Son of Stimulus

Obama's sequel is no better than the underperforming original

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Another $50 billion stimulus?

Why not? The first $800 billion worked so well.

Not!

History may or may not have much regard for President Obama's election-season gambit of proposing a new stimulus bill. But if history is to take note, it most likely will see the proposal as a monumental miscalculation -- and proof positive that Mr. Obama's ideological cement shoes will have been his undoing, if not ours.

Few have believed so religiously and relentlessly in the power of government since the Russian Revolution.

It's clear by now the massive $800 billion stimulus didn't work to stimulate much of anything other than the public bureaucracy that the private sector is struggling to support. Now Mr. Obama wants to spend even more on public projects -- which will disproportionately help the unions he so loves.

This president just cannot accept the proposition that it's the private sector that makes this country go, and which must be stimulated. The way you stimulate the private sector is through low taxes and a minimum of regulations. Then you step back and let the magic of self-interest and human interaction do the rest.

Sadly enough, Mr. Obama and his cohorts are rigidly opposed to such a private-sector approach; and they and their friends in Congress loathe the idea of giving up the power they've created for themselves to play kingmakers and redistribute American wealth as they see fit. They can't imagine a stimulus plan that doesn't allow them to pick winners and losers, and of course to let them take their cut of it all.

On CNBC's Squawk Box recently, panelists observed that Mr. Obama's approach hasn't worked -- noting that we'd have more jobs and he'd have higher poll ratings if it had. They wondered why Obama hasn't adjusted to the failure with a different approach. The answer they gave: because government-administered redistribution of wealth is the administration's top priority.

Peter Orszag, Obama's former director of the White House Office of Management and Budget, wrote stunningly in a New York Times column recently that he believes the Bush tax cuts should be extended for two more years -- even those for the rich -- due to the tender economy.

That's a stark departure from everything Mr. Obama stands for.

But Orszag is right.

"No one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned," Orszag wrote.

"Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt."

"President Obama's latest pronouncement is the very definition of insanity, which is to do the same thing over and over even when the result is always the same: failure," Citizens Against Government Waste President Tom Schatz said about "Son of Stimulus." "This knee-jerk reaction demonstrates not only a dearth of innovative thinking on the part of the administration; it demonstrates a blind adherence to a tax-and-spend dogma in the face of ample evidence that it does not work."

Indeed, the economy has shed 3.4 million jobs since the first stimulus was passed.

Obama's government-centric approach must be repudiated at the polls in November, or the republic itself will be at risk of a more catastrophic financial collapse than the one that changed our economy so fundamentally in 2008.

The president's belief that he and his advisers know best how to spend your money will either be rewarded or rejected in November.

For now, that power is yours.

Comments (87)

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Riverman1
70976
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Riverman1 09/11/10 - 10:36 pm
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When the Republicans gain

When the Republicans gain control in November, they will treat Obama kindly. He will be like the rich guys that pay to go into space in a Russian space shuttle. They tell the space tourist to just sit there and not touch anything.

chascush
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chascush 09/11/10 - 10:58 pm
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Riverman1, When the

Riverman1, When the Republicans gain control in November, they will treat Obama kindly.
If they don't we are in more trouble than we can get out of.

Rozzie2003
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Rozzie2003 09/11/10 - 11:46 pm
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Asked Governor Perdue what he

Asked Governor Perdue what he did with the 1.8 billion Georgia received?Save a lot of teachers and state employees jobs.The unemployment
rate would have been much higher in Georgia. And the good news, sales tax collection is u 10%.

GAterp
2
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GAterp 09/11/10 - 11:21 pm
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The good news is that Sonny

The good news is that Sonny will soon be out as governor of GA.

Rozzie2003
4
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Rozzie2003 09/11/10 - 11:25 pm
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Mr Ryan, What is your count

Mr Ryan, What is your count on Obama's editorials?
I am saving each one, and one day I will bring them to you.Why don't you strive to become a great writer instead a joker? Be more objective and do research rather than bias.

Riverman1
70976
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Riverman1 09/11/10 - 11:32 pm
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Rozzie, how can any paper

Rozzie, how can any paper write good things about President Obama? His administration if falling apart. Even MSNBC is seeing it. It's said Rahm Emanuel will soon be gone. It's kind of embarrassing to watch all this happen.

