Time to admit Obamanomics has failed

[-Cp]

It's no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday's brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it's easy to see why she would start looking for the exits.

Romer is best known for drafting the February 2009 report "The Job Impact of the American Recovery and Reinvestment Plan," which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That's not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Time-to-admit-Obamanomics-has-failed-1008050-100154469.html#ixzz0w7e2QY29

[red states rule]

http://media.townhall.com/Townhall/Car/b/bg080910dBP20100809014521.jpg

[gabosaurus]

Perhaps so. But Reaganomics was a dismal failure, and the country is still around.
If this country could survive being run by a ignorant peanut farmer (Carter), a total buffoon (Ford), a brain dead cabbage (Reagan), an oversexed joke (Clinton) and war-loving serial liar (Bush), it can certainly take anything Obama can do.

[LuvRPgrl]

It's no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday's brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it's easy to see why she would start looking for the exits.

Romer is best known for drafting the February 2009 report "The Job Impact of the American Recovery and Reinvestment Plan," which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That's not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Time-to-admit-Obamanomics-has-failed-1008050-100154469.html#ixzz0w7e2QY29

which is precisely why politicians are willing to spend up to millions of dollars to win a posistion that only pays a miniscule amount

[LuvRPgrl]

Perhaps so. But Reaganomics was a dismal failure, and the country is still around.
If this country could survive being run by a ignorant peanut farmer (Carter), a total buffoon (Ford), a brain dead cabbage (Reagan), an oversexed joke (Clinton) and war-loving serial liar (Bush), it can certainly take anything Obama can do.

So you admit that Obama is failing as president, but justify why its ok because all the others were failures also?

Not to mention, since you included every president in your tirade, have we not had periods of positive economic growth? Who was responsable for those? Under whose watch did they occur?

[red states rule]

So you admit that Obama is failing as president, but justify why its ok because all the others were failures also?

Not to mention, since you included every president in your tirade, have we not had periods of positive economic growth? Who was responsable for those? Under whose watch did they occur?

Gabby has no idea about the Reagan years except what her fellow liberals tell her

Pres Reagan never whined about the mess he was handed by Jimmy Carter. His polices gave America the largest peacetime economic expansion in the nations history

Much to Gabby's dismay, Reagan won reelection in 1984 with 49 states because he earned it with what he accomplished

[LuvRPgrl]

Gabby has no idea about the Reagan years except what her fellow liberals tell her

Pres Reagan never whined about the mess he was handed by Jimmy Carter. His polices gave America the largest peacetime economic expansion in the nations history

Much to Gabby's dismay, Reagan won reelection in 1984 with 49 states because he earned it with what he accomplished

He also won the most expensive and important war the US was ever involved in without firing a single shot

It was during the Reagan years that I switched from liberal to libertarian/conservative. After comparing Carter to Reagan, and having spent some time in the real world instead of the bubble college presents you, it was a no brainer

[bullypulpit]

The only failure was in capitulating to the Republicans and Blue-Dog Democrats in putting forth a smaller stimulus package than was needed. The cause of America's economic decline, much as you'd like to deny it, lies foursquare with the GOP and the Bush administration.

<center><a href=http://www.cbpp.org/cms/index.cfm?fa=view&id=3036>Critics Still Wrong on What’s Driving Deficits in Coming Years</a></center>

<center>http://www.cbpp.org/images/cms//12-16-09bud-rev6-28-10-f1.jpg</center>

But don't let facts stand in the way of y'alls right wing-nut ass-hattery...as if you ever do.

[gabosaurus]

Don't forget to include the crappy economic conditions that Obama was handed by an irresponsible former administration. Dubya went through eight years of careless oversight of spiraling big business woes while spending all his time spending money on a war that he started.
What other president has recklessly cut taxes while throwing billions of dollars into a military rathole? And then threw it all into the lap of the next administration?

Reagan was famous for his policy of giving to the rich while taking from the poor. He won election by negotiating with Iranian terrorists, who agreed to free to U.S. hostages in return for economic and military compensation. And let's not forget how the Reagan supported covert CIA operations in Afghanistan taught the Taliban some basic terrorism, including hidden land mines and flying airplanes into buildings.

[bullypulpit]

Don't forget to include the crappy economic conditions that Obama was handed by an irresponsible former administration. Dubya went through eight years of careless oversight of spiraling big business woes while spending all his time spending money on a war that he started.
What other president has recklessly cut taxes while throwing billions of dollars into a military rathole? And then threw it all into the lap of the next administration?

Reagan was famous for his policy of giving to the rich while taking from the poor. He won election by negotiating with Iranian terrorists, who agreed to free to U.S. hostages in return for economic and military compensation. And let's not forget how the Reagan supported covert CIA operations in Afghanistan taught the Taliban some basic terrorism, including hidden land mines and flying airplanes into buildings.

