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Stop The Spending And Cut The Taxes
Posted 10/02/2009 07:29 PM ET

Economy: Now that the bad news of Chicago's failure to land the 2016 Olympics is out, can we move on and do something about an economy that's bleeding jobs?

Almost lost in the Olympic hoopla was news that the U.S. shed 263,000 jobs in September and that unemployment has reached a 26-year high of 9.8%. This is a serious problem, but it isn't being addressed.

Here we've had a $787 billion stimulus package, $700 billion in TARP funds and a variety of Treasury and Fed initiatives that, according to Bloomberg News, add up to $11.6 trillion in taxpayer exposure — all as part of an effort to revive the economy. And what do we have to show for it?

Answer Question

Asked by Anonymous at 9:58 AM on Oct. 5, 2009 in Politics & Current Events

Answers (64)
  • At the start of the year, the White House forecast 4 million new jobs by the end of 2010. It took some uncharacteristic understatement from Vice President Joe Biden, as he met with his middle-class task force Friday, to put the jobs report in perspective: "We still have a whole lot more work to do."

    No kidding. Since the start of the year, the U.S. has lost 4.1 million jobs — 7.2 million total since the recession began.

    Americans were told early this year that passing the stimulus was vital, that it would put us back on the path to economic growth and that joblessness would top out at 8.5%. Now we're looking at 10%.


    Answer by Anonymous at 9:59 AM on Oct. 5, 2009

  • Politicians may act surprised, but they shouldn't be. They caused it. Policies based on massive government spending, higher taxes and costly regulation don't work.

    We've warned since last year that any "stimulus" built on Keynesian spending is doomed to fail. The idea that there's a multiplier effect — that is, a net GDP gain — from the government taking your money and spending it for you is, quite plainly, absurd.

    Indeed, respected Harvard economist Robert Barro, in a National Bureau of Economic Research study last month, found no solid evidence for a positive multiplier effect. What he did find was powerful evidence that a one-percentage-point cut in tax rates leads to a boost in the growth of GDP of 0.6%.

    No surprise. From Coolidge to Kennedy to Reagan to George W. Bush, tax cuts have galvanized weak economies.

    Answer by Anonymous at 9:59 AM on Oct. 5, 2009

  • Like that will ever happen! NObama has OUR money at his disposal! Cut taxes, NOT spread the wealth? Silly notion! What is apparent is that the data that supports the fact that the vast majority of those who pay the most taxes are folks like you and me, NOT the top 1% wealthy! The only thing NObama is wanting to do is spread the gap between rich and poor SO wide that he completely annihilates the middle class that he was promising in his campaign to help! Cutting taxes would help build the middle class, NOT something NObama and his cronie tax cheats want!


    Answer by Anonymous at 10:08 AM on Oct. 5, 2009

  • In the 1970's the unemployment rate nationally was 17.5% Plus we had lines to wait in just to get gas and you could only buy gas on certain days. I think the media is fear mongering and hyping this WAY out of proportion.

    Answer by vbruno at 10:24 AM on Oct. 5, 2009

  • vbruno, I think that you aren't accepting the current situation because it's under your messiah's leadership! Your facts are incorrect, here is the real data from the dept. of labor....1970 12 month
    1970 01 603.9 4.8 0.5
    1970 02 454.2 3.6 0.8
    1970 03 214.4 2.4 1.0
    1970 04 454·6 2.4 1.2
    1970 05 714.8 2.4 1.4
    1970 06 194·9 1.2 1.4
    1970 07 835·0 1.2 1.5
    1970 08 545·1 1.2 1.6
    1970 09 755.4 3.6 1.7
    1970 10 115.5 1.2 1.8
    1970 11 605·9 4.8 2.4
    1970 12 706·1 2.4 2.6

    Answer by Anonymous at 10:34 AM on Oct. 5, 2009

  • vbruno, unless you were thinking about the 80's, after Carter's presidency! Actual unemployment when it's all said and done will are exceed any in our generation, back to the depression days, as long as the POTUS's socialist agenda's and continued spending succeeds! Look at Michigan, unemployment is at a record 21.6% AND teenage unemployment is the highest it's been since 1948 at 25.5%!

    Answer by Anonymous at 10:38 AM on Oct. 5, 2009

  • Amazing how the minions still sing his praises while waiting in the welfare line.....

    Answer by Anonymous at 10:50 AM on Oct. 5, 2009

  • The unemployment is today what it was in 1983, Which was Saint Ronald Reagans numbers. WHat is the difference? Reagan was in office for 2 years at that point and has enacted huge tax breaks for the RISH...(Reaganomics)...sound familiar??

     Anyway, after that HUGE failure, he tried to reverse his calmity by increasing taxes more than any other PEACE time President....

     When George H.W. took office, he too ran on Reanganomics, but since people KNEW how bad it turned out the last time, he called it "Trickle Down economics" and claimed "NO NEW TAXES"... When that failed, and he HAD to raise taxes he lost his shot at re-election

    If you look at HISTORY, you can SEE what works and what doesn't.


    Answer by sweet-a-kins at 10:54 AM on Oct. 5, 2009

  • I would love some tax cuts! Especially since our state income tax is going up. I would love to be able to hire a couple of more people. I'm not doing anything as long as all the tax raising threats remain on BO's agenda.


    Answer by yourspecialkid at 10:55 AM on Oct. 5, 2009

  • "Some times logical thinking can only be determined by the logical. Liberals aren't them. They let emotion dictate how they think. Think with your brain, not with your heart. They keep on missing the ball. The man in the white house doesn't use this logic. I think he knows what works or at least he's been told, but he insists that he's FDR. He's ... Read Moretrying to make the country think that they need him. I reality, we don't need him, he needs us. He's just too blinded by self pride and self admiration, that he can't see it."

    Answer by Anonymous at 10:58 AM on Oct. 5, 2009

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