Records Set On Obama's Watch

[boedicca]

I will give you $1,000,000 if you produce a video of Obama promising this so we can all hear it.

You can PM me so we can discuss arrangements for a wire transfer. I'm providing proof - although not a video. Obama supported the Romer analysis in a weekly radio and internet address.

The claim appears in "The Job Impact of the American Recovery and Reinvestment Plan" by Christina Romer, who in January 2009 was Obama's Council of Economic Advisors Chair designate. This report was the justification for the Stimulus package.

The Job Impact of the American Recovery and Reinvestment Plan

And don't bother claiming that Obama never said it. He "owned" the report:

One day after the nation’s unemployment rate was reported to be at a 16-year high, President-elect Barack Obama on Saturday again raised the estimate of how many jobs would result from his economic recovery plan, saying it would create or save three million to four million, nearly 90 percent of them in the private sector.

In his weekly radio and Internet address, Mr. Obama sought to inject a positive note into the economic outlook by releasing a report from his advisers that estimated the number of jobs that could be created with his plan by the end of 2010.

The report noted, however, that at least five million jobs, and probably many more, will have been lost during the downturn. So even if the most optimistic projections bear out, unemployment in December 2010 will still be higher than it was in December 2007.

Mr. Obama’s address was his latest effort to sell a $775 billion proposal to Congress, whose leaders have pledged to adopt a bill by mid-February, and to Americans stung by the recession.

“The jobs we create will be in businesses large and small across a wide range of industries,” Mr. Obama said. “And they’ll be the kind of jobs that don’t just put people to work in the short term, but position our economy to lead the world in the long term.”

Without an economic recovery plan, the report warned, the unemployment rate could hit 9 percent, up from 7.2 percent now. If the plan is adopted, unemployment is still expected to rise but then fall late this year.

The report, and Mr. Obama’s speech, also seemed intended to counter criticism, particularly from some Republicans, that his plan would create bureaucracies rather than put people to work.

The 14-page report, prepared by Christina D. Romer, who is Mr. Obama’s selection to lead his Council of Economic Advisers, and Jared Bernstein, an economic adviser to Vice President-elect Joseph R. Biden Jr., provides specific examples for the first time of the types of jobs that could be created, including a detailed industry-by-industry breakdown.

Mr. Obama said his plan could create about 500,000 jobs by making new investments in clean energy, doubling the production of alternative energy over three years and improving the energy efficiency of government buildings and homes. ...

http://www.nytimes.com/2009/01/11/us/politics/11radio.html

 

[Foxfyre]

But ANYBODY with half a brain should have been able to hear the President PROMISE that if we pass a almost $800 stimulus bill that millions of jobs will be created, unemployment won't go higher than 8%

I will give you $1,000,000 if you produce a video of Obama promising this so we can all hear it.

Inflation is getting worse.
Unemployment remains high.
Business owners continue to sit on trillions of investment capital because of the uncertainty of future tax rates and regulation, most particularly as a result of Obamacare.
Gasoline prices remain high enough to have a devastating effect on transportation.
The national debt continues to soar and we are still facing trillion dollar deficits as far as the eye can see.

Again, you are just listing problems without showing how Obama caused them or made them worse. For example, how did Obama cause gas prices to remain high? And your assertion about why businesses are sitting on cash doesn't mesh with reality. Every poll I see on the subject, business owners are sitting on cash because of a lack of consumer spending. Demand is low and that's why they aren't expanding.

uncontrolled increase in debt created the downgrade in our stellar AAA credit rating.

False. 100% false. Standard and Poor's came out and said it was NOT due to our increase in debt. It was due to the inability of Washington to address the debt, and that inability is due to the all or nothing Tea Party members.

The Tea Party is not running the government. Obama and the Democrats still hold the upper hand. Obama made gas prices remain high by shutting down our rigs in the Gulf of Mexico while continuing to subsidize other Gulf countries who are drilling oil themselves, by refusing to release any of our oil reserves for exploration and production, and by refusing to relax any of the unnecessary regulations placed on fuel formulas and refinery production.

You won't find a single thing intended to free up domestic production or increase business activitiy that was blocked or even protested by a single Tea Party member.

