Obama promises efforts to revive economy

[brooklynite]

Source: AP

WASHINGTON - Democratic presidential candidate Barack Obama on Monday blamed "irresponsible decisions" by the Bush administration and Wall Street for the country's economic woes as government officials said the budget deficit would soar to record heights next year.

Turning to domestic problems after a week's tour of the Middle East and Europe, Obama met with more than a dozen economic advisers, appearing with them briefly before retreating for a two-hour closed meeting. The new deficit numbers were the latest sign of an economy in decline, with foreclosures rising, home prices falling, soaring energy prices and nearly a half-million job losses since January.

"It was not an accident or a normal part of the business cycle that led us to this situation," Obama said. "There were some irresponsible decisions that were made on Wall Street and in Washington."

Obama said the economy needs both short- and long-term fixes, including another round of "stimulus" measures from Congress to revive the economy and a longer-term focus on renewable energy to curb high gas prices and on universal health care to trim costs. He said he would move "rapidly and vigorously" to respond.



Read more: http://news.yahoo.com/s/ap/obama_economy

[aquart]

1. Jobs program?

Has he said the government will start hiring people?

[Pale Blue Dot]

3. The truth is that there is no money to do any of this.

That's why it's going to get so bad. I know Obama is trying to be the candidate of hope, but there's very little to be hopeful about with the economy. It's frustrating to hear him continue to ignore reality.

[OnionPatch]

4. Some people out there have more than they know what to do with.

And I would bet a lot of it came at the expense of the rest of us via the legalized ponzy schemes that are so much a part of our current economy. Time to raise taxes on the upper crust. It was them that got us into this mess anyway with their pushing deregulation, etc.

[galileoreloaded]

5. That money is gone.

It left in August with the first shoe that fell. Once you pay the taxes, you can, and they did, convert it to GBP, Euro, etc. and moved it out of the country. Gone baby gone, and so will they be.

[Odin2005]

7. Yep, tax those greedy SOBs to death. n/t

[Pale Blue Dot]

8. Obama's plan does call for tax increases for the wealthy.

Unfortunately, it also ends up as an overall net decrease in taxes, and that is pandering we just can't afford right now.

[Demeter]

2. Some? More Than Some Irresponsible Decisions

Starting with the 9/11 ignorance and the Iraq war.

And even if a company made good decisions, the govt.'s bad ones wiped them out.

The only people who made out under Bush were the crooks and those that emigrated.

[Odin2005]

6. Time to bring back the WPA and CCC.

And then rebuild and renovate our infrastructure into one that is carbon-free, high-tech, and the envy of the world.

Repeat after me:

YES WE CAN!!! YES WE CAN!!! YES WE CAN!!!

[readmoreoften]

9. But can we do that while moving the war to Afghanistan "where it belongs"

as well as targeting Pakistan and Iran "if they don't give up their nuclear ambition"?

We can either have war and rich defense contractors or an economy, we can't have both.

We don't need a war on terror. We need a war on bad infrastructure.

[depakid]

10. And Bob Rubin and Paul O'Neil are going to help this exactly how?