Poppy Bush had the right of it. "Trickle down economics" is voodoo. Have to admit it was funny watching John Boner try to defend the $700 billion hole the Bush tax cuts will blow in the deficit if left in place, while criticizing expenditures to keep teachers, firefighters and police officers employed.

When you get right down to it, "Trickle-Down economics" is nothing more than the GOP pissing on your back and telling you the warm felling trickling down between your shoulder-blades is prosperity.

[red states rule]

The only failure was in capitulating to the Republicans and Blue-Dog Democrats in putting forth a smaller stimulus package than was needed. The cause of America's economic decline, much as you'd like to deny it, lies foursquare with the GOP and the Bush administration.

<center><a href=http://www.cbpp.org/cms/index.cfm?fa=view&id=3036>Critics Still Wrong on What’s Driving Deficits in Coming Years</a></center>

<center>http://www.cbpp.org/images/cms//12-16-09bud-rev6-28-10-f1.jpg</center>

But don't let facts stand in the way of y'alls right wing-nut ass-hattery...as if you ever do.

Using your "logic" BP Bush's $500 billion annual deficit crippled our economy - yet Obama's $1.6 Trillion annual deficit is brining America back on the road of prosperity

Yet I wonder why Obama is once again bailing out states to keep gvernment workers on the payroll while the private sector continues to lose jobs

[red states rule]

Poppy Bush had the right of it. "Trickle down economics" is voodoo. Have to admit it was funny watching John Boner try to defend the $700 billion hole the Bush tax cuts will blow in the deficit if left in place, while criticizing expenditures to keep teachers, firefighters and police officers employed.

When you get right down to it, "Trickle-Down economics" is nothing more than the GOP pissing on your back and telling you the warm felling trickling down between your shoulder-blades is prosperity.

the Bush tax cuts did NOT add to the deficit BP. Revenue to the government INCREASED





President Obama and congressional Democrats are blaming their trillion-dollar budget deficits on the Bush tax cuts of 2001 and 2003. Letting these tax cuts expire is their answer. Yet the data flatly contradict this “tax cuts caused the deficits” narrative. Consider the three most persistent myths:

• The Bush tax cuts wiped out last decade’s budget surpluses. Sen. John Kerry (D., Mass.), for example, has long blamed the tax cuts for having “taken a $5.6 trillion surplus and turned it into deficits as far as the eye can see.” That $5.6 trillion surplus never existed. It was a projection by the Congressional Budget Office (CBO) in January 2001 to cover the next decade. It assumed that late-1990s economic growth and the stock-market bubble (which had already peaked) would continue forever and generate record-high tax revenues. It assumed no recessions, no terrorist attacks, no wars, no natural disasters, and that all discretionary spending would fall to 1930s levels.

The projected $5.6 trillion surplus between 2002 and 2011 will more likely be a $6.1 trillion deficit through September 2011. So what was the cause of this dizzying, $11.7 trillion swing? I’ve analyzed CBO’s 28 subsequent budget baseline updates since January 2001. These updates reveal that the much-maligned Bush tax cuts, at $1.7 trillion, caused just 14% of the swing from projected surpluses to actual deficits (and that is according to a “static” analysis, excluding any revenues recovered from faster economic growth induced by the cuts).

The bulk of the swing resulted from economic and technical revisions (33%), other new spending (32%), net interest on the debt (12%), the 2009 stimulus (6%) and other tax cuts (3%). Specifically, the tax cuts for those earning more than $250,000 are responsible for just 4% of the swing. If there were no Bush tax cuts, runaway spending and economic factors would have guaranteed more than $4 trillion in deficits over the decade and kept the budget in deficit every year except 2007.

• The next decade’s deficits are the result of the previous administration’s profligacy. Mr. Obama asserted in his January State of the Union Address that by the time he took office, “we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program.”

First, the wars, tax cuts and the prescription drug program were implemented in the early 2000s, yet by 2007 the deficit stood at only $161 billion. How could these stable policies have suddenly caused trillion-dollar deficits beginning in 2009? (Obviously what happened was collapsing revenues from the recession along with stimulus spending.)

http://sroblog.com/2010/07/13/the-bush-tax-cuts-and-the-deficit-myth-wsj/

[LuvRPgrl]

the Bush tax cuts did NOT add to the deficit BP. Revenue to the government INCREASED

Those brain dead idiotic morons will never understand that, as it requires a two step thinking process, something beyond their comprehension

Two years and over a trillion dollars and Obama is still presiding over a poor economy,,,hmmmm, must be Bush's fault.

