Sunday, March 15, 2009

Proof the U.S. Economy is in trouble

Updated: 3/16- FOX put the above quotes on their news page today...Reep is a little ahead of them...

Listening to President Bush speak about the economy in 2008 was painful. It was obvious we were plunging in to something serious especially as his term wound down. Still, despite the decline, he steadfastly maintained the U.S. economy was "fundamentally sound".

In relationship to Bush's ongoing campaign to speak positively about a declining economy was then candidate Obama ripping Bush at every campaign stop for simply "not getting it". Obama rightly criticized Bush for saying something that really wasn't true- that the U.S. economy was fundamentally sound. Obama and Biden did their best to consistently highlight Bush's mistaken notion about the U.S. economy and bid voters to recognize that McCain was no different and the GOP was generally delusional about the real state of U.S. economic affairs. I dare say Obama garnered many votes making a legitimate case about the Bush/McCain "the economy is fundamentally sound" mantra.

Now, just 50 days after President Obama was sworn in, after pushing an absolute monstrosity of a public spending bill through congress along with a subsequent pork-laden spending bill (the kind he said he would not sign while campaigning) this past week and plunging our country in to unprecedented debt- what is Obama's assessment of the U.S. Economy?

Reported by Phillip Elliot (AP):

An optimistic message came from economic adviser Christina Romer. When asked during an appearance on NBC's "Meet the Press" if the fundamentals of the economy were sound, she replied: "Of course they are sound."

"The fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology," she said. "We know that — that temporarily we're in a mess, right? We've seen huge job loss, we've seen very large falls in GDP. So certainly in the short run we're in a — in a bad situation."

Just a week ago, White House Office of Management and Budget director Peter Orszag declared that "fundamentally, the economy is weak." Days later, Obama told reporters he was confident in the economy.


Charles Long said...

Obama is fundamentally a liar, presiding over a nation that is fundamentally sinful, by decree of the God whose judgment is fundamentally just. And our repentance must be fundamentally sincere -- may God grant it to us.

Until we confess our sin and worship God rightly, our nation will continually be plagued with this kind of doublespeaking leadership and bad economic policy.

Rick Calohan said...

Congress and not the President control the purse strings and right now we have a rubber stamp Congress with no opposition to the policies of the Big O. Even if the Big O would come before congress and say the only way to turn this country around is to institute sound fiscal policy, cut taxes, reduce spending, balance the budget and pay off the debt, and by our example we will be able to say to the banks, Wall Street, and the World that we are responsible, Congress would still find a way to spend more money than the Government takes in.

When taxes were cut under Kennedy, Reagan and Bush the Treasury received more revenue then when taxes were raised. Unfortunately, the Congress found ways to continue to spend more than it receives.

It does not help when the loyal opposition ends up with just as many earmarks in a spending bill as the party in power.

Frontier Forest said...

Cheri listens to “meet the press” while getting ready for worship. I do my daily devotionals. But have to confess, yesterday morning I overheard this squeaky, mousy sounding voice, spewing forth left wing garbage so I went to investigate who was making that awful sound. First sounded like Pinko Pelosi, but soon realized it must be one of Obama’s new far left goony-loons. I too was intrigued by the question from moderator David Gregory, what was the difference in McCain’s comments about “fundamentally sound” verses Obama’s? Of course “economic adviser” Christina Romer first remarks were emphatic, “We inherited this mess!” And then she went on to babble about nothing. Expecting to be disgusted, I certainly wasn’t disappointed. I listened for about 3 minutes then walked back to read the Word and prepare my heart for Worship.