Obama: Stimulus Stopped Possibility of Second Depression

You know, last week I stopped a cow from jumping over the moon.

The only effect the stimulus has had here in RI is to bail out our incompetent and bloated state government. The state legislature used every buck to balance the state budget instead of making the hard choice to reduce the size of government. So in a sense, Obama is absolutely right. The stimulus HAS saved jobs. Unfortunately they’re government jobs.

As for Bennet, Obama said “politics-as-usual” still pervades Washington and electing Bennet will help change that. “Politics as usual. We’ve become accustomed to it, become numb to it. We’re just accustomed to all sorts of exaggerations and slash and burn politics. But Michael and I, we don’t have time for that nonsense,” he said.
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Bennet will help change that? Really? And how does he plan on doing that? Even Barack Obama couldn’t change that. And Barack Obama is the One we’ve been waiting for!
Moving on in the comment, Obama says: “We’re just accustomed to all sorts of exaggerations…” Yep. You should be, Mr. Obama. You’ve been using them for quite a few years now. I think the best one so far was the fear mongering exaggeration over the Stimulus Package. You remember? ‘If we don’t pass this bill, unemployment will be over 8%’. Ummmmm…what were the latest figures on unemployment?

Who can argue with a guy who bought a lawnmower and created 50 jobs!?

The Republican right is actually disappointed the economy is beginning to turn around. How sad.

A little premature…
A tidal wave of debt is about to wash over the U.S. Economy. No one will escape the consequences… not one. You will not escape.
Things are going to get very rough. Start now to figure how you are going to handle it…

Now, unless you are and Expert on Financial Systems, or how the world’s economy operates, you are just partisan haters.
Posted by: sara | Feb 18, 2010 9:29:02 PM
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So which are you, a financial wizard or a partisan hater?
In fact, one need not be a financial wizard to understand what the looming threat of inflation and devaluation of the dollar will mean. As I said in November 2008, buy gold and head for the hills. If you followed my advice then you would be very pleased right now. Platinum and silver aren’t bad ideas either.
What’s that sound? I believe it’s the sound of the Fed raising their base rate. It’s starting, take preparations immediately.

tierra wrote: “Let’s see, so the President was ‘fear mongering’ in order to pass the Stimulus by saying unemployment rate would go over 8% – and yet the unemployment rate is even worse than projected. Seems to me he wasn’t ‘fear mongering’ at all and that the situation was actually WORSE than described, not EXAGGERATED.”
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Looks more like he and his “economic” team were and still are totally clueless and incompetent. These were the intelligentsia and said they had all the answers during the election. They were what this planet was waiting for, for so long. The turnip truck had a full load when it dumped this bunch off in the White House in Jan ’09.

Well..I saved the entire planet from spontaneously imploding by my little old self…now give me $1.2 trillion.
Ummm..the stimulus stopped us from having an unemployment rate over 8%…right?
Hey, you pandering poodles in the media..we’re not laughing with you. We’re laughing at you
Posted by: barney | Feb 18, 2010 8:33:27 PM
Actually the stimulus prevented a run on the banks and a complete breakdown of the financial sector, but apparently your brain is not big enough to grasp that.

If someone goes and stills a loaf of bread at a convience store, he will be put in jail. All of these people that was bailed out with tax dollars, they knew what was going on long before the bottom fell out. What did congress do, NOTHING, but give a green light to continue in the same path that got us where we are NOW. Hey we deserve a bonus they say for a failed job! They got it. It’s legal they say! Shame on you. No punishment, no justice. What a scam they big boys pulled off with the assistance of our government. The only comfort and hope is a Risen Savior, REMEMBER!

CNN SHOCK POLL: MAJORITY SAY OBAMA DOESN’T DESERVE 2ND TERM
and the news gets better :)

Wake up America to the corruption, and lost lives. Stand up for what you belive is RIGHT and stop beliveing that our government has our best interest at heart. They are in it for THEMSELVES, and the BIG TIME CORPORATION, that asked the American people to bail them out!!!!!!!!!!!!!!

