"Recovery Summer"

[justplugit]

Originally Posted by spence

If you were to consider a McCain Administration making the same accounting changes as Obama, the likelihood of a McCain 2009 budget deficit actually being larger than Obama is a reasonable proposition.

-spence

Speculation.

My original question still hasn't been answered.

[scottw]

Originally Posted by justplugit

Speculation.

My original question still hasn't been answered.

speculation wrapped with absurdities....of course you measure the "stimulus" program by it's total cost, particularly when it was so ineffective...saved some union jobs, created some government jobs, much of it will end up back in Obama's campaign fund...just a little sugar rush for the Obama loyalist...and their children will be paying for it all for quite some time and nothing to show for it economically..no recovery...no reinvestment...just a really bad Act


CBO: Stimulus almost doubled U.S. debt
By: Conn Carroll | Senior Editorial Writer Washington Examiner Follow Him @conncarroll | 06/22/11 11:27 AM

. A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.

The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.

Other lowlights from the report include:

•Debt will reach 70 percent of GDP by the end of this year – the highest percentage since World War II.
•Spending on Medicare, Medicaid, and Social Security will reach 15 percent of GDP by 2035 – spending on all government programs has averaged 18.5 percent over the past 40 years.
•Total government spending is set to hit 27 percent of GDP by 2035.
•Taxes are set to grow from 19 percent of GDP in 2013, to 23 percent by 2035.
•Americans “at various points on the income scale would pay a larger percentage of their income in taxes than people at the same points do today.”
•The effective marginal tax rate on labor income would rise from about 25 percent now to about 35 percent in 2035.

.............................................
Spence can continue to try to make excuses for this president, it appears to be his forte...but this guy is a COMPLETE disaster

"This repeated failure has nothing to do with the pace or type of spending. Rather, the problem is found in the oft-repeated Keynesian myth that deficit spending “injects new dollars into the economy,” thereby increasing demand and spurring economic growth. According to this theory, government spending adds money to the economy, taxes remove money, and the budget deficit represents net new dollars injected. Therefore, it scarcely matters how the dollars are spent. John Maynard Keynes famously asserted that a government program paying people to dig and then refill ditches(SHOVEL READY JOBS) would provide new income for those workers to spend and circulate through the economy, creating even more jobs and income. Today, lawmakers cling to estimates by Mark Zandi of Economy.com that on average, $1 in new deficit spending expands the economy by roughly $1.50.

If that were true, the record $1.6 trillion in deficit spending over the past fiscal year would have already overheated the economy. Yet despite this spending, which is equal to fully 9 percent of GDP, the economy is expected to shrink by at least 3 percent this fiscal year. If the spending constitutes an injection of “new money” into the economy, we may conclude that, without it, the economy would contract 12 percent — hardly a plausible claim.

If $1.6 trillion in deficit spending failed to slow the economy’s slide, there’s no reason to believe that adding $185 billion — the 2009 portion of the stimulus bill — will suddenly do the trick. But if budget deficits of nearly $2 trillion are insufficient stimulus, how much would be enough? $3 trillion? $4 trillion?

This is no longer a theoretical exercise. The idea that increased deficit spending can cure recessions has been tested, and it has failed. If growing the economy were as simple as expanding government spending and deficits, then Italy, France, and Germany would be the global economic kings. And there would be no reason to stop at $787 billion: Congress could guarantee unlimited prosperity by endlessly borrowing and spending trillions of dollars."

[scottw]

oops!

Forecasts for Growth Drop, Some Sharply
Published: Saturday, 25 Jun 2011 | 9:33 AM The New York Times

A drumbeat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year.

BUT DON'T WORRY

Bernanke May Try Spurring Economy by Prolonging Stimulus By Joshua Zumbrun and Steve Matthews - Jun 21, 2011 6:23 AM ET

Fed Chief Bernanke Leaves Door Open to Easing If Economy Weakens Further By Scott Lanman and Jeannine Aversa - Jun 23, 2011 12:00 AM ET .

.Federal Reserve Chairman Ben S. Bernanke left the door open to a fresh shot of monetary stimulus should the economic rebound he’s predicting fail to materialize.


Insanity: doing the same thing over and over again and expecting different results.

[scottw]

Originally Posted by scottw

oops!

Forecasts for Growth Drop, Some Sharply
Published: Saturday, 25 Jun 2011 | 9:33 AM The New York Times

A drumbeat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year.

BUT DON'T WORRY

Bernanke May Try Spurring Economy by Prolonging Stimulus By Joshua Zumbrun and Steve Matthews - Jun 21, 2011 6:23 AM ET

Fed Chief Bernanke Leaves Door Open to Easing If Economy Weakens Further By Scott Lanman and Jeannine Aversa - Jun 23, 2011 12:00 AM ET .

.Federal Reserve Chairman Ben S. Bernanke left the door open to a fresh shot of monetary stimulus should the economic rebound he’s predicting fail to materialize.


Insanity: doing the same thing over and over again and expecting different results.

More Stimulus...More QE...That's the Ticket!!!!

Dollar seen losing global reserve status
By Jack Farchy in London

The US dollar will lose its status as the global reserve currency over the next 25 years, according to a survey of central bank reserve managers who collectively control more than $8,000bn.

