Obama: We Don't Need A Second Stimulus

by albertacowpoke | July 12, 2009 at 04:39 am

198 views | 54 Recommendations | 19 comments

In his weekly radio address President Obama dismissed the notion of a second stimulus to jolt the economy. He urged Americans to be patient with his economic recovery plan.

Obama reminded listeners that reversing job losses takes time and this is usually the latest indicator of a recovering economy.

The Administration had been under attack for its misuse of the TARP I stimulus, which had been described by Republicans as a failure.

Obama rejected this notion and explained that the Stimulus package was intended to work over a two year period. As such he rejected thoughts of a second stimulus, which had been floated by some Democrats and Warren Buffett.

AP) WASHINGTON — President Barack Obama on Saturday dismissed the idea the nation might need a second stimulus to jolt the economy out of recession and urged Americans to be patient with his economic recovery plan.

Faced with rising unemployment numbers and criticism from Republicans who have already labeled the $787 billion stimulus a failure, Obama used his weekly radio and Internet address to remind voters that reversing job losses takes time.

He criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression. And he rejected talk of a second stimulus, an idea that has been discussed by Democrats and even famed investor Warren Buffett.

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Barry Artiste

at 05:03 on July 12th, 2009

Funny how everyone wants less government interference, unless it is a handout they are looking for. You cant have it both ways. But many citizens, Canada included seem to think so. I guess those who want it were brought up in a society where everyone wins a trophy for just showing up.

Rory Cripps

at 12:32 on July 12th, 2009

BARRY: I agree with your philosophical sentiments in regard to the American economy 100%. The problem is that America's economy, let alone the rest of the world's "economy", has never been a "free market" economy. It is, and has always been, a "mixed" economy. A truly "free-market" economy does not rely upon government-sanctioned slave labor, which existed in America since day-one and up until a bloody civil war put an end to it. And a "free-market" economy does not rely upon the many protective tariffs that were passed into law, at one time or the other, in order to protect itself from foreign, or even American intrastate, economic competition. Moreover, a "free market" does not rely upon a Central Bank to regulate and otherwise "tweak" its money supply for purposes of stimulating or de-stimulating the economy. And a "free-market" does not sanction and allow giant retailers, such as Walmart, for purely political and diplomatic purposes, to flood its shelves with cheap goods produced by slaves, in China. I repeat: SLAVES IN CHINA. It is simply and factually a myth that America has ever operated under a "free-market" economy. President Obama is just taking the torch, that was handed to him, to the next level.

albertacowpoke

at 05:08 on July 12th, 2009

Geeze Barry isn't that how it works. Show up and the piggy banks get filled:)

Paschen

at 05:47 on July 12th, 2009

The first Bail out was a mistake as is and some of it has already been misused. Reforms and innovations are needed such as a drastic change in the way we produce and use power. From Fossil fuel to renewable sources. http://my.nowpublic.com/world/solar-power-restart-economy-and-create-jobs-world-wide

As Putin said last week, the US fail to look forward and are stuck in the past.

albertacowpoke

at 05:59 on July 12th, 2009

Thanks for this Paschen.

Rory Cripps

at 06:16 on July 12th, 2009

Could it have something to do with the 60% of voters that are against a second stimulus package and the 57% of voters that think the economy is getting worse? ?

158

at 08:30 on July 12th, 2009

We did not need the first one. A second one would be even worse.

albertacowpoke

at 08:33 on July 12th, 2009

You can only push a deficit so far. You either have to pay it by raising taxes or print money which causes inflation. Neither way is a viable option.

Roy C

at 09:04 on July 12th, 2009

Nice thread and it has more intelligence than major sections of Washington from what I see.

albertacowpoke

at 12:16 on July 12th, 2009

Thanks Roy, that's a nice compliment for NP members:)

sara star

at 11:53 on July 12th, 2009

The definition of insanity... keep doing the same thing over again and expect different results.

What he is not saying is that the first one didn't work...

albertacowpoke

at 12:17 on July 12th, 2009

Comes under the old saying, if at first you don't succeed try and try again.

neilabraham

at 02:16 on July 13th, 2009

Same thing happened in Australia. The stimulus handouts were a huge waste of taxpayers money and our debt has soared!

albertacowpoke

at 02:23 on July 13th, 2009

Thanks for this Neil. Seems the same all over. Looks like Canada will go three times the forecasted deficit.

albertacowpoke

at 03:58 on July 13th, 2009

Ray you're a prize lol. You know the old saying "the check's in the mail....

Simona Pacurar (not verified)

at 11:23 on July 16th, 2009

As i am reading these postings, I can't help bu t ask my self, what planet do some people live on? WE DON'T NEED ANOTHER STIMULUS CHECK???? YES WE DO. I believe most of these postings are made by people that work in the corporate world, the question is what about the rest of the world, people that do your dirty work???

SPEAK UP PEOPLE

albertacowpoke

at 11:29 on July 16th, 2009

Thanks for your comments Simona.

PIM of SPAIN

at 08:03 on July 18th, 2009

The US government has been recklessly borrowing and spending for too long. But President Obama has accelerated this recklessness to breathtaking levels.
The U.S. is rapidly approaching its crisis point a catastrophic collapse will be the only way out.

Get ready for Obama’s Great Depression, who is following the playbook of the man responsible for the Great Depression of 1930s, Herbert Hoover.