Obama and Democrats Pushing Economy Downhill
President Obama and the Democrats are both reckless and clueless when it comes to the nation’s economy. What a better example than the irresponsible comments by the Senate Banking Committee Chairman Christopher Dodd, who on Friday, said banks may have to be nationalized.
This idiotic off the cuff remark about nationalization began a panic sell off of bank stocks. The Bank of America Corp. shares hit a record low and Citigroup Corp.’s stock slumped to an 18-year low Friday on concern the two financial giants may be nationalized.
Citigroup dropped 22% to $1.95, their lowest level since early 1991. Bank of America fell 3.6% to $3.79 and earlier changed hands at a lowest-ever $2.53, according to FactSet Research data.
White House press secretary Robert Gibbs tried to calm concerns, saying President Barack Obama’s administration thinks a “privately held” banking system is the correct way to go.
Down, down the Stock Market goes
On November 4th, 2008 the stock market closed at 9,625, the day Barack Obama was elected President. On Friday, February 20th, 2009 the market closed at 7,365. That’s a drop of 2,260 points, representing a 23% decline.
This is America’s response to Obama’s pork filled stimulus bill and Homeowner Affordability and Stability Plan. These entitlements are designed to pay back the irresponsible as well as the leftist organizations like ACORN, that got him elected. Oh yes, on April Fool’s day, you will get $13 more each week in net pay!
The stock market will probably slide even lower on Wednesday after Obama reveals his budget. Expect tax increases, top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers.
This will further slow down investment and drive up inflation. Obama’s budget will attempt key changes to environmental policies and a major expansion of health coverage that he hopes to enact later this year. While still promising to cut the federal deficit in half over the next four years.
How does Obama expect to achieve deficit reduction? By raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan.
Congressional budget analysts forecast that this year’s deficit would approach $1.2 trillion — 8.3 percent of the overall economy, the highest since World War II. With the $787 billion stimulus package and other expenses, some analysts say, the annual gap between federal spending and income could reach $2 trillion when the fiscal year ends in September.
The CBO estimates that $864 billion covers all war-related appropriations from 2001 through part of FY2009. That is about $108 billion a year. So Obama believes that by cutting these cost by let’s say 12% annually he can save a whopping $13 billion a year!
The Stimulus package will cost U.S. taxpayers $35 billion in interest alone each year, that is 3 times more than the potential War cost savings annually. Does anyone in the White House or Congress see this problem clearly?
With the Democrats now firmly in control of Congress and the White House the agenda to spend our way into greater debt is tantamount to a runaway train.
Call your Congressman, your Senators and the White House and let them know what you really think about their recklessness. In November, 2010 we can really tell them at the ballot box!
Posted: 1925PT 02/21/09
autone.wordpress.com
An Angeleno's View of the World 
Oh yeah.. the economy was great under George W. Deregulation and and lower taxes for the wealthy really boosted the economy to…. where it is right now.
Ah, Yes!! Look at what The Anointed One and his 12 Apostles are doing to the USA. Who are the 12 Apostles? Why, I thought that should be on the tip of everyone’s tongue. But for the uninformed, they are:
Daschle; Geithner; Emanuel; Panetta; Pelosi (another first for her-the first woman Apostle); Dodds; Frank; Durban; Reid; Collins; Snowe; Specter; Holder. Oops, that’s 13. But, the Anointed One always does things in a big way.
Go look at the amount of money brought in to the treasury. That is proof positive of W’s tax cuts making a difference. That you can’t or won’t tells me that you’re an intellectual lightweight, algo.