Obama Signs Stimulus Bill To Save America. Thank You Mr. President...

Obama signed this very large spending bill that he and his fellow Democrats believe will help us out of this recession. While it is possible that it will help us in the short term, the OBM has determined that it will be a drag on our economy in the long run; we will have a net job loss. If it does get us going again, then what do you think the odds are that the Democrats will start spending less in order to reduce our debt? The answer is that there is zero percent chance of that happening. They will instead spend even more. The Democrats truly believe in their hearts that they can raise taxes on the rich and by doing that, they will then be able to retire the debt. They are flat wrong. They will never be able to collect enough revenue because their high tax rates will decrease economic and output, which will result in less tax revenue. The Democrats will refer back to the nineties and claim that Bill Clintons tax hikes were responsible for the balanced budget later in that decade. But the real story is that the high tech bubble had begun and the tax increase was not enough to stop it; it was too strong. The increase in productivity because of technology, and a whole lot of other factors are responsible for debt reduction in the nineties; it was not simply a result of Clinton raising taxes. So if the Democrats think that they can just simply raise taxes and magically revenue is just going to come pouring into the Treasury, then they are going to be in for a big surprise, because its not going to happen, this is not the nineties. jbranstetter04 Obama signs stimulus into law, housing moves next DENVER (Reuters) President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears the recession would deepen despite government rescue plans around the world. Obama, who has described the package as one part of a broad plan to solve U.S. economic ills, was expected to lay out a strategy on Wednesday to stem home foreclosures and address the housing crisis -- one of the chief causes of the financial sector meltdown. Meanwhile General Motors Corp and Chrysler LLC, pushed to the brink by the financial storm, finished restructuring plans to be submitted to the Obama administration as part of efforts to keep America's biggest carmakers afloat. U.S. stocks slid, sending Wall Street near lows set in November. Other global markets also sank on fears that government action will not be enough to pull the United States out of recession and avert a deepening worldwide financial crisis. Obama, whose plan to boost the banking industry was also met with falling stock markets last week, sounded a cautious but confident note in his remarks before signing the bill. "I don't want to pretend that today marks the end of our economic problems, nor does it constitute all of what we're going to have to do to turn our economy around," he said. "But today does mark the beginning of the end." The president has staked his political reputation on the package, a mixture of tax cuts and spending projects, saying its success will determine his success as president. The White House has said it will take about a month for the money to start flowing. Some economists, however, believe the measures will come too late to have an effect in 2009, when many forecasters predict full-year output will contract. Press Secretary Robert Gibbs indicated that another stimulus bill might be required at a later date, though he said the administration was not working on one now. "There are no particular plans at this point for a second stimulus package," he told reporters on board Air Force One, adding, however, that he "wouldn't foreclose it." The focus on Wednesday will turn swiftly to Obama's housing plans, which will aim to reduce foreclosure rates and help property owners at risk of losing their homes. That plan, unlike the bailout of big money banks, is likely to be popular with average Americans. STATES REELING, BITTER DEBATE Some U.S. states are reeling with their own budget problems. Lawmakers in California, the nation's most populous state, failed to pass a $40 billion budget and state officials began informing up to 20,000 state employees that they could lose their jobs. Kansas is also running out of cash and its governor said it might halt tax refunds. http://news.yahoo.com/s/nm/20090217/ts_nm/us_obama

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YouTube | February 23, 2009

Tags:. .obm. .nineties. .carmakers. .recession. .afloat