Obama on deficits.

KLATTU · Oct 10, 2014

You don't have to be a deficit hawk ..." -- in a sobering floor speech as the Senate considered whether to raise the nation's debt ceiling from $8.184 trillion to $8.965 trillion. "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure," Obama said. "It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies."- Obama , in 2006, when the deficit was 246 bill. on the way down to 160 bill

Now the deficit might get down to 500 bill but then will start to skyrocket again.

What was he saying about leadership failure??

ToastyOats · Oct 10, 2014

So Obama is to blame for the aging population increasingly using Medicare and Social Security?

Fenton · Oct 10, 2014

ToastyOats said:
So Obama is to blame for the aging population increasingly using Medicare and Social Security?

No, I dont think left wing narratives to mitigate massive debt and deficits come straight from Obama.

iguanaman · Oct 10, 2014

KLATTU said:
You don't have to be a deficit hawk ..." -- in a sobering floor speech as the Senate considered whether to raise the nation's debt ceiling from $8.184 trillion to $8.965 trillion. "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure," Obama said. "It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies."- Obama , in 2006, when the deficit was 246 bill. on the way down to 160 bill

Now the deficit might get down to 500 bill but then will start to skyrocket again.

What was he saying about leadership failure??

He said Bush was a failure and he was. He took a budget surplus and turned it into the largest deficits in history and Obama has cut the deficit more than any President in history. Surely you can see why Bush was a failure at budgeting as well as the economy and foreign policy. Everything he did turned to poop.

Fletch · Oct 10, 2014

iguanaman said:
He said Bush was a failure and he was. He took a budget surplus and turned it into the largest deficits in history and Obama has cut the deficit more than any President in history. Surely you can see why Bush was a failure at budgeting as well as the economy and foreign policy. Everything he did turned to poop.

What specific actions did Obama take to cut the deficit?

iguanaman · Oct 10, 2014

Fletch said:
What specific actions did Obama take to cut the deficit?

#1 was the stimulus that got our economy back on track. Imagine if we were like Europe and fell for the austerity BS? We'd be back into recession again for sure. Name a Western power that is growing faster than us.

Fletch · Oct 10, 2014

iguanaman said:
#1 was the stimulus that got our economy back on track. Imagine if we were like Europe and fell for the austerity BS? We'd be back into recession again for sure. Name a Western power that is growing faster than us.

It wasn't Obamas deficit spending that cut the deficit or caused growth. The economy would have recovered on its own without Obamas trillion dollar stimulus.Most of the recovery was fueled by FED policy and the indestructible nature of American capitalism. The truth is, the government in general and the president in particular can do virtually nothing to alter the course of the American economy. It is simply too big and too diffuse. Obama, for his part, has made no effort whatsoever to cut the deficit and has, in fact, resisted virtually every attempt to do so.

Fenton · Oct 10, 2014

iguanaman said:
#1 was the stimulus that got our economy back on track. Imagine if we were like Europe and fell for the austerity BS? We'd be back into recession again for sure. Name a Western power that is growing faster than us.

Yea, that " Green jobs initiative " really paid off

Oh, Britain is actually has economic growth to speak of thats not totally dependant on part time jobs.

iguanaman · Oct 10, 2014

Fletch said:
It wasn't Obamas deficit spending that cut the deficit or caused growth. The economy would have recovered on its own without Obamas trillion dollar stimulus.Most of the recovery was fueled by FED policy and the indestructible nature of American capitalism. The truth is, the government in general and the president in particular can do virtually nothing to alter the course of the American economy. It is simply too big and too diffuse. Obama, for his part, has made no effort whatsoever to cut the deficit and has, in fact, resisted virtually every attempt to do so.

Except when you are blaming him for the sequester of course. Then he is gutting our military.

ToastyOats · Oct 10, 2014

Fenton said:
No, I dont think left wing narratives to mitigate massive debt and deficits come straight from Obama.

Demographics and population shifts aren't left-wing narratives.

Try again.

iguanaman · Oct 10, 2014

Fenton said:
Yea, that " Green jobs initiative " really paid off

Oh, Britain is actually has economic growth to speak of thats not totally dependant on part time jobs.

They have improved since the Bank of England cut interest rates and started QE. Smart move on their part. How long it will last when the rest of Europe is in recession is any bodies guess.

Fenton · Oct 10, 2014

ToastyOats said:
Demographics and population shifts aren't left-wing narratives.

Try again.

They are if your'e trying to use them to make excuses for the 30 year low Labor participation rate.

Fenton · Oct 10, 2014

iguanaman said:
They have improved since the Bank of England cut interest rates and started QE. Smart move on their part. How long it will last when the rest of Europe is in recession is any bodies guess.

Yes, QE works so well we've had to rely on it for 6 years.

Im still waiting for QE to do the job it was intended for.

Gimmesometruth · Oct 11, 2014

Fenton said:
Yes, QE works so well we've had to rely on it for 6 years.

