Obama will be in Phoenix this wednesday, a region devastated by falling property values, to announce his plan to mitigate foreclosures and help restore property values, the root cause of our problem. I'm hopeful that the news will contain specifics which can be implemented fast. Too bad that this area has been neglected by gov't for such a long time.
The following week, the President will be addressing the mid and long term deficit. He has already met with 44 bluedog democracts and agrees that the gov't must live within its means. The 2009 deficit is estimated to be in the range of $2 trillion.
In his budget projections, Obama will be including the cost of both wars and the cost of preventing the alternative minimum tax, two areas conveniently ignored by the Bush administration.
I'm certainly not in favor of spending $800 billion to stimulate the economy but Obama had no choice given the current situation brought on by years of gov't irresponsibility.
Looks to me that Obama is indeed following up on his promises with action. If it does not work Obama has already put it on the line saying the American people will fire him in 4 years.
What I'm seeing so far out of Mr. Obama is leadership which is in stark contrast to his predecessor.
Colin Powell may prove to be right - that Obama is a transformational leader.
Of course this is the biggest pork bills ever created. Now today they admit this really creates minimal new jobs but instead saves jobs that would have been lost. They can put any number they want to that one. Obama's party stuck every pork they could in and have set him up for the public to chop his balls off when they know what he signed. Stay tuned for the anger from the public when this pork is made known.
Wow. Have always respected your input on BBT but I think now I will reevaluate.
"The following week, the President will be addressing the mid and long term deficit. He has already met with 44 bluedog democracts and agrees that the gov't must live within its means. The 2009 deficit is estimated to be in the range of $2 trillion."
With all due respect, Norm, you're kidding, right? Seriously. Obama will now turn his attention to the deficit? That is laughable.
Our government is totally out of control. At this point, I FEAR them and what they may be doing to this country. Do you think this country cannot go bankrupt? I think it can.
"With all due respect, Norm, you're kidding, right? Seriously. Obama will now turn his attention to the deficit? That is laughable."
Laugh if you want but Obama is dead serious. He has scheduled a fiscal responsibility summit on the 23rd. I consider this positive news. A President who can muti- task. From the wsj:
Obama to Shift Focus to Budget Deficit Article
more in Politics »By JONATHAN WEISMAN
With a $787 billion stimulus package in hand, President Barack Obama will pivot quickly to address a budget deficit that could now approach $2 trillion this year.
He has scheduled a "fiscal-responsibility summit" on Feb. 23 and will unveil a budget blueprint three days later, crafted to put pressure on politicians to address the country's surging long-term debt crisis.
President Barack Obama, left, meets Deere CEO Robert Lane at White House Friday. Obama defended his stimulus plan before business leaders.
Speaking Friday to business leaders at the White House, the president defended the surge of spending in the stimulus plan, but he made sure to add: "It's important for us to think in the midterm and long term. And over that midterm and long term, we're going to have to have fiscal discipline. We are not going to be able to perpetually finance the levels of debt that the federal government is currently carrying."
Along those lines, White House budget director Peter R. Orszag has committed to instituting tougher budget-discipline rules -- once the economy turns around. Those include a mandate that any "nonemergency" spending increases be offset by equal spending cuts or tax increases.
Officials say the budget blueprint to be released this month will also attempt to make public the full extent of the dire fiscal situation, by not repeating some of the accounting used in crafting President George W. Bush's budgets. Recent budget blueprints excluded from deficit projections the long-term costs of wars in Iraq and Afghanistan. Those budgets also didn't include the cost of preventing the alternative minimum tax -- instituted in 1969 to ensure the rich didn't escape taxation -- from hitting the middle class.
Officials are examining whether to include those costs. The budget will project out 10 years, not the five-year forecast instituted by Mr. Bush. And with the stimulus cost, the fiscal 2009 deficit in the document is likely to exceed the $1.2 trillion forecast by the Congressional Budget Office last month.
Obama aides say they aren't looking for quick action, but a start to the conversation. "We're going to bring some things to the table, but we're going to listen to everybody else," said Christina Romer, chairman of the White House Council of Economic Advisers, in an interview Friday. "It's a giant issue, and it's not one we can solve unilaterally."
The president met with 44 fiscally conservative "Blue Dog" Democrats this week and gave a nod to legislation that would set up commissions to deal with long-term deficit strains. The commissions would then present plans to Congress for an up-or-down vote.
"We feel like we've found a partner in the White House," said Rep. Charlie Melancon (D., La.), a Blue Dog co-chairman.
For Mr. Obama, the national debt has become a pressing dilemma. If he transitions too quickly from priming the economy with money to pulling back for the sake of fiscal rectitude, the president risks choking off whatever economic recovery he might spark in the next year. Ms. Romer points to the seesaw nature of the New Deal, when President Franklin D. Roosevelt would spend big one year and then back away the next, never allowing the economy really to get traction.
What's worse, a government that tries to solve the problem, or a government that does nothing.
I think your problem is that you don't want to see a government lead solution to this problem based singly on your desire to avoid paying for it. Unfortunately, you don't realize that you are already paying for the disaster in the form of opportunities lost.
The circus resumes this week.
Talks have broken down between GM and the UAW (Shocking!) and now GM will be asking the taxpayers for more billions. They've blown through the $13 billion they got in December and accomplished nothing towards becoming a viable, as neither side gives an inch.
Obama, displaying "leadership," will give it to them, of course, since he owes the unions. But he will have to squirm since there is very little support from Americans to bail out union workers doing far, far better than they are. This one should be entertaining.