Posted on 01/25/2009 11:17:15 AM PST by Nachum
WASHINGTON – One of President Barack Obama's top economic advisers says the nation can afford to spend hundreds of billions of dollars in an attempt to jump-start a weak economy. But Larry Summers warns that fiscal discipline will be necessary once the economy recovers. He says the government must spend money now to revive an economy that shed more than 2 million jobs last year.
(Excerpt) Read more at news.yahoo.com ...
Of course you can afford anything when you're printing money.
That may have been true a while ago, but at this point we’ve about maxed out our ability to service our debt. Add this 1T to the 1T of the deficit this year, and the 2T of deficit next year, and then another T for Stimulus 2 (when Stimulus 1 fails) and the 4T that the bailouts will finally total, and you have an added debt of around $9T, for a total debt of about $20T.
Game over...inflation takes the field.
GREAT!
When do we pay off our nation debt then?
Or has it been do already?
Quick. Invest in ink!!!
“...the nation can afford to spend hundreds of billions of dollars...”
Ya’ know, LBJ said exactly the same thing when he kicked off, “The Great Society”. Stays the same.
Then why doesn’t the O pay for it out of his own pocket if it’s such a great deal. ROFL. Total morons.
“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.”
-—Karl Marx
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I had to re-post this.
but not until u have a long enough depression whereby the sheeple BEG for more government intervention of the socialist kind....Then u can have your hyper inflation
That shouldn't be too difficult.
By the time the economy recovers, many years from now, the Republicans will be back in power, and will have to do their usual act of “cleaning up the economic mess caused by the Democrats”.
Note: FDR's economic policies turned a severe recession into a depression that lasted more than a decade. The depression ended when FDR's wage and price scams were repealed.
Obama’s economic policies are going to make FDR's policies look downright moderate, in comparison.
There's over $3 trillion sitting in money funds (at the end of Dec) that would make any robin hood's chops salivate.
That would work wonders for the ills that we face financially in our country however, the big drawback would be personal freedom to keep ones money to spend as deemed necessary without government intervention as how to spend it, if one would consider that to be a drawback....
Washington just might as well switch the word “stimulus” to “taxpayer”.
It's obviously the politically popular mindset to take these days.
This is the first really big lie from the nascent regime. This stimulus is going to bankrupt the nation. Everything else will be minor in comparison.
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