Some think it was from that great critical thinker “Unknown”. Other thing it was a paraphrase of Alexander Tytler.
Doesn’t matter, our goose is cooked. Batten down the hatches – the going will be getting rough…

Second Despression? if i recall, there have been several in our history. Once again the liberals just love to distort the truth, when they really have no idea what they are talking about

Jim Bob wrote: “Actually the stimulus prevented a run on the banks and a complete breakdown of the financial sector, but apparently your brain is not big enough to grasp that.”
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Got your talking points mixed up. TARP was supposed to prevent the run on the banks and keep the financial sector from “the precipice of global disaster”. The stimulus was supposed to keep unemployment under 8%. Which one worked? And which one was signed by Bush and which one was signed by oBama?

I have no doubt about it. Different kind of attitude amongst the people these days. Don’t see as much fear. The only thing that would drive the nation back down is if republicans take control.

Second Despression? if i recall, there have been several in our history. Once again the liberals just love to distort the truth, when they really have no idea what they are talking about
Posted by: Derek Ellis | Feb 18, 2010 10:43:33 PM
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Um, no. Only one. You’re recalling wrong.

It is obvious, based upon some of these comments, that folks are spouting off while completely uninformed. If you read the economic information published by reliable sources, you would see that we really did “miss a bullet” economically. We’re not out of the woods yet, but we are a heck of a lot better off now, then we were a year ago. The radical right-wings live in a very delusional world (it must be a nice place to visit, but I wouldn’t want to live there!).

@secondlook, actually you need to do a little research.
We have had 4 economic depressions in the USA not counting the Great Depression of 1929 – 1941.
1807-1814
1837-1844
1873-1879
1893-1898

I wonder what it would be like if McCain and Palin had won the election?

‘The stimulus stopped another Great Depression’
yeah right, especially when most of the money hasn’t even been allocated yet (about 2/3), and much of the money that HAS been allocated went to places that don’t exist.

Prove it, Mr. President!! — Show us how it saved us!! — Your “created” statistic of “Jobs Saved” doesn’t hold water!!

@Quo Warranto
While nobody really knows who actually said those words, Alexander Tytler often gets credit for it, despite the fact that it never really appears in anything he’s ever committed to paper.
If Obama actually believes any of this, he’s a bigger moron than he appears to be. I work in an economy driven field, and I lose a few hours every week or so.
Of course, he wouldn’t have a clue as to the real hardships that Americans are enduring, as he’s lived exclusively on the taxpayer’s dime for the past year. It’s easy to think things are going great when you’re “king.”

This seems naively premature to declare this “stimulus” has worked. Most of America is horrified by this deep hole of debt we have created. I wish we had leaders that had the guts and the integrity to make this country sacrifice to get us out of this debt. The leader who can do that may not be popular in the short term, but will save the economic future of America.

Obama should have made this statement on an aircraft carrier with a “Mission Accomplished” banner in the background.
We are a few weeks shy of the next real estate collapse.

If Obama actually believes any of this, he’s a bigger moron than he appears to be.
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More insult and name calling by the almighty right aimed at the President . . . juvenile.

America is prone to have depression, because the people say the financial regulation is not there and everybody can cheat others.I don’t know what kind of financial regulation they want.So finally we can conclude that if anything is not written in law we will cheat others that seems to be American slogan of the day.No doubt in the world now America is declining very fast and by reading the comments of people of US they don’t have any confidence it will get better in near future.GOD SAVE AMERICA, IN THE GOD WE TRUST.Slowly becoming sick country?

What Obama says may be true. But the perception is that it was a costly boondoggle. That is the impression that has taken root.

