How You Judge Barack Obama Economic Success by the Current Recovery or by T' Budget Deficit Republicans Scare?
The success is very clear with the record earnings of the American corporations after years of continuious record losses in the last yeas of Bush and in the first year when Obama took over.
There are many other economic indicators that turned away from red too many to enumirate.
One critical indicator is the consumer spending and record earnings of many retail stores from small one to the giants.
Unfortunately, democrats are amblielant of the Republicans drum about the budget deficits, they let it go unchallenged.
I am the ones who believes that the economy has turned around and started to grow rapidly under Obama.
The budget defiicit is nonsense of less material. I say that and no body else.
- 1 decade agoFavorite Answer
The deficit is on people's minds more than most things, but that deficit was accumulated during the Bush/Cheney years when Republicans were in control of all branches of government because of three main factors: unrestrained spending based on the Gover Norquist (Bush financial advisor) model to deliberately create a huge deficit (really, that's Norquist's philosophy---create huge deficits in order to "justify" cutting spending...say what??...); huge losses in economy-sustaining revenues (i.e., foolish tax cuts for the wealthiest 1.5% of Americans and all those unfunded mandates); and outsourcing of all of our American manufacturing jobs to other countries, resulting in huge losses of jobs (and economy-sustaining tax revenues) here at home. The very first year Bush was in office, the tax cuts for the wealthy few were pushed through without Democrats' support, and our country LOST the $271 BILLION in SURPLUS left by President Clinton and an additional $690 BILLION in revenues, just for 2001 alone! That's a heckuva LOT of money to lose in one year, but subsequent years compounded the problem of lost tax revenues from the wealthy by adding lost spending from our middle-class workers whose jobs were OUTSOURCED, and so our economy began shrinking. Notice that this has not even touched upon the INFLATED VALUES being used by Wall Street, or by Fannie and Freddie...the misbehaving Republican-DEREGULATED Wall Street and Fannie or Freddie! Nor are the problems cited from the Republican totalitarian years including the banking industries' misuse of derivatives trading, taking extraordinary RISKS with other peoples' money with no thought of consequences while the CEOs were busy giving themselves $124 million salaries and $45 million or more bonuses for driving the banking industry straight into the ground and nearly DESTROYING this nation! The whole time this all was building to a crescendo of CRASH AND BURN, Bush did not VETO one single spending bill submitted by the Republican-led Congress---not a single bill, so we were SPENDING SPENDING SPENDING way beyond our means the whole time the GOP controlled every branch of government, running up Norquist's desired "huge deficits" with no thought for the future. Oops...forgot to add the two wars' expenses, which the Bush/Cheney team decided to "keep off the books" so the economy would appear to be better than was true. This is the stage that is set. Now, enter our newly elected president, Barack Obama (depicted accurately by JibJab in what was intended to be a spoof, as a large-eared skinny superhero dealing with all of these problems at once and also one at a time).
President Obama should be judged by the absolutely INCREDIBLE changes he, the Democrats (with only miniscule and occasional assistance from Maine's Republican Senators Olympia Snowe and Susan Collins), and his highly skilled Cabinet and economic team have been able to achieve given the multi-layered devastations facing them after January 20, 2009. There are some ongoing efforts to reduce our deficit, including the $181 BILLION of paybacks (with interest) from 14 of the 400 banks last year from executives who DID NOT LIKE the LIMITS on their salaries (a "mere" $500,000 a year) and bonuses (preferred stock shares ONLY) imposed by the Obama administration and the Democrats---and with not even ONE yes vote from the Republicans, as usual, even though these limits were very wise and are only to be in place until taxpayers are FULLY reimbursed WITH INTEREST---all dollars that are to be used to PAY DOWN THE DEFICIT! Why in the WORLD would the GOP not BACK this legislation that is designed to make these greedy-gut banks use the Bush-appropriated BAILOUTS to benefit CONSUMERS and the ECONOMY instead of their own bank accounts?? If people open their closed minds and actually review every single accomplishment this amazing man has achieved in his under-two-years in office, they would be as amazed as I have been! Check out the Credit CARD Act of 2009---saving consumers millions of dollars if not BILLIONS over time...and the Lily Ledbetter Act of 2009...or the $61 BILLION that he cut from the Fiscal Year 2008-2009 Bush/Cheney final budget by simply CANCELING the Bush-ordered presidential helicopter fleet---Bush-appropriated dollars that all went back to Treasury to PAY DOWN THE DEFICIT! The man's a miracle worker---that's all there is to it. Read the health care and insurance reforms bill on whitehouse.gov and also read the follow-up "Fix-It" bill that passed soon after---the one that lets college students save LOTS of money by eliminating banks as middlemen and making DIRECT lower-interest loans through the Department of Education! There is just so much good that has been done or that is being done for the good of this nation and the American people...how can anyone NOT judge President Obama based on the turnaround of our previously devasted economy?? Obviously then, my answer is judge our president bySource(s): "The Republican Noise Machine: Right-Wing Media and How It Corrupts Democracy" by ex-right-wing insider David Brock (now with Media Matters). Available on amazon.com.
