CHESSNOID

This gentleman basically thinks the recession is over.  There are a ton of reports out there and I don’t understand which ones he is looking at to come to that conclusion.

Yahoo AP:

The White House’s budget director says the economy has almost bottomed out and the sense of economic free-fall is over.
Peter Orszag (OR-zag) says that as the economy improves in the months ahead, the nation’s budget will run lower deficits. He also says that the Obama administration’s financial assumptions are going to be updated because of higher-than-expected unemployment rates.

The budget director says President Barack Obama is committed to changes in the health care system this year. Orszag says the president’s plan to provide health care to millions of uninsured Americans would not add to the federal deficit in the short term, and actually reduce it in coming years.

I will have to assume he is not aware of the record breaking number of foreclosures or the current and incredibly high national unemployment rate of 9%. The 2 giant auto companies GM and Chrysler just announced they are closing at least 25% of the dealerships around the nation so that will affect the national unemployment rate when a number of manufacturing plants are shut down, dealership employees are laid off, and all the auto parts, services and accessories stores and centers related to those automobile industires have to shut down as the domino falls.

As far as federal deficits are concerned, I think the budget cheif is being very optimistic about Obama’s ability to balance the budget.  President Obama and his administration have not demonstrated they can do so and make Bush look like a saver! Seriously, Obama’s solution is to spend our way out of the recession. It is not working so far and will not work anytime soon. His rhetoric “it will get worse before it gets better” buys him some time for his hopeful supporters.  His actions do not solve the American economy’s issues but instead makes it worse. I have no doubt he will shoot for more bailouts even as the American people sour on that failed miserable  idea. Watching bailed out failed companies that have accepted billions of taxpayer dollars come back every 3 to 6 months asking for more billions while continuing to post losses gets old fast.

Obama and his administration can’t even dream or hope for balanced budgets and lowered deficits.  That would require spending cuts which they adamantly will not do.   Their actions reflect the idea that spending is the solution to solve America’s  economic problems which is like giving an alcoholic more beers to drink until he becomes sober.

Just say no to Bailouts!