Paul Ryan loves economic stimuli

President George W. Bush arguing for more stimulus to boost a slow economy in the early 2000s, Ryan's economic analysis was different in 2002. 

What we're trying to accomplish today with the passage of this third stimulus package is to create jobs and help the unemployed," 

What we're trying to accomplish is to pass the kinds of legislation that when they've passed in the past have grown the economy and gotten people back to work.

Ryan also sent letters to government agencies to get a piece of the Obama economic stimulus for his constituents.

source: http://www.huffingtonpost.com/2012/08/19/paul-ryan-bush-stimulus_n_1803761.html

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zFacts: The Market Says Stimulus Is the Answer

The outcome of conservative austerity economics

"We are now headed into the worst slump since 1938, and you better hope Obama can fix it because that was not a pretty time. Unfortunately, as in the Great Depression, the extreme conservatives would rather trash the country than have our government succeed. They are much worse than Bush.

The main thing to remember is that, with consumer spending going down, business is going to lay people off—not hire them. You can't blame business for this. It's just a vicious cycle that the economy gets into. And you can't blame consumers for not spending in bad times.

The only way out of this, if we don't want to wait 10 years, is for the government to spend, pay unemployment insurance, or give tax breaks to people who will spend (not the rich). 

Of course there's also the problem of the banks. Obama should stop saving the bankers, and just take over the bad banks. Once they're working they can be sold back to the private sector."

see The Market Says Stimulus Is the Answer:

'via Blog this'
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Austerity chokes business and government

The European governments tried austerity and the US economy with its its stimulus outperformed the euro zone.

For the past two years, the 112th congress has passed a record low of 75 bills and reduced spending to slow the economic recovery in the US.

Perhaps the aim was make Presidnet Obama look bad. The 112th Congress was rated with a 17 per cent overall favorability rating when it went out-of-session.

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Gallup: Who gets the honors for the bad economy?

GW Bush still has the honors after three years by a 16 point margin!

What was Obama biggest mistakes with the economy?

First, he oversold himself and made too many promises. He thought he would have the Great recession fixed in one term. He was wrong.

Second,he spent 15 months on healthcare while he could have been paying more attention to job creation and housing.

Third, the stimulus woked, but only 30 per cent of the funds were spent on infrastrucure. Seventy per cent was spent on defense, which seems to be a very obtuse way to kick-start the economy.

source: http://www.gallup.com/poll/155177/Americans-Blame-Bush-Obama-Bad-Economy.aspx

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How GOP senators sabotaged the economic recovery

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Bloomberg: 70 per cent of the economic stimulus went to defense contractors

June 11 (Bloomberg) -- 141,262 contractors split nearly $533 billion in U.S. government federal contracts. A Bloomberg Government study shows the top 200 contractors get two-thirds of federal contracting dollars.

Bloomberg's Megan Hughes reports on Bloomberg Television's "InBusiness."

Defense contractors picked up 70 per cent of the stimulus, with Lockheed-Martin hauling  in $42.9 billion.

Apparently Obama talked infrastructure, but the Congress spent the money on defense.

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Mittens tells a whopper

Rightardia has said many times that Democrats are better stewards of the federal dollar than the Republicans.

Republican presidents and lawmakers have rarely seen a weapons system they didn't want to fund. GW Bush also started two expensive wars without raising taxes.

Romney has said that pushing drastic spending cuts during shaky economic times is a prescription for "recession or depression."

Republicans have probably been sobered by crushing defeats that conservative leaders in France, Germany and Greece have experienced. The Europeans tried austerity while Obama implemented an economic stimulus based upon the tried and true Keynesian economics.

The US economy outperformed the EU economy in the aftermath. The economic stimulus worked and austerity didn't, something no GOP politicians will ever admit.

see http://www.huffingtonpost.com/2012/05/25/romney-spending-cuts-depression-tea-party_n_1545933.html

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Bloomberg: CBO warning

May 23 (Bloomberg) -- The nonpartisan Congressional Budget Office said May 22 the U.S. economy could be thrown back into recession in early 2013 if the slated across-the-board spending cuts and expiration of the Bush-era tax cuts take place as scheduled.

Michael McKee reports on Bloomberg Television's "Bottom Line."

Undoubtedly the Republicans will spin this information differently than the Democrats. Rightardia is skeptical that tax cuts that primarily affect the most affluent Americans like the estate tax will put a drag on the economy. 


We do no form the recent European experience with austerity that it does not work. 

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Bloomberg: Mark Zandi of Moody's disses GOP budget cuts

Rightardia has great respect for two US economists; one is Austan Goolsbee and the other is Mark Zandi. We think Zandi is right and the Fed chairiman, Ben Bernanke, is wrong.