More than half the managers, who were polled by UBS, predicted that the dollar would be replaced by a portfolio of currencies within the next 25 years.

That marks a departure from previous years, when the central bank reserve managers have said the dollar would retain its status as the sole reserve currency.

UBS surveyed more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions with more than $8,000bn in assets at its annual seminar for sovereign institutions last week. The results were not weighted for assets under management.

The results are the latest sign of dissatisfaction with the dollar as a reserve currency, amid concerns over the US government’s inability to rein in spending and the Federal Reserve’s huge expansion of its balance sheet.

“Right now there is great concern out there around the financial trajectory that the US is on,” said Larry Hatheway, chief economist at UBS

[justplugit]

Originally Posted by scottw

More Stimulus...More QE...That's the Ticket!!!!

"Benanke May Try Sturring Economy by Prolonging Stimulus."

Typical of the so called elite egg heads running our government.
Alot of these guys,like Bernanke, never worked in business a day in
their lifes. He's a Harvard Grad and taught at Stamford and NYU.
All theory and no practical experience or common sense.

By his theory the stimulus should have worked, but it didn't and now he
wants to do it again? Maybe it will work this time after all it is a theory.
Even if it did work it's a short term fix for a long term problem that just prolongs the problem.

He must be part of the" buy now pay later "generation. Guy gets a deal on
a $1500 suit charging it on plastic, brags about the deal, forgetting it will cost
him $2000 when and if he pays it off.

[justplugit]

Originally Posted by scottw

This is no longer a theoretical exercise. The idea that increased deficit spending can cure recessions has been tested, and it has failed. If growing the economy were as simple as expanding government spending and deficits, then Italy, France, and Germany would be the global economic kings. And there would be no reason to stop at $787 billion: Congress could guarantee unlimited prosperity by endlessly borrowing and spending trillions of dollars."

Bingo, but the controlling egg heads can't see the the forest for the trees.
They think they're so smart that history doesn't apply to them.

Or then again they have a different agenda for America, and it's
not self reliance and individual ingenuity but socialism, which leads to
nothing more than mediocracy.

Either or, we are headed for the ruination of the best form of government ever devised.

[spence]

Originally Posted by scottw

If that were true, the record $1.6 trillion in deficit spending over the past fiscal year would have already overheated the economy. Yet despite this spending, which is equal to fully 9 percent of GDP, the economy is expected to shrink by at least 3 percent this fiscal year. If the spending constitutes an injection of “new money” into the economy, we may conclude that, without it, the economy would contract 12 percent — hardly a plausible claim.

If $1.6 trillion in deficit spending failed to slow the economy’s slide, there’s no reason to believe that adding $185 billion — the 2009 portion of the stimulus bill — will suddenly do the trick. But if budget deficits of nearly $2 trillion are insufficient stimulus, how much would be enough? $3 trillion? $4 trillion?

This is no longer a theoretical exercise. The idea that increased deficit spending can cure recessions has been tested, and it has failed. If growing the economy were as simple as expanding government spending and deficits, then Italy, France, and Germany would be the global economic kings. And there would be no reason to stop at $787 billion: Congress could guarantee unlimited prosperity by endlessly borrowing and spending trillions of dollars."

Your author either lacks a 3rd grade education or is just intentionally being deceptive.

-spence

[scottw]

Originally Posted by spence

Your author either lacks a 3rd grade education or is just intentionally being deceptive.

-spence

does being perpetually wrong make you snippy?

Contributor

Brian Riedl, Senior Policy Analyst at the Heritage Foundation

Brian Riedl is the Grover M. Hermann Fellow for Federal Budgetary Affairs at the Heritage Foundation. Riedl mainly focuses on federal spending trends, appropriations, budget process reform, and budget deficits. He also studies economic growth, tax policy, agriculture spending, antipoverty programs, and long-term entitlement spending trends.

As early as 2002 and 2003, Riedl became one of the first writers to note the beginning of a massive federal spending spree under President Bush, which has since pushed federal spending above $25,000 per household. In 2006, Riedl�s writings helped expose $14 billion in additional domestic spending added to an Iraq bill (including Mississippi's "railroad to nowhere") and the ensuing public backlash forced Congress to strip these funds from the bill. In 2008, Riedl was a leading critic of the farm bill, which was ultimately vetoed by President Bush (although overridden by Congress).

Riedl's budget research has been featured in front-page stories and editorials in The New York Times, The Wall Street Journal, The Washington Post and The Los Angeles Times. He has discussed budget policy on NBC, ABC, CBS, PBS, CNN, FOX News, MSNBC, and C-SPAN. He also participates in the bipartisan "Fiscal Wake-Up Tour," which holds town hall meetings across America focusing on the looming crisis in Social Security, Medicare, and Medicaid.

Before coming to Heritage in 2001, Riedl worked for then-Gov. Tommy Thompson, former Rep. Mark Green (R-WI), and the Speaker of the Wisconsin Assembly. Riedl holds a bachelor's degree in economics and political science from the University of Wisconsin, and a master's degree in public affairs from Princeton University



let's see your bio Spence