Imagine the outrage and comments from the far left if Bush had claimed to “save” 2 million jobs from his tax cuts.
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The economy didn’t collapse on Obama’s watch – the economy collapsed on the Republican president’s watch. Americans know this.

we are in a depression out here in the real world. 50% of my generation in my family has had successful small businesses drop to almost zero income. One closed their business, one dropped to between 4-12 hrs per wk and one has the business open but no work in months. They all have had thriving businesses for decades. We are middle to upper middle class and all college educated. But: this type of reduced or unemployment does not show up in the unemployment figures and there is no unemployment as a safety net. Yeah, that’s a depression: we are all in our 50′s and 60′s and have never experienced this in our lifetime. Yep, its a depression.

Less than 9 months to go before we can show this administration exactly what we really think about the stimulus waste. We are so much in the hole most of us will have to work until we’re 80 or 90 just to cover the taxes that we’ll owe. November 2010 can’t come soon enough to start voting Obama’s cronies out of office!!

No one can definitively say that we cannot have an economic depression.. I think he may be saying we avoided a very close call with his help.
I’ll give him this one on a technicality.. but politicians can be easily bitten by such loose talk.. and there are some that are feeling just as left out and broke as if the country has had a depression. Our inner cities have been in an economic crises for many years.. and this is not any political statement.. just fact.. under both parties.

Whether the porkulus saved anything is debatable
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If “porkulus” is supposed to refer to the stimulus, what really isn’t debatable is whether or not it did what a stimulus bill is intended to do. I thought Matthew Yglesias had a very nice reality check for ABC at his blog yesterday under the header “ABC can’t find economists who think stimulus failed” : “A funny thing seems to have happened on the way to a he-said, she-said story for ABC on the stimulus:
“The stimulus worked,” said Stuart Hoffman, chief economist at PNC Bank. Without it, “the unemployment rate would probably be closer to 11 percent” and the economy might not have grown at all last year.
Mark Zandi of Moody’s Economy.com thought the nation would be “still in recession.”
“It played a significant role supporting recovery,” said economist Diane Swonk of Mesirow Financial.
…They’ve attempted to frame this as a standard piece of “experts disagree on shape of the earth” shoddy policy journalism, but what you’re actually seeing here is that despite their best efforts they can’t find anyone to endorse the standard Heritage/NRO/GOP view that the stimulus is harming the economy. Hoffman and Zandi deem the stimulus vital. Swonk says it played a “significant role” in bolstering recovery. Wyss is sniffy and derisive, but the essence of his sniffy derision is to say that of course the stimulus helped. And Bryson says the economy recovered faster because of the stimulus. Everyone agrees!”

“One year later, thanks largely to the Recovery Act, we can stand here again and say that a second depression is no longer a possibility,” Obama said, adding all the statistics about job growth (“about 2 million”) and economic growth (“nearly 6%”).
Obama then launched into his usual laundry list of all the things he says his administration did in its first year to pull the country out of the economic downturn: extending unemployment insurance, cutting taxes for first time home buyers, making COBRA health care cheaper, and keeping police and fire personnel employed by giving more money to the states.
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His usual laundry list of what he *says* has been accomplished? How silly. It IS what has been accomplished.
The media is part of our misinformation problem.
Worth a read is Jonathan Chait’s smack down of Reihan Salam’s straw man argument at National Review : “I don’t thing that anyone doubts that ARRA helped perk up growth…”
Really? If only that were true. If they don’t doubt it, they sure do lie a lot.
Chait:
“..it’s indisputably a very-widely held opinion among Republicans and conservatives, and I’d argue represents the consensus GOP view. When new party poster boy Scott Brown asserted that the stimulus “didn’t create one new job,” he was simply parroting a line that has been circulating among his party for a year. Which other conservatives have said this, you ask? Which ones haven’t? There’s John Boehner (“the stimulus isn’t creating jobs for American workers.”) The Washington Times editorial page (“Mr. Obama’s policies delayed the recovery.”) Andrew Wilson at the American Spectator (“It is a $787 billion shell game — taking money out of the private sector and putting it to less productive use in the public sector or passing it around as hand-outs to politically favored Democratic Party constituents. In doing so, the “stimulus” has actually destroyed jobs.”)
How about some examples closer to home? Here’s National Review’s Mark Steyn: (“It didn’t just fail to stimulate, it actively deterred stimulation, because it was the first explicit signal to America and the world that the Democrats’ political priorities overrode everything else.”) Here’s Brian Riedl, also in National Review. (“The stimulus is not failing because it is too small or because too much of it is being saved. It’s failing because Congress can only redistribute existing demand, not create new demand.”) With more time I could go on and on. Reihan, a former TNR Reporter-Researcher, is a bright and terrific guy, but he has an unfortunate tendency to imagine that the Republican Party is filled with people who think like he does. It isn’t.”
Others like Ambinder at Atlantic Monthly also call out reporters for their reporting on the stimulus:”the way the media covers the “battle” over whether the economic stimulus package worked is unsound. The stimulus packaged did what it was originally intended to do: it injected hundreds of billions of dollars worth of demand into an economy that was teetering on the brink of collapse.”

