Tag Archives: President Obama

Duh Economics

If I hear one more person ask how spending billions of dollars is supposed to stimulate the economy, I think I’ll scream at the top of my lungs while pulling every hair out of my head. After that, I will buy a wig, glue it to my head and continue with the hair-pulling.

I’m going to be as restrained as I possibly can here, but this is getting ridiculous. At the risk of sounding like a condescending jerk, when someone asks how spending money stimulates the economy, they show a complete ignorance of even high school-level economics. The question is as jaw-dropping to me as asking how billions of people having sex is supposed to stimulate population growth.

So then you get the argument, ‘well, this is not a stimulus bill, this is a spending bill.’ What do you think a stimulus is? That’s the whole point! — President Obama

Exactly! I’ve been saying this, almost verbatim, for a couple of weeks now. Thank you, Mr. President!

But now we’ve got people saying, “So, he finally admits that the stimulus bill is about spending.”

Excuse me while I have a facepalm moment.

President Obama no more “admitted” that the stimulus bill is about spending than a person could “admit” that air traffic is about planes flying around in the sky, or that ice is about frozen water.

But let me tell you where I think President Obama went wrong in all this: He gave too many people more credit than they deserved in assuming that they understood what the damn word means.

He didn’t “admit” to anything, as that would imply that he had previously denied or attempted to cover it up. I think he just finally realized that he was going to have to dumb it down for people who clearly weren’t grasping all the words or understanding the very basics of Duh Economics.

This is not simply a matter of perspective. This is not some sinister, liberal conspiracy to steal people’s money. The United States is in economic crisis. Police are being called to control the crowds at job fairs! This is the harsh reality of the situation.

Republicans may not like it but the way to create jobs fast is through spending. It matters when you’re wrong. A whopping proportion of the Republican rhetoric about stimulus is wrong – total economic bull puckey. It’s time to take the radical step of privileging correct information over incorrect information.

Rachel.msnbc.com

For a crash course in what economists from both sides of the aisle are saying, please watch at least the first four minutes of this, though I do recommend the entire eight minute course.

Posted by Lottie — Copyright © 2009 Rambling On


More Layoffs

WASHINGTON – It’s already been a lousy year for workers less than a month into 2009 and there’s no relief in sight. Tens of thousands of fresh layoffs were announced Monday and more companies are expected to cut payrolls in the months ahead.

[…]

The recession, which started in December 2007, and is expected to stretch into this year, has been a job killer. The economy lost 2.6 million jobs last year, the most since 1945. The unemployment rate jumped to 7.2 percent in December, the highest in 16 years, and is expected to keep climbing.

Associated Press

General Motors will lay off 2,000 employees in Michigan and Ohio and halt production at nine U.S. plants over the next six months.

NEW YORK – Pfizer Inc. is buying rival drugmaker Wyeth in a $68 billion deal that will increase its revenue by 50 percent, solidify its No. 1 rank in the troubled industry and transform it from a pure pharmaceutical company into a diversified health care giant.

At the same time, Pfizer announced cost cuts that include slashing more than 8,000 jobs as it prepares for an expected revenue crash when its cholesterol drug Lipitor — the world’s top-selling medicine and source of one-quarter of Pfizer’s revenue — loses patent protection in November 2011.

Associate Press

A word from President Obama:

WASHINGTON – President Barack Obama says the nation can’t afford “distractions” or “delays” when it comes to the economic stimulus plan working its way through Congress.

Obama pointed to job cuts taking place at companies including Microsoft, Intel, United Airlines and Home Depot. And he said it means more working men and women “whose families have been disrupted and whose dreams have been put on hold.”

Obama told reporters Monday the government owes it to “every American” to act with a “sense of urgency” and “common purpose.”


President Obama’s Inaugural Address

Barack Obama was sworn in today as the 44th President of the United States. I am filled with a hope that I haven’t felt in a very long time.

Congratulations, Mr. President!


This video is public domain per White House copyright policy.


What A Wonderful World

I jumped up and down and screamed last night, spilling champagne down the front of my clothes, and not caring one bit. I cried tears of joy and then slept like a baby. There’s a spring in my step this morning and a smile on my face. I feel a sense of relief and hope, and I’m no longer afraid.

I will write more later about what this victory means to me and what I think it means for the U.S. and the world. But right now, I just want to enjoy and savor the moment.

I found myself humming this song a little while ago, and thought it would be a great way to start a beautiful day like this.

Welcome President Barack Obama! For the first time in eight years, I can say, “That’s my President!”


Posted by Lottie — Copyright © 2008 Rambling On


Signed, Sealed, Delivered

Democratic Senator Barack Obama is elected the first black president of the United States, as John McCain accepts defeat.

BBC News

Welcome President Barack Obama!