Is a Second Stimulus Around the Corner?
McConnell said the president appears to believe that voters will “magically forget that government spending is completely out of control.”
House Speaker John Boehner (R-Ohio), who serves as the GOP’s lead negotiator in the fiscal cliff talks, was no less abrasive about Obama’s proposal. In a letter sent to the president and signed by seven members of the House Republican leadership outlining their plan for deficit reduction, the lawmakers said the proposed increase in spending “only confuses the public debate.”
“What’s worse, the modest spending cuts in this offer are cancelled out by the additional ‘stimulus’ measures the administration is requesting,” the letter read.
“We cannot in good conscience agree to this approach, which is neither balanced nor realistic.”
Boehner claims the stimulus could reach $600 billion. The administration insists it would be held to about $200 billion.
The dubiousness expressed by GOP lawmakers is backed by various conservative organizations, including the Heritage Foundation. In a report titled, “Job Market Struggles in November,” released on Dec. 7, authors Rea S. Hederman Jr. and James Sherk assert that current economic conditions require Congress to cut the deficit by cutting spending.
“Instead, the administration proposes the opposite approach,” the report said. “The President has suggested spending tens of billions more on stimulus programs in addition to his proposed tax hikes. Congress should reject this approach and close the deficit through deep spending cuts.”
But Treasury Secretary Tim Geithner, in a recent interview on the CNN program State of the Union, maintained that the stimulus price tag is “something we can afford,” adding that it is a “modest investment in making this country stronger.”
The Congressional Budget Office has reported that the $800 billion stimulus approved by a Democratic-controlled Congress during the deepest part of the recession in 2009 continues to have a positive impact on the nation’s economy, responsible for an additional 200,000 to 1.2 million jobs during the second quarter of 2012.
But the effects of that stimulus are ebbing at a time when unemployment is finally in decline. The CBO maintains the most significant effect came during the third quarter of 2010 when as many as 5.1 million held jobs that would not have been available without the law’s passage.
Regardless, it appears a stimulus could be in the offing even if the Obama plan fails to pass congressional muster. The Federal Reserve Board meets on Wednesday and generally is expected to provide its own, according to financial analysts.
Last time around we were told the stimulus didn’t work as intended because it wasn’t large enough, then they discovered that shovel ready wasn’t shovel ready, and now we are supposed to believe a smaller stimulus is the ticket to cutting the deficit. Question, if our fearless leaders give in to Obama’s need for stimuli, what are the chances he buys more Obamaphones than Obamashovels?
Keynesians never give up on their ‘stimulus’ mantra. Yet the argument can be made, based on the historical record, that Keynesian stimuli actually retard recovery rather than ‘jump start the economy.’ It does not matter how large or small a Keynesian stimulus, it is just a waste of money.
Perhaps the new request for a stimulus is tacit admission that the big ones in 2009 did not work? The Republicans held firm against the AJA [aka Stimulus 2] and need to avoid Obama bin Lenin’s new call like the plague!
Oh, I beg to differ. I live in the Keynesian paradise of South East Virginia, where we bask in the glorious shadow of the Cold War. You should hear folks around here whine and moan when there’s the merest HINT of a cutback in this or that military program. The last one was a proposed shutdown of the Joint Forces Command in Suffolk, VA. I mean, what are all the cooks and suppliers supposed to do? What about property values in Suffolk? I guess all these folks never got the memo; that government can’t create jobs. Oh, unless they’re PERMANENT jobs. I see!!!
Agreed! But Obama does not want to build our economy. He wants to destroy it and America by it. He is a traitor, murderer, liar, pervert, moslem and communist. He must be convicted and terminated with prejudice.How this is to accomplished legally and morally must be determined by those in positions of power who honor their oath to support and defend the constitution of the USA. If they fail, we will have permitted another Hitler-Stalin-Pol Pot- Idi Amin-Mao Tse Dung to rise and massacre millions. The question really is this:”Will we permit a demoniac to rule over us?” Our choice.
Why Republicans haven’t stopped paying attention to the President is beyond me. It’s painfully obvious he has no intention of “negotiating”. Crisis and drama are what he does. The president is not part of the legistlative branch. Ignore him. The past couple weeks have been well orchestrated for the Democrat supporting press and to low information voters. What it the term used by therapists – enablers? Republicans need to quit playing the little drama queens game. They already have a bipartisan agreement in place with the sequester. Adjourn for the year and let the president know that a real budget done by committee will be ready for his signature or veto in January. Let him throw all the tantrums he wants.
