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Why Obama’s big economic gamble is failing?
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by CynicalPatriot | June 19, 2009 at 08:22 am
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Obama sweats it : Why his big economic gamble is failing?
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A string of new polls seems to show that America’s belief in the wonder-working power of Obamanomics has begun to fade. A Pew poll found President Obama’s economic approval rating has fallen to 52 percent from 60 percent in April. A Wall Street Journal poll found 53 percent disapprove of his handling of GM and Chrysler vs. 39 who approve. And the New York Times found that 60 percent don’t think Obama has a “clear plan” to deal with the monstrous budget deficit.
Okay, here’s the thing: Obama took a tremendous economic and political gamble last January. The new president had the option of putting forward a stimulus plan that would attempt to reverse or significantly dampen America’s terrible economic downturn ASAP. .............The gamble appears to have failed miserably, both economically and politically. The terrible tale of the tape: a) the current downturn is arguably the worse since the Great Depression; b) household wealth has fallen by $14 trillion during the past two years,.........
Summary:
A string of new polls seems to show that America’s belief in the wonder-working
power of Obamanomics has begun to fade. A Pew poll found President Obama’s
economic approval rating has fallen to 52 percent from 60 percent in April. A
Wall Street Journal poll found 53 percent disapprove of his handling of GM and
Chrysler vs. 39 who approve. And the New York Times found that 60 percent don’t
think Obama has a “clear plan” to deal with the monstrous budget deficit.
The economics facts are beginning to seem to be make the politics of fear a factor in future elections. I just report the facts.
Respectfully,
Don Mashak
The Cynical Patriot
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Most RecentMost Recommended Comments (6)
at 16:00 on June 19th, 2009
Lets get it straight Obama big economical plan was not Obama's idea, it was the idea of an economical genius, Gordon Brown. Why is every thing thought to be an American idea?
Remember also Bush blessed the plan prior to Obama putting the plan into action. At present stock markets all over the globe are on an upward slope, currency rates have settled and the world economy is starting to look good. Many banks want to do a payback, banks are lending to companies.
But of course there are those that have a racialistic or political intent to slur Obama of whom is headed to be the best president that USA as ever sired. He has to do better as he is the first black american president of which means he has a lot to prove and he will prove it and thats for sure.
As an outsider to american politics I am very impressed as many world citizens are on how Obama has already improved the worlds view of America. I am sickened at the non patrotic views of the greedy capitalist fringe, the far right republican extremist.
at 10:41 on June 20th, 2009
Hello BabelFish:
Having been the head of various organizations, the principle I subscribe to is; When you are the top dog, you are responsible for it all - if it goes well you get the credit, if it goes badly you get the blame.
If things are as you say, Obama chose this course of action. Regardless of whose idea it originally was, he adopted it. (Isn't John Maynard Keynes in there somewhere?) Obama made the choice, he bears the responsibility.
I am insulted you would suggest I am a racist because I have quoted facts and statistics. I have been both a democrat and a republican in my life. And I think both have failed us. There is plenty of blame to go around. My only political motivation is holding politicians accountable. Obama promised no lobbyist in the white house and no earmarks in the budget. We have both. If he was a white republican I would say the same thing. He broke campaign promises. That does not make me racist nor politically motivated.
That makes me factually correct and brave enough to say it outloud.
I have spoke against the bank bailout since before it was passed into law. Capitalism means risk and reward. You reap the rewards of taking risk and you go out of business if you manage your business poorly. The bank, AIG, and the car manufacturers should have been left to crash and burn. None of those CEO's were running around when they were making 15M-20M a year bonuses saying this is too much, please Government, take some of this excess money. But now they want us to share in the losses. Bull roar. And worse, when a company fails, the leaders start over. And new people take over, having learned a lesson from the other guys failure. Now we have given money to these banks and not booted the bankers that created the mess. What sense does that make.
Worse, we still have no accounting of where the money went except that some went overseas and some went for employee bonuses. (for failure.?) And still loans arehard to come by.
And can you tell whether you consider me a part of the greedy capitalist fringe or a far right republican extremist?
Lastly, I am against the stimulus bill. We are spending money we don't have. That having been said, if we are going to spend 2 to 10 trillion, can't we make some more permanent investment into things that are going to need attention sooner than later.
FDR's New Deal built dams, roads and rural electrification. Obama is extending the internet to rural america without committing to net neutrality. The rest is apparently going to turtle crossings, museums and dance theatres. [I left out the bribes and kick backs to Congressmen because we don't have that accounting yet)
If we are going to spend money, why not on things that will be a more permanent investment and stiumulate the economy. How about upgrading the eletrical grid that has not been upgraded in 30-40 years and is on the verge of collapse in various areas. Do we remember the cascading blackouts on the east coast a few years ago? How about fixing the roads and bridges that are falling apart? Nuclear plants to reduce dependence on foreign oil? Do you think I support these projects because I am a racist?
These things were on my mind.
Respecfully,
Don Mashak
The Cynical Patriot
at 19:09 on June 19th, 2009
Hello Babelfish:
Not that it matters, but I did not add the video to the article. I have watched it and thought it was funny, but not my style.... but then you called me a racist, a greedy fringe capitalist and a far right republican. That predisposes me to let it stay.
Apolgize for the undeserved, inaccurate name calling and i might remove it.
I don't like being called a racist.
Respectfully
Don Mashak
The Cynical Patriot
at 11:46 on June 20th, 2009
Hello All:
Upon reflection, I have asked the 3rd party poster of the video attached to this article, to remove it.
Though it certainly was funny, and mostly factually correct, I do not feel it promotes an air of mutual respect and reasoned dialgue that I have worked to acheive.
These thougts were on my mind.
Respectfully,
Don Mashak
The Cynical Patriot
at 07:29 on June 29th, 2009
My current "household wealth" has fallen drasically. I have experienced firsthand the hardships involved within economic turmoil. I was recently forced to cancel my phone coverage as my current cellular provider charged too much. I never thought the american economy could destroy my livelihood like this. Without a phone i am not even hirable. I'm in the process of getting a Tracfone as i heard they have really affordable prepaid rates with great coverage.
at 11:52 on June 29th, 2009
You're completely right Cynical Patriot, Obama should have stopped this silly spending or at least invested in electricity and synthetic fuel generation via nuclear power, and not be involved in GM, see a couple of my previous articles as:
Memories are short lived, that apparently is not understood by our readers seen the little views. Further see
Crash + Depression + Hyperinflation = Financial Disaster
Potential Collapse for the US Dollar.
Obama promised CHANGE he didn't make so far, while he is in charge and no one else.
see also: Obama's Inaugural Sacrifices
More: If America really wanted to protect its wealth, its power, and its position in the world, it should fight the depression in an entirely different way. Instead of bailing out failed businesses it should let them go bust. Instead of coddling the executives who mismanaged their companies, it should turn them loose. Instead of shoring up reckless banks, it should help knock them down.
And instead of spending money on stimulus programs...it should give money back to the taxpayers so they can stimulate the economy, or not, as they choose. Taxes should be cut in line with government spending. This would boost savings, reduce debt, and... gradually...increase investment and consumer spending too.
But that is not the road Americans have chosen. Instead, they found a president willing to go along with history. Instead of scaling down, he is scaling up. Instead of reducing America's indebtedness, he is increasing it. Instead of going for safety, he's going for broke.