WAAAAAAAAAAAAAAAA
WAAAAAAAAAAAAAAAAAAA BUSH DID IT TO ME, WAAAAAAA:boohoo:

And it was a Democrat controlled senate and house when all the bad loans were being made, why werent they doing anything about it?

Oh yea, I know, BLAME IT ON BUSH BIOB

[red states rule]

Those brain dead idiotic morons will never understand that, as it requires a two step thinking process, something beyond their comprehension

Two years and over a trillion dollars and Obama is still presiding over a poor economy,,,hmmmm, must be Bush's fault.

WAAAAAAAAAAAAAAAA
WAAAAAAAAAAAAAAAAAAA BUSH DID IT TO ME, WAAAAAAA:boohoo:

And it was a Democrat controlled senate and house when all the bad loans were being made, why werent they doing anything about it?

Oh yea, I know, BLAME IT ON BUSH BIOB

All the blame Bush crap reminded me of a site that was called "Blame Bush"

The guy was a comic genius

Here is one example - and it fits the current crop of Obama supporters





George Bush Broke the Fan Belt on My Mother's '95 Jeep Cherokee


At 10 o'clock this morning, received a desperate call from my dear mother.

"Damn that Bush!" she cried. "Damn him to HELL!"

"Take it easy, Ma. What's the problem?"

"My car broke down!" she told me. "I have an appointment at the unemployment office to extend my benefits another two years, and I have no way to get there! DAMN THAT BUSH! He sent my job overseas, and now he's trying to take my unemployment insurance away! What am I going to do?"

Ma has been out of work since Boeing laid her off in 2002, thanks to Bush and his tax cuts for the rich. The union hasn't called her back, and no one is hiring 65 year old Airplane Restroom Toilet Paper Dispenser Installers anymore. So she's had to subsist on her pension, social security, her 401k, alimony checks, welfare, and unemployment insurance benefits for the past two years.

"Don't worry, Ma. Tell me where you are and I'll come help."

"At the White Horse Tavern in Marysville. That's as far as I made it before the damn thing quit!"

"Mom, that's totally the opposite direction of the unemployment office."

"Oh that Bush has got me so riled up, I've lost all sense of direction!" Ma cried.

"No biggie, Ma, I'll be there as soon as I can."

"Thank you, dear. I'll go inside and have a beer while I wait."

I arrived at the White Horse a couple hours later. Sure enough, Ma was inside nursing a pounder at the bar when I walked in.

"Oh Larry, thank God you're here!" she greeted me. "I don't know what I'm going to do...I'm out of work, my unemployment benefits have expired, and now my car won't run! I'm going to wind up eating dog food right out of the can, thanks to Bush and his tax cuts for the rich!"

"Would you like some more pull tabs, Mrs. Chomstein?" the bartended interrupted.

"Yeah, gimme fifty bucks on number 10," my Mom told him. "Lotta good it'll do me...I haven't won shit since Bush put on a flight suit and announced 'mission accomplished' from the deck of that aircraft carrier."

"Well, Ma, I'll go out and have a look at the car. Maybe I can fix it."

"Bless your heart, dear," she said, handing me her keys. "I'll have another beer while I wait."

When I popped the hood open on the Jeep, I could immediately tell what the problem was - the fan belt was broken. But upon closer inspection, it became obviuous that it had been cleanly and intentionally cut. I took the broken belt back inside the tavern and showed it to Ma.

"Damn that Bush!" she screeched with anger, her face turning a deep red. "That BASTARD cut my fan belt! Oooh he really knows how to PISS ME OFF! I haven't been this mad since Nixon stole my panties at Woodstock! DAMN HIM! DAMN HIM! DAMN HIM!"

"Calm down, Ma!" I told her. She was lapsing into one of her Sam Kinison screaming fits, and was already drawing a small crowd of slack-jawed gawkers. "Just relax, it's an easy fix. I'll just drive up to the auto parts store and get a new fan belt."

"Oh thank you so much, sweetheart," Ma replied, relaxing a little. "I'll have another beer while I wait."

An hour later, I had the new belt installed and the Jeep was ready to go - just as Ma came stumbling out of the bar, blood gushing from her mouth.

"Holy crap, what happened to you?"

"Oh I fell down in the baffroom and broke my toof on the edge of the terlet," Ma explained.

"DAMN THAT BUSH!" we both shouted in unison.

http://blamebush.typepad.com/blamebush/2004/02/at_10_oclock_th.html

[KarlMarx]

Perhaps so. But Reaganomics was a dismal failure, and the country is still around.
If this country could survive being run by a ignorant peanut farmer (Carter), a total buffoon (Ford), a brain dead cabbage (Reagan), an oversexed joke (Clinton) and war-loving serial liar (Bush), it can certainly take anything Obama can do.
I was around for the Carter years and for the Reagan years... there was a huge difference.