PS. Make sure the select committee to investigate the Benghazi murders is ready to go in January too. They can issue the supeonas the day after the inauguration.
Is there a line item report as to where the 1 trillion dollar chunk of tax payer future money went? To the nearest million dollars? When will the decent politicians in DC present a plan to claw back this money from the unions? The corrupt wings of the demorat criminal party.. unions and the MSM.
How do you negotitate with someone who is dishonest? How do you even meet with someone who demonizes his opposition? Who smiles and grins and shucks, but is really evil? You don’t. You say thanks and no thanks and walk, no run away. You go home and take a shower, scrubbing really hard. Then you perfume yourself and get down on your knees and pray to God for help. But, if you’re an agent of the dark one, you go for power. Anything to maintain the perks and position of power. And you accept the kingdom for your soul. That’s the choices.
OBAMA’S MONEY PLANS BACKED BY COMMUNISTS. The Communist Party USA is backing Barack Obama’s position on the coming fiscal cliff and claims its economic program “will unfold in the coming year” with the reelection of Obama and continued Democrat control of the U.S. Senate. The statement came from Joelle Fishman, chairwoman of the … READ MORE: http://bwcentral.org/2012/12/obamas-money-plans-backed-by-communists/
Obama’s assumptions are correct. Most of the media ignores reality. And what would have made the folks who voted for Obama any smarter in the interim? It will all be very unexpected (and undoubtedly someone else’s fault) when the wheels come off.
The fiscal cliff is best summarised as “all sound and fury, signifying nothing.”
At $16.3 trillion that’s around $400,000 for every working American, we spend ~ 46% MORE than we earn and are printing money out of thin air in order to pay for it all.
If you think we will EVER pay that off I have a bridge to sell you.
We have already gone off the cliff and are currently in free fall but don’t worry we are likely to slam into the ground towards the end of Obama’s second term.
We should be grateful that the average American has no idea what is going on. If they did the country would fly apart at the seams.
How dumb is the American public? We don’t know yet, let us make another perposterous proposal and see if they will buy it. We are shovel ready. We can be taxed into prosperity. For every dollar that the fed invests, $1.76 is returned to the taxpayer. Add 30 million to insurance and lower the health care cost curve. In Colorado,”legalizing marijuana will make Colorado happier and safer.”
This is the age of information and idiocracy, now choom gang idiocracy where taxing the rich pays 9 days of interest.
“If we’re serious about reducing our deficit, we’ve also got to be serious about investing in (the) things…”
How stupid* does Obama think we are? Always using his special term “investing” when he means massive deficit spending, this cretin seems to be stuck in “spend our way into prosperity” mode.
*(a purely rhetorical question, as he already knows – we reelected him, did we not?)
Not.
Boehner should call off the negotiations and push for immediate adjournment, citing the fact that the President is fundamentally unserious about the situation.
In a rational world, maybe. But in the world we inhabit, rejecting Obama’s tax and spending proposals will simply allow him and his sycophants in the media to blame Republican intransigence for the recession which is likely to follow full implementation of Obamacare and all the other hits to the economy coming over the next two years.
IMHO, the best thing for the economy in the long run would be to allow the Bush tax cuts to expire for everyone and the sequestration to go into effect. Allowing all the tax cuts to expire really would raise enough revenue to make a difference and the sequestration, however indiscriminate, would reduce spending. Perhaps when the majority of the public has some skin in the game again, they will not be so quick to vote another looter into office.
To paraphrase a Bible passage – ‘in Boehner all things are possible’. If Feckless Won takes to the skies once again (campaign mode on) to lobby the American people for a half trillion dollar stimulus package Boehner is quite likely to cave. This idiot would lose his ass in a high stakes poker game.
And speaking of Boehner, why is it PJM has no information on the conservative ‘house cleaning’ Boehner been doing of late? Several conservative/Tea Party types have been stripped of key committee positions. And no coverage from PJM that I’ve been able to find.
Obama is such a tool. Even worse is how many people go along with it. As bad as that is I heard today that the Fed was going to keep applying stimulus, i.e. printing money, until the unemployment rate gets to 6%. Good thing is, if we never hit 6% the dollar will be worthless, so you won’t need any anyway. I better start learning this black market stuff. That’s how the Communists do it right?
