I often wondered if Obama’s top Economics Advisor truly had any working knowledge pertaining to Economics other than academics but having just heard her recommendations to Mr. Obama as she plans to return to Berkeley to her teaching position. First of all, the US does not need any more “government spending”.
In my view, this is one of the reasons why our economy stalled once the Democratic Party gained control of both houses of the US Congress.
In our industrial base was spending more, then Mrs. Romer’s suggestion would make sense since that type of spending would stimulate our economy. And for the record, the mess that our nation is currently started in 2006 when Democrats started running the US economy.
First:
1) Thanks to Rep. Barney Franks, D. Mass., and Senator Chris Dobb D. Conn., in spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response that bailed out the housing industry. Loans were given to individuals that could not afford their house payments. Some were unemployed and still received house loans, and most did not qualify home loans following traditional loan standards. Senator Dodd lost his reelection bid and now the Democratic Congress is passing a second House Industry bailout that ironically duplicates the first Housing Bailout that started America’s economic failure.
2) America saw Mr. Obama and his Democratic Congress pass one bailout bill after another to save banks, GM, etc., instead of allowing Bankrupt Courts do their job first. Results, America is the largest Socialist nation that owns more private industries second only to Venezuela in the America’s. In the end, depending on which data you use, the US debt is between $13-21 Trillion in only 18 months of Mr. Obama in office. And still, Mr. Obama and Democrats continue to blame former President Bush that simply started the US path into socialism.
Departing White House economist Christina Romer says the government has the tools for bringing down unemployment, but policymakers need to find the will and wisdom to use them. Romer called on officials Wednesday to move forward on policies that will increase government spending and cut taxes. She also called for investments in infrastructure and new trade agreements. Romer said that while some new policies should be viewed as emergency measures, most should be paid for with future spending cuts or revenue returns. She said concerns about the mounting deficit should not be used as an excuse "for leaving unemployed workers to suffer" (Newsmax, 2 September 2010).
Yet, Mr. Obama also wonders why hundreds of thousands of citizens went to the Glen Beck Rally. In our body-to-body section, my wife and I were the only couple that did not vote for Mr. Obama. Having seen pictures of the Million Man Rally and the Beck Rally that clearly showed significantly more people were in Beck’s Rally, my guess that the 300-500,000 was closer to the one million plus count.