Their favorite target is the stimulus. The Federal Republic of Germany passed a stimulus program around the same time as Barack Obama. The German economic stimulus package was 550 billion dollars for eighty two million Germans. The Obama stimulus was 786 billion dollars for 310 million Americans. Per person, the German stimulus was more than twice the size of Obama's package.
The German's already had a stronger social safety net and a more unionized workforce. Obama's package was 35 percent tax cuts, given to lure Republican votes.
Deducting the tax cuts for holding on to stocks for five years and speedier depreciations meant Obama's stimulus package became one third the size of the German stimulus. Still the Republican's argue that Obama was spending irresponsibly. The Republican's were correct, Obama's stimulus was too small by half. Looking back now in retrospect, was Obama outsmarted? Was Obama politically inept or did Obama, the good Republican, get just what he wanted? A stimulus too small to do the job then blamed on Democrats swaying public opinion against further spending.
The American people made it clear in
November they expect Washington to change the culture of spending. It
appears that the only thing President Obama has changed is his
rhetoric. No matter how he tries to spin it, more spending has not
and will not create jobs. The President's proposal to freeze
spending at record-high levels is unacceptable. The American people
deserve to have elected officials who aren't afraid to make the
tough decisions and get things done.
We've cut taxes dozens of times, that hasn't worked. Despite that, the President proposes cutting the corporate tax. Remove restrictions on job creators? The President proposed that too. The President's plan to freeze spending is a simple recipe for disaster. In Sacramento, Arnold Schwarzenegger froze spending at the state level, and Sacramento soon became a high spot for California unemployment. When government cuts or freezes spending, employers know that there will be less money available and will lay off workers and close marginal locations.
Imagine how many rolls of toilet paper the federal government uses, or how many copy machines they own. Imagine how many number 2 pencils the federal government uses or how many tanks of gasoline the Federal government uses in a week. To freeze or cut spending is about the greatest economic depressant imaginable, yet that is the course the Republican's and the Democratic (Republican) President have chosen and when it fails, who will carry the blame of that failure? Oh, it was all that damn Democrat Obama's doing!
Remember in the last days of the Bush administration? Financial failures, a fear of financial collapse? Just what was the plan to save Western civilization by the Bush administration? Was it austerity? Should the banks have frozen spending? No, the Treasury and the Federal Reserve arm in arm turned on the spigot and flooded failed banks and insurance companies with new cash. Trillions were spent with little or no oversight, no Republicans or Democrats cried, "but oh the deficit!" The House and the Senate are millionaires clubs. They weren't worried about saving the economy but in saving their own prosperity. To this day, interest rates the banks pay the Federal Reserve equal $2,500 for every million dollars borrowed. The interest rate that you the American taxpayer pay on the Treasury notes issued to bankroll this give away equal $26,500 per million dollars borrowed. Where are those budget hawks? How can Michele Bachmann and Paul Broun sleep at night?
Why didn't Barack Obama point this out the other night, as he was saying how much he agreed with his cat food commission. The bankers in Davos, Switzerland are partying down! The President declares ain't it great, Wall Street is up and corporate profits are up too! High on free money! High on free money that they can use to invest in China and India, places the President says we need to be more like. The truth is we need to be more like Tunisia or Egypt.
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