Obama says aiding economy trumps budget deficit (Then what was the beef with President Bush?)

reuters ^ | 11/16/2008 | Jeff Mason

[tobyhill]

The United States government should not worry about deficits over the next two years while spending money to jumpstart the ailing economy, President-elect Barack Obama said in a television interview that aired on Sunday.

Obama, a Democrat who takes over from President George W. Bush, a Republican, on January 20, said consensus had emerged between economists in both major U.S. political parties that expensive measures were necessary to avoid a deep recession.

"The consensus is this, that we have to do whatever it takes to get this economy moving again, that we have to -- we're going to have to spend money now to stimulate the economy," he told the CBS television network's 60 Minutes news program.

"And (consensus is) that we shouldn't worry about the deficit next year or even the year after; that short term, the most important thing is that we avoid a deepening recession."

During his presidential campaign Obama pledged to fund all of his policy proposals, but the severity of the economic downturn has made balancing the budget a low priority as the government takes measures to stimulate economic growth.

Obama said the $700 billion bailout bill passed by the U.S. Congress had helped stem the financial crisis, even though the $300 billion already spent may not have had visibly positive effects.

[SMCC1]

FDO...who ever came up with that was accurate. Lol

[FlingWingFlyer]

Looks like we’re in for an Obamarama Spend-a-thon!

[whitedog57]

Obama’s friends must be salivating!! Unions, ghetto hustlers, etc. Dancing in the streets!!!!! Reparations come in many forms, none better than minority contractors making millions off of Uncle Sam!!

[traditional1]

“The Economy” will be the excuse for the tax and spend spree to pay off all the backers and the free-loaders who put this ass-hat in the White House (even though not qualified as a non-Natural Born Citizen).

[Sunnyflorida]

“The consensus is this, that we have to do whatever it takes to get this economy moving again, that we have to.”

Then lower business taxes.

[TomasUSMC]

The first Gay President shows he is lacking in any courage to stand up to anyone or anything that requires independence of thought.

[Texas Eagle]

During his presidential campaign Obama pledged to fund all of his policy proposals, but the severity of the economic downturn has made balancing the budget a low priority as the government takes measures to stimulate economic growth.

The more things "change" the more they remain the same.

[EagleUSA]

Then lower business taxes.
::::::::::
Surely, you jest. Actually, power is more important than the economy to these “people”. They will make moves, in the name of “fixing the economy” to take your wealth. My ole drinking buddy, Karl Marx, knew all about this..... :-)

[goodnesswins]

OH...wow...this is going to be FUN....NOT....well, fun watching this idiot kill our country....but, I expect it will happen quickly, as we’ve already got a good start....

[nmh]

No! No! No!

Wave the white flag an FLEE IRAQ!

You promised Barrack Hussein Obama.

Plus you promised to release all the Gitmo terrorists and give them a fair trial.

And what about these people?

http://www.youtube.com/watch?v=6DrA2G1TCrQ

[PhiKapMom]

So under Pres Bush the Dems said the deficit was the most important item that needed to down to zero with no deficit and now Obama is elected, the same people say it is no longer a problem and the can increase the deficit with no problem?

Are the homeless going away as well?

This has been a bizarre election from Day One and nothing seems to be changing to make it less bizarre.

[Malesherbes]

CNBC reports that we have already appropriated $ 3.8 trillion for bailouts. The country’s total annual GDP is about $ 14 trillion. And now BO who has never had a real job in his life is in charge of the money.

[Gary Johnson in 2012]

The United States government should not worry about deficits over the next two years while spending money to jumpstart the ailing economy, President-elect Barack Obama said in a television interview that aired on Sunday.

Are we EVER going to have a balanced budget again? No matter how much Washington taxes American citizens, they keep producing budget deficits. Obama is basically already admitting he'll produce more deficits despite his impending tax increase.

Can we please get a Constitutional amendment to require a balanced budget already?

[mrsmel]

And whheeeee, here we go.

[Gary Johnson in 2012]

Looks like we’re in for an Obamarama Spend-a-thon!

So we'll probably not notice any difference from the previous eight years?

[Jeff Head]

Sounds like Obama's plan is to fix it by bankrupting it.

Some real heavy duty financial planning going on there, unless of course, that is the intention all along. Tear it down and build it back as something entirely different. The old Order out of Chaos tyrants way of thinking.

Reagan, OTOH, meant to save our free market and financial institutions and employed a plan that actually worked, and in a worse condition. He lowered taxes and stimulated the economy by turning it loose.

It fixed itself, and then provided, at the lower rate, much higher tax revenues.

Many more sticker designs here.

[Arizona Carolyn]

What a mess... get ready to take our money to the store in barrels.

[savedbygrace]

Obama will be Puppet President. Rahm Emanuel will be the real President.

[Son House]

Yes, where is cut the taxes and cut the spending? Tax cuts from Bush increased revenue to a record $2.15 Trillion in 2005;

[EagleUSA]

Sounds like Obama’s plan is to fix it by bankrupting it.
:::::::::
Anything these radical socialists want to do, will lead to tanking the economy even worse than it is. Anything. The last thing they would do, it would just drive them crazy, would be to reduce government spending and drastically reduce taxation. Which could very nicely help the economy return and consumer and investor confidence to rise rapidly.

But that is very un-socialist and pro-American!!!

