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Obama's "Sick" Economy Facing $1.2 Trillion Deficit
Posted Jan 07, 2009 12:57pm EST by Aaron Task in Newsmakers, Recession"The economy is very sick," President-elect Obama said earlier this week. "We have to act and act now to break the momentum of this recession."
Obama, who continues to reach out to Congressional leaders and economic advisers - including Ronald Regan's economic guru and former NBER president Marty Feldstein, needs to walk a fine line.
After campaigning on a platform of hope, the President-elect risks being overly dour but wants to make sure the American people (and his political opponents) know that he is inheriting an economy mess. He is also trying hard to craft an economic stimulus package that is big enough to be effective, but also has bipartisan support. One reason he's expected to include a big tax cut in an estimated $775 billion plan is so Republicans can't point fingers (and score political points) if the economy fails to revive sooner vs. later.
To the victor go the spoils.
53 Comments
Yahoo! Finance User - Wednesday January 07, 2009 01:10PM EST
Bad news is old… I yawn…I try not to read anymore…Boring…Depressing…Not good for market. Think only happy thoughts…Soon will come GIANT BULL RUN and NEW PROSPERITY! BUY…BUY…BUY…
__A_YAHOO_USER__ - Wednesday January 07, 2009 01:14PM EST
WHEN ECONOMY IS SICK IT NEEDS A DOCTOR......A $ 1.2 TRILLION capital injection to the econmy will revive the economy in the form of infra structure,stimulusm tax incentives and cash injetcion is sufficient enough to have a Bonanza time in 2009 .......And the economy will go forward.......It is enough to move the economy...........Which means,Jobs,Capital and Income from pay pocket......and business as usual...........Bonanza.............
__A_YAHOO_USER__ - Wednesday January 07, 2009 01:16PM EST
More money more capital more jobs more bail-out more capital injection.......Bonanza time again soon coming........
__A_YAHOO_USER__ - Wednesday January 07, 2009 01:18PM EST
Economy is sick because of all the crooks and greedy........2009 All them will go to Jail House Rock and some of them will be gone,some will commit suicide.
Art - Wednesday January 07, 2009 01:19PM EST
Why are the "experts" so far behind? Anyone reading the news could deduce that the government is in financial trouble.
thuan - Wednesday January 07, 2009 01:20PM EST
go obama do wat u think it good 4 country thanks
Terry F - Wednesday January 07, 2009 01:21PM EST
Thinking Happy Thoughts, Thinking happy thoughts, Thinking happy Thoughts, Thinking happy Thoughts, Thinking happy Thoughts. Screw this, What happy Thoughts. Maybe I should count sheep.
SebastianR - Wednesday January 07, 2009 01:22PM EST
As much as I hate politicians, I have to admire how they are able take the largest budget deficit in history, triple it, and get all 300 million of you idiots cheering. For the encore, they say they have no intention of reducing it for years. For those who aren't good at math, there are about 115 million households in the U.S; a $1.2 trillion dollar annual deficit means each household will add $10,000 in new debt per year. Hurray, let's do this for as long as we posibly can!
Yahoo! Finance User - Wednesday January 07, 2009 01:24PM EST
USA has to default on it's debt. No one wants to or will pay it back. Then what? I'll be on the sidelines watching.
Yahoo! Finance User - Wednesday January 07, 2009 01:26PM EST
Bone-anza time again soon coming........
taopraxis - Wednesday January 07, 2009 01:31PM EST
Today's deficit is tomorrow's tax/loss to inflation. It's a zero-sum game. Anyone notice how the government never considers letting the public keep or spend their own money? The reason is that it would work.
Yahoo! Finance User - Wednesday January 07, 2009 01:32PM EST
Soon all will be fine again. We go back to 1990’s again. We forget all this and go back to good times. I miss 1990’s. I was so happy. Now I am sad almost every day. So I look forward to return of 1990’s. Will come soon…BUY…Happy prosperity!
Yahoo! Finance User - Wednesday January 07, 2009 01:33PM EST
"Steven Good was found dead of an apparent self-inflicted gunshot Monday", police said. - Yes! I want to see much more of this before I buy again.
Yahoo! Finance User - Wednesday January 07, 2009 01:33PM EST
Wasn't he promising to BALANCE the budget ?
Yahoo! Finance User - Wednesday January 07, 2009 01:35PM EST
Johnny - When it's time to pay back the 1.2T, then what happens?
Yahoo! Finance User - Wednesday January 07, 2009 01:36PM EST
Buyers will be getting their ANZA's BONED. That's for sure.
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Yahoo! Finance User - Wednesday January 07, 2009 01:10PM EST
How does having a 1.2T deficit equate to a strong recovery? It doesn't (not long term). Balance the budget and the recovery will happen by itself. Sell the peaks or get burned further.