That Mr. Obama would miss represent facts has been proven so many times that it no longer surprises me. There was no depression likely. I guess one could argue a bank crisis was averted but as so many on both sides like to point out that was Bush’s TARP. All Obama has done is use 787 Billion of my GRANDCHILDREN’s tax Dollars to do, Is erect Tax Payer funded Green Campaign Signs, Make Down Payments on Cars my grandchildren will never see, and Pay the Mortgage for people who took out loans they new they knew they couldn’t afford. He has used three generations worth of taxes to try and BUY VOTES. None of this surprises anyone Obama is a Chicago/Blagojevich politician he is accustomed to buying Vote and Offices.

Bushes TARP which everyone complained about is just about PAID back. The economy was in recovery mode and Obama didnt have time to get or spend ON DIME of stimulus. In general this is a pathetic attempt to rewrite history but gullible people will believe it. My only hope is Obama’s average stays intact and this man is trounced in the election.

All the stimulus did was temporarily save government jobs. Someone else is going to have to pay those salaries this year when the funds dry up. It’s merely delaying the pain.
TARP saved us from depression. I hate to say it, but saving AIG especially was the big one.

Seems like “saving us from depression” is the signature fragrance Obama has sprayed over his entire budget busting agenda.

This seems to be his chant these days…dangling the word “depression” before any discussion of this horrific debacle called a stimulis.
Look, most modern Presidents inherited a recession. The only difference here is Obama used the stupidity and fear of the people to shove through this useless waste of taxpayer monies. It was a failure, it was used to broaden and deepen our dependancy on the federal government.
Well, Americans are waking from the slumber, and all of his planted bloggers here and all over the net can’t fight this fact. We are awake and we won’t tolerate any more of this attempt to change our Republic to a Socialist economy.
America rejects Obama and all he stands for. Our goal is to limit his power until 2012.
Obama, the mask is off.

Dr. John is right. Our BROKE city council hired 33 firefighters with stim-bucks and has not hidden the fact that once the funds are used up there will be no money to pay them. Maybe the govt. should start burning down abandoned homes to lower the inventory of foreclosures and give all these firemen something to do. (I would laugh except none of this is funny anymore.)

The government taxing/borrowing/printing money and giving it to someone else in a government job is Obama’s business model for creating jobs. That’s honestly how liberals think business works. It’s not sinister, it’s ignorance. These people have never been in business or worked for a dollar, they have spent their life lobbying and organizing for public dollars. To them, money does just grow on some tree in Washington. They really do not have a clue.

progressive mama wrote: “I also love when morons write dramatic purple prose and think they speak for America or the people — as if the other half of the country doesn’t exist or aren’t real. LOL.”
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We’ll see what those “morons” have to say in November. The producers are really tired of carrying the many non-producers on their back all the while they are stealing money out of our wallet.

