National debt issue

Funny that Edward Blasco (11/2, Letters) wasn’t giving us math lessons on the value of a trillion dollars as the Bush administration was doubling the national debt.

Tax cuts during an economic panic don’t stimulate the economy because individuals hoard those resources rather than spend them. Since the economic stimulus package and the bank bailouts, the U.S. economy has gone from contracting at an annual rate of more than 6 percent to growing at a rate of more than 3 percent.

Compare this to 1929-1930, when banks were allowed to fail and the government slashed spending. The result? In three years unemployment neared 25 percent, and it took a decade for the GDP to recover.

And here is another math question. Which costs more, spending a trillion dollars now on health care or doing nothing? The answer is doing nothing. Our unfunded liability through 2030 is $60 trillion, more than half of which is related to health care.

Richard Bailey

Merriam

Comments

[Kate]

Hey, hey, that’s enough of that bein nice stuff. We don’t go for that around here. :)

Pub gets cranky when original sources are not referenced, so here’s a transcript of Obama’s January 9 speech in Fairfax VA in which he gravely warns of hard times to come unless drastic action is taken immediately: “for every day we wait or point fingers or drag our feet, more Americans will lose their jobs, more families will lose their savings, more dreams will be deferred and denied, and more kittens will starve to death, stuck in drainpipes.” http://www.cnn.com/2009/POLITICS/01/08/obama.conference.transcript/index.html

And here’s the January 9 report his analysts prepared to scare the bejezus out of anyone who managed to have his bejezus back in those tough economic times http://www.thompson.com/images/thompson/nclb/openresources/obamaeconplanjan9.pdf

[Zeno]

What that PUB, nothing clever to say?

STY We all love Kate.

[Smarter Than You]

I just realized: I love Kate!!!

[Kate]

“Keep quoting the "8%" figure, you dimwit. That gives me the chance to once again remind the world that that was during the campaign . . . ”

Thank you for reminding us, once again, that with Obama the campaigning never ends. Because it was actually January 9, when Obama warned that unless we take drastic action immediately, unemployment would hit double digits. And to reinforce the notion, he had his people release a report dated Jan 9 with the now-famous (if by “famous” we mean “laughable”) graphic showing unemployment topping out at 8% with passage of the crap sandwich we call the stimulus bill.

Here's the graphic updated with today's figures http://michaelscomments.wordpress.com/2009/11/06/october-job-losses-accelerate-again-10-2/

[Smarter Than You]

“By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – 9 mins ago

Still, counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

The economy soared by nearly 8 percent in 1983 after a steep recession, Greenhaus said, lowering the jobless rate by 2.5 percentage points that year. But the economy is unlikely to improve that fast this time, as consumers remain cautious and tight credit hinders businesses. In fact, many analysts expect economic growth to moderate early next year, as the impact of various government stimulus programs aimed at home and car buying fade.

One sign of how hard it still is to find a job: The number of Americans who have been out of work for six months or longer rose to 5.6 million, a record.”

Heck of a job, Barry! And he’s got a record: the MOST AMERICANS who have been OUT OF WORK six months or longer!

Mid terms!

[Smarter Than You]

"that was during the campaign"

So Pub admits the Obama campaign was a lie! Thanks my angry purple smurf!

"numbers the Bush Administration put out"
Blaming Bush again for you man's dismal performance! How original. And judging from the polls not very believable to most of the American public. I'm guessing now you're going to claim the CBO is a "Bush organization."

Obama has over-promised and under-delivered. Blame who you want, but that's the truth (a concept you may not be familiar with based on your earlier post).

[Smarter Than You]

“Obama administration estimated last month that 640,000 jobs were created or saved by the federal stimulus package passed earlier this year. But that's modest compared to the 7.3 million jobs that have been lost since the start of 2008.”

Bush II should call the President and say “Heck of a job, Barry!”

[Smarter Than You]

Hey Pub, care to back any of your last two posts with a factual source?

[Pub 17]

Oh, dear, I'm so wired on good Tanzanian Peaberry that I forgot to remind our resident domestic terrorist that Obama has "rung up" $1.3 trillion in additional debt on top of TEN TRILLION DOLLARS OF DEBT FROM THE BUSH ADMINISTRATION.

If you stopped lying, you'd probably forgot to breathe, so best go back to the Help Desk phone and wait for the next call.

[Pub 17]

Oh, he stuck his head out from under his rock.

Keep quoting the "8%" figure, you dimwit. That gives me the chance to once again remind the world that that was during the campaign, and it was based on the numbers the Bush Administration put out when they thought the Republicans could win the election. The NEXT set of numbers came out after the Bush Administration knew the Republicans were history: they showed the REAL numbers, which clearly indicated that unemployment would peak at over ten percent.

Thank you for letting me demonstrate once again that you can tell when a Republican is lying by the fact that his lips are moving.