Other economists on Blomberg are predicting another recession that may start in Europe because the banks are raising interest rates because of their concern about inflation.

Apparently, the French and German economies are doing well.

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Huff Po: GOP budget will slash 700,000 jobs by 2012

WASHINGTON -- Two weeks after House Speaker John Boehner (R-Ohio) dismissed a question about the possibility of the lower chamber's spending bill killing government jobs with the words "so be it,"

Majority Leader Eric Cantor (R-Va.) offered similar sentiments.

The Republican plan to cut $61 billion from current spending levels could take a heavy toll on employment.

It could destroy 700,000 jobs by 2012, according to an independent economic analysis by Mark Zandi of Moody's Analytics. The study, released on Monday, predicted that the GOP bill would slow economic growth by 0.5 percentage points this year.

This may be the GOP plan: to derail the Obama recovery by  slashing the budget and then try to blame the unemployment on Obama in the next election. 

 Mark Zandi, Chief Economistof Moody's Analytics

The House Republican plan to cut about $61 billion from the federal budget in the next seven months. could cost about 700,000 jobs through 2012, according to a new report from Moody's Analytics chief economist Mark Zandi.

Republicans argue that Zandi -- an advocate of the Democrats' 2009 economic stimulus package -- cannot be trusted as an objective economist.

Zandi has advised both Democrats and Republicans. He was an Republican advisor to Sen. John McCain during his 2008 presidential bid. Zandi was also famous for a chart that showed the multiplier effect of government incentives. His chart suggested that tax cuts are one of the least effective ways to stimulate the economy.

source: http://www.cbsnews.com/8301-503544_162-20037435-503544.html

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ONN: Obama Replaces Costly High-Speed Rail Plan With High-Speed Bus Plan

Obama Replaces Costly High-Speed Rail Plan With High-Speed Bus Plan

President Obama's proposed high-speed train system will be replaced with a fleet of buses that will rocket along highways at speeds up to 165 mph.This will shave billions off of the economic stimulus.

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Workers Independent News: Obama Economic Recovery Board Member Calls For Second Stimulus

Submitted by Doug Cunningham on August 30, 2010 - 5:10p

Dr. Laura Tyson of the Haas School of Business at Berkeley says a second economic stimulus is needed to help create jobs in the face of nearly collapsed private sector demand.

Dr. Tyson is on President Obama’s economic recovery board. She says the first stimulus is working as intended. The Congressional Budget Office says without it, there would be three million fewer jobs.

Dr. Tyson says the government should create and capitalize a National Infrastructure Bank to help spur a trillion dollars in infrastructure investment over five years while enacting a credible plan to stabilize the ratio of federal debt to GDP gradually as the economy recovers.

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If you think things are bad now . . .

Wiil the GOP make a comeback in 2010? If it does, the US economy will be in worse dire straits than ever. The GOP one trick pony, Tax Cuts, won't work, because the US has a historic imbalance of wealth of income that is even worse than before the Great Depression.

Many businessmen have finally  realized that top tier tax cuts aren't useful when a business has few customers. It's the middle class that drives the economy, not the affluent. Many conservatives think that giving the affluent more  will fix the economy.

The problem is there is no more to give the wealthy. The middle class is on it knees.

Giving the middle class more will fix the economy and that was what FDR did during the Great Depression with a 90 per cent tax rate on the affluent. The Great Depression started in 1929 and some historian say is t did not end until after World War 2. Other historians say it ended in 1942 or when World War 2 started.

A redistribution of wealth from the upper class to lower classes, and government spending due largely to the build up for World War two were the main reasons for the ending the great depression. 

When the war ended, the nation was rebuilt with a thriving middle calls. 


The US Gini coefficient is  46.69 which is higher than it was before the Great Depression. Anything above .40 is considered dangerous and social instability may result. 

The Bush tax cuts not only need to be allowed to expire, federal income tax on top income earners should be raised.  

See http://wiki.answers.com/Q/How_did_people_end_the_great_depression

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Do corporate hoarders needs tax cuts?

Obama should have gotten rid of the Bush tax cuts the first month in office.

Instead he hoped for bipartisanship that never materialized. The Bush tax cuts provide an incentives for corporations to hoard money and provide high salaries to executives.

Why hire workers to increase operating expenses to save corporate and income tax increases, when you can hoard cash and get a nice IRS check courtesy of the Bush tax cuts?

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Newsy: Obama’s Stimulus Plan: Is It Working?

Multisource political news, world news, and entertainment news analysis by Newsy.com

July 16, 2010 (2:09)

President Obama is receiving skepticism over the recently released report saying the President’s stimulus plan created 3-billion jobs.

