Welcome to the Killington Zone Message Board
https://www.killingtonzone.com/forums/
Well I certainly hope so with the ~$1 trillion dollars Obama will be asking for. My question to Coydog is what is Obama cutting to cover the ~$1 trillion?Bubba wrote:Yes, we have a serious financial problem that has yet to be solved and consumer confidence is at an all time low, but I bet that all changes by mid-year and we begin a recovery.
You don't do anything right now to cover the dollars. You spend it now and tighten up later as we recover.XtremeJibber2001 wrote:Well I certainly hope so with the ~$1 trillion dollars Obama will be asking for. My question to Coydog is what is Obama cutting to cover the ~$1 trillion?Bubba wrote:Yes, we have a serious financial problem that has yet to be solved and consumer confidence is at an all time low, but I bet that all changes by mid-year and we begin a recovery.
... that doesn't sound like Hope we can believe in ... especially when Obama is saying one thing to voters and doing something totally opposite once in office (not that this isn't typical, but Obama is supposed to be "Change we can believe in"). Obama sounds like an 18 year old with a unlimited credit limit VISA.Bubba wrote:You don't do anything right now to cover the dollars. You spend it now and tighten up later as we recover.XtremeJibber2001 wrote:Well I certainly hope so with the ~$1 trillion dollars Obama will be asking for. My question to Coydog is what is Obama cutting to cover the ~$1 trillion?Bubba wrote:Yes, we have a serious financial problem that has yet to be solved and consumer confidence is at an all time low, but I bet that all changes by mid-year and we begin a recovery.
This doesn't give me much hope.Nouriel Roubini wrote: Unfortunately, the worst is ahead of us. The entire global economy will contract in a severe and protracted U-shaped global recession that started a year ago. The U.S. will certainly experience its worst recession in decades, a deep and protracted contraction lasting at least through the end of 2009. Even in 2010 the economic recovery may be so weak -- 1 percent growth or so -- that it will feel terrible even if the recession is technically over.
Recession Spreads
There also will be recessions in the euro zone, the U.K., continental Europe, Canada, Japan and the other advanced economies.
First off, he isn't even in office, but what are you talking about regardless? He ran for office talking about the need for rebuilding infrastructure and the need for a stimulus package. That's what he's still talking about.XtremeJibber2001 wrote:... that doesn't sound like Hope we can believe in ... especially when Obama is saying one thing to voters and doing something totally opposite once in office (not that this isn't typical, but Obama is supposed to be "Change we can believe in"). Obama sounds like an 18 year old with a unlimited credit limit VISA.Bubba wrote:You don't do anything right now to cover the dollars. You spend it now and tighten up later as we recover.XtremeJibber2001 wrote:Well I certainly hope so with the ~$1 trillion dollars Obama will be asking for. My question to Coydog is what is Obama cutting to cover the ~$1 trillion?Bubba wrote:Yes, we have a serious financial problem that has yet to be solved and consumer confidence is at an all time low, but I bet that all changes by mid-year and we begin a recovery.
... he said he would introduce no new spending. All new spending would be met by a cut in something else. Were we watching the same people? Coydog has made this a point of his support for Obama multiple times.Bubba wrote:First off, he isn't even in office, but what are you talking about regardless? He ran for office talking about the need for rebuilding infrastructure and the need for a stimulus package. That's what he's still talking about.XtremeJibber2001 wrote:... that doesn't sound like Hope we can believe in ... especially when Obama is saying one thing to voters and doing something totally opposite once in office (not that this isn't typical, but Obama is supposed to be "Change we can believe in"). Obama sounds like an 18 year old with a unlimited credit limit VISA.Bubba wrote:You don't do anything right now to cover the dollars. You spend it now and tighten up later as we recover.XtremeJibber2001 wrote:Well I certainly hope so with the ~$1 trillion dollars Obama will be asking for. My question to Coydog is what is Obama cutting to cover the ~$1 trillion?Bubba wrote:Yes, we have a serious financial problem that has yet to be solved and consumer confidence is at an all time low, but I bet that all changes by mid-year and we begin a recovery.
Oh yeah, but I believe that was back before the financial crisis and before we knew how quickly the economy was hitting the skids. Now that we know, it's time to change plans.XtremeJibber2001 wrote:... he said he would introduce no new spending. All new spending would be met by a cut in something else. Were we watching the same people? Coydog has made this a point of his support for Obama multiple times.Bubba wrote:
First off, he isn't even in office, but what are you talking about regardless? He ran for office talking about the need for rebuilding infrastructure and the need for a stimulus package. That's what he's still talking about.
I suppose, but the Fed can only artificially prop up the market for so long before the USD tanks (more then it has) and we're SOL. My $.02Bubba wrote:Oh yeah, but I believe that was back before the financial crisis and before we knew how quickly the economy was hitting the skids. Now that we know, it's time to change plans.XtremeJibber2001 wrote:... he said he would introduce no new spending. All new spending would be met by a cut in something else. Were we watching the same people? Coydog has made this a point of his support for Obama multiple times.Bubba wrote:
First off, he isn't even in office, but what are you talking about regardless? He ran for office talking about the need for rebuilding infrastructure and the need for a stimulus package. That's what he's still talking about.
subdude wrote:Might want to invest in guns, water, ammo, food stocks, hand tools, bicycles, livestock, canning supplies, and whiskey.
WSJ wrote:Obama Calls for Budget Reform as Deficits May Last for Years
By HENRY J. PULIZZI
WASHINGTON -- President-elect Barack Obama warned Tuesday that the federal deficit is likely to rise to close to $1 trillion this year, saying the exploding budget gap underscores the need for long-term reform of the nation's finances.
Following a meeting with his economic and budget team, Mr. Obama told reporters that the plan being crafted to jump start the economy will ban earmarks, the pork-barrel projects lawmakers insert into legislation without review. He repeated that the stimulus package will be evaluated by an oversight board, and said taxpayers will have access to information on how their money is spent.
"We're already looking at a $1 trillion budget deficit or close to a $1 trillion budget deficit, and potentially we've got $1 trillion deficits for years to come," Mr. Obama said.
"We're going to have to stop talking about budget reform and we're going to have to fully embrace it. It's an absolute necessity."
The president-elect's remarks Tuesday were the latest in his drive to sell lawmakers and the public on a stimulus plan that could approach $775 billion over two years, legislation that will further pressure the already record-high deficit.
Mr. Obama met at his transition office with Rahm Emanuel, Chief of Staff-designate; Timothy Geithner, Treasury Secretary-designate; Peter Orszag, Director-designate, Office of Management and Budget; Rob Nabors, Deputy Director-designate, Office of Management and Budget; Christina Romer, Director-designate, Council of Economic Advisors; and Lawrence Summers, Director-designate, National Economic Council.
The session was aimed at reviewing the medium-term budget outlook and discussing a fiscal 2010 budget that puts the government on a path to reduce the record deficit.
The government ran a record budget deficit of $454.8 billion for fiscal 2008, which ended in September.
"We're going to have to bring significant reform not just to our recovery and reinvestment plan, but to the overall budget process, to address both the deficit of dollars and the deficit of trust," Mr. Obama said. "We'll have to make tough choices, and we're going to have to break old habits."