- 1 decade ago
Do you genuinely believe that our budget deficit is only a scare dreamed up by the Republicans?
Would you be more inclined to believe that we have a very, very serious budget and deficit problem if it were the International Monetary Fund that was issuing the warnings about it? You can read some of that here: http://blogs.telegraph.co.uk/finance/edmundconway/...
You might take special note of the part where the article states "Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country." Notice that says "...under the Obama administration's current fiscal plans."
What if it was Reuter's that was reporting it? Try here: http://www.reuters.com/article/idUSTRE64B53W201005... and notice that it states "The U.S. full-year deficit this year is projected at $1.5 trillion on top of a $1.4 trillion shortfall last year." And notice, particularly, the last paragraph that states "White House budget director Peter Orszag told Reuters Insider in an interview on Wednesday that the United States must tackle its deficits quickly to avoid the kind of debt crisis that hit Greece."
It also states "The government has now posted 19 consecutive monthly budget deficits, the longest string of shortfalls on record." You might want to take into account that Obama has been President for the past 16 of those 19 months.
Did you see in the news this past week where the Congressional Budget Office said that the health care bill is going to cost some $115 BILLION more than previously assessed? It's here: http://blogs.abcnews.com/politicalpunch/2010/05/cb...
I'm neither Democrat nor Republican ~ i think both parties have major, major issues. So please let me say this to you: if you are allowing yourself to believe the lies currently being put forth by the Democratic Party that the Republican Party is using scare tactics and lies where our budget and deficit issues are, then you are cheating yourself terribly of very vital information that is fully truthful.
As far as that part of your question about Obama's "Economic Success by the Current Recovery," may i ask you WHAT recovery? The unemployment rate is at 9.9% and that is AFTER the addition of some 200,000 (more or less) jobs in April. Don't let that addition of jobs give you false hope because that is mostly just the temporary census workers that were hired.
Bear in mind that that 9.9% is a number that they arrive at by calculating the amount of people who filed for unemployment benefits last month. It does NOT include those who have been unemployed so long that they no longer get benefits. It does NOT include those who previously worked for cash and cannot file for unemployment benefits. It does NOT include those who have taken one or more part-time jobs because they cannot find a full-time job. It does NOT include those who previously worked in exchange for their rent, for example, or those who worked at live-in caretakers in exchange for room and board. That 9.9% is ONLY those who are eligible to file for unemployment benefits.
The REAL unemployment rate is well above 17%. Now, think about that. That's almost 20% .... which means almost 1 in 5 Americans who WANT to work either do not have a job or do not have a job making enough money to pay their bills.
Customarily i would not provide such a long answer. But it is past time for ALL American citizens to wake up, research for themselves, and stop believing the lies they are being fed by the main stream media and politicians.
Not all Democrats are wrong ... and neither are all Republicans. Even some of the talk show hosts that you hear being slammed provide a lot of correct information. It is up to the individual to verify the facts for themselves. Never count on the mainstream media or a politician to tell you the TRUTH.
- carlingtonLv 44 years ago
There are actually not sufficient people in this united states to pay for it. we are all going to pay for all this classes for the the remainder of our lives, and our little ones lives & their little ones lives etc etc. in accordance to Obama, that's WHY he's doing it.
- ?Lv 61 decade ago
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- Anonymous1 decade ago
"Mr. President- I need a freakin' job!"
- Anonymous1 decade ago
what success? all i see is catastrophic failure