progressive mama wrote: “So is it better that they had a year to prepare for this with stimulus funds, and that the layoffs will be less dramatic than they would have been– or not?”.
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Instead of dealing with the situation, the democrats want to kick the can down the road another year by stealing from my kids and grandkids.
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“Or should we have supported a bigger stimulus? ”
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Now you want to steal from my great-grandkids.

mama..I am not an economist, but hiring 33 firefighters to sit around lifting weights-waiting for the bell to ring- just doesn’t seem logical to me. I’m not a fan of repaving every American road either, but at least you have something to show for the money. In our neck of the woods we are closing parks, reducing library hours and getting ready to put parking meters at the beach. The cost of a drivers license has tripled, you have to buy a permit to fish from a bridge, and pay a fee to launch your boat from a county ramp. This is BORROWED money that is being sloshed around and splattered here and there and everywhere to create an employment bubble that will burst when the well runs dry..I am literally petrified of the disaster we are creating for our kids.

support Paul Ryan’s budget plan, or increasing taxes– or cutting the military significantly?
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Currently if every bit of that is to be considered the responsibility of any one person that one person is President Borak Obama. Trying to change the focus, three years from the next potus’ election, is nothing more than an attempt at isdirection.
If you’d like to talk about relevant budgets, where in Obama’s budget is the money hidden that will be neccesary to get his health care mess off the ground? That budget was written with a health care bill in mind.

Posted by: gk | Feb 19, 2010 8:32:59 AM
Its easier to just yell no and raise a fist in the air than to actually come up with ideas that will work and get through Congress– and/or to vote in people who will do what they pay lip service to during campaigns. Or to vote in people with fresh politically feasible solutions. I wondered if you had any. But if you’re into the crackpot Sowell, its unlikely. He’s not solution oriented (unless you consider a military coup to put Republicans back in power an actual solution. )
As for Dems putting down the shovel, its interesting that they weren’t, in large numbers, the ones who voted against a deficit commission or health care reform or demagoguing against sensible cuts in Medicare waste.
I do agree with you that Republicans aren’t conservative– unless you define conservative as clinging to the past and the status quo in order to keep the same power hierarchy going so that the rich get richer and the poor get poorer– and tripling deficits and the size of government and such.

I’m not a fan of repaving every American road either, but at least you have something to show for the money.
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We agree on this. If we needed to pump money into the economy, and I believe we did (and the majority of well-respected economists seem to agree), then it would have been great if on short notice we would have been able to put it all on something that benefits the citizenry for years to come– infrastructure like paved highways and roads, reinforced bridges, high speed rail, energy grid and so on. Medical IT was a good investment also, imo.

Instead of dealing with the situation, the democrats want to kick the can down the road another year by stealing from my kids and grandkids.
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They hardly kicked the can down the road, though a robust jobs bill out of the gate would have been useful. What would you have done?
I read a good letter to the Congressional leadership of both parties from several economists (posted at Brad DeLong’s blog) regarding a hiring tax credit this morning.
“Dear Speaker Pelosi, and Messrs. Boehner, Reid, and McConnell:
A great number of different policy actions–including the American Recovery and Reinvestment Act, the financial rescue, and the extraordinary monetary policy measures taken by the Federal Reserve–have in their sum played an important role in changing the trajectory of the economy from one of terrible decline to one of growth. But with the latest unemployment rate at 9.7 percent, it is clear that additional emergency policy measures to jump-start job creation are still warranted.
A well-designed temporary and incremental hiring tax credit is a cost-effective way to create jobs, and could work well in the current environment. At a time when GDP is beginning to rise and demand is starting to return, private firms are likely to respond to such a tax incentive by hiring sooner and more aggressively than they otherwise would have done. Such a credit could thus help put Americans back to work more quickly than otherwise. And by targeting firms that are growing, such a tax credit supports the businesses most likely to lead the recovery of employment.
There are many ways to design an effective hiring tax credit, but in general the beneficial effects will be greater the stronger the hiring incentives …”
I support that and hope at least a few Republicans can find it in their hearts to rise above the scorched earth b.s. and do something about jobs, for crying out loud.

mama, here’s an idea…UNLEASH the energy companies. Get us off foreign oil and create excellent, long term jobs with benefits.
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I do agree with pursuing all avenues there, with the caveat that I prefer drilling for natural gas over oil, and think we need to reduce fossil fuel emissions. But yep– I agree.

