Wednesday, May 23, 2012

Top Dems claim GOP trying to sabotage economy to hurt Obama

Obama Blame Game
The GOP does not have to sabotage the economy. The Dems have done a fine job of making a mess of the economy from the beginning. The beginning is when Dems in the Senate filibustered GOP reform of Fannie and Freddy and Obama’s policies that have attempted a spread the wealth program to tax and spend with only very limited success.

JRH 5/23/12

Top Dems claim GOP trying to sabotage economy to hurt Obama

By Tony Newbill
Sent 5/20/2012 12:00 AM

You watch Obama and the democrats will set up the GOP and make the Independent voters think the GOP is going to cut their funny money and that the Obama democrats will make sure their funny money Lives on ...... and Obama will get back in!!! See what I mean, the Democrats and Obama will look like Republicans and promise them everything stealing the GOP’s Thunder right out from under them. There is only one way for Romney to win and that’s Take a Hard-line Straight-up approach to making sure we all say to Obama where is your Constitutional valor Mr. president? Show us your REAL Birth certificate, NOW!!!!! The Democrats and Obama don’t care long term that the USA goes Broke, they want it too.

Check out this buying of the Vote. They will be doing this all over the USA in the Most hardest hit areas and steal the GOP’s Thunder right out from under them.  The GOP is like Mike Savage says, Ball-less!!!

$4.2 million in tax incentives brings Whole Foods to depressed downtown Detroit

Michigan politicians met in downtown Detroit on May 14 to break ground on a new Whole Foods Market with hopes of boosting the area’s economy and bringing new jobs to the city.

The new store is said to be part of an incentive package that includes $4.2 million in state and local funds. The store will receive tax credits and promise to remain open for seven years after receiving the first installment, Spero News reported.

Michigan Democratic Sen. Debbie Stabenow and Detroit Democratic Mayor Dave Bing joined Whole Foods co-chief executive Walter Robb at the groundbreaking.

Proponents of the project are hoping that the market will create what they refer to as the “Whole Foods Effect,” where real estate values increase in areas where stores put down roots.

The store will create at least 60 jobs. Retailers nearby are hoping that the Whole Foods will encourage shoppers to remain in the area after dark.

The mid-town Detroit Whole Foods is scheduled to open in 2013.

WRAPUP 1-Europe's economic woes dominate G8 gathering, Obama to EU: Ease Up On Austerity

Though no major policy decisions are expected from the Group of Eight summit, leaders hope they can bridge enough of their differences to soothe rattled financial markets after worries about the risk of a Greek exit from the euro zone sent European stock prices to their lowest level since December.

"Hopefully we'll get some stuff done," Obama told Italian Prime Minister Mario Monti as he and other summit participants arrived for Friday evening dinner at a lodge at the secluded presidential retreat.

Obama earlier in the day aligned himself with Monti and new French President Francois Hollande by urging a solution to the euro zone crisis that combines fiscal belt-tightening measures with a "strong growth agenda."

On the other side of the debate is German Chancellor Angela Merkel, who has pushed fiscal austerity as a means of bringing down huge debt levels that are burdening European economies.  (Read More)

Here is Obama’s right hand Liberal Economist out to set the stage for the Buying of the Independent voters with a Little bribe inflation stimulus..... See the GOP is caught flat footed with, Oh we got a cut when everyone is hurting. Do you think the Dems will buy the GOP idea of taking less income or will the voters hear the Democrats go - we will make sure you get the same amount of your checks??? Ha-Ha-Ha! Those GOPs are getting their you know what’s handed to them. They have Nothing but a cut plan and Oh we will grow the economy if China lets us have some parts, ha-ha-ha-ha-ha   ......

Austerity measures won't save Europe but loose monetary policies will, writes Nobel economist Paul Krugman.

The European Union and the International Monetary Fund have made over $170 billion in rescue funding available to Greece provided the country agrees to belt-tightening measures like spending cuts and public-sector layoffs.

The result, the Greek economy remains mired in recession and anger on the rise, as evidenced by recent parliamentary elections that thrust leftist political parties into power vowing to ditch austerity policies even if it means abandoning the currency zone, which could disrupt the European economy if the larger Italy and Spain follow suit.

While austerity won't solve the problem, looser monetary policies on the part of the European Central Bank will, Krugman writes is New York Times column.

Inflation may rise, but that's better than risking economic collapse for much of the continent.

[SlantRight Editor: I am not a Paul Krugman fan. I consider him a Liberal Keynesian Economist. In that vein I am adding link of more Conservative Economists refuting the thoughts of Krugman. This is not a part of Newbill’s email.]

