Obama/Economy ?

[cindylee]

During the last Presidential debate Barack Obama said that he will fix the economy from the bottom up. Does anyone know how he plans to do this? Just doesn't make any sense to me.

 

[mike45acp]

That guy has not said how he is going to do anything he's great at avoiding the answers to any question.

 

[Annie]

That guy has not said how he is going to do anything he's great at avoiding the answers to any question.

It's a 'secret' plan, it will be revealed after he's in office. I remember some other president with a 'secret' plan, for ending a war. Whoops, a nexis in time. William Ayers had problems with that president too.

 

[DavidS]

During the last Presidential debate Barack Obama said that he will fix the economy from the bottom up. Does anyone know how he plans to do this? Just doesn't make any sense to me.

The great power of the internet is being able to actually VISIT the candidate's website!

http://www.barackobama.com/issues/economy/

 

[Isolde]

During the last Presidential debate Barack Obama said that he will fix the economy from the bottom up. Does anyone know how he plans to do this? Just doesn't make any sense to me.

Most simply stated by redistribution of wealth. Anybody care to disagree with that statement?

Communism and Socialism rarely makes sense and as most in the world are finding, abject failures.

 

[xsited1]

The great power of the internet is being able to actually VISIT the candidate's website!

Barack Obama and Joe Biden: The Change We Need | Economy

It's scary to read what he has in mind to fix the economy. Check this one out:

"Create a National Infrastructure Reinvestment Bank: Barack Obama and Joe Biden will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation’s most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity."

Obama obviously has not clue. Here's where we need to go:

H.R. 2755: Federal Reserve Board Abolition Act (GovTrack.us)

 

[Sunni Man]

The way Bush and the Republicans have messed the American economy up.

There is nothing Obama could do that could make it worse.

In fact, what ever President Obama does could only make things better!!

 

[cindylee]

So Obama's plan is to give us $1,000 check for energy and a job to jump start the economy?

 

[editec]

During the last Presidential debate Barack Obama said that he will fix the economy from the bottom up. Does anyone know how he plans to do this? Just doesn't make any sense to me.

I've outlined what I think a trickle-up fix of the current crises might look like. It starts by not bailing out banks by buying their bad paper, but by buying those banks outright based on the market value of their stocks.

Given that NOW McCain is echoing something somewhat similar to the FIX I have been suggesting (and that we actually did in the 1930s, it wasn't like I came up with this idea from a blank slate) you really ought to consider that both Obama and McCain are calling for essantially the same bottom up solutions.

 

[Truthmatters]

You guys do realize that the Stock Market does better under democratic presidents dont you?

 

[xsited1]

I've outlined what I think a trickle-up fix of the current crises might look like. It starts by not bailing out banks by buying their bad paper, but by buying those banks outright based on the market value of their stocks.

Given that NOW McCain is echoing something somewhat similar to the FIX I have been suggesting (and that we actually did in the 1930s, it wasn't like I came up with this idea from a blank slate) you really ought to consider that both Obama and McCain are calling for essantially the same bottom up solutions.

Which will be a total disaster. If you do this, expect another depression for years followed by a world war.

 

[Truthmatters]

The finacial oracle has spoken.

 

[xsited1]

You guys do realize that the Stock Market does better under democratic presidents dont you?

Uh, no. It's a combination of factors. The President first needs to keep international conflicts to a minimum, but Congress needs to be conservative, and even this is too simplistic. All told, the President doesn't do much to influence the economy.

Check this out. It suggests that 16-year-olds are safer drivers than people in their twenties, and that octogenarians are very safe. Is this true?

 

[editec]

Which will be a total disaster. If you do this, expect another depression for years followed by a world war.

If I believed that neo-con myth which hammers the steps we took to mitigate the disaster brought to us by a unregulated market, you mean?

I don't.

 

[DavidS]

It's scary to read what he has in mind to fix the economy. Check this one out:

"Create a National Infrastructure Reinvestment Bank: Barack Obama and Joe Biden will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation’s most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity."

Horror of all horrors that the country should have an organized fund to re-build this country's crumbling infrastrucutre. I live in New York City and all I keep hearing about is the Tappan Zee bridge. A bridge that is 50 years old and is crumbling. The cost to build a new bridge? $6.8 billion. Guess what? There's no money to replace it because New York State is suffering severe budget shortfalls right now. You know, I think I remember hearing about another bridge also falling apart and the state having no money to replace it. What was the name of it? Oh that's right! The I-35W Mississippi River bridge! Whatever happened to that bridge? Didn't it collapse killing several people?

