Almost half the stimulus would come from tax cuts, which include an extension of a two-percentage-point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers.It's big enough to upset Tea Party types, but not big enough to impress his lefty critics. I think the President's reelection strategy is to be really rather dull and middling... and to count on the other side looking extreme.
September 7, 2011
"President Barack Obama plans to propose sparking job growth by injecting more than $300 billion into the economy next year..."
"... mostly through tax cuts, infrastructure spending and direct aid to state and local governments."
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223 comments:
«Oldest ‹Older 201 – 223 of 223Um, a "major economist reporting" something doesn't change facts.
Except they are reading actual facts like data taken from real places, and you are obviously reading hacks. Who are a few economists you trust, I'm curious.
This sounds right to me:
"In truth, one might say that Barack Obama was elected at a very enviable time. He came into office when the economy was down but poised to start recovering within the next several months. All he had to do was be within the ballpark of the historical rate of 5% real growth coming out of recessions (or 6.2% coming out of longer recessions), not do anything horribly unpopular — like spearheading the passage of ObamaCare — and he could have ridden to an easy victory in 2012."
But, instead, he thought he could enact his pet policies and it would not affect the economy.
He chose ... poorly.
And lest we forget, they need to revoke the Dodd Frank financial bill.
Obama has to lose, but I doubt whatever Republicn who wins will reduce spending and cut government. I'd like to believe it, but I don't.
Obama's not in hiding! If anything, he's going out to collect voters, the way a farmer goes out to harvest his crops.
No need for Obama to appeal to his base. And, because of Roe V. Wade, there's no need for any democrat to go out and appeal to the "left." Or to anyone who isn't a religious zealot. Which is also the middle.
What does it mean that he has a hostile white crowd? He'd have to pay to create this ... if they weren't so willing to show up.
Again, our system is based on getting a smidgen over 50%. Last time Obama did this ... he saw McCain knocked on his pants. He's still the one who is probably going to win. He came in with room to spare.
The Tea Party? Let's say the win for Boehner came from them. And, their support? What exactly happened the day after? Well the newcomers have to now beg Boehner for money to run. And, he has seats to spare. The House will probably belong to the republicans. And, Boehner keeps his office.
It's really Pelosi in trouble. She's disliked by her own members. And, she's disliked by Obama!
Where will we be after election day 2012? In about the same place.
While, up ahead, it's Europe that's gonna change. I wonder if, when this happens, Obama comes out and makes another hope and change speech?
garage mahal said...
Never in the history of government has government spending been beneficial in a recessionary economy.
That goes against what pretty much every major economist recommends for us now, and what they reported what happened with the last stimulus. But hey, what do they know!
You're winger talking points need a little updating though, even conservative hack tanks admit it had an effect.
Here's a major economist who doesn't agree with you.
If Keynes were alive today, what would he think of President Obama's fiscal policies?
He would roll over in his grave if he could see the things being done in his name. Keynes was opposed to large structural deficits. He thought that they chilled rather than stimulated the economy. It's true that we're stuck with large deficits now. The goal should be to reduce them, not to take on new spending that makes them worse.
Today, deficits are getting bigger and bigger with no plan to significantly lower them. Keynes understood what the current administration doesn't understand that the proper policy in a democracy recognizes that today's increase in debt must be paid in the future.
We paid down wartime deficits. Now we have continuous deficits. We used to have a rule people believed in, balanced budgets. And now that's gone.
Care to revise your opinions ?
I've also seen it reported (don't have a link handy) that Keynes thought that a budget-to-GDP ratio higher than the mid-to-high teens (don't remember the exact number off the top of my head) was not sustainable. Obama wants to make it 25%.
Politicians (of both parties in the past, but now primarily Democrats) have hijacked Keynes' ideas to justify their voracious appetite. I think Keynes is rolling over in his grave.
"I think the President's reelection strategy is to be really rather dull and middling... and to count on the other side looking extreme. "
You gonna fall for it this time...in a rational way?
So - I guess the $230 billion for infrastructure from the last go around isn't going to give the unions the funds they need.
Care to revise your opinions ?
Interesting, thanks for the link. I had to google Meltzer, and he appears to be anything but a Keynesian economist, and I see DeLong and Krugman had some scathing rebuttals to Meltzer. That said I don't know how to respond to you in two minutes of research. I can try if you like. [me critiquing someone of Meltzer's stature seems real silly].
Is it an appendix to the Protocols of the Elders of Zion?
No, it's a misattribution of something Jefferson said right after he got done talking about how dissent is the highest form of patriotism. Like all good manifestos, it was kept secret for generations.
Oh, goody. More shovel-ready jobs. Happy days are here again.
Nice employment of the No True Scotsman fallacy, garage. Well played.
Re: No True Scotsman fallacy.
See also:
Cognitive dissonance
Equivocation
Euphemism
Loaded language
Moving the goalposts
Persuasive definition
Reification (fallacy)
Hope the clarification helps, garage.
wv: saywar. say what?
So, according to garage, only a Keynesian can be a true economist. Therefore, any economist deviating from the Keynesian "norm" must be dismissed out of hand, especially when noted Keynesians issue rebuttals.
Double plus Keynesian bonus points for scathing rebuttals.
Here's a clue: a rebuttal is merely part of a debate.
garage mahal said...
Except they are reading actual facts like data taken from real places, and you are obviously reading hacks.
Except you can cite no examples in the history of government where government spending leads to any sort of recovery.
Not one.
garage mahal said...
Except they are reading actual facts like data taken from real places,
Data like the unemployment rate which increased after the "stimulus" passed?
Data like the record number of people on food stamps after the "stimulus" passed?
Data like the largest number of discouraged workers since the great depression since the "stimulus" passed?
Data like a 35 year high in black unemployment after the "stimulus" passed?
Data like that, simpleton?
Pragmatist said...
It is funny that when a Republican cuts taxes the Right jumps in to cheer and defend him. When a Democrat does it it is called "stimulus" and is by definition bad and leads to, wait for it, deficits!!
Um, "infrastructure spending" is not "tax cuts"
But you keep on pretending Obama is proposing any meaningful "tax cuts" you fluffy bozo.
franglo wrote:
Conservatives: keeping it classy since the Goldwater campaign.
Funny you should mention classy campaign imagery and Goldwater.
This is a pathetic joke. Obama knows he can't get another huge faux stimulus through Congress. Its an unserious attempt to setup the GOP and it will fail because a huge majority of Americans will oppose it.
Over at Ace's they're making up funny movie names for the prez's speech tomorrow. My favorite: My Dinner with Ennui (reminded me of Althouse!)
In a word, he has 'nothing'.
This guys is a fucking world joke. Get him out now. Who is going to pay for this and how is adding more time to unemployment benefits going to get people motivated to look for work? This is all he has? This is the great secret he made the American public wait for to tell us how he was going to save the economy and get people back to work?
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