Obama warns of dire consequences without stimulus
January 8th, 2009 . by TexasFredObama warns of dire consequences without stimulus
WASHINGTON (AP) – President-elect Barack Obama said Thursday the recession could “linger for years” unless Congress pumps unprecedented sums from Washington into the economy, making his highest-profile case yet on an issue certain to define and dominate his early presidency.
“I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible,” Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.
It was the fourth day in a row that Obama has made a pitch for a huge infusion of taxpayer dollars to revive the sinking economy he will inherit from President George W. Bush.
Obama’s events have increasingly taken on the trappings and air of the presidency, with the speech – coming a full 12 days before he takes over at the White House – a particularly showy move. Presidents-elect typically stick to naming administration appointments and otherwise staying in the background during the transition period between Election Day and Inauguration Day, but Obama has clearly made the calculation that a nation anxious about its economic outlook and eager to bid farewell to Bush needs to hear from him differently and more frequently.
“A bad situation could become dramatically worse,” Obama said, painting a dire picture – including double-digit unemployment and $1 trillion in lost economic activity – that recalled the days of the Great Depression in the 1930s.
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Obama warns of dire consequences without stimulus
I have said this several times before but I am going to repeat it one more time, just for those that may have missed it. I am NOT a FINANCE or MONEY guy. I have a finance and money guy, and I rely on him and his expertise to keep us, and our money as safe and as profitable as possible!
That said, IF Obama can pull this nation OUT of the monetary tailspin it’s in, I WILL become an Obama believer. IF he can reverse the last 8 years of mismanagement by the Bush administration, I will become a believer. IF he can bring about a renewal of American productivity, I will become a believer. IF he can overcome the effects that we are feeling after suffering through 8 years of the worst president that this nation has experienced to date, I WILL become a believer.
Given that, personally, I believe Obama is letting his mouth write checks that his ass can’t cash!
I’ve linked to your post from Trillion dollar job creation would make a lot of people rich but will it create jobs
Something scares me on this and it’s not the economy. What scares me is that the more you convince people that things are really bad and drastic measures need to be taken to fix things, the more you’re likely to be granted Unconstitutional Powers.
It’s only a movie but Star Wars Episode 2 & 3 is the perfect example of what I mean. An emergency was created and powers were given to where freedoms were lost.
$850 Billion. And no tax increase. BS in my book. He will tax everything and everyone to pay for this load of crap.
I’d say that Obama is letting his mouth write checks that MY butt can’t cash.
It’s not Obama who is going to be stuck paying the taxes. He’s going to have plenty of money because the people that steer grants, pass out speaking fees and trample over real people had already given their special blessing to Little O.
No, the real work of paying taxes comes out of the average citizen. If taxes go up they go up on us no matter who pledges what. Either directly or indirectly.
1.2 Trillion? I heard Carl Sagan say one time that in your lifetime you will not see 1 Billion blades of grass…we are in trouble folks…..We are going to need a bigger wallet!
comment number 3 by: Katie
Yesterday at 2:48 PM
$850 Billion. And no tax increase. BS in my book. He will tax everything and everyone to pay for this load of crap.
100% true katie, However it can be done at an even greater cost, The Democrats are realy not that good at looking ahead. If you “give” the American taxpayers $850 Billion dollars as a “break” and don’t r\aise taxes then you are effectively DeValuing the dollar (again) pretty soon the dollar will be worth practically nothing like the Mexican peso was just 30 years ago (I was in Tijuana in the late 70’s and I remember loking at tequila and the prices were like $7.50 US or 100,000 Pesos. so the exchange was like 10,000 to 1 (please excuse my poor arithmatic skills) I had made a joke to some of my more liberal friends, Q: Why do people with an Obama sticker drive so slow? A: Because they cannot see that far ahead.
His dire straits is that if he can’t tax and spend he will be out of a job in 4 years.