Rozzie2003
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Rozzie2003 09/12/10 - 12:07 am
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Riverma1, what is falliing

Riverma1, what is falliing apart in Obama's administration? We could have had a depression but we didn't. We need more stimulus money and specified that it must be used for intrastructure and new jobs creation.We Americans need to return again to the "Buy America Program"
Look at our trade defict---I refused t buy a suit last week made in Mexico.
Our econmy will pick up with new inventions and discoveries.We are paying for a false econmy we had with the consumer debt had reached 3 trillion dollars.

KSL
106516
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KSL 09/12/10 - 12:20 am
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Rozzie, you own and run a

Rozzie, you own and run a business? Obama is on the verge of causing a depression, one that most likely will not hit until the Republicans have swept, but people like you will be too un-knowledgeable to recognize the true causes.

FDR did the same thing. Short term stimulus does not bring the hard core money off the sidelines and into the economy, creating jobs and growth. Businesses, you know, the ones who create jobs, are not hiring and not buying. Too much uncertainly with taxes, outrageous Obamacare, etc.

Any stupid short term stimulus money is nothing more than stupid short term stimulus money.

Saw a lot of streets in Aiken that didn't need repaving get repaved. The result, a few jobs temporarily created and the paving companies get a nice little short term benefit.

KSL
106516
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KSL 09/12/10 - 12:16 am
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Stupid short term stimulus

Stupid short term stimulus money and vote buying.

grouse
1596
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grouse 09/12/10 - 02:48 am
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Giving money to the private

Unpublished

Giving money to the private sector to send jobs overseas isn't going to much the American worker. Let's not forget that "trickle-down" economics was/is a dismal failure. Corporate welfare is more pernicious and a misuse of public funds that any social welfare that benefits the working class. Conservatives have no right to complain after blowing a balanced budget and also putting us into this financial mess. If Republican rule is so great, why didn't they leave a better legacy than the one they did and how can anyone possibly this President or any other to clean up and eight-year disasters (really many disasters) in two?

sjgraci
2
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sjgraci 09/12/10 - 03:13 am
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Orzog is wrong chronicle and

Orzog is wrong chronicle and so are you. The top 1%, including your employer, now take in nearly 25% of the naion's income. They are the only ones making out in this economy. It ain't tricklin' down is it?

The income gap between the haves (bush's base) and the have nots (everyone else) has continued to grow for the past 10 years. It is now the greatest since the Great Depression. It is past time to return the richest top 2 income tax brackets to what they were a decade ago, a decade of prosperity. Then, TAX THEM SOME MORE!

The rich will still get their tax cuts along with the rest of us in the same income brackets we are in. It's also time the rich pay for the damages they have caused. They want further tax cuts, close the corporate tax loop holes and offer incentives to hire Americans.

carcraft
20875
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carcraft 09/12/10 - 04:06 am
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sjgracie-Obama and his

sjgracie-Obama and his economic programs were supposed to fix that remember? Dispite controlling the purse strings of the nation for four (4) years (the house and senate where all spending and tax bills originate) and the White House for 2 years having a super majority in the Senate he still hasn't changed one thing other than increase the deficit! Don't forget Omama PROMISED, you know read my lips, I will do this, how ever you want to phrase it, "UNEMPLOYMENT WON'T REACH HIGHER THAN 8% IF WE PASS THE STIMULUS BILL"! Obama's response to his failure after having a super majority and plummeting in the polls "It's the Republicans Fault"! What a whinning cry baby.."They talk about me like a dog" He ought to walk in Palin's shoes or George Bush's shoes for a week! LOL Then Obama goes on to blast Bush. Well Obama spent 1 (one) TRILLION dollars buying this economy and Obama said he knew how to fix it, and we were lied to...BOO HOO Barack!!

carcraft
20875
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carcraft 09/12/10 - 04:07 am
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grouse-using stimulus money

grouse-using stimulus money to build wind mills in China isn't going to stimulate the economy either...BWAHAHAHAHAHAHAHAHA

carcraft
20875
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carcraft 09/12/10 - 04:35 am
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Oh-grouse don't forget that

Oh-grouse don't forget that only part of the stimulus money has been spent projects.propublica.org/tables/stimulus-spending-progress , why not spend it now to help create jobs? Because it is an Obama slush fund to buy Union votes! The more spent the higher the unemployment goes www.bloomberg.com/.../obama-stimulus-funds-go-where-need-is-low-commenta... - Also don't forget, as the article points out, stimulus spending has gone to states with the lowest unemployment rates, not to states that need it!