[Son House]

Yes, Obama is convinced the higher tax rates under Mr. Clinton are great for economic growth, and his adoring fans in the media won’t let evidence to the contrary see the light of day

[Gary Johnson in 2012]

Forget it. No matter how much money they take in, they'll always find a way to spend more.

They could tax everyone, no matter how rich or poor, at an 80% level and they'd still produce a big budget deficit. It's like they're doing it on purpose at this point.

[Son House]

can’t help but think of California

[gargoyle]

...After a Bushoramarepublican spendathon! whooooo! Don't pardon me, just give me my money GWB...

[Names Ash Housewares]

KA CHING

KA CHING

KA CHING

KA CHING

KA CHING

And of course the world will have it’s hand out to Obama the “world citizen” too.

KA CHING

[Onelifetogive]

The consensus is this, that we have to do whatever it takes to get this economy moving again...

Bye, bye Constitution... (What little was left of it.)

[Names Ash Housewares]

[Lilpug15]

Well...isn’t that convenient. Apparently nobody takes into consideration the various economic studies that have been conducted which prove that as the size of government increases - the economy itself (in developed nations) slows and can then decline. After this year - our govt. owns more than 50% of the economy and the private sector is slowly eroding away. We keep bailing out industries and where does this magic money come from?? Our pockets - taxes will increase - spending will not increase or provide more liquidity or consumer confidence since most people won’t be making enough. Other investors such as other countries will pull out and we can see ourselves end up like Iceland -it won’t happen as fast because we are a super power still currently but if we keep it up - it is still an option. Inflation will also skyrocket and we will head for Russia in the 90’s. I can’t wait... time to go stock up on some canned goods!

[REDWOOD99]

There was no beef w/ W. Just the pot calling the kettle....dare I say it....black.

[EagleUSA]

Yes, Obama is convinced the higher tax rates under Mr. Clinton are great for economic growth.....
::::::::::
Well, maybe this insanity will make 2012 come much faster....

[Squantos]

Waiting to see what he does to the nation that makes even Carter look like a good President.

[Lilpug15]

I implore everyone to take a gander at “grandfather economic reports” Some good info there!

http://home.att.net/~mwhodges/hodges.htm

[Brett66]

I wonder if he’ll table his insane green agenda, he really wants an economic collapse.

[musicman]

"Obama’s friends must be salivating!! Unions, ghetto hustlers, etc. Dancing in the streets!!!!!"

[Always Right]

There was NOTHING wrong with Bush’s economic policies, except he spent too much. McCain was a moron for not defending them. Bush gave across the board (fair) tax cuts, they were not for the rich. McCain was an idiot.

[Sun]

Isn’t there a neon sign in NYC showing our deficit so far?

I wonder if it will still be there after Obama is president.

[mo]

This is why, at the end of the Obamarama, there will be no border with Mexico.....we will have merged with Mexican population paying into Social Security and Medicare to help fund the BabyBoom retirement and the Wall Street bailout.

[musicman]

"And of course the world will have it’s hand out to Obama the “world citizen” too."

[mo]

“It’s like they’re doing it on purpose at this point....”

BINGO!! They do it “because they can”...they’re in it for the power trip...

[ari-freedom]

Cut taxes to stimulate the economy...but people are also worried that the govt will go bankrupt.

[musicman]

"There was no beef w/ W. Just the pot calling the kettle....dare I say it....black."

[o2bfree]

With the one exception of the war on Terror and a few social issues (not all), George W Bush is a Conservative Democrat.

Can the Republican party expel Bush? He is a travesty for the hopes and dreams of everyday Republicans all across this nation.

[Upstate NY Guy]

Hussein is wasting no time proving what a liar he really is. Throughout the campaign he stated:
"We did not arrive at the doorstep of our current economic crisis by some accident of history. This was not an inevitable part of the business cycle that was beyond our power to avoid. It was the logical conclusion of a tired and misguided philosophy that has dominated Washington for far too long. We were promised a fiscal conservative. Instead, we got the most fiscally irresponsible administration in history. And now John McCain wants to give us another. Well, we’ve been there once. We’re not going back."
source:
http://www.nytimes.com/2008/06/10/us/politics/10obama.html

Now he states:
"And we shouldn't worry about the deficit next year or even the year after; that short term, the most important thing is that we avoid a deepening recession."

I wonder if the idiots who voted for him realize the've been had.

[SuziQ]

During his presidential campaign Obama pledged to fund all of his policy proposals, but the severity of the economic downturn has made balancing the budget a low priority as the government takes measures to stimulate economic growth.

I guess he wasn't paying attention to the economy during the campaign. Not very 'Presidential".

[Reverend Wright]

“Are the homeless going away as well?”

The homeless always go away when a Democrat is elected to the White House.

Then they always come back when the Democrat is defeated.

[LADY J]

"I implore everyone to take a gander at “grandfather economic reports” Some good info there!

http://home.att.net/~mwhodges/hodges.htm

Thanks for the link - appreciate it. I bookmarked it & sent it to family members.

[LADY J]

"I wonder if the idiots who voted for him realize the've been had."

Too bad that we all get to go along for the ride!!

[hattend]

Where did you find that graph?

[Son House]

It’s one I found here on FreeRepublic I think, had stuck it in photo bucket to hang onto because it’s effect is better than just trying to read the numbers, too bad McCain wasn’t so smart last February when he knew 1 of 2 tax raisers would be his opponent, and he would get no press aid from the media like the fraud opponent did