Obama: Too much debt could fuel double-dip recession
 

So I guess he'll be retracting his support for a $1,000,000,000,000 healthcare plan now, right?

http://www.reuters.com/articlePrint?...88108620091118

Obama: Too much debt could fuel double-dip recession

BEIJING, Nov 18 (Reuters) - President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.

With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.

His administration was considering ways to accelerate economic growth, with tax measures among the options to give companies incentives to hire, Obama said in the interview with Fox conducted in Beijing during his nine-day trip to Asia.

"It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession," he said.

now, after the stimulus that he called for hasn't worked, he's worried about debt? how much debt did that add? what about his proposed health care that will add to the deficit?



oh...i know...this is the lead-up to tax hikes. wonder what he'll add on once the bush tax cuts expire?

Geesh - majority of stimulus funds haven't even been disbursed yet (planned for over two years), that was planned from when Bush gave out the first part.

Bush is responsible for the TARP bailout not the stimulus. He bequethed half of it to Obama as part of the great inheritance that the Prez keeps bringing up. Stimulus is all Obama and the Dems.

the stimulus this spring was billed as absolutely necessary to keep unemployment from reaching 10%. it's reached and passed that. as far as jobs saved/created, even obama said that figuring those figures is an inexact science.

all great empire's fall from within , look at Rome, if anyone here has any young kid's i would suggest sending them for chinese lessson , the jobs are gone and they are not coming back in the manufacturing sector and financial sector

I agree with you on the manufacturing sector, but that's been gone for a long time and the country still prospered. I disagree with you on the financial though...most things financial are cyclical. I'm sure those who lived through 18% Interest rates in the late 70s never would have believed the real estate market would have bounced back either.

That's right. Would you have preferred doing nothing and we right now being in a deep depression? Unemployment 18-20%? It's obviously not black and white. There's not an economist I've seen that has said the stimulus hasn't helped, nor that it won't continue to help.

Yeah but the DT economists say it's not working so who cares what Buffet thinks

Warren Buffet has always done, and continues to do, a good job with my retirement planning. Long live Berkshire Hathaway :tro:

i would prefer they did something helpful, such as the jobs bill they're working on now. i'd also prefer something that was not incredibly expensive, without real success.

Obama's stim package unlike Bush's produced/saved jobs in and sent money to places that don't even exist. That's success that can't be matched and done the Chicago way! :eek:

There currently are millions of foreign workers on H1 visa's in this country doing all kinds of white collar jobs (accounting, medical, IT, etc,etc). The program was started to fill a void during the .Com bubble but now is being misused for wage arbitrage. The program should be shut down and none of the visas extended. Only a fraction of the billions of dollars in wages paid find there way back into our economy. Bottom line if our people aren't working and getting a decent wage they can not buy at a level to sustain a growing economy. This will cause revenue shortfalls which will drive companies to further reduce headcount and look to further squeeze wages. A big sprial down the drain towards being a third world country.

According to Wikipedia (yeah, I know) there are only just over 100,000 approved per year for the past few years, with a 3-5 year limit of duration, no extension. So hardly "millions" that I can see.

You should have stopped right after you questioned your source. There are extenions and loopholes and then you can apply for a green card which kind of sets the clock again... As I have said millions.

Thanks to Mr. Reagan!

You arent looking very hard

It is pretty simple why the stimlus package hasnt helped. The vast majority of it wasnt stimlus. This was pointed out by some of us DT economists this Spring and lo and behold we were onto something.

It certainly hasnt helped Delonte West this season. I was at the game last night. The cavs were shorthanded and that bum still only got on the floor for 20 minutes. I guess its hard to get PT when you are stuck behind luminaries like Anthony Parker and Jamario Moon.

The actual real unemployment rate right now is closer to 17-18% right now, since unemployment numbers do not count people that are unemployed that are not eligible for any more benefits. There is a way to create jobs and GOVT Spending has never been a good solution for this.