“If we’re serious about reducing our deficit, we’ve also got to be serious about investing in the things that help us grow and make the middle class strong, like education, and research and development, and making sure kids can go to college, and rebuilding our roads and our infrastructure,” Obama told supporters during a rally at the Daimler Detroit Diesel Plant in Redford, Mich., on Monday. “We’ve got to do that.’’
So we SAVE money by SPENDING money??? Brilliant!!
The nations infrastructures are in very sad shape! The national highway system is deteriorating beneath shoody and cheap resurfacing and shared with the over the road freight systems. The freight rail system is essential the same as the 1930s system map. Passenger transportation by rail nearly completely shared with the freight rail system. Airport systems decades behind in technology and runways old with need of a lot of attention. Major airport terminals located in major high density populated areas. Electrical grids decades out of date. Major pipelines and relay stations decades out of date. And the list goes on.
How many more decades can these core fundemental infrastructures of the worlds greatest economy continue to deteriorate further?
Now I know, that todays generations and the government have a shallow concpet of national infrastructures and their importance, choosing instead, too invest in things of self and special interest gratifying economic and worldly excess, never considering the nation as a whole. I also understand that this president and government are no different.
Yes, we need to spend more money and employee lots of people but certainly not on things of the past or this nation will be knocked off of its economic pedestal for many generations to come.
We need a unified nation of peoples standing upon the right national principals of economic greatness or this nation brilliant history will be just that — history!
But I supose, the nations politicians and their activists will continue to divide the people over all kinds of self serving nonsense.
Ok, fine, repair the roads. If we have the money, then, sure, free cultural studies degrees for everyone! It is absurd, though, to pretend that spending money will reduce, rather than increase, the deficit. That was my point. You can argue we ought to spend money on this or that, and maybe you’d be right. You can’t argue, though, that such spending reduces the deficit, which is what Obama was saying there.
First, I wasn’t responding to your comment.
Second, you open the door to an interesing point that is always forgotten by most.
The overwhelming majority of tax revenue collected by the government is ‘returned’ to the people and private sector economies directly or indirectly. As a result that moinies is spent and otherwise invested in the nations private sector economy and helps sustains and or grow the GDP. At what ratio can be debated but the fact of such ROI cannot be debated.
There are numerous occaisions during the current genreations era that the governments spending directly facilitated the vibrant return of slumping economies and help drive peak economies.
That said, there has become a horrible corruption in both the private and government sectors created by the ‘peoples’ special interest lobbyists. They have taken over the control of government spending for several decades now. Obama didn’t ‘create’ the private and government sector corruption. He, like the prsidents before him, simply become part of the corruption, be it good times or bad.
It is the peoples special interest groups and their political activists on both political sides that are dividing the nations people and diverting the debates from fact to fiction and irrelevent issues.
“Overwhelming”? Really?
There are over 2 million civilians on the federal payroll. 2.6 million if you count the Post Office and Amtrak. Just their bloated salaries and pensions are an incredible burden.
You think those roads and bridges are going to be repaired by the highest quality / lowest cost contractors? Or the best connected union shop? Why would the federal government even consider fixing town or state owned roads?
“There are over 2 million civilians on the federal payroll. 2.6 million if you count the Post Office and Amtrak. Just their bloated salaries and pensions are an incredible burden.”
Theres actually more than that as many private sector companies exist only or primarily on government contracts and or subsidies.
That aside, let me refresh my original point. No matter from what source(s) in the government one receives money, it ends up circulating back into the nations private sector economy. About the only government spending that doesn’t return to circulate in the private sector economies is that spent servicing foreign held debt.
The problems causing the crisis we’re facing today are multi faceted and very complex in nature. Essentially, the congress has ‘bonded’ (created debt) to far into the future and tax revenues not in balance with GDP. Then a host of variables involving regulatory law raising the cost of doing business has long been the order of the day. Add too this all the variables that has caused our strong traditional economic bases to become diluted and move to off shore locations to remain competitive in a global market. Finally, with the loss of a good percentage our traditional economic bases, we transitioned to unsustainable bubble economies propped up by government subsidies — false or unsustainable GDP’s. When something collapses in the private sectors the Fed cranks up the printing presses and the government purchase more bonds and debt. Well, you know that story.
Like most american households who spend and borrow far more than is reasonable to their income or GDP which by the way, most all private sector debt is secured in some fashion(s) by the government.
Its a complex circular mess of private sector GDP and government spending and held debt out whack. The people… and the government are to blame!