Im still waiting for QE to do the job it was intended for.

I love this, it is a never ending contradiction. You recognize it did stop a banking/credit collapse (the "intention"...and it has been "relied upon")....but then out of the other side of your mouth comes "when will it work?".

Amazing.

Fenton · Oct 11, 2014

Gimmesometruth said:
I love this, it is a never ending contradiction. You recognize it did stop a banking/credit collapse (the "intention"...and it has been "relied upon")....but then out of the other side of your mouth comes "when will it work?".

Amazing.

LOL !!

Yea sure, it's been " successful "
In boosting economic growth ?? No, not so much.

When over 80 % of all the liquidity dispersed by the Fed sits on their books marked as " excess reserves " it's clear it failed to increase economic growth.

The amount of Excess Reserves since the 1960's up until 2008 was ZERO. Banks wouldn't dare leave money with a zero interest rate sitting idle if they could simply just lend it out and earn income off of it.

But Banks and Corporations ( who're using their profits to buy back their overvalued shares ) apparently think there's too much risk in the Obama economy to invest their principle in income earning assets like loans to consumers or using their profits for expansion that would lead to jobs.

And who can blame them ? All QE did was incentivize speculation and that coupled with Obama's " the Rich need to pay their fair share " rhetoric and a Health Care law that promises higher cost on Businesses and consumers has led us to a economy built on part time work, massive new debt and more QE.

Yea, real successful :roll:

ToastyOats · Oct 11, 2014

Fenton said:
They are if your'e trying to use them to make excuses for the 30 year low Labor participation rate.

No it isn't.

The baby boomers retiring as they are doesn't account for the entire labor force decline, but they are a major part of the equation as is the increase in college attendance and people having given up looking for work. If it weren't for the 1st two factors, you'd certainly see a fairly smaller percentage decline.

Gimmesometruth · Oct 11, 2014

Fenton said:
LOL !!

Yea sure, it's been " successful "
In boosting economic growth ?? No, not so much.

When over 80 % of all the liquidity dispersed by the Fed sits on their books marked as " excess reserves " it's clear it failed to increase economic growth.

The amount of Excess Reserves since the 1960's up until 2008 was ZERO. Banks wouldn't dare leave money with a zero interest rate sitting idle if they could simply just lend it out and earn income off of it.

But Banks and Corporations ( who're using their profits to buy back their overvalued shares ) apparently think there's too much risk in the Obama economy to invest their principle in income earning assets like loans to consumers or using their profits for expansion that would lead to jobs.

And who can blame them ? All QE did was incentivize speculation and that coupled with Obama's " the Rich need to pay their fair share " rhetoric and a Health Care law that promises higher cost on Businesses and consumers has led us to a economy built on part time work, massive new debt and more QE.

Yea, real successful :roll:

Hey FENTON....try READING WHAT I WROTE AND FIND WHERE I SAID "SUCCESSFUL". I DID NOT, YOUR RESPONSE IS BLIND TO WHAT WAS WRITTEN

MAYBE IF I YELL AT YOU IT WILL GET THROUGH.

I JUST HIGHLIGHTED THE FACT THAT YOU CONTINUE TO CONTRADICT YOURSELF, A CORPORATION THAT IS BUYING BACK IT'S OWN SHARES IS HARDLY "SPECULATING" AND THE CREATION OF RESERVES WAS EXACTLY WHAT QE WAS SUPPOSED TO DO. IF THE BANKS ARE NOT LENDING, IT IS NOT THE FAULT OF QE, IT IS THE FAULT OF THE GOP HOUSE THAT WON'T ADVANCE FISCAL MEASURES. FISCAL MEASURES ARE REQUIRED WITH QE AND LOWERED INTEREST RATES. YOU HAVE BEEN TOLD THIS MULTIPLE TIMES. YOU KNOW YOU CANNOT PUSH ON A STRING, THE FED KNOWS THIS, THE WH KNOWS THIS, YOU SHOULD KNOW IT.

LET ME GUESS WHAT YOUR NEXT INANITY WILL BE......"JAPAN".

Thrilla · Oct 11, 2014

iguanaman said:
#1 was the stimulus that got our economy back on track. Imagine if we were like Europe and fell for the austerity BS? We'd be back into recession again for sure. Name a Western power that is growing faster than us.

the stimulus eh?

let me guess, Bush's stimulus was bad, but Obama's was good

anyways, Obama was and is a hypocrite on the matter.

Gimmesometruth · Oct 11, 2014

Thrilla said:
the stimulus eh?

let me guess, Bush's stimulus was bad, but Obama's was good

anyways, Obama was and is a hypocrite on the matter.

I suppose for some, personal debt and public debt are the same thing.

iguanaman · Oct 12, 2014

Thrilla said:
the stimulus eh?

let me guess, Bush's stimulus was bad, but Obama's was good

anyways, Obama was and is a hypocrite on the matter.

