Joe asked in Politics & GovernmentElections · 1 decade ago

So will Obama as president bring us from a recession to a depression with increased taxes and protectionism?

Michael Barone wrote yesterday:

"Raising taxes when the economy is weakening is not the medicine prescribed by Keynesian economics, and it is probably not what Obama's economic advisers would prescribe if they were starting from scratch today. It is what Herbert Hoover and Congress did in the early 1930s, and it helped to produce the Great Depression. But it is baked into the pie.

So is a slide toward trade protectionism. The breakdown of the Doha Round and House Speaker Nancy Pelosi's refusal to bring the Colombia Free Trade Agreement to a vote mean that both multilateral and bilateral trade liberalism channels are clogged. Obama may or may not try to renegotiate NAFTA, as both Canada and Mexico have center-right governments satisfied with current arrangements. But the trend will be toward less free trade."

Will Obama bring back to the Great Depression?

22 Answers

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  • Anonymous
    1 decade ago
    Best Answer

    I don't know about the great depression, I hope not. I am old enough to remember what President Jimmy Carter did to this great country, he almost ended America as we know it. Iran was has holding our hostages and openly ridiculing us. The other nations had no respect for us. Inflation was so high my sister had to sell her spare gold jewelry to have money for college. I remember long lines for gasoline and fist fights occurring. My family knew a gasoline shop owner less than a mile from my house. I remember he would call us right before the gas arrived so we had a chance of getting fuel. My dad, mom, brother and sister were all working trying to make ends meet. My dad and brother worked in the steel mills with a decent wage as steel mills were still profitable. My sis had a summer job (college) and my mom worked in a hospital. Our clothes were worn but kept well. We had an old rusty car for my dad and bro to drive to work and the other car was a several year old marquis.It was our good car. I look back now and see how good we presently have it. I am now in the medical field owning my own practice.y wife is able to be a stay home mom for my kids who are now in private schools. We have two Mercedes 2004, 2007 ans we live in a great neighborhood. I am so confused why people say we have it so bad. Obama's plans are very similar to Carter's.

  • Jenny
    Lv 4
    1 decade ago

    Safeguards have been put in place so that our FREE MARKET doesn't ever fall into a Depression..the problem with that of course that these safeguards were meant to stablize a free market...not a socialized one.

    I'm personally going out and buying enough food for awhile before Obama becomes president....if I'm wrong I stocked up...if I'm right....I can at least save some of the fools that brought us there.

  • 1 decade ago

    He is going to decrease liquidity with his tax increases. The lack of liquidity is why the great depression lasted so long.

    Currently, a lack of liquidity is the largest factor affecting the world economy.

    Obama is using the same campaign words that Jimmy Carter used. We all know the mess that Jimmy Carter created when he raised taxes during a recession.

  • 3 years ago

    President Obama badly desires some form of tax boost to grant some pork to his supporters on the some distance Left. (Is there the different sort to any extent further?) He has to have the skill to declare that he has "closed loopholes for the wealthy" and in any different case introduced lower back trophies for his classification-conflict constituency. the fact that this borders on insanity is thoroughly as properly the element. he's interested in scoring political factors and placing the Republicans up because of the fact the "social gathering which will push Granny into the interstate." BTW – i'm incredibly ill and uninterested in listening to Democrats claiming that they are attempting to "shop the midsection classification." i've got been around for awhile and, if memory serves, the Democrats have continually HATED the midsection classification. are not they those continually "rebelling against center classification values" and whining bearing directly to the "conformity of the midsection classification?" Hasn't a great deal of their antipathy to the Tea social gathering been based on the fact that Tea Partiers are "center-elderly and center classification?" whilst did the midsection-classification unexpectedly replace into worth of the Democrats largesse?

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  • Anonymous
    1 decade ago

    The H in Obama's name is for Herbert Hoover

  • 1 decade ago

    Everybody is already poor in the US. Yet we still enjoy many luxeries. Most families pull in 65,000$ or less a year.

    We're not in a recession. The rich are.

  • Anonymous
    1 decade ago

    Obama will raise taxes only for (and I repeat, ONLY FOR), people who make over a quarter million dolllars a year. These people can afford to pay higher taxes; they might just have to buy a Mercedes instead of a Jaguar or something. The remaining 95% of the population won't be affected.

    The short answer is NO.

  • 1 decade ago

    Not exactly. The tide of the Bush administration will last at least the first year of Obama's administration, but be optimist. He will fix the economy

  • 1 decade ago

    Yes, that way his socialism will make us all equally poor. I know I can't wait to go to the government soup kitchens.

  • Anonymous
    1 decade ago

    To see how well raising taxes during a slowdown does you just have to look at the economy of Michigan.

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