Wait a minute! Isn’t a considerable amount of the gasoline tax already in a trust fund for maintenance and repair of the interstate system? That is a Federal responsibility, after all. And since that tax money has been piling up for years and years, there is no need to ask for more, right?
And if memory serves, haven’t the states tacked taxes onto gasoline for the same purpose? Aren’t cities responsible for their streets, counties for their roads, and states for their highways? Aren’t those their responsibilities, not the federal governments?
If roads and bridges are in bad shape, than perhaps we should be asking the responsible level of government what they have done with the tax money we have been paying them?
Have you ever heard of the social security trust fund? If you understand how that trust has worked over the many decades you will understand how all trust funds of the government work.
We need a unified nation of peoples standing upon the right national principals of economic greatness..
Well, the principle of small government and free markets seems to have lost it’s luster. Should we unify with communists? A lot of business is wedded to government for their ‘fair share’ of Bozo bucks. Should we unify with fascists?
I come from the position that government doesn’t create wealth (they can stimulate it), but that government spends it. Taken in small doses, the private sector can utilize the incentives government creates (GI Bill, for instance) and create the “wealth” that government can later ‘harvest’ for new incentives (like Solyndra- just kidding).
We’re not in Kansas anymore. What “You didn’t build that” is doing to wealth is what termites do to a wooden structure- eating it alive and weakening it terribly. From what has been spent above revenues these last four years we should have something to show for it, shouldn’t we? Two or three Hoover dams, half a dozen Golden Gate bridges.
What the left does is waste money on non-productive pursuits like public education where the output can’t suck enough lately. Like pensions and retirements that no one can afford, but a promise is a promise and getting re-elected trumps everything. Like huge departments such as Education and Energy that produce anything but what their names suggest. But the pay and benefits are good!
We’ll get another four years of blather about spending on things that COULD improve productivity while ignoring our mega huge investments in non-productive endeavors. Affordable health care would be a boon to the economy right now, but run by government, it’ll waste money on a level not seen before, while the service will stink-on-ice. In other words, it’ll be a joke- a very expensive joke.
If you’re going to raise Golden Geese you have to provide for them. They need shelter, food, and protection from predators- just to name a few. Trouble is, Farmer Barry is sprucing up the pad with flat-screen TVs, furniture, new cars, and getting ready for parties, more rounds of golf, and vacations. It doesn’t look good for the geese these next four years. As Jamie Foxx might ask, “How black is that”?
Wake the f**k up. The majority of people in this country don’t know 2+2 is 4.
that’s racist!
No, that’s the government unionized schools…
The Boner is so dumb he makes Obama look smart. Archie and Jughead, Laurel and Hardy, Simpson and Bowels, Senate and House, stop, stop, no more, my sides ache. Pass the hookah, Dr. Krugman, these guys are just the warm up. Can’t wait for the Treasury act to follow – you gotta see this – they got this merry go round thing that gets going so fast everyone falls off – cash and bonds and stuff just flying every which way and this guy standing at the center on top, yeah, just hilarious, and he’s sounding all serious like he has the answer to life, it’ll just crack you up.
It would actually be the third stimulus. Bush had one in the spring of 2008 for about 300B, mostly one-time tax breaks as I recall. And you could easily argue that unemployment compensation without end, 8% of the workforce on disability, and food stamps for anybody willing to lie about it has been a 4-year stimulus adding up to multi-trillions.
But hey, why not more?
Let it burn. At this juncture, it’s the only way, and even that is a mighty slim hope when the people have voted against the very concept of thought itself. Obama has promised that he has a golden goose that can never die. And the county voted went for it gangbusters.
September 2012 — Fed Launches QE3, Will Buy $40 Billion in Mortgage Bonds a Month Until Jobs Improve – Newsmax
December 2012 — the Committee (Fed) will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will purchase longer-term Treasury securities after its program to extend the average maturity of its holdings of Treasury securities is completed at the end of the year, initially at a pace of $45 billion per month -Financial Post
You know who holds that spending debt and what the inflationary effect of it is?
Now, in addition, lets drive the crisis over the cliff and see what happens if there is not an ‘immediate’ compromise. Cutting ones nose off to spite their face is never an intelligent move.
The problem whether or not you wish to agree, is the culmination of stupidity of the people and the government for more then 50 years coming home to roost on Obamas watch very similar to the presidents of WWI, the Wall Street crash of ’29 and the ensuing depression, WWII and 9/11/2001.