Carter - huge unemployment (over 10%), huge inflation (around 18%)

Reagan - unemployment took a dive, inflation was under 5%, the country began the longest post war recovery period at that time.

Yes, I can see your point Gabby, Reaganomics was a miserable failure :wtf:

P.S. When Gabby admits that Obamanomics is a failure, you have to be sure it is

P.P.S admitting that Obamanomics has failed is like admitting that the Pope is Catholic... it is more than obvious to everyone except die hard Obama supporters and White House economic advisers.

[red states rule]

I was around for the Carter years and for the Reagan years... there was a huge difference.

Carter - huge unemployment (over 10%), huge inflation (around 18%)

Reagan - unemployment took a dive, inflation was under 5%, the country began the longest post war recovery period at that time.

Yes, I can see your point Gabby, Reaganomics was a miserable failure :wtf:

P.S. When Gabby admits that Obamanomics is a failure, you have to be sure it is

P.P.S admitting that Obamanomics has failed is like admitting that the Pope is Catholic... it is more than obvious to everyone except die hard Obama supporters and White House economic advisers.

Do not forget a prime rate of 21% and gas lines around the corner

Under Reagan





On 8 of the 10 key economic variables examined, the American economy performed better during the Reagan years than during the pre- and post-Reagan years.

•Real economic growth averaged 3.2 percent during the Reagan years versus 2.8 percent during the Ford-Carter years and 2.1 percent during the Bush-Clinton years.

•Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years.

•Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency.

•The only economic variable that was worse in the Reagan period than in both the pre- and post-Reagan years was the savings rate, which fell rapidly in the 1980s. The productivity rate was higher in the pre-Reagan years but much lower in the post-Reagan years.

http://www.cato.org/pub_display.php?pub_id=1120

[bullypulpit]

True to form, all y'all GOP apologists don't let facts stand in the way of your mindless boosterism. :bang3:

[LuvRPgrl]

True to form, all y'all GOP apologists don't let facts stand in the way of your mindless boosterism. :bang3:


When facism comes to America it will be wrapped in a liberal Judge's robe

[Insein]

True to form, all y'all GOP apologists don't let facts stand in the way of your mindless boosterism. :bang3:

I'm pretty sure your "facts" were explained to you in a previous post by Red. I also see that you didn't reply to said post. Perhaps you want to review the facts listed there about the CBO's false assumptions on an endless Tech growth potential factoring in the inflated surplus. Maybe you can present facts that offer an explanation for your position that would be better than these facts. You know have a discussion like a normal adult with facts presented, counter arguments made and then further evidence to backup initial claims? Of course if you have no evidence to backup initial claims, then thats understandable.

[red states rule]

True to form, all y'all GOP apologists don't let facts stand in the way of your mindless boosterism. :bang3:

As if I have not destroyed your baseless rants, here is a report from the liberal think tank that further shows the Bush taxs were a success for ALL income levels




So, let's put all the pieces together.

According to Treasury, the total ten-year cost of completely extending the Bush tax cuts is $3.675 trillion. The ten-year cost exclusively associated with extending tax cuts to folks Obama, the Democrats, and the media consider rich is $679 billion.

This means that almost $3 trillion of the cost associated with the Bush tax cuts over the next ten years, or 82 percent, is not for benefits to the so-called rich.

As such, despite what the Left and their media minions have been claiming, 82 percent of the Bush tax cuts benefited the poor, middle-class, and upper-middle class in this country.

And, despite the preceding appearing at a conservative website, this data was originally published by a division of a liberal think tank.



Read more: http://newsbusters.org/blogs/noel-sheppard/2010/08/11/liberal-think-tank-destroys-media-myth-bush-tax-cuts-favored-rich#ixzz0wLHSU39P

[HogTrash]

Socialism has been proven many times to be a failed system, long before Barack Obama came into the scene.

For some strange reason I suspect that our public schools nolonger teach this to our children and haven't for quite some time.

It reminds me of Einsteins insightful definition of 'insanity' which is; "Repeating the same action expecting a different outcome each time".

[red states rule]

As bad as things are getting you know Obama is getting desperate. Anyone want to bet people will suddenly start fainting again at his speechs as we get closer to November 2?

[red states rule]

True to form, all y'all GOP apologists don't let facts stand in the way of your mindless boosterism. :bang3:

How the Obama stimulus really works

http://media.townhall.com/Townhall/Car/b/cb081110dAPR20100811114520.jpg

[red states rule]

Well once again, BP has become "bored" with another thread and has moved on :laugh2: