Noted Scholar: Obama Made Things Worse With Trillion Dollar Stimulus
Posted by Jim Hoft on Monday, September 27, 2010, 4:59 AM
Noted author and economist Nassim Nicholas Taleb told an audience this week that Obama did exactly the opposite of what should have been done and made the economic situation worse.
Tell us something we don’t know…
Barack Obama is the worst jobs president since the Great Depression. The Obama-Pelosi economic plan resulted in a cumulative 7.5 million jobs deficit. By every objective measure the democrat’s Trillion dollar stimulus bomb was a complete disaster.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
Instead of focusing on the economy the past two years the radicals in Washington beat up on business and rammed through an unpopular nationalized health care entitlement program. Today 61% of voters want the democratic law repealed.
Economist Taleb claims Obama made things worse.
Bloomberg reported:
U.S. President Barack Obama and his administration weakened the country’s economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of “The Black Swan.”
“Obama did exactly the opposite of what should have been done,” Taleb said yesterday in Montreal in a speech as part of Canada’s Salon Speakers series. “He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.”
Today, Taleb said, “total debt is higher than it was in 2008 and unemployment is worse.”
Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure enacted last year. The U.S. government’s total outstanding debt is about $13.5 trillion, according to U.S. Treasury Department figures.
Obama, 49, inherited what the National Bureau of Economic Research said this week was the deepest U.S. recession since the Great Depression. Even after the stimulus measure and other government actions, the U.S. unemployment rate is 9.6 percent.
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Published May 17, 2012 at 1:26 pm - 149 Comments
Reaganite Republican commented:
Just contrast Obama’s $800B new-New Deal (this time on steroids) with the Reagan Recovery of the 1980s… which actually brought us back from 11% unemployment plus double-digit inflation AND interest rates.
This was accomplished through an adherence to the teachings of Milton Friedman- implementing spending and tax cuts, in addition to deregulation and incentives for small businesses and entrepreneurs- all aided by Dutch’s sunny optimism and complete faith in the American free-market-enterprise system- this is all of course 180-degrees from what Obama has foisted on us.
Reagan created over 20M jobs, growing Real GDP by almost 30% in the process… and giving this country eight of the best years it’s ever seen…
Those kind of results makes one wonder why Obama’s multi-trillion-dollar spending would impress anybody, with his pledged 3M new and “saved” jobs (whatever those are)… a paltry figure 17M shy of Reagan’s towering accomplishment.
And it’s quickly become obvious that Obama’s empty pledges can’t be delivered upon anyway, almost a trillion bucks later, unemployment is appalling.
The Bolshevik Boy Wonder is clearly no Reagan… and regarding issues of judgement, principle, character, political courage… and true leadership?
This Alinskyite punk Obama couldn’t hold The Gipper’s jockstrap.
NeoKong commented:
If Taleb had a Nobel like Obama and Krugman or Gore then he would be more credible.
I only listen to guys with Nobels.
P. Aaron commented:
Any person could makes the claim that they are ‘pro-American’ and a democrat at the same time is a schzophrenic.
archer52 commented:
You have to remember the three agendas that were working here that caused the series of bad decisions.
1. A number of people in economics have argued the Keynesian theory against their colleagues theories of supply side economics. The only chance they get to try it out is when an economy falters. This was a great classroom experiment to some. The outcome was not important to them on a personal level, just on whether or not they could win a theoretical argument.
2. Many of the people involved in this effort hate the way America is and want to remake her into a second tier nation. From Soros to Pelosi, to Frank and Sanders, they all wanted a piece of America to chew on and spit out. Some were true believers, other- like Soros- have an far more evil agenda.
3. It is our fault that we elected people who are more than willing, and corrupted enough, to give us free stuff from the treasury because we are spoiled and expect it, rather than tell us to grow up. Or as Bruce Willis put in one of the best lines ever from the movie Tears of the Sun- “Cowboy the f**k up!”
http://www.youtube.com/watch?v=FnCL-3n19uw
Ronnie did that in a nice way back in the eighties, which I lived through as a banker lending people money at 18% for cars and such. So I remember watching the struggle, wondering if we could ever recover from Carter.
However, the people who drove that effort are gone, many are dead, many are retired. Replacing them are people who were the sons and daughters of the spoiled sons and daughters from the sixties and they simply do not understand what it takes- the sacrifices, the focus, the commitment- to right a ship listing as far to one side as ours.
I fear, and those who have read my book and my blog know this, that we are in for a long, long haul, as more people are choosing to ride in the wagon rather than make the effort to pull it.
We may never recover. If Obamacare stays alive, we will absolutely never recover.
Shame on them and shame on us.
Khan Krum commented:
Racist and Islamophobic, obviously.
bg commented:
++
Obama: relax infidels, not to worry, let me make
myself perfectly clear, you ain’t seen nothin’ yet!!