Okay we can add to my list that Obama and company failed to address the debt, Instead they raised the debt limit on the promise of cutting spending without ANY specificson how to do that and by demanding that it include raises for a couple of years so they wouldn't be facing that leading up to the election. Do you honestly believe there is any difference between a runaway debt and a failure to address it? Whose responsibility was it to lead on that issue. Did Obama? He did not.

And now, without ANYTHING decided on how to deliver the promised spending cuts, he wants to increase the debt $500 billion more.

He thinks we are all fools. (As Boedicca said, I guess he got that much right as far as his own worshippers go.)

 

[Kuros]

I'm not going to waste my breath defending Obama. Its a lost cause.

But I will attack the following proposal:

Lowering taxes and eliminating discretionary spending while keeping defense spending stable.

Instead of arguing Bush v. Obama, we should return to the policies of the last successful President and Congress. We need to restore the Clinton-era tax rates, cut defense, and keep Federal welfare spending modest.

 

[boedicca]

I don't think you will find more than a tiny fringe argue for not reducing defense spending, bub.

 

[Care4all]

That's not correct. The destruction of the value of the dollar takes money out of everyone's pocket. Cheapening the currency is an old trick when countries have debt problems.

The Federal government is misleading the public about inflation (it changed the methodology some years ago to minimize energy and food inflation). If inflation were calculated according to the old method, it would be well over 10% right now (actually it is, for anyone who manages a household or business budget).

Alternate Inflation Charts

Other "costs" being born by real people:

- Under and unemployment for millions due to lack of jobs. The Obama policies have suppressed growth and ruined the earnings prospects for a large portion of the population.

- The Debt burden will increase taxes for future generations. How Courageous - to spend the future of today's children and their kids.

when did the col change?

and the 900 billion stimulus is not enough borrowed to hurt our standing....the 14 TRILLION accumulated is another story....

The debt has increased by $5T...Obama and the Dem Congress (starting in 2007) have expanded government far beyond what would be warranted for inflation and population growth.

The CPI methodology was changed in 1980.

After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those levels.

Shoppers in crosswalk
Getty Images
Inflation, using the reporting methodologies in place before 1980, hit an annual rate of 9.6 percent in February, according to the Shadow Government Statistics newsletter.

Since 1980, the Bureau of Labor Statistics has changed the way it calculates the CPI in order to account for the substitution of products, improvements in quality (i.e. iPad 2 costing the same as original iPad) and other things. Backing out more methods implemented in 1990 by the BLS still puts inflation at a 5.5 percent rate and getting worse, according to the calculations by the newsletter’s web site, Shadowstats.com.

News Headlines

since president bush's fiscal reign....under obama the debt has increased 3 trillion not 5 trillion, the new democrats in office added no new legislation that added to the Bush fiscal debt other than the request from president bush for a stimulus, and his request for bailing out fannie and freddie, and his request for bailing the car companies, and AIG ,and the banks with TARP etc etc etc, in fiscal 2008 and fiscal 2009.


charts like this are meaningless, if you got a head on your shoulder....many of those things listed in the editorial are somewhat thoughtless and repetitive in my opinion and do not relate to what obama has accomplished or not accomplished during his reign.....most ALL of those statistics would be EXPECTED in a great recession....that began before obama's reign.

If those that created the chart had shown us, what the obama administration had contributed to those numbers, and how...then it wouldn't be as silly as I see it....most of thethe figures given are useless, without that kind of information.

ty for the good info on col

 

[Foxfyre]

I don't think you will find more than a tiny fringe argue for not reducing defense spending, bub.

Absolutely. I live a few minutes from a large AFB and other important government installations and have spent a LOT of time with contractors on these as well as other bases, national labs, etc. elsewhere in the state. I see so much waste, fraud, unnecessary spending that could easily be cut without taking a dime from our service men and women or dimninishing our battle worthiness in the least. The government uses the defense budget like it does all other budgets--shore up government power, prestige, influence, and votes for the politicians in power to increase their personal fortunes.

