“..The Great Stimulus Debate of ‘09..”
“..Barack Obama has decided to push the economy back into recession, and no one can figure out why.
Perhaps the impressionable Obama has come under the spell of the deficit hawks and crystal gazers who see Armageddon around every corner.
Or maybe he’s thrown-in with the snappish Marc Faber whose dire predictions of hyperinflation are about as cheery as Hieronymus Bosch’s vision of Hell.
Whatever the reason, the President has done a hasty volte-face ..
.. and decided that trimming the deficits in the middle of a severe economic downturn is the way to go.
Here’s what Obama said just days ago on his Asia tour:
“I think it is important to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession.”
Obama is either getting some very bad advice or he’s simply determined to drive a stake into the flickering economy.
All plans for deficit-pruning should be postponed until the economy steadies itself .. and the jobs picture improves.
Raising taxes or slashing spending while the economy is still contracting is crazy.
It shows that Obama is being influenced by the half-baked theories of amateur economists on the Internet ..
.. who think that mass liquidation and years of bitter retrenchment are the best medicine.
They’re wrong.
Sensible people look for solutions that don’t involve hair shirts, moving to underground bunkers or living off root-crops for the next mellenia.
Obama’s metamorphosis into Ludwig von Mises sends a disturbing message to working people as well as to foreign creditors.
It suggests that the commander-in-chief is in the thrall of careworn Jeremiahs, ideologues, survivalists and other assorted screwballs who dominate blog-world and preach Resurrection Day from every soapbox available.
If that’s the case, things could get ugly fast.
With the Democrats backing-down on a second round of stimulus, the Fed signaling an end to quantitative easing, and Obama moaning about rising deficits;
.. there’s a good chance that the ailing economy could take another dunk down the elevator chute..”
go to source/story>> The Great Stimulus Debate of ‘09 : Information Clearing House - ICH