Who gets the credit?

[lazarus]

Most economists agree the economy has taken a turn for the better, but agreeing what got us here is the tough part -- and it's key to avoiding future mistakes.

NEW YORK (CNNMoney.com) -- Although the recession isn't officially over yet, there is a growing sense that the economy is now in a recovery. But there is also a growing debate about who deserves the credit.

http://money.cnn.com/2009/09/03/news/economy/who_delivered_recovery/index.htm?postversion=2009090303

[phkrause]

Good question Lazarus. I know some will say, well its not Obama, but with the same breath say, it was all his fault. But for me, the US of A has been slowing walking a fine line for many years and it didn't matter who was in office, it was going to snap sooner or later. It just happen to pop on Bushes watch. Which doesn't necessarily mean that it was he fault either, but I'm not sure what he did or tried to do to correct the problem. It seemed he just let it escalade. Now Obama picks up the pieces, and if like its been mentioned time and time again that he owns this, than he most definitely should take the credit for this but those who say its is fault. As far as I'm concerned he should get the credit for this, but at the same time where still not out of the woods.

pk

[bonnie]

Most economists agree the economy has taken a turn for the better, but agreeing what got us here is the tough part -- and it's key to avoiding future mistakes.

NEW YORK (CNNMoney.com) -- Although the recession isn't officially over yet, there is a growing sense that the economy is now in a recovery. But there is also a growing debate about who deserves the credit.

http://money.cnn.com/2009/09/03/news/economy/who_delivered_recovery/index.htm?postversion=2009090303

Have no idea if "most" economists agree with this. The last I heard a couple of weeks ago was the opposite. Buy assume it is true. Pumping large amounts of money into the economy may give a temporary life but for how long.

OTOH tell me why the massive borrowing to revive the economy and 90% of that money has not been spent. If the economy as Obama says the worst since the depression,was put on the right track with 10% of the money? What about the rest?

Obama has not created any permanent jobs,as the government can only increase government jobs,not product and demand.

Government sector is showing job growth.What else is by comparison.

They created 2,200 temporary jobs that will end in 2010. Big Whoop.

But if the picture is one half as rosy as you and others would like it to sound,please tell me where the rest of the money is. Why is the bulk of the money being held back and not scheduled to be handed out till 2010 and beyond.

Where was the crisis this was called? If it was a crisis why wait? Let's use the money where it is needed to .to prevent more from losing their life's work .

[phkrause]

Interesting post Bonnie, because if that is the case, that we have only spent 10 percent of the money, than wouldn't it be save to say that we wont be in that big of a debt? So wouldn't all those numbers we are throwing around be wrong?

pk

[bonnie]

Interesting post Bonnie, because if that is the case, that we have only spent 10 percent of the money, than wouldn't it be save to say that we wont be in that big of a debt? So wouldn't all those numbers we are throwing around be wrong?

pk

Have you ever heard of the federal government returning what they don't need?? At the time that Obama was demonizing AIG members of congress were handing out good sized bonuses to their aides,otherwise the unheard of would have to be done as in returning the money. Heaven forbid that should happen.

You can check anywhere as to what has been spent. Estimates are from 10% to 15% has been spent. It was not intended all be spent at one time. It was a crisis that could not wait for most to even read this stimulus bill. Now that have have hurried the process because of this crisis we can relax and not worry about the crisis. Obama can hand out a few temporary jobs and become the hero.

Another stimulus has been considered before this one is spent

Same as health care. WE CANNOT WAIT,WE NEED HEALTH CARE NOW.

Except all we really need is rush another bill thru because of another manufactured crisis. Health care bill will not be put into effect for 3-4 years.

When I have a crisis it is immediate.If I can wait 3-4 years I am not in a crisis.

[Dr. Shane]

Saving the banks is what in the end is what will save the economy. The private sector is much more powerful than the government. Not only in size but in efficiency.

We are not out of the woods yet. Inflation may become a problem in 2010 and if it does it will be blamed completely on President Obama.

[bonnie]

Saving the banks is what in the end is what will save the economy. The private sector is much more powerful than the government. Not only in size but in efficiency.

We are not out of the woods yet. Inflation may become a problem in 2010 and if it does it will be blamed completely on President Obama.

Can you explain to me how by shuffling money around like the chairs on the deck of the Titanic,robbing Peter to pay Paul,by having a checkbook in the red and we keep spending in hopes the balance will turn to the black,and then we turn around and do it again,and again.

You seem to think the "cash for clunkers" was a great idea.

The government has no personal income,they are taking money from the taxpayer to give to another taxpayer and we call it stimulating the economy.

The government has no MONEY. It has only the money it takes by force and then redistributes it. That is not producing income except in the language of a liberal.

Why wouldn't a infusion of our money show a temporary hike?

Show me the jobs that means production. Obama claims to have saved over 500,000 jobs. Tell me how he could possibly know that? He would first have to know the 500,000 jobs that were slated for layoff and now is able to keep working.

Not possible. Another of Obama's feel good routine.

Shuffling money around,taking money from taxpayer one and giving it to taxpayer two is not an increase in productivity.

Encouraging many to buy a new car with sizable monthly payments and another taxpayers money is not fiscally sound.

You will soon be seeing those in default just as in the housing market. Everyone had a RIGHT to be a homeowner,even if you had to lie on your application.

Regardless of the size of the transaction certain mathematical rules hold true.

You can not balance a overdrawn checking account by writing more checks in hopes of getting in the black.

Not unless you have a good source of income that can outpace your ability to write checks.

The source of income that Obama and friends have is taking from one and giving to the other. A 100.00 in my hands or in the hands of those Obama gives it to is still 100.00

Obama will never accept blame for anything.

[Dr. Shane]

The government can borrow money, print money and tax. Those are three ways to raise money. This government has been printing money. They are not redistributing wealth - they are printing it! I am not a big fan of government stimulus but stabilizing the banks was necessary. This printing of money is likely to cause a lot of inflation once the economy starts to grow again.

[bonnie]

The government can borrow money, print money and tax. Those are three ways to raise money. This government has been printing money. They are not redistributing wealth - they are printing it! I am not a big fan of government stimulus but stabilizing the banks was necessary. This printing of money is likely to cause a lot of inflation once the economy starts to grow again.

Haven't we been or are going to do all three. Aren't we in to the roots of our hair with China? How much more money will they print and they are redistributing wealth and will be doing a whole lot more.

Whose money went into the cash for clunkers? Who is responsible for paying it back.

Who will pay for universal health care? Who will be the hardest hit with cap and trade? Those two will take care of the economy for decades if the Lord does not return before then When the Bush tax credits expire how many will find themselves paying a whole lot more?

Come Feb another very costly bill is coming up in CPSIA. That is one that will hit the lower income groups hard.

This cannot be sustained.

No matter what games and shuffling of money the piper is going to be paid.

You seemed to think cash for clunkers was a great stimulus .

The car dealerships here are bracing for a very slow almost stagnant fall and winter following that.

That is money we all have to pay back. Whether it is printed,borrowed or redistributed or as in our case all three I think,it cannot continue.

We are on very shaky footing.

[Dr. Shane]

Cash for Clunkers was great because it opened a pent up demand. It also replaced a lot of big cars and light trucks with economy cars. That helps us get off from foreign oil.

The numbers are big when we talk about government spending and people play political games with them all the time. We saw the anti-war activists play games with the cost of the Iraq War during the Bush Administration. Now we hear conservatives screaming about the numbers. It all has to be in context of a percentage of the GDP. Look at the chart below:

The debt is getting out of hand. We are getting back to WW2 debt levels. My big concern is that printing all this money is going to cause massive inflation.