 

[Kuros]

Obama and the Democrats still hold the upper hand. Obama made gas prices remain high by shutting down our rigs in the Gulf of Mexico while continuing to subsidize other Gulf countries who are drilling oil themselves, by refusing to release any of our oil reserves for exploration and production, and by refusing to relax any of the unnecessary regulations placed on fuel formulas and refinery production.

POTUS lacks significant control over the price of gas.

The Gulf of Mexico's crude oil accounts for only 8% of US consumption, and only 60% of that production has been shut down. That means only about 5% of US crude consumption has been affected.

And why was there a shutdown?

Several offshore oil and gas producers said on Monday that high winds and rough seas off Louisiana's coast prevented full-out restaffing and restarting Gulf of Mexico platforms that were shut and evacuated last week as Tropical Storm Lee approached

Notice it was the producers themselves who shut it down. There's enough to blame Obama for without blaming him for the actions of the private sector and the friggin' weather.

 

[Kuros]

I don't think you will find more than a tiny fringe argue for not reducing defense spending, bub.

That tiny fringe includes powerful Senators.

"I'm off of the committee, if we're going to talk about further defense spending," Sen. Kyl said at a luncheon organized by the conservative Foreign Policy Initiative

 

[boedicca]

when did the col change?

and the 900 billion stimulus is not enough borrowed to hurt our standing....the 14 TRILLION accumulated is another story....

The debt has increased by $5T...Obama and the Dem Congress (starting in 2007) have expanded government far beyond what would be warranted for inflation and population growth.

The CPI methodology was changed in 1980.

After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those levels.

Shoppers in crosswalk
Getty Images
Inflation, using the reporting methodologies in place before 1980, hit an annual rate of 9.6 percent in February, according to the Shadow Government Statistics newsletter.

Since 1980, the Bureau of Labor Statistics has changed the way it calculates the CPI in order to account for the substitution of products, improvements in quality (i.e. iPad 2 costing the same as original iPad) and other things. Backing out more methods implemented in 1990 by the BLS still puts inflation at a 5.5 percent rate and getting worse, according to the calculations by the newsletter’s web site, Shadowstats.com.

News Headlines

since president bush's fiscal reign....under obama the debt has increased 3 trillion not 5 trillion, the new democrats in office added no new legislation that added to the Bush fiscal debt other than the request from president bush for a stimulus, and his request for bailing out fannie and freddie, and his request for bailing the car companies, and AIG ,and the banks with TARP etc etc etc, in fiscal 2008 and fiscal 2009.


charts like this are meaningless, if you got a head on your shoulder....many of those things listed in the editorial are somewhat thoughtless and repetitive in my opinion and do not relate to what obama has accomplished or not accomplished during his reign.....most ALL of those statistics would be EXPECTED in a great recession....that began before obama's reign.

If those that created the chart had shown us, what the obama administration had contributed to those numbers, and how...then it wouldn't be as silly as I see it....most of thethe figures given are useless, without that kind of information.

ty for the good info on col

Actually, the debt was $10.6T when Obama took office and was $8.7T when the Dems took control of Congress in January 2007. It is now $14.7T. Bush did engage in deficit spending as well, but the massive increase of a cumulative $6T were largely driven by the Dems.

It's too bad you don't grok the chart.

 

[Foxfyre]

Obama, the Democratic nominee, and the Democratically controlled congress, not only voted for TARP but gave his stamp of approval. As did McCain. So don't hang that one on George W. Bush. The Bush administration spent half of TARP and the rest all went to Obama to use. He was supposed to repay it to the treasury but has instead been using it as his personal petty cash fun.

Other stats:

 

[Kuros]

Obama, the Democratic nominee, and the Democratically controlled congress, not only voted for TARP but gave his stamp of approval. As did McCain. So don't hang that one on George W. Bush. The Bush administration spent half of TARP and the rest all went to Obama to use. He was supposed to repay it to the treasury but has instead been using it as his personal petty cash fun.

Other stats:

]

You've got to be kidding me. In defense of George W. Bush, you're going to resurrect TARP? Really?!?

[ame=http://www.youtube.com/watch?v=bxMazskGKAw]George Bush: By the Way... Most of the TARP Money Passed Has Been Repaid - YouTube[/ame]

 

[boedicca]

Bush is correct. Reported in March 2011:

Six banks repaid nearly half a billion dollars in funds they received from the government bailout of Wall Street, the Treasury Department said, bringing the total bank repayment under the Troubled Asset Relief Program to 99%.

