Obama: Debt Could Fuel 'Double-Dip Recession'

[boomerang]

Caution, this article contains words you may find disturbing. It seems our Chairman must be getting concerned about the mid-term elections. I can think of no other reason for him to have a sudden about face. Let's hope it's not too late. Well, those of us that actually have any concern for out of control spending.

I know that some of you will be deeply disturbed that an interview has been granted to Fox News. I know what must be going through your head, even though you know it's all lies, it's still Obama talking. Is Obama telling lies, or is FOX telling more lies? What a conundrum.

http://www.foxnews.com/politics/2009/11/18/obama-warns-double-dip-recession/

The United States' climbing national debt could drag the country into a "double-dip recession," President Obama warned in an interview with Fox News Wednesday from China, though he said he's still considering additional tax incentives for businesses to reverse the rising unemployment rate.

Hey, maybe China gave him a talking to.

You'll have to actually watch Fox to see the interview. I know, I know.......

 

[Jaskalas]

So the President is a two faced liar.

On one hand he'll say debt is bad. On the other hand his actions will be to raise more debt.

 

[Genx87]

Well of course. When you substitute private growth with artificial propping by the govt. The risk is if the govt doesnt continue the propping up, the economy will dip again when the stimulus money runs out.

Since the stimulus money is going to run out by the end of 2010. I wouldnt be surprised if we see a double dip recession sometime in 2011.

 

[rudder]

Our nation's bankers are very concerned about the debt...

http://www.cnbc.com/id/33965964

 

[FerrelGeek]

Remember kids; dem debt == good, rep debt == teh evulz. So, life's good!

 

[Mursilis]

The national debt is one of those things most people agree are bad in principle, but most people also aren't willing to take into major consideration when choosing a candidate. That's what Ross Perot and his pie charts didn't understand back in '92 - everyone agrees debt is bad, but no one truly cares.

 

[Genx87]

The national debt is one of those things most people agree are bad in principle, but most people also aren't willing to take into major consideration when choosing a candidate. That's what Ross Perot and his pie charts didn't understand back in '92 - everyone agrees debt is bad, but no one truly cares.

I think people care until you yank their entitlement out from under them to balance the budget.

 

[Mursilis]

I think people care until you yank their entitlement out from under them to balance the budget.

Which means they really don't care. It's like being thin - everyone wants to be thin, but many fewer are willing to sacrifice anything for it.

 

[Modelworks]

Wow, fox news interview of all things. Either he has really good things to say or we really are in deeep deeep trouble.

 

[Genx87]

Which means they really don't care. It's like being thin - everyone wants to be thin, but many fewer are willing to sacrifice anything for it.

That is what I was implying. Everybody complains about the next guys entitlement. Spending excess money is fine provided it is done for me.

 

[MotF Bane]

Needz moar stimulus, right Mr. President?

 

[Jaskalas]

Wow, fox news interview of all things. Either he has really good things to say or we really are in deeep deeep trouble.

I suspect he was pandering to the crowd.

 

[CPA]

Needz moar stimulus, right Mr. President?

It's coming. Look for it Spring of 2010.

 

[xj0hnx]

Awesome they changed the story to "Obama Calls Potentially Harmful Israeli Settlement Building in East Jerusalem".

New link http://video.foxnews.com/11711018/double-dip-recession/

 

[Tom]

President Obama has had a consistent position that we need to control deficit spending. And he has an honest program that has at least a chance of success, unlike our previous President's talk about controlling deficits but doing the opposite.
Obama's rational positions
1. stop fighting unneccessary wars that cost lots of money.
2. stop building unnecessary weapons that cost lots of money.
3. try to reform healthcare system that currently costs double what it should, compared to other nations.
4. return tax rates to a level that was working to control deficit when President Clinton was in office.

The stimulus spending is temporary, and apparently has worked in slowing a very steep decline we were facing. Obama and treasury secretary Gietner have been very clear we have to reduce the deficit as soon as possible, but it isn't possible if it cutting government spending sends us into a worldwide depression.

Now, some of you will criticize this as the party line, but it so happens I agree with it.
Anyone have a rational alternative ?

Deporting illegal aliens or doing away with the estate tax aren't solutions. Neither is cynicism.

 

[totalnoob]

The recession will end only when the government stops doing stuff. All forms of intervention send further distortions through the economy that prolong the corrective process. We should have learned from FDRs mistakes of the 30s but apparently not. Obama and the fed seem determined to create great depression #2.

 

[frostedflakes]

He's been talking about the deficit problem for a long time, since he started campaigning. Unfortunately on this issue, he says one thing and does another.

 

[OCGuy]

Smartest thing he has said in months.