Sources:MSNBC CNN Fox News CNBC The New York Daily News

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Bush Still Gets More Blame for Economy Than Obama

PRINCETON, NJ -- More than a year into Barack Obama's presidency, Americans are more likely to say George W. Bush is responsible for today's economic problems than they are to say Obama is responsible.

Gallup shows a significant uptick since last July in the percentage of Americans blaming Obama at least a moderate amount (from 32% to 50%), but little decrease (from 80% to 75%) in the percentage blaming Bush.


Obama will accumulate more responsibility for the nation's economy every day he's in office. That could bear down increasingly hard on his approval rating if unemployment continues to hold at or near 10% and consumer attitudes remain negative.

However, the big upside is that should the economy rebound on his watch -- and recent Gallup tracking has some signs of a "nascent" recovery -- Obama will receive much of the credit.

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The Gavel: A Sign of Economic Progress

January 29th, 2010 by Karina
 

Today, the Bureau of Economic Analysis released an advanced estimate showing the GDP increased at an annual rate of 5.7% in the fourth quarter of 2009:

Economists react to the fastest GDP growth in six years:
Mark Zandi, chief economist at Moody’s Economy.com:

I think stimulus was key to the 4th quarter. It was really critical to business fixed investment because there was a tax bonus depreciation in the stimulus that expired in December and juiced up fixed investment.

And also, it was very critical to housing and residential investment because of the housing tax credit. And the decline in government spending would have been measurably greater without the money from the stimulus. So the stimulus was very, very important in the 4th quarter.

Bernard Baumohl, chief global economist at the Economic Outlook Group:

I’m very impressed with what I’ve seen. The skeptics of the economic recovery are going to have some explaining to do.

Jack Ablin, chief investment officer at Harris Private Bank in Chicago:

Wow, great number. It’s very solid and gives us a running start into the second half of the year when we can’t rely on government stimulus. That’s part of the plan, to get us moving as fast as possible so when life support is removed we’ll have a pulse.

Bruce Kasman, chief economist at JPMorgan Chase & Co:

We are getting on to something that is pretty sustainable. Both consumers and businesses are beginning to increase spending. To get validation, we need to see a return in hiring, which we think we are going to get over the next few months.

Mark Gertler, New York University economist:

We can be a bit more optimistic that a sustainable recovery is indeed underway.

Speaker Pelosi on the news:

Today’s GDP numbers are a sign of economic progress, marking another step forward on the road to recovery and job creation, clear evidence that our efforts to revitalize the economy are starting to pay off.

From the first days of the 111th Congress, we have worked to create and save jobs, help small businesses, restore opportunity and economic security to the middle class, and lay a stronger foundation for the future.

Economists of every stripe agree that our actions helped avert even greater economic catastrophe — from the Recovery Act and Cash for Clunkers to the first-time homebuyer tax credit.

Despite today’s good news, millions of Americans remain out of work and still struggle to make ends meet.

Moving forward, we will continue to place jobs and our middle class at the center of our agenda — by completing work on initiatives that help small businesses start hiring, invest in infrastructure, create 4 million new jobs with affordable health care, create clean energy jobs, and protect Main Street from the recklessness of Wall Street.

source: http://www.speaker.gov/blog/

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GM provides some relief to Michigan's Auto Workers

 October 13, 2009 - 4:39pm

By Doug Cunningham

GM is investing $230 million in four auto plants near Flint, Michigan to make the Chevy Volt hybrid and the Chevy Cruze compact car. GM says that investment will restore 500 jobs.

According to a GM statement, the four plants getting the new investment and new product are Flint Engine South, Flint Metal Center, Flint Tool & Die and Grand Blanc Weld Tool Center.

Flint Engine South is getting the bulk of the new investment - $202 million - to produce engines and the generator for the Volt. Final assembly of the Volt will be in Lordstown, Ohio and the Cruze will be assembled in GM's Detroit-Hamtramck plant.

Rightardia is happy to see a large US corporation get off of its ass. US corporations need to follow in the footsteps of GM and be more proactive in the recovery.  Wall Street is pushing 10,000 and real estate sales are accelerating. Now is the time for corporate America to start hiring again. 

source: http://www.laborradio.org/node/12150

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Food Stamp stimulus is working

The Economic Stimulus gave an extra US$80 per month to food stamp recipients. Starting in April, a family of four on food stamps received an extra $80 month - from $525 to $606.

The Department of Agriculture estimates that every $5 of food stamp spending results in $9.20 worth of economic activity. What's missing from the bill is the least effective ways to stimulate the economy: corporate tax cuts that only return 30 cents on the dollar and capital gains tax cuts that return 37 cents according to Moody's.  Such tax cuts form the basis of supply side economics.

http://www.madison.com/post/blogs/dailybriefing/438701

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Democrat's Impressive String of Victories

http://online.wsj.com/article/SB124821970259970233.html

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