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Post by DAS (formerly BushAdmirer) on Jun 19, 2010 17:42:51 GMT
www.washingtontimes.com/news/2010/jun/17/obamas-endless-summer-of-spending/"The White House kicked off a "recovery summer" public relations blitz the other day to promote the alleged benefits of stimulus spending. The mood of self-congratulation was interrupted by a Labor Department report that found initial jobless claims for the week climbed by 12,000. A Conference Board survey showed the average wait in unemployment lines increased from 30 weeks at the start of the year to 34.4 weeks in May. It won't be a summer of love in those households." "Vice President Biden was enthusiastic, declaring the stimulus "an absolute success" on Wednesday. Before he and the president begin their victory lap, however, they should take a closer look at the numbers. The current recovery has been one of the worst for job creation on record. Private sector hiring has virtually ground to a halt, and the administration was embarrassed last month when it was reported that 90 percent of the jobs created in May turned out to be short-term Census Bureau hires - and even those numbers appear to be exaggerated." "The job losses for this recession have been far deeper in percentage terms than in any of the 11 recessions since the Second World War. Underemployment, home foreclosures, bankruptcy filings and the number of Americans on food stamps have all increased since the stimulus act was passed. If this is "absolute success" we would hate to see what the vice president would call failure." "The administration's "jobs" are an expensive form of workfare. Mr. Biden toured a $508 million Brooklyn Bridge makeover project on Wednesday where taxpayers contributed at least $30 million to save or create 150 jobs. That is $200,000 per job just from the stimulus money, not including other federal, state and local funding. On Monday Mr. Biden will tour a project in Midland, Mich., which will "stimulate" 1,000 jobs at a cost of $161,000 per job. " It is always summer vacation fun for the public sector, endlessly bankrolled with our tax dollars ; but the private sector, it's a mid-winter freeze, thanks to these leftwing zealots. It is easy to "create jobs" when one uses the Treasury as an unlimited checking account where the bills never come due. As we are now seeing in the economic collapse of European nations like Greece, the summertime party will come to an end.
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Post by sadie1263 on Jun 19, 2010 22:31:08 GMT
I really want to know what they put in the coffee up there. Let me see.....the Gulf is a disaster and what exactly is the deficit right now and they are celebrating "recovery summer"?
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Post by Ben Lomond on Jun 20, 2010 14:18:44 GMT
The Outstanding Public Debt of the United States, as of 20 June 2010 at 02:09:38 PM GMT is:
$13,049.734,925,198
The estimated population of the United States is 308,595,013 so each citizen's share of this debt is $42,287.56.
The National Debt has continued to increase an average of $4.06 billion per day since September 28, 2007!
I don't know what amount the USA pays annually in serving its massive debts. Here in the UK we have our own problems and we pay over 40 billion pounds each and every year on interest alone. And unless we take firm action, and very soon, this will increase to over 70 billions. Common sense suggests that this cannot go on indefinitely, and that sooner or later there has to be a day of reckoning.
It seems to me that the Obama regime is of the same ideology of our Labour party, which we have just kicked out of office. THEY want to continue to spend...and borrow....and spend....and borrow. What we are ALL doing is living on borrowed time!
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Post by randomvioce on Jun 20, 2010 18:12:09 GMT
It seems to me that the Obama regime is of the same ideology of our Labour party, which we have just kicked out of office. THEY want to continue to spend...and borrow....and spend....and borrow. What we are ALL doing is living on borrowed time! The problem, though Ned, is that we have seen previous recesions is that you cannot cut your way out of it. You certainly do not get our way out of it by cutting programmes that will generate profits. If you look at previous recessions, you will see that government cuts left Countries in dire straits. In fact, if you look at Europe a complete failure to generate a stimulous has left two Countries at the brink of collaspe, whereas the Governments that provided huge government programmes are in healthly positions. Germany are out of recession, and they have managed to keep their enconomy afloat with a mixture of exports and Government interventions.
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Post by DAS (formerly BushAdmirer) on Jun 22, 2010 22:06:09 GMT
Governments like the U.S. can print money and let inflation reduce the debt. They'll get less blame for that than raising taxes.
Governments who've signed on with the Euro aren't able to do that. Sigh.
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