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E*TRADE Financial Corporation Message Board

  • biddermon_ca biddermon_ca Feb 13, 2013 4:38 PM Flag

    State of the union...more spending

    **including accepting that government has a vital role to play in ensuring economic growth and a secure middle class**

    This man is either dumb as a mud fence, or is delusional...the government can't run a one car parade, and he wants more government intervention. He has added 6 trillion dollars so far and wants to keep spending more borrowed money on so called equality....even Billy Clinton understood that you can't tax your way to prosperity. Add to that even with his best efforts to "soak the rich", to the contrary they have even gotten "richer" under his reign of social justice. So far here is the results from his attempt at redistributing wealth...The poor get a free phone, the middle class gets much higher health costs, and the rich get new Gulfstream Jets.

    In Age of Spending Cuts, Making a Case for Government

    WASHINGTON — Thirty-two years after President Ronald Reagan proclaimed that “government is the problem” and 17 years after President Bill Clinton offered a surrender of sorts on that issue by stating that the “era of big government is over,” President Obama made a case Tuesday night for closing out the politics of austerity.

    In laying out his agenda, President Obama continued trying to define a 21st-century version of liberalism that could outlast his time in office.

    In a State of the Union address largely focused on economic themes, he asserted that “we can’t just cut our way to prosperity” and suggested that it is time for a more balanced approach, including accepting that government has a vital role to play in ensuring economic growth and a secure middle class.

    “Most of us agree that a plan to reduce the deficit must be part of our agenda,” Mr. Obama said. “But let’s be clear: deficit reduction alone is not an economic plan.”

    In setting out how government could reach what he considers an acceptable level of fiscal stability through Medicare cuts and tax increases, Mr. Obama was doing more than trying to set the terms for the next, fast-approaching rounds in his fiscal cage match with Congressional Republicans. He was also building a broader argument that the nation needs to shift away from the focus on shrinking the government that has dominated politics for the past several years and toward a modestly more activist agenda aimed at tackling persistent inequality and the dislocating forces of a globalized, technology-driven economy.

    Sentiment: Hold

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    • Again, money doesn't grow on trees. Unless the government prints or "borrows" (which is the same thing) the economy stalls. Over the long term the government should run something like a 3% of GDP budget deficit, and since the economy still sucks the deficit should continue to be higher to offset continued private sector deleveraging. You can argue if its better to obtain deficits by increasing spending or lowering taxes, but trying to run a balanced budget is economic suicide. Theres a reason there was a recession or depression on average less than every 2 years in the US before FDR and the adoption of keynesian economics. Its because you need an ever expanding money supply to have a smoothly functioning economy. Why? Because people like to save money, and that can't happen in the aggregate if the money supply stays constant.

    • how much spending did W and a gop congress cut, you know, after they let the balanced budget act expire and charged off to invasions and occupations and a huge spending spree ?
      W left town muttering "unless money is loosened up, the sucker could go down"....

      no wonder marc rubio choked on the gop horse manure and had to try and wash the taste away.

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