The Treasury on Wednesday said the banks repurchased TARP investments with proceeds to taxpayers totaling about $475 million. TARP was created in 2008, with its Capital Purchase Program set up for banks hurt in the financial crisis.

Through the repayments announced Wednesday, as well as dividends and interest, taxpayers have recovered about $244 billion of the $245 billion in TARP funds disbursed to banks, the Treasury said. The Treasury currently estimates that bank programs within TARP will ultimately provide a lifetime profit of nearly $20 billion to taxpayers...


With Fifth Third Out, Banks Have Repaid 99% of TARP - WSJ.com

 

[Trajan]

Didn't you read the OP?

I did. I also read the link that was provided. All told, they provide exactly zero policies of Obama's that caused what's in that list.

A huge lion's share of that is a direct result of Obama's policies to date. Obamacare. Freezing oil production in several places. Nixing consideration of nuclear power development. Constant....and I do mean CONSTANT.....threats of higher taxes on everybody via 'green energy jobs'--translate that cap and trade--threats of higher taxes on the rich (which will be just about anybody who hires people to work)--and the most irresponsible and dishonest pretense of spending ourselves rich that I have ever seen anywhere.

There are exactly zero plans to raise taxes via green jobs and zero plans to vote on cap and trade. Anyone scared of those "threats" is also probably scared of being hit by a meteor. Same chances.

Freezing oil production has had a negligible impact on the economy. The unrest in the Middle East and speculators have done far more damage.

As for Obamacare, you guys keep bringing this up and still have yet to show what parts of Obamacare have been put into place that have adversely affected the economy. I'd ask you to do it now, but I won't hold my breath.

and you were wondering why no one would answer you?

 

[Trajan]

when did the col change?

and the 900 billion stimulus is not enough borrowed to hurt our standing....the 14 TRILLION accumulated is another story....

The debt has increased by $5T...Obama and the Dem Congress (starting in 2007) have expanded government far beyond what would be warranted for inflation and population growth.

The CPI methodology was changed in 1980.

After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those levels.

Shoppers in crosswalk
Getty Images
Inflation, using the reporting methodologies in place before 1980, hit an annual rate of 9.6 percent in February, according to the Shadow Government Statistics newsletter.

Since 1980, the Bureau of Labor Statistics has changed the way it calculates the CPI in order to account for the substitution of products, improvements in quality (i.e. iPad 2 costing the same as original iPad) and other things. Backing out more methods implemented in 1990 by the BLS still puts inflation at a 5.5 percent rate and getting worse, according to the calculations by the newsletter’s web site, Shadowstats.com.

News Headlines

since president bush's fiscal reign....under obama the debt has increased 3 trillion not 5 trillion, the new democrats in office added no new legislation that added to the Bush fiscal debt other than the request from president bush for a stimulus, and his request for bailing out fannie and freddie, and his request for bailing the car companies, and AIG ,and the banks with TARP etc etc etc, in fiscal 2008 and fiscal 2009.


charts like this are meaningless, if you got a head on your shoulder....many of those things listed in the editorial are somewhat thoughtless and repetitive in my opinion and do not relate to what obama has accomplished or not accomplished during his reign.....most ALL of those statistics would be EXPECTED in a great recession....that began before obama's reign.

If those that created the chart had shown us, what the obama administration had contributed to those numbers, and how...then it wouldn't be as silly as I see it....most of thethe figures given are useless, without that kind of information.

ty for the good info on col

I am sorry Care but if there is 'blame ' to be laid at the feet of congress a rep one, then there is blame to be laid on a dem congress too. it cannot be just one way.

and as far as ;

ALL of those statistics would be EXPECTED in a great recession....that began before obama's reign.

to an extent, I do agree however, have you visited a Reagan thread here lately?

since president bush's fiscal reign....under obama the debt has increased 3 trillion not 5 trillion, the new democrats in office added no new legislation that added to the Bush fiscal debt other than the request from president bush for a stimulus, and his request for bailing out fannie and freddie, and his request for bailing the car companies, and AIG ,and the banks with TARP etc etc etc, in fiscal 2008 and fiscal 2009.

obama has approved or been given approval for over 4 trillion in debt ceiling increases alone Care. and, we are still borrowing, there is 4 trillion and some odd right there.
and all those "other thans"....I mean seriously?

how about ObamaCare?