[Smarter Than You]

I was wondering what sort of prevaricator would compare a percentage increase with an actual dollars increase. Thanks for being there, Pub! Maybe our “truth” guy should be reminded that Reagan’s biggest debt was $283 billion while our current resident has already run up over 2.3 trillion in additional debt (CBO). That’s over eight times more than Reagan for those of you with the ability to operate a calculator!

To the issues.

Health care: Over a trillion dollars (1.2 by Democratic estimates) to insure 2% (again based on Democratic estimates) of the American public. And that price tag is for ten years of taxes collected with service provided for only six; talk about an ARM that would come due in a decade. All that and nothing to control rising costs for actual health care since this is (again according to our Democratic friends) “just insurance.”

So far we’ve got a stimulus package guaranteed by this administration to hold unemployment to 8% (10.2% today). We’ve had the cash for clunkers program that had an effective cost of $24,000 per vehicle sold (another success).

Social Security and Medicare are in financial crisis. Yep, the current administration is looking good! Thanks Rich for making that clear!

[Pub 17]

No, I DON'T agree. In that I concur with Dick Cheney: "Deficits don't matter." The Bush Administration caused immense structural damage to the economy, and somebody has to put the national bus back on the road. Or we can all walk, and see if we're better off losing our jobs because we can't get to work in the morning.

[Zeno]

BTW PUB when you say "you people" are you making a crack about my being black??

[Zeno]

Actually, I voted against Reagan and Bush 1

Probably would not have voted for Bush 2 the second time except the other choice was Kerry! And no the hypocrit is you. or at the very least you are confused. I say join us in fighting this out of control spending. There will be a place where it will end anyway. But I would rather it be before we are bancrupt. But you are so blinded by hate for repubs that you cannot see the truth. That is that neither side cares about you and me. They only care about their power. My belief that only truly conservative people who watch over OUR money can save us ( I have not seen any elected to the highest office) is actually expressed by your complaints that the "conservative" Pres before spent like drunken sailors. You find that bad but are OK with someone spending even more. How does someone express such a two sided argument with a straight face.

[Zeno]

But in the spirit of looking to get along. I find comfort in that PUB, Richard and I agree on one thing. The out of control spending must stop. So I band together with my 2 brothers here to call for an end to Pres. Obama's wild spending plans.

thanks you guys for your support.

[Pub 17]

No, you're a Republican fool with absolutely no cognizance of our past. You people had total control of the White House and Capitol Hill, and for six years had it veto-proof, and somehow the National Debt STILL doubled. Not as bad as the Right-Wing God, Ronald Reagan, but boy, if you were complaining "loud and long" you were doing it into your sleeve. Where were the tea party busses, Zeno? Where were the disruptions of public meetings.
Homophobe? No, hypocrite.

[Kee]

OH wait, we are comparing spending again, right?

http://politicalmath.wordpress.com/2009/05/15/the-national-debt-road-trip/

[Zeno]

Great letter Richard, stupidly ideology driven, but great non the less.

we were complaining about Bush's spending. Loud and long. But I know I know, don't let facts get in the way of a rant against Bush. BTW, you do realize he is no longer El presidente, right?

From contraction to growth. Yeah right. One quarter of growth better than nothing. But Richard 10.2% UN employment. No growth sustained without consumer spending and no consumer spending with out jobs. While I agree we might not need MORE tax cuts at this moment we certainly do not need more taxes piled on. (Cap and trade, health care taxes etc...) Even those threats of new taxes have employers sitting on their hands worried about hiring.

Your comparison of the great depression is silly because we have had decades to see its effects. We have not raised the taxes Pres. Obama is calling for or passed any of the legislation he is desparately trying to ram through before the people realize this stimulus package was a bust.

Your last statement is completely a lie. The question is not between something or nothing it is between something and something else. You and Jim and every other libs can scream and scream and scream this phrase but it is a lie. BTW where does that unfunded liability come from? HMMM? FROM GOV programs! So naturally the answer is more and more and more and more and more and more and more and more GOV programs. I know, for you libs I am way short of the more's for Gov programs you want. So just multiply by a Trillion the more's. Kind a like the amount of Trillions the deficit will begin to explode if Pres. Obama has his way.

Ah don't worry about what i just said I am to you probably just a gun toting, homophobic, bigot right>

[Kee]

Hey Richard did you check out the UE numbers today, 10.2%? But this can't be, the Big O promised UE would not exceed 8% if he got his porkulous bill passed. What a disaster for this country this yoyo is. I pray we can last till 2012.

[Pub 17]

Or Ronald Reagan TRIPLING the national debt-love them responsible Republicans. Obama won't break Reagan's record unless the National Debt goes to over THIRTY TRILLION dollars. So far he's raised the national debt a measly ten percent. Slacker.