When the economy tanks and demand falls, stimulus is always a good thing. Falling demand is what puts people out of work. Unfortunately Bush's biggest stimulus was pumping up the housing bubble and that really sucked..

DA60 · Oct 12, 2014

Gimmesometruth said:
I love this, it is a never ending contradiction. You recognize it did stop a banking/credit collapse (the "intention"...and it has been "relied upon")....but then out of the other side of your mouth comes "when will it work?".

Amazing.

Prove it.

Prove, using ONLY links to unbiased data/stats (not opinions) that QE did 'stop a banking/credit collapse'?

And also prove that had the Fed done nothing that banks would not have recovered at least as well?

Oh yes, that's right...it is impossible to prove either.

Yet still Keynesians continue to make these unprovable statements in matter-of-fact manner's.

:roll:

sawdust · Oct 12, 2014

iguanaman said:
#1 was the stimulus that got our economy back on track. Imagine if we were like Europe and fell for the austerity BS? We'd be back into recession again for sure. Name a Western power that is growing faster than us.

Our economy is not back on track and the stimulus was largely a waste of money, most of which was positioned to support the democrat base. The GM bail out went mostly to the UAW and to this day, GM is operating with a flawed business model. Most of any wall street success can be credited to the business cycle and business leaders adjusting to the new economic climate. They have been able to shed many of their benefits packages because of Obamacare. Walmart, a big supported of Obamacare, recently was able to shed it's healthcare coverage for part time workers, citing exploding premiums and the availability of a government subsidy for workers without insurance. The unemployment rate is now 5.6 percent but if you add back in the workers who have quit looking for work, the effective rate is 11 percent. Statistics don't lie but liars use statistics to fool us. That's what government has done when reporting to us both unemployment and inflation, neither of which are reported honestly.

Fenton · Oct 12, 2014

iguanaman said:
When the economy tanks and demand falls, stimulus is always a good thing. Falling demand is what puts people out of work. Unfortunately Bush's biggest stimulus was pumping up the housing bubble and that really sucked..

Still focusing on creating " demand ", huh ?

How did Obama's " green jobs " initiative create demand ?? How does raising taxes increase demand ? How does passing a law that targets the Middle classes discretionary income create " demand " ??

Gimmesometruth · Oct 12, 2014

You recognize it did stop a banking/credit collapse

DA60 said:
Prove it.

I don't have to prove he has accepted that it did, his own previous statement do.

You fail once again because you cannot comprehend the context of the sentence.

Gimmesometruth · Oct 12, 2014

Fenton said:
Still focusing on creating " demand ", huh ?

It has been the issue since the onset of the Bush Recession, you should know this.

How did Obama's " green jobs " initiative create demand ??

By investment into emerging tech when credit was collapsing....and the subsequent multiplier of that spending? Seriously, we have already gone over that.

How does raising taxes increase demand ?

When it comes from those with a low propensity to spend and transferred to those with a high propensity to spend.

How does passing a law that targets the Middle classes discretionary income create " demand " ??

????

oh....and I haven't heard back on this one...

Gimmesometruth said:
Hey FENTON....try READING WHAT I WROTE AND FIND WHERE I SAID "SUCCESSFUL". I DID NOT, YOUR RESPONSE IS BLIND TO WHAT WAS WRITTEN

MAYBE IF I YELL AT YOU IT WILL GET THROUGH.

I JUST HIGHLIGHTED THE FACT THAT YOU CONTINUE TO CONTRADICT YOURSELF, A CORPORATION THAT IS BUYING BACK IT'S OWN SHARES IS HARDLY "SPECULATING" AND THE CREATION OF RESERVES WAS EXACTLY WHAT QE WAS SUPPOSED TO DO. IF THE BANKS ARE NOT LENDING, IT IS NOT THE FAULT OF QE, IT IS THE FAULT OF THE GOP HOUSE THAT WON'T ADVANCE FISCAL MEASURES. FISCAL MEASURES ARE REQUIRED WITH QE AND LOWERED INTEREST RATES. YOU HAVE BEEN TOLD THIS MULTIPLE TIMES. YOU KNOW YOU CANNOT PUSH ON A STRING, THE FED KNOWS THIS, THE WH KNOWS THIS, YOU SHOULD KNOW IT.

LET ME GUESS WHAT YOUR NEXT INANITY WILL BE......"JAPAN".

Obama on deficits.

KLATTU

ToastyOats

Fenton

iguanaman

Fletch

iguanaman

Fletch

Fenton

iguanaman

ToastyOats

iguanaman

Fenton

Fenton

Gimmesometruth

He'd Send In The Army

Fenton

ToastyOats

Gimmesometruth

He'd Send In The Army

Thrilla

Gimmesometruth

He'd Send In The Army

iguanaman

DA60

sawdust

Fenton

Gimmesometruth

He'd Send In The Army

Gimmesometruth

He'd Send In The Army

Obama on deficits.

He'd Send In The Army

He'd Send In The Army

He'd Send In The Army

He'd Send In The Army

He'd Send In The Army

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