Obama obviously has not clue. Here's where we need to go: H.R. 2755: Federal Reserve Board Abolition Act (GovTrack.us)

Yeah, right!

 

[Skull Pilot]

So Obama's plan is to give us $1,000 check for energy and a job to jump start the economy?

The government cannot create jobs.

every single cent the government spend must come from taxes collected those additional taxes pull money from the market that would have been used elsewhere to create jobs or buy goods and services which then create jobs..

If the government raises taxes by 60 billion over ten years to fund an investment to create jobs, then that same 60 million is money not used by citizens to start a business, buy a house, build a house, etc etc. So when the government "creates jobs" in actuality it is merely moving jobs from one sector of the market to another. IE your new highway jobs will only be created from the jobs and business not created with the 60 billion in taxes that the government takes.

 

[Skull Pilot]

Horror of all horrors that the country should have an organized fund to re-build this country's crumbling infrastrucutre. I live in New York City and all I keep hearing about is the Tappan Zee bridge. A bridge that is 50 years old and is crumbling. The cost to build a new bridge? $6.8 billion. Guess what? There's no money to replace it because New York State is suffering severe budget shortfalls right now. You know, I think I remember hearing about another bridge also falling apart and the state having no money to replace it. What was the name of it? Oh that's right! The I-35W Mississippi River bridge! Whatever happened to that bridge? Didn't it collapse killing several people?




Yeah, right!

There is plenty of money being collected by the government and by each state individually to repair the infrastructure. What do you think a trillion and a half could do for infrastructure. Hell the feds spent that in a minute with the bail out. Add to that money each state could chip in and there would be plenty to fix the roads.

And don't listen to states whine about their shortfalls. MA gov. Patrick spent enough money on curtains for his office to pay a construction worker's salary for a year.

 

[DavidS]

Most simply stated by redistribution of wealth. Anybody care to disagree with that statement?

I do! It sucks to say this, but taxes are far too low right now for the amount of spending the government is doing. And it's not like you can just take a magic wand and all of a sudden spend less. Things cost more money to do, people need to be paid, items need to be purchased. The government has far too many loopholes in its tax code that Obama will eliminate. And yes, he will raise taxes on the people who are making the most money. This will bring in hundreds of billions of dollars of additional revenue. He will then give a $750 econimic stimulous check to every single taxpayer in the country. Who thought of that idea? Wasn't it Bush? Horror of horrors that the people who spend the most should be given a break in the amount of money they pay to the government.

Here are two different economic theories, Isolde.

#1 - We cut taxes for the rich so they can spend more money. When you cut taxes 50-60% for the rich like Hoover and Reagan did, yeah you'll get a drastic response in the end. McCain proposes cutting taxes for the rich by 4.4%. This will save someone who's making $3 million a year an average of $270,000. Will this work? Will this help our economy? Well, let's look to the 2000s. Bush cut taxes for the rich in his first term in office. Did it help job creation? Under Bush, the economy created 3.7 million new jobs. This was up to 2006. There were about 200,000 jobs created in 2007 and there has been a net loss of jobs so far this year. So I'm sticking with 3.7 million. Obama wants to raise taxes to where they were under the Clinton administration. How was job growth under Clinton? From 1993 - 1998, the economy created nearly 18 million new jobs. So, as we see, higher taxes do NOT prohibit the creation of new jobs. So Bush's supply side economics seem to only work when the taxes for the rich are cut drastically.

#2 - The taxes are cut for the lower and middle class. 95% of American consumers fall under this category. Let me tell you, as a business owner, when people received that check from the government earlier this year, business REALLY boomed. It was fantastic. People went out and they spent and they spent and they spent. I loved it.... until I had to pay taxes. They spent so much money and I earned so much money, I was bumped up into a higher tax bracket. But as you see, 95% of businsses depend on middle class people buying their products. So if the middle class don't have any money, then it doesn't matter if we get a tax cut, because we're not earning any income... much like right now. Bussiness is down - dramatically. I need Americans to have money again. So if the middle class get more money, I get more money and then the government gets more money. It's not re-distribution of wealth, it's the government taking from the middle class and then giving back to the middle class.

 

[DavidS]

So Obama's plan is to give us $1,000 check for energy and a job to jump start the economy?

How much money do you plan on spending this holiday season for gifts? Let's say $500. Wouldn't it be nice to have $1000 extra to spend more? You have more money, you spend more money, busisnesses have more money, they spend more money and they pay more money to the government. It's a great cycle isn't it?

 

[DavidS]

Which will be a total disaster. If you do this, expect another depression for years followed by a world war.

Really? Can you counter my example of what happens when consumers have more money?