Federal Deficit Tops $1.27 Trillion, a New Record [2:15 p.m. ET] Ref. ABC News
US Economy Grows
Economy grows for first time in a year, with GDP rising 3.5 percent in third quarter. Ref. CNN
Yes there are going to be a falling number of initial jobless claims as less companies are now laying people off. I do not think that the economy has turned around yet because we still have a lot of people out there that do not have a job. I know six people right now that are looking for a job and have not found a company that is hiring at this time.
The economy is fixed!
The unemployment rate went from 10.2% down to 10% this past month. President Obama was giddy as he addressed a crowd in Allentown, PA that the economy shed 'only' 11,000 jobs. While those people don't feel like celebrating, the administration clearly does, because the President started running down anything he possibly could to take credit for the dip. Ref. Source 5
I do not think the economy is fixed at all. I think that we are just riding a bubble and sooner or later that bubble is going to burst and we are going to be in a much deeper crisis.
I just read something that totally burns me up. If ever I needed reassurance that our idiots at Capitol Hill are not capable to manage Health Care let alone the family budget, I present a article about the what I can only assume that those of the legislative branch are calling at TARP Surplus. Let the spending orgy continue...
The government has now realized that they might not have to use a total of $200 billion dollars of TARP money and what do they do with it? Do they take that money and apply it to our national debt? Why no...that would be wasting a surplus and in the end save the tax payers of the nation TRILLIONS by the time the loan to the Chinese is paid off. No...dont be that fiscally responsible. There are palms to grease and free money to be had and boat loads of temporary jobs to garnish to our constituencies! The article does a fantastic job of explaining how this will pave the way for a jobs program that will save money by spending up the $200 billion surplus from TARP. What moron believes that we will save money by spending $200 billion? This is insulting!
Again, if this is you or I and we are personally 13 trillion dollars in debt and someone gave us a refund of 200 billion, we would have to put the money to our debt. Actually, you would have already filed Chapter 13 if you were 13 TRILLION in debt. Actually, you would be lounging about in jail with BERNIE MADOFF because you cant be that much in debt.
They just dont get it. WE ARE BROKE. If we were a small business, our vendors would quit shipping us materials. If we think of the government as a business (say like GM), Obama would have bailed out the government and replaced himself. There is little chance that unless we can change our spending ways that we can dig ourselves out of this hole. The yearly interest of the loans we have with foreign governments is half of the IRS's yearly take from the taxpayers. We either need to get REALLY good paying jobs to increase the IRS haul or we need to start paying off the principle. The best part is that they are forecasting the eminant doom that awaits us...
Are we going to quit adding to the loan we are getting from the Chinese yearly? NO..plans are to keep begging for about 1 trillion dollars every year! Folks it wont take a whole lot longer and the interest payment will equal the amount that the IRS brings in each year.
So when I look at an article like this, I go ballistic. Nothing has changed. These idiots we have elected have no concept of money.
Experts have a theory where we can spend our way out of debt. WONDERFUL! I bet they bought a house they cant afford also. Check out that article and figure out where they are going to bleed the turnip when the bill comes due.
The spending orgy on Capitol Hill has got to stop! If I see an E by the name next election, I am voting the other way. Party doesnt seem to matter when you look at the spending history. Oh...and we are going to give these morons about another 1 TRILLION to redesign our healthcare system. PLEASE!
Edited: Vincenzo on 7th Dec, 2009 - 8:43am
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