Norquist, Lott Eviscerate NYT's Paul Krugman in New Stimulus Exposé

Grover Norquist and John Lott, Jr. lay waste to the economic claims of Obama-backer, stimulus defender, and New York Times columnist Paul Krugman in their new, hard-hitting book, Debacle: Obama’s War on Jobs and Growth and What We Can Do Now to Regain Our Future. 

Grover Norquist, who is the President of Americans for Tax Reform, and economist John Lott marshal a mountain of economic data that reveal that, contrary to Krugman’s Keynesian claims, President Obama’s 2009 stimulus plan has made the American economy worse, not better.

Their refutation makes for fascinating and sometimes humorous reading.

Consider, for example, the prediction Krugman made the day Obama signed the original stimulus bill into law:  “I am still guessing that we peak out at around 9% [unemployment] and that would be late this year [2009]." Furthermore, Krugman declared that double-digit unemployment was “not the most likely event.” As Norquist and Lott note, unemployment hit 10.1% and remained above 9% two years after Krugman predicted it would peak.

Once it became clear that President Obama’s stimulus plan had failed to ignite the economic recovery he promised, Krugman and others began scrambling for excuses to explain why Obama’s spending spree hadn’t worked. One explanation Krugman offered was that right-wingers had erroneously claimed government spending had increased when it hadn’t:

So as I said, the big government expansion everyone talks about never happened....And federal aid to state and local governments wasn’t enough to make up for plunging tax receipts in the face of the economic slump....[T]here’s a widespread perception that government spending has surged, when it hasn’t—is that there has been a disinformation campaign from the right, based on the usual combination of fact-free assertions and cooked numbers.

As Norquist and Lott reveal, Krugman’s claims rely on a slippery game of sleight of hand; Krugman cherry-picks the only year when total government spending dropped, which was from 2009 to 2010, “and even then, it was still much higher than just a couple of years earlier.”  In point of fact, note the authors, government spending has grown 12 percent since 2008 and 20 percent since 2007.

In one of the more outrageous examples of Paul Krugman’s Keynesian illogic, Norquist and Lott showcase the New York Times columnist’s bizarre contention that an alien space invasion could help stimulate America’s floundering economy:

Paul Krugman: If we discovered that space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. And then if we discovered, oops, we made a mistake, there aren’t any aliens, we’d be better off.

“Would we really be better off paying workers to dig ditches and then fill them back up?” write Norquist and Lott sardonically. “Or, how about paying people to build massive defenses against imaginary space aliens?"

Debacle also brings in Krugman’s contention that the 9/11 terrorist attacks were an economic winner for America for a well-earned drubbing:

Krugman also thought that the 9/11 attacks “could even do some economic good” by stimulating the economy because “all of a sudden, we need some new office buildings” and “rebuilding will generate at least some increase in business spending.”  Unfortunately, this is the cornerstone of Obama’s Stimulus program. The examples also highlight how inconsistently these arguments are used by the president and his defenders. The 9/11 attacks or natural disasters in the United States were supposedly beneficial for the U.S. economy because they increase spending, but the earthquake in Japan was detrimental.

Claim after claim, Grover Norquist and John Lott offer numerous data-laden refutations to Paul Krugman’s myriad Keynesian claims. It would all be humorous were it not for the fact that Krugman’s big spending philosophy forms the intellectual foundation of Barack Obama’s economic policies.

The result: the Obama economy has been an unmitigated debacle.

Top Dems claim GOP trying to sabotage economy to hurt Obama

WASHINGTON (AP) — Are Republican lawmakers deliberately stalling the economic recovery to hurt President Barack Obama’s re-election chances? Some top Democrats say yes, pointing to GOP stances on the debt limit and other issues that they claim are causing unnecessary economic anxiety and retarding growth.

The latest Democratic complaint came after House Speaker John Boehner said Tuesday that when Congress raises the nation’s borrowing cap in early 2013, he will again insist on big spending cuts to offset the increase. Boehner, R-Ohio, continues to reject higher tax rates, which Democrats demand from the wealthy.

That led Sen. Chuck Schumer, D-N.Y., to say Boehner is virtually assuring another debt-ceiling crisis as bad or worse than the one that shook financial markets nine months ago.

“The last thing the country needs is a rerun of last summer’s debacle that nearly brought down our economy,” Schumer said in a statement. In an interview, Schumer added: “I hope that the speaker is not doing this because he doesn’t want to see the economy improve, because what he said will certainly rattle the markets.”

Boehner responded in a statement: “Republicans have passed nearly 30 bills that would help small businesses create jobs and we are waiting on Senate Democrats to vote on these common-sense measures. The failure to act on these jobs bills, as well as our crushing debt burden, is undermining economic growth and job creation.” (Read more)

Edited by John R. Houk

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