Now when are his sheep going to listen to him?

 

[shira]

So the President is a two faced liar.

On one hand he'll say debt is bad. On the other hand his actions will be to raise more debt.

How is this lying?

Example (by analogy):

Drinking dirty water is bad, and may cause health problems.

All we have is dirty water and no way to clean it. We're dying of thirst. ==> We are going to drink dirty water.

 

[BurnItDwn]

The recession will end only when the government stops doing stuff. All forms of intervention send further distortions through the economy that prolong the corrective process. We should have learned from FDRs mistakes of the 30s but apparently not. Obama and the fed seem determined to create great depression #2.

I can't tell if your post is in jest/satire, or if your serious?

Its frightful to think that you base your opinion on history, yet it is obvious that you are completely ignorant towards that history. If the government were to stop doing stuff, then the economy would clash just like it did during the great depression when the government "stopped doing stuff."

The "mistake" of the great depression was that there wasn't enough deficit spending to boost the economy and the government didn't do enough fast enough.

Fortunatly, there are democrats in office, so there shouldn't be any big cuts .....
Hopefully they will make cuts once the economy has recovered though.

In the mean time, what needs to be done is an increase in income taxes.

 

[sandorski]

How is this lying?

Example (by analogy):

Drinking dirty water is bad, and may cause health problems.

All we have is dirty water and no way to clean it. We're dying of thirst. ==> We are going to drink dirty water.

exactly

 

[totalnoob]

If the government were to stop doing stuff, then the economy would clash just like it did during the great depression when the government "stopped doing stuff."

The "mistake" of the great depression was that there wasn't enough deficit spending to boost the economy and the government didn't do enough fast enough.

Fortunatly, there are democrats in office, so there shouldn't be any big cuts .....

In the mean time, what needs to be done is an increase in income taxes.

The great depression lasted is long as it did precisely because the government did what you are advocating..higher taxation and incessant interventions. You speak of history..I urge you to learn the lesson of 1920-21:

http://www.youtube.com/watch?v=czcUmnsprQI&fmt=18

We had a collapse that was FAR WORSE than the first year of the great depression with high unemployment, falling productivity, credit contraction, bank failures..all sorts of nastiness. The fed didn't knock interest rates down to 0% and double the money supply as they are doing now, and there were NO fiscal "stimulus" plans at all (government spending was actually CUT during the recession). We had a completely passive federal government during a horrific correction and the economy rebounded and began growing in less than 12 months. Contrast this with the periods where the government tried to "cure" recessions. If you observe the miserably prolonged corrections we've had during periods of heavy government intervention (in the 30s and today), I think you will need to alter both your assumptions and conclusions on this issue.

 

[waggy]

President Obama has had a consistent position that we need to control deficit spending. And he has an honest program that has at least a chance of success, unlike our previous President's talk about controlling deficits but doing the opposite.
Obama's rational positions
1. stop fighting unneccessary wars that cost lots of money.
2. stop building unnecessary weapons that cost lots of money.
3. try to reform healthcare system that currently costs double what it should, compared to other nations.
4. return tax rates to a level that was working to control deficit when President Clinton was in office.

The stimulus spending is temporary, and apparently has worked in slowing a very steep decline we were facing. Obama and treasury secretary Gietner have been very clear we have to reduce the deficit as soon as possible, but it isn't possible if it cutting government spending sends us into a worldwide depression.

Now, some of you will criticize this as the party line, but it so happens I agree with it.
Anyone have a rational alternative ?

Deporting illegal aliens or doing away with the estate tax aren't solutions. Neither is cynicism.

hahahhahahahah oh man.

 

[cubeless]

How is this lying?

Example (by analogy):

Drinking dirty water is bad, and may cause health problems.

All we have is dirty water and no way to clean it. We're dying of thirst. ==> We are going to drink dirty water.

that is the lamest analogy yet...

there's plenty other water to drink, just it takes a little walking to get to and may not get him and his cronies reelected if they were to choose to go get it...

so let's all drink dirty water!!!

 

[boomerang]

I can't tell if your post is in jest/satire, or if your serious?

Its frightful to think that you base your opinion on history, yet it is obvious that you are completely ignorant towards that history. If the government were to stop doing stuff, then the economy would clash just like it did during the great depression when the government "stopped doing stuff."

The "mistake" of the great depression was that there wasn't enough deficit spending to boost the economy and the government didn't do enough fast enough.

Fortunatly, there are democrats in office, so there shouldn't be any big cuts .....
Hopefully they will make cuts once the economy has recovered though.

In the mean time, what needs to be done is an increase in income taxes.

Wow! I can't even begin to tell you happy I am that you're not running the country.