My suggestion is quit expending energy casting blame and creating more political division among the people and unite as a country around solving the ‘core’ problems in some rational and meaningful ways.
You know zeke, if we had representatives who had a clue instead of people who are apparently only interested in their own sinecures, I might agree with you.
But they either don’t have a clue or are complete fools. Boehner, in particular, is worse then useless. He’s a menace. It’s clear that supporting them in their lame or, more likely, self-serving efforts is useless.
If this thing doesn’t blow up, then it’s just going to swirl in the toilet to complete tyranny. I say give the children all the candy they can eat. Maybe the consequences will wake some fools up.
weo — theres a pretty simple theorhetical solution available that would cure most of the ills of the nation but it would call for the majority of the nations ‘common citizens’ to understand how speical interest groups and their lobbyists have taken over the states and federal governments of the nation.
A movement to legislate closing the door of access to any government by any special innterest group and their cause(s) except by a popular petition process. Further, make it a high level felony for any elected politician charged and convicted of associating and or conspiring with any special interest groups or their agents.
If we don’t remove the influence, corruption and big money in government from special interest groups and their lobbyist, the nation is doomed for sure.
I don’t know why everyone forgets the Economic Stimulus Act of 2008. Maybe because it didn’t work at all – just like Obama’s stimulus. The are all just excuses to raid the Treasury and hand out goodies to friends. It is nothing more than open, blatant corruption.
http://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008
People with a “soak the rich” mentality believe that the rich will suffer when taxes skyrocket in January. But that’s not true. Rich people know how to protect their assets from economic predators both inside and outside of the government. The real victims will be the poor and the unemployed, and the effects will be immediate. People who collect unemployment have already been told in no uncertain terms that the gravy train has derailed. No matter how much the recipients believe the government still owes them, they’ll all be cut off cold on December 29. And no new applications will be accepted. And food stamps will be next. Even now the Feds are quietly making changes to the food stamp program, authorizing fewer and fewer retailers to accept them and making it harder to qualify for benefits. The goal is to gradually eliminate food stamps in a subtle way, as to avoid the kind of austerity riots that are so common in Europe. People who rely on the government for their survival are in for a rude awakening, and Obama can’t help them. It’s out of his hands. The money to provide for them just isn’t there anymore. In many states the parasite class greatly outnumbers the taxpayers who who support them, because the taxpayers have fled. And no amount of taxing the rich or redistributing the wealth will generate enough revenue to carry all that dead weight.
It is mathematically impossible for the US to tax its way out of debt at this point. Not. Gonna. Happen.
“Stimulus”? You mean “constituency-group payoff”? Yeah. It’s right around the corner. Phase 2.5. And the corner after that, as well. This is how the Democrat Party governs. Tammany Hall at the national level. They pay off their pals. They pay off the union bosses — MOST particularly, the public-sector union bosses (SEIU, NEA, etc.). They pay off *their* capitalist cronies in select industrial and financial sectors. They pay off the racialists and assorted “identity group” Balkanists (that doesn’t take much, the skimmers at the top are relatively few in number and easily bribed). And they pour hundreds of billions of tax-payer dollars into a “social safety net” — that has long-since grown into a permanent entitlement subculture of unsustainable size (see Western Europe) — for no other reason than to insure winning Democrat majorities/pluralities at the ballot box.
They do not have to pay off the Media, however. Having passed through the Gate-Keepers of academe, the media elites serve for free.
Bread and Circuses: that’s what leftist counter-revolutionaries called it, back in the “Question Authority” day, before they themselves became handsomely tenured and before they co-opted the strategy from their “imperialist” nemeses for their own selfish purposes. And you know what? It works. Well, right up to the end anyways. Then the bottom falls out and the serious psychopaths come to the fore — which, this time around, will surely spring from the supra-national Islamic jihadists, aided by their allies/Quislings in the “2nd World” — at home and abroad.
World war is coming. Again. And it will begin when American consumers-of-the-clueless-kind come to realize that 21st-Century socialism comes with a very hefty price tag. The *pain* (like Obama’s “stimulus” scheme for coming fiscal years), lies just around the corner. And we will all see it most plainly. The veil will be drawn from our eyes, as every comfort and support we have always taken for granted is shriven from us for our publicly-financed stupidity and for our own moral decadence. And as the Freest nation the world has known to date, we will have no one but ourselves to blame for it. We will have failed the highest aspirations of our founders and forefathers.