carcraft
20875
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carcraft 09/12/10 - 04:36 am
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sjgracie hate to bust your

sjgracie hate to bust your wonderfull redistribution fantasy but here is how the real world works "Higher taxes may reduce the capital available for private spending, lending or investment, which will prevent economic growth and expansion of business, said Bill Baldwin, president of Boston-based Pillar Financial Advisors, a fee-only advisory firm." The quote is from www.businessweek.com/.../u-s-wealthy-lack-easy-loopholes-to-offset-obama.... The economy isn't growing because the full cost of health care reform hasn't been fully realized and employers and investors are leery because Obama is very anti business! It is interesting to note that health insurance premiums have gone up ( sometimes as much as 25%) because children have to be covered until 25 and somebody has to pay for it, meaning you and me and others who have health insurance! Just one of Obama's chickens coming home to roost! www.dailymarkets.com/.../health-insurance-companies-are-dramatically-inc... Yep Obama sure fixed those evil insurance companies LOL...

johnston.cliff
2
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johnston.cliff 09/12/10 - 05:04 am
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While continuing to babble

While continuing to babble the CNN mantra de jour makes the lefties appear mind-wiped, the truth of the matter is that the total economic failure of the obama administration is exactly what he was trying to achieve.
Nothing offends obama more than American exceptionalism and everything he can do to destroy that is exactly what he wishes to do.
The endless tax hikes with the threat of many more to come, the illegal shackles of obamacare and its multiple tax hikes, the anti-constitutional assaults on individual states, the continued support of Americas enemies, the continued support of card check and cap-and-trade, and in general, the endless efforts to bring this great country to its knees is the ONLY goal of this president. So far, he's been pretty successful.
While he's severely weakened the power of his supporting party, he's damaged America even more severely and a concerted effort over the next 20 years may not be enough to recover from his successes.
He does have two accomplishments no one can dispute though. He's proven that Jimmy Carter isn't the worst American president ever and he's made it more than clear that W's replacement was no improvement, in any way.
When this boil is finally removed from the derriere of America, he'll go down in history as the worst diversity experiment this country has ever attempted... and he can't leave soon enough.

DanK
754
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DanK 09/12/10 - 05:11 am
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Clinging to the economic

Clinging to the economic policies of the 1700-1800s, dreaming of them as if that was some golden age, is just plain bad memory. The myth that "free markets" ever existed is fantasy. The redistribution of wealth into the hands of robber barons and their corporations did not work back then, and it is not working today either. The fallacy of "trickle down economics" is blatantly apparent to anyone who looks. Corporations are making plenty of money now, just as they did during the Bush presidency. But rather than hire American workers, they are outsourcing to India, Taiwan, Mexico and South Korea, and investing heavily in China. The notion that giving the corporations and the rich more money will somehow create more jobs at home is just plain dreaming. It won't happen.

The only real solution to the economic stagnation is to (1) get out of these costly wars and cut military spending by 50% or more, and (2) invest in the markets that are truly productive for America -- namely education, healthcare, technology and scientific research. A better educated populace advances the country. Technology and science are the products America can sell to the world. And healthcare improves the lives of Americans.

Economics of every stripe know that the engine of America's economy has been consumer spending. But they don't have money to spend now. Too many are under-employed or unemployed, the rest burdened by debt or fear of debt. Investing in education, technology, science and healthcare creates jobs at home -- not outsourced jobs overseas. And jobs at home rebuilds consumer economic stability.

Unfortunately, most stimulus money has filtered through state bureaucracies. A lot of that money still has not been spent. Instead of investing in education, Georgia is destroying its education system with endless cuts. Instead of investing in science and technology, Georgia passes laws blocking research in emerging areas. Where did all that stimulus money go? It certainly did not go to create jobs.

These wars are draining America dry. Spending on social programs is small compared to military spending. Yet the fringe right seem not to care that these stupid and wasteful military exploits drive us deeper into debt. Instead they complain about the few pennies of tax dollars that go toward education and healthcare.

The failure of Obama is his steady move to the right. He has failed to end the wars, he has continued the administrative policies of the Bush administration that undermine the individual liberties of Americans, and he has backed off on his promise to end government redistribution of wealth to the corporations. I don't hear the pretend-libertarians complaining about these things. Instead, we just hear about their opposition to everything, continuing the Republican legacy as the Party of No. It is, in fact, the party of no future, and its extremist right wing, the tea partiers, are just more of the same, only uglier in their rhetoric.

