough, but is better than no financial reform at all.
Lastly, to all your posts about Obama's spending, the CBO's estimate of the FY 10 (ended last week) budget deficit of $1.3 trillion is LESS than the previous year's record of $1.43 trillion...;and Obama's proposed FY 11 budget put a freeze on most discretionary spending.
But it will mean nothing and the deficits will soar if the Bush 01 and 03 tax cuts, particularly on the top bracket, are extended....add another $trillion to next year's deficit (and each subsequent year).