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June 22, 2011

Behold The Genius Of Democrats: They Want MORE Spending As Part Of The Debt Reduction Deal ADDED: Bonus DOOM!

When all you have is a hammer, every problem looks like an opportunity to spend money we don't have.

Democrats' demand for new stimulus spending is at odds with the work of negotiators, led by Vice President Joe Biden, who are trying to find trillions of dollars in savings as part of a deal that would allow Congress to sign off on new government borrowing before the U.S. runs out of money to pay its bills.

Those talks, which resumed on Wednesday, have largely focused on spending cuts over the next 10 years. Senate Democrats want the deal to include more money for highway construction, a payroll tax cut and clean-energy subsidies to bring down the 9.1 percent unemployment rate.

"Get the recovery right before you get in this deficit-cutting mode," Assistant Senate Democratic Leader Dick Durbin told reporters. "Get people back to work. Let's start moving in that direction."

Republicans, who favor deep spending cuts, said that idea was not likely to go far in the Biden-led talks.

"They're not talking about spending money in there. That's not what they're trying to do," said Ryan Patrimina, spokesman for Senator Jon Kyl, one of two Republicans participating in the talks. Many Republicans view President Barack Obama's 2009 stimulus package as an $830 billion failure.

Many Republicans? If only there were some way to demonstrate the so-called "stimulus" was failure under the terms laid out by Obama himself. Perhaps if it were done graphically, it would look something like this.

It's almost as if Democrats are idiots and don't quite get it. Of course they really believe this and think it's an economic and political winner for them. So, good luck with all of that.

Meanwhile, the Federal Reserve announced today there's no way in hell Obama is going to be reelected next year (I'm paraphrasing there).

According to the Fed’s economic projections, unemployment will take longer to come down than forecast in April, hitting 7.8 to 8.2 percent at the end of 2012, rather than 7.6 to 7.9 percent.

...The new projections will give an indication of whether Fed leaders expect the weakness to persist into next year.

Growth has slacked off, unemployment ticked up, fuel prices fallen and financial markets have become jittery since the April Fed meeting. Leaders appear skeptical that further intervention, such as another round of Treasury bond purchases, would do much more for the economy. The Fed’s response is to maintain super low interest rates for an extended period and to keep more than $2 trillion in bonds on its balance sheet.

What's that word again? Oh right....DOOM.

Oh, I forgot to mention the CBO has a report out today on the size of the debt. Basic take away....we are in a word...SCREWED.

Within 10 years, debt will exceed 100% of GDP. By 2037, it would be more than double the size of the economy.

That scenario, as dreadful as it is, is wildly over-optimistic, because it doesn’t account for the effect of rising debt levels on interest rates and the economy.

Want more? Sure! There's always room for more DOOM!

What did the so-called "stimulus" get us, oh not much.

According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.

You can argue whether or not Obama and the Democrats set out to destroy America, the simple fact is they have.

digg this
posted by DrewM. at 06:27 PM

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