And then the Islamo-fascists, and their anti-Western allies, will strike, either with radioactive-waste bombs or with actual nukes (for which we are wholly unprepared), and then WWIII will be on. And it will be worse than the world wars that preceded it. And Obama will have to take his golf game to New Zealand. Armageddon “slouches towards” us. It will bring such pain as Americans have not felt since bloody 1864 (which no one now remembers). Only this pain will be far more consequential. The world’s last best hope will have actually been lost. A new (radioactive) Dark Age will descend.
It can’t happen here? I used to believe that. But I see the old holocaustal hatreds rising again. We are at the brink. America is sinking into a sinkhole of un-repayable debt (with Red China holding our chit!), and Iran is months away from gaining nuclear weapons. Enter Neville Chamberlin in Hillary drag.
…
But maybe my fable is wrong. Maybe Obama will bring us unprecedented economic growth and vitality. Maybe he will rise to the occasion of our time and stand as a beacon of Freedom both here in America and in the vast screwed-up world at large.
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— “The World is changed. I feel it in the water. I feel it in the earth. I smell it in the air. Much that once was is lost. For none now live who remember it.” — _Lord of the Rings_ Peter Jackson 2001
FRom the WAPO:
“The Fed will spend $45 billion a month on long-term Treasury purchases to replace a previous bond-purchase program of an equal size. And it will keep buying $40 billion a month in mortgage bonds.” – That 85 billion a month and counting.
Also from the same source:
“With its new purchases of long-term Treasuries, the Fed’s investment portfolio, which is nearly $3 trillion, will swell to nearly $4 trillion by the end of 2013 if its bond purchase programs remain fully in place.”
The Feds say that spending 85 billion a month until the unemployment rate gets down to 6.6% is providing stability for the outlook on the economy; and here’s Obama purposely creating instability. Things don’t get any more upside-down than that. Someone is misleading the public doncha think?
none of this makes any sense unless you go and listen to what the transparent commie from kenya said he was about. he needs to spend spend spend a dumbed-down amerika down to zero, then eden-like socialism (and eventually communism) w/ a dictator takes over. we all will have shared (taxed) until there is nothing left, except for the 1%, who will probably have moved away, long since.
when it starts getting really tough, and it will, remember who these people are who put you there. not that a controlled socialist/communist people have any choices left.
Welcome to sunny Zimbabwe.
This Fiscal cliff propoganda recalls other iminent looming disasters we have faced in the past; 1995 Government shutdown, Y2K, Global Warming…..
What if we peered over this looming fiscal cliff and discovered the drop was actually only one inch?
The fiscal cliff is not the problem – it’s just a speed bump to slow down runaway deficit spending.
More accurately, it is a previously-negotiated backstop against runaway deficit spending. Too bad the spending limits were set too high to be effective.
There are better solutions – but there is no political will to get it done, in view of the fact that the Democrats have shown that they can steal US elections at will.
Published on Nov 29, 2012 After two years of endless debate and a national election, Democrats and Republicans on Thursday found themselves right where they started — blaming each other for stagnant negotiations on taxes and government spending.
http://www.youtube.com/watch?v=AHEpZQC7Bgo
Why bother to put a number to it? Just issue Federal Debit Cards to all of obummer’s approved supporters.. The cards have NO LIMIT.. just like the debt ceiling.
Rather than argue about a second stimulus, the House Republicans should use the influence they have and put Obama on a strict allowance: cut the payments for A F One and some of the grand parties he gives. Cut his vacation payments also. I’ve read that their parties cost far more than what the preceeding presidents have spent.
The way I see it, every dollar Obama prints, is a tax on those people who have saved money. This tax is hidden. Most savers ,don’t know it is happening. The baby boomers ,are holding huge wealth, in the form of pension funds, inheritance from their parents, and their inflated house value’s! Obama is taking it from them, to buy votes, and reward his friends.
Once the country understands that if you save money, it will be taken from you, we will have a culture that lives for today, even more than it does now. If you reward foolish spending ,you will get more of it. Where will business startup funds come from? Will government run everything?
when has the first “stimulus” ever ended?
I’m just wondering why an extention of President Obama’s “2 percent payroll tax cut” is “spending” while an extention of the “Bush-era tax cuts” is “increased tax revenue”.
In the meantime, Boehner has agreed to raise taxes on the wealthy by twice as much as President Obama ask for as long as no taxes are raised on the wealthy. Seriously? For PJ and the GOP, making sense is obviously way over rated.