If the radical right gets its way, the country will collapse into a depression worse than the Great Depression.

carcraft
20875
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carcraft 09/12/10 - 09:46 am
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Jophnsoncliff-I heard Neal

Jophnsoncliff-I heard Neal Boortz talk about this on the air friday. I think Dinesh Dsouza has Obama pegged..Little else makes sense..bigjournalism.com/.../must-read-of-the-day-dinesh-dsouza-on-how-obama-thinks/ The idea is that Obama has the mindset of an anti colonial African who views American exceptionalism as nothing more than evidence of third world oppression! Obama's father was a druken philandering ner do well who died in a drunken car wreck, after losing his legs in another drunknen car wreck. sweetness-light.com/.../uk-paper-claims-obamas-father-a-drunk-and-polygamist That is basically Obama's ideal and role model!

johnston.cliff
2
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johnston.cliff 09/12/10 - 06:08 am
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I heard that show, too,

I heard that show, too, carcraft. I couldn't wait to get home and read the article. The whole time I was reading it, all I could think of was that someone other than I could see this phony American wanna-be for who and what he is.
The fact that so many were taken in by this fool is proof of the influence of the choreographed media on the collective mind.
I hate that the socialist left has control of this powerful tool. When combined with their "dumbing down of America" program, it doesn't bode well for this country.
Well, the only way to start fixing a problem is to identify it first.

wizzardx1
0
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wizzardx1 09/12/10 - 06:28 am
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I would ask you all to check

I would ask you all to check cloward-piven/obama.I like saying "I told you so"

southernguy08
415
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southernguy08 09/12/10 - 06:51 am
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Of course Obama doesn't get

Unpublished

Of course Obama doesn't get it regarding private sector jobs. Why should he? He's never HAD a private sector job, and only 7% of his cabinet is made of people who have worked in the private sector. Its kinda like asking a school teacher to run a construction crane. They might have all the drive in the world, but the knowledge and experience just isn't there. This man is trying to run an economy with no knowledge and experience on how an economy works. And, this is the result. The USA voters have only themselves to blame for this folks, and the USA voters have the only solution for this.

johnston.cliff
2
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johnston.cliff 09/12/10 - 07:06 am
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wizzardx1, you've given us

wizzardx1, you've given us this heads up before and I read the synopsis of the cloward/piven strategy. There's no doubt this is one of obama's tools. Give the forbes article a look-see and decide if this isn't why our communitarian in chief acts as he does.
It also explains why he needs to be removed as soon as possible.

Rhetor
862
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Rhetor 09/12/10 - 07:18 am
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For the benefit of the

For the benefit of the math-impaired,please note that 40% of the original stimulus consisted of tax cuts and tax breaks. Thus, this editorial and most of the conservative posts are simply uninformed.

namlive
29
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namlive 09/12/10 - 07:18 am
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Exxon already pays zero

Exxon already pays zero taxes. Exactly how much more of a tax break do they need?

Rhetor
862
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Rhetor 09/12/10 - 07:21 am
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KSR should examine history to

KSR should examine history to see that FDR's stimulus programs were obviously effective. Note that the Dow-Jones hit its low spot in 1933, just as FDR took office, and showed fairly steady improvement after he took office.
http://www.chartingstocks.net/wp-content/uploads/2009/09/djia1900-2009.png

johnston.cliff
2
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johnston.cliff 09/12/10 - 07:39 am
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Note that the depression was

Note that the depression was promoted to the Great Depression when the redistribution through stimulus was put into effect. Only the distraction of the government interference during WWII allowed the free market to regain control of the economy.
obama's effort to destroy America is an improved version of the FDR effort.
With a couple more of the obamba "tax cuts" and America will reach third world status ... his obvious goal.

Tigger_The_Tiger
0
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Tigger_The_Tiger 09/12/10 - 07:37 am
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namlive.........keep telling

namlive.........keep telling that lie..........maybe people will believe you.

Rhetor
862
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Rhetor 09/12/10 - 07:49 am
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Cliff, look at the chart that

Cliff, look at the chart that I linked above and you will see that you are misinformed. The economy began dramatic improvement shortly after FDR took office. Note also that government interference in the economy greatly increased during WWII, as any school child should know, and that the deficit went sky-high during the war, as any school child should know. Try again, if you please.

maggiemae
0
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maggiemae 09/12/10 - 09:04 am
0
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The shrinking dollar. Been

The shrinking dollar. Been to the grocery lately? Check price increases for the last few months.

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