The second depression is no longer a possibility… It’s a certainty. It will be brought about by the massive spending. There is no believable scenario under which this debt can be repaid, or even sustained.

progressive mama wrote: “But if you’re into the crackpot Sowell, its unlikely.”
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Sounds like a pretty racist statement to me.

Sounds like a pretty racist statement to me.
Posted by: gk | Feb 19, 2010 10:09:19 AM
I suppose you’ll find it sexist for me to point out that Bachmann’s a crackpot as well. LOL.
And maybe you’ll its anti-fat white dude or anti-addict for me to point out that I think Limbaugh is one, too.
And whatever will you think if I mention that I think Glen Beck is a fruitcake?
Or that I laughed out loud at Scott Brown’s appearance on Fox yesterday– you know ,the one in which he commented on an anti-government nut who flew his airplane into a building and connected the incident to his own campaign, seemeing to want to rationalize the actions of a domestic terrorist, as if Stack’s murders can be understood if only we appreciate how “frustrated” people are.
And you know I chuckled when Wonkette insinuated he was a bimbo, too.
Golly, I am just so politically incorrect, aren’t I?
Now, let’s think about whether I care about Republicanesque self-righteous hypocrisy, particularly after watching the Tea Partiers and CPAC whackadoodles in action?
Hmmm… not so much.

progressive mama wrote: “Golly, I am just so politically incorrect, aren’t I?”
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Nope, you pretty much rattled off all the communist talking points that I figured you would. The name “progressive” is a bit inaccurate.

osted by: gk | Feb 19, 2010 10:37:55 AM
It would be intellectually amusing to watch you try to tie those to communism. LOL.
Are you from a Texas? I read a very funny poll.
“Nearly a third of Texans believe humans and dinosaurs roamed the earth at the same time, and more than half disagree with the theory that humans developed from earlier species of animals, according to the University of Texas/Texas Tribune Poll.” (See article titled Meet the Flintstones, lol)
“Prindle says the results recall a line from comedian Lewis Black. “He did a standup routine a few years back in which he said that a significant proportion of the American people think that the ‘The Flintstones’ is a documentary,” Prindle says. “Turns out he was right.”

In Texas those folks are known as democrats.
Posted by: gk | Feb 19, 2010 11:02:11 AM
So, you didn’t go to the source. LOL. Republicans were more likely to be Flintstones types, and of those Republicans, they were more likely to vote for Hutchinson than Perry.
Along similar lines, Fox News was decrying college educations because the tendency to be liberal increases with education and maturity. The spin was a true masters class in b.s. (Oh nooooes! Professors must be brainwashing them!)

“Fox News was decrying college educations because the tendency to be liberal increases with education and maturity.”
Most politicians in Washington went to elite universities. How’s that turned out for us? There are plenty of educated idiots out there.
Posted by: Mary | Feb 19, 2010 12:39:44 PM
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Keep the people ignorant and lie to them – and you can get them to believe Saddam Hussein was behind 9/11.

Mary..you are completely missing the point because you believe in the lies you were told about college. The problem is not the “educated” politicians as much as it is the “uneducated voters” who send them to Congress and then expect them to pander to their “little constituency” rather than make the right decisions for the nation as a whole. In fact it used to work that way until the eighties when a group of evil men decided to define the “conservative movement” of divisiveness we see today. Now it is all about lies, misinformation, fear and negativity.

