http://edition.cnn.com/2009/POLITICS/03/24/obama.news.conference.transcript/index.html Question: Thank you, Mr. President. At both of your town hall meetings in California last week, you said, quote, "I didn't run for president to pass on our problems to the next generation." But under your budget, the debt will increase $7 trillion over the next 10 years. The Congressional Budget Office says $9.3 trillion. And today on Capitol Hill, some Republicans called your budget, with all the spending on health care, education and environment, the most irresponsible budget in American history. Obama: Yes.
I could live with raising the debt, for now, so long as he had a plan for then reducing it. However, by punishing investors and thereby removing them from investing in this country I think he's hurting us on both ends.
I have a feeling the upper class (and maybe even the upper middle class) is starting to panic by now . . .
It is amazing to me that even the Obama supporters can support something like this. This proposal looks like it would run our country into the ground. For all this rhetoric about making investments for the future, it looks like both the White House and the CBO expect the deficit to be growing at an extremely high rate 6+ years out. Great investments!
Right, because the upper class and upper-middle class are the ones that will feel the effect of a devalued dollar a stalled economy. I would imagine that the middle class and lower-middle class will feel it more. As Churchill said, "You don't make the poor richer by making the rich poorer".
No, not at all. The rich (entertainers, some politicians...) will always have there money. They will fly around in their private jets and make speeches about going socialist- but it doesn't effect them so they do not care. It only effetcs you and me. We are the ones with everything to lose and nothing to gain. We don;t have tens and hundreds of millions to pass along to our children. All we have is the fact that our national debt will break their backs.
Funny thing is, I keep running into more and more middle class people at the gym during the day, and we're all looking for jobs that don't exist. Talked to a guy yesterday at Bally's Lake O who has been in outside sales for 25 years. His wife was laid off in November from her job, he was let go a few weeks ago with no cushion. He sounded very concerned about keeping his house. Why would the upper class be in a panic? The fed just threw another $1 trillion at the big hitting investors so they can buy up all of the junk. The upper class should be dancing right now. No risk and big potential rewards.
Of course the rich are scared. According to this Administration, anyone that makes over $250K is "rich".
Meanwhile, out of the other side of his mouth, the President allows the Treasury to throw oodles of taxpayer money for the consumption of hedge fund managers, many who contributed heavily to his campaign.
The Administration--after victimizing the investment community--now finds it needs us. They have a lot of MBS product that they need off their books. Where else are they going to go? What I find hysterical is how the Treasury Department basically guaranteed that anyone who participated would make a profit. Great negotiating. Oh, well. They probably figure that whoever buys this product will just have their profits taxed at 90%. That seems to be the New American Way.
What I find incredible is that a mere recession is being used to dramatically restructure both the economic and, according to Obama, health care systems. How can he state that fixing health care will fix the economy? Europe is in an even more severe recession than the US, and last I could tell, most of those nations are already on a state-run system of health care.