 

[yidnar]

It's all Bush's fault!!

Right, Obamabots?

Yet, none of it will stop Obama from winning reelection.

How weak are the republicans?

the ignorant simian ape shitskin jones is delusional !!the 1st black president is a perfect representation of the irresponsible black animal that infests this great country !! after the rape apes riot on 2012 ......AND YOUR SPECIES WILL RIOT SHITSKIN JONES !!!!.....even the naive left will come to realize that these animals do not belong in a civil society along side humans !!

 

[Truthseeker420]

Wrong, idiot.

LBJ's Great Society programs destroyed families...and continue to do so.

Yeah that's what did it.

Jane:
-I'm leaving you Dick because your mother got medical care and i liked it better when she was sick.

- I'm leaving you Dick because I saw a black woman sitting in the front of the bus.

- I'm leaving you Dick because you got a educational grant from the government and will soon be making more money.

I see that you are yet another historical and economic illiterate.

The legacy of LBJ is one of paying young women to have babies out of wedlock. This government sponsored disregard of the role of fathers has sentenced multiple generations to lives of substandard education, susceptibility to drug addiction and the gang life, and hopelessness regarding having any kind of decent living and place in society.

It's a great example of the lack of regard Progressivism has for the individual to lead a self-sufficient life.

you care to back that up with any proof?

 

[DiamondDave]

I did not hear him accept responsibility for a single negative or admit that a single policy of his Administration has produced negative results.

And which policy of his do you think produced negative results?

Name any that produced any positive results

 

[Kuros]

Bush is correct. Reported in March 2011:

Six banks repaid nearly half a billion dollars in funds they received from the government bailout of Wall Street, the Treasury Department said, bringing the total bank repayment under the Troubled Asset Relief Program to 99%.

The Treasury on Wednesday said the banks repurchased TARP investments with proceeds to taxpayers totaling about $475 million. TARP was created in 2008, with its Capital Purchase Program set up for banks hurt in the financial crisis.

Through the repayments announced Wednesday, as well as dividends and interest, taxpayers have recovered about $244 billion of the $245 billion in TARP funds disbursed to banks, the Treasury said. The Treasury currently estimates that bank programs within TARP will ultimately provide a lifetime profit of nearly $20 billion to taxpayers...


With Fifth Third Out, Banks Have Repaid 99% of TARP - WSJ.com

No. The losses were shifted to the GSEs.

GSEs: $1 Trillion Dumping Ground for Bad Bank Loans | The Big Picture

SIGTARP Report: Treasury Hid AIG Losses | The Big Picture

 

[boedicca]

That's not the same as TARP repayments, bub. And you won't find me nor any rational fiscal conservative argue in defense of the role of the GSEs.

 

[francoHFW]

But ANYBODY with half a brain should have been able to hear the President PROMISE that if we pass a almost $800 stimulus bill that millions of jobs will be created, unemployment won't go higher than 8%

I will give you $1,000,000 if you produce a video of Obama promising this so we can all hear it.

Again, you are just listing problems without showing how Obama caused them or made them worse. For example, how did Obama cause gas prices to remain high? And your assertion about why businesses are sitting on cash doesn't mesh with reality. Every poll I see on the subject, business owners are sitting on cash because of a lack of consumer spending. Demand is low and that's why they aren't expanding.

uncontrolled increase in debt created the downgrade in our stellar AAA credit rating.

False. 100% false. Standard and Poor's came out and said it was NOT due to our increase in debt. It was due to the inability of Washington to address the debt, and that inability is due to the all or nothing Tea Party members.

"The $787 billion stimulus plan is turning out to be far less stimulating than its architects expected."

Read more: Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME

Because the damage done by deregulated (and hands off Pub SEC etc)financial institutions was much greater than thought. (UE was 7.8% when it passed!!) Dittoheads!!!