“Nearly a third of Texans believe humans and dinosaurs roamed the earth at the same time”
.In Texas those folks are known as democrats.
Posted by: gk
with all due respect, those folks are kinda known as evangelical christians..
( there might be some Dems, but I tend to doubt it)
there was an interesting episode last year where Bill Nye ‘the science guy’ was in Texas giving a talk about how the biblical events could be interpreted using science, esp. astronomy.
He made reference to a passage in the bible implying that the moon was like the sun giving off light…he stated that we know that light is just reflected sunlight…… at that point a sizable contingent left ranting that Nye was against the bible because he didn’t believe it word for word.
I know, the moon is different from the sun.
Texas , the secessionist home planet is changing their educational syllabus to reflect fictional, slanted version of historical fact.. concentrating on great historical figures like Phyllis Schlafly. Along with them are the ‘christian nation’ folks who are so very tolerant to allow others in ‘their country’.
Here in PA, it wasn’t too long ago where the religious fanatics tried to get ID taught in public schools under the fraud religion is science meme.
blind faith of the religious zealots, regardless of christian, muslim, or any one else. usually ends up badly for everyone around them.. history bears out that sad story.

Unemployment facts:
Jan 1980 6.3%
Jan 1981 7.5% Reagan sworn in.
Jan 1982 8.6%
Jan 1983 10.4%
Jan 1984 8.0%
Jan 1985 7.3%
—–23 Years later—-
Jan 2008 5.0%
Jan 2009 7.7% Obama sworn in.
Jan 2010 9.7%
Have we given Obama enough time?

I’m sure many people said that the last Great Depression could never happen.

Mary | Feb 19, 2010 3:48:04 PM – Great to hear you believe in Education! Thankfully, not every student is destined to choose a career as a political “idiot”.
This Recession is already forcing people to re-evaluate spending habits. Credit card use continues to drop at an unprecedented rate. And the Recession hammered the U.S. deficit down from $695 Billion in 2008 to $380 Billion.
But cutting back on spending alone is not the solution to grow our economy and keep America a preeminent player in the fast moving global economy. The projected $100 Trillion addition to the GDP due to improved education seems like a solid investment for our nation’s future.
I agree with Hanushek and Woessmann’s assessment – there are serious reasons to invest US spending on Education. It’s worth a read – the PDF is online.

crisismaven | Feb 19, 2010 4:49:38 PM
Noriel Roubini, or “Doctor Doom”, the economist who predicted this Great Recession several years ago seems to believe the US economy isn’t quite as bleak as your crystal ball.
Today Roubini estimates that U.S. real GDP will grow 2.7% in 2010, against a potential growth rate of around 3%.

progressive mama wrote: “Are you from a Texas? I read a very funny poll.”
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I can see you get your material from DU. But you don’t see the real deal here on the ground. You’ve got time to play on the democrat underground while Texas is busy supporting the rest of the country (yourself included). Those of us who are too busy trying to keep things afloat don’t have time to spend countless hours reading the drivel on DU. We know that those of us who produce will have a good portion of our hard work taken away to support those who have no concept of what it takes. They only know what they have been taught in Government schools. So if they think man and dinosaurs roamed the earth together, then that is a bigger indictment of the quality of government education these days than anything.
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So, enjoy the party while it lasts. In November comes restitution retribution. Your free ride comes to an end.

It’s funny how the libs are always searching for a way to pin things on GWB.
Posted by: Quo Warranto
‘searching for a way ‘?
not really, no need,
it’s all historical fact if anyone cares to look, unless you’re into the ‘righty’ revisionist crowd that likes to rewrite recent history. 8 long years of corruption and malfeasance, ineptitude, arrogance and treasonous acts against the people and constitution of the United States
what’s funny is how the current crop of rightwing/republican nihilists are always denying that anything went wrong during ‘Ws’ administration

I agree with Quo Warrant. There’s no way to kn ow for sure if all the budget-busting moves enacted by both administrations prevented a second Great Depression.