Tuesday, July 7, 2009
On Sunday, Joe Biden announced that Obama’s administration misread how bad the economy was. A comment I don’t seem to understand. Here is a quote from Obama as he rushed his stimulus bill through congress in a hurried and reckless pace.
In January Obama said:
“We are experiencing an unprecedented economic crisis that has to be dealt with and dealt with rapidly.”
I believed him, didn’t you? Why didn’t Obama?
More importantly is the question, why are we talking a second stimulus? According to Obama today, a second stimulus plan is not off the table.
Like with most policies this administration crafts, I’m confused. Obama continues to remind us that his stimulus one needs time to work. If that’s the case, why do we need stimulus two? If stimulus one is not working and is not going to work, why are we not having the discussion of repealing stimulus one when we’ve only spent 6% of it so far? The best question yet, if you misread the economy on stimulus one, why do you think we'll let you have stimulus two?"
I have long argued that Obama and his administration did not take the economic downturn seriously. Why? Back in January, the "do nothing" simulation led to 9% unemployment by the end of the year. According to that number the recession would have been the biggest in the last 30 years, but certainly no Great Depression. Plus, how hard would it be to come in under 9%, especially when economists were predicting an economic summer bounce? As a result, we were given a stimulus bill high on pork and leftist pet projects with no real relief for our economic state. It was a bill filled with “you can get a lot done in a crisis” mentality as opposed to sound fiscal policy. It’s the same mentality that is claiming that Obamacare will lower federal deficits and that cap and trade is a jobs bill.
The administration is spinning beyond belief, trying to mitigate the damage. They are trying to keep you from asking the most obvious of questions at a time when Obama is dying to pass his policies. That question being: “If Obama was misreading the economy at the same time he crafted his budget, shouldn’t we scrap his budget policies and refocus on how to address the economy?”
Reuters has some laughable Democrat comments:
Here's Democratic Senate Leader Steny Hoyer
U.S. leaders should be open to the possibility of a second stimulus package to jolt the economy out of a recession still causing job losses
It's certainly too early right now ... to say it's not working," Hoyer said of the initial stimulus package. "In fact we believe it is working. We believe there are a lot of people who otherwise would have been laid off, lost their jobs, who haven't done that."
As I stated. Why do we need a second stimulus if the first one is on the cusp of working great.
One of Obama's economic advisors from his election said:
Laura D'Andrea Tyson, an economist who advised Obama during the 2008 campaign, said on Tuesday in Singapore that the United States should be planning for a possible second round of fiscal stimulus and focused on infrastructure investment.
I thought that was what the first stimulus plan was? Or was it?