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Thursday, March 3, 2011

The president should defend the stimulus VIGOROUSLY!!!



Here's what the stimulus did.

These are FACTS!!!

-Economy went from depression-like rate of contraction to respectable rate of expansion
-Gross domestic product increased by $800 bln to a new record
-Private domestic investment increased by nearly $300 bln to a record
-Household net worth rebounded by $6 trillion
-Corporate profits increased to a record
-Personal income increased by $700 billion to a new record
-Personal savings rose to the highest level in 20 years and hit a record in nominal terms
-The unemployment rate has started coming down, falling from 10.2% to 9.0%
-Over 1 million new private sector jobs have been created in teh past year
-Stocks have nearly doubled, with some indices like the Nasdaq, hitting a 10-year high

The only thing the RepublIcans keep pointing to as their "evidence" that the stimulus "failed" is that the president promised the unemployment rate would not get above 8%.

True, that was a dumb promise and the person who told him to go out there and say that should resign or be fired immediately.

However, the president and his advisers have been completely ineffective in communicating the accomplishments of the stimulus. He's allowed the Republicans to frame the results. He's been on the defensive about it every time, giving stupid analogies of digging out of ditches. He's always making excuses that we were "put in a big hole" by the last Administration when in fact we didn't dig out of the hole, we catapulted out of it and if the stimlus were bigger, we'd be seeing prosperity exploding for everyoine across the land.

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7 comments:

  1. Tom HickeyMarch 3, 2011 at 10:59 AM

    Surprising that a campaigner like Obummer can't figure out how to pitch when he is in office, especially when the rebuttals are obvious. Flat tire.

    ReplyDelete
  2. Matt FrankoMarch 3, 2011 at 12:11 PM

    Mike & Tom,

    WaPo reporting VP Biden now heading budget negotiations on Dem side:

    Story here.

    Resp.

    ReplyDelete
  3. mike normanMarch 3, 2011 at 12:25 PM

    Matt,

    My comments to Beckel have been going up the flagpole to Biden.

    ReplyDelete
  4. Matt FrankoMarch 3, 2011 at 4:30 PM

    Oops, may have spoken too soon, from the WaPo story I linked to:

    "Obama said in a statement that he would enlist Biden, White House Chief of Staff William M. Daley and budget director Jacob J. Lew to meet with congressional leaders. They could sit down as early as Thursday. Biden is scheduled to leave Sunday for a week-long trip to Finland, Russia and Moldova."

    Looks like they are going to put Biden on ice for a week and let the Clintonistas Daley and Lew do the deal.....

    ReplyDelete
  5. googleheimMarch 4, 2011 at 10:59 AM

    Mike, Matt, & Kevin :

    CAN YOU PLEASE INDICATE HOW WE CAN CREATE LINKAGE TO SUPPORT MMT NORMAN/MOSLER STYLE BETWEEN THE FEDERAL OVERALL ECONOMY TO THAT OF THE STATES WHO ARE LED BY REPUBLICAN GOVERNORS WHO ARE HOLDING BACK THEIR CONSTITUENTS IN A COMA STATE OF CONTROLLED DEFICIT ?

    THEY ARE USING THIS TO CUT BACK SCHOOLS, MEDICAL HELP, AND ECONOMIC PRODUCTIVITY AS A JEST TO A DEMOCRATIC PRESIDENT IF NOT AS A BID FOR OBAMA TO LOSE 2012.

    WHY ARE THE STATES NOT HELPED BY MMT WITH FEDERAL LINKAGE ?

    WHAT CAN BE DONE AND WHY ?

    if you can connect the macroeconomics of the USA to that of the states, then this would help people realize what the republican deficit terrorists are doing to their children.

    ReplyDelete
  6. GlobalistMarch 4, 2011 at 7:45 PM

    Mike, you can thank your friends at Fox News for "effective" communications on behalf of the inane deficit hawks.

    The government needs to send an Econ 101 tutorial about how our monetary system works to all households, to counter the widespread and pervasive ignorance out there.

    Note: By "widespread", I mean in the order of 150-200m misinformed people...

    ReplyDelete
  7. sforstMarch 5, 2011 at 9:03 AM

    It's time for a teach-in for Obama, and that is something Mike could arrange with his "Bob" connections. Obama said he is all about doing the right thing. If that is the case, he has to argue that the national debt DOESN'T MATTER. It means he has to eat crow; but he will gain respect of many honest intellectuals and possible stir the pot of renwed debate on what Federal debt/deficit really is. Obama is a coward and so is Biden if they don't admit their mistakes and move forward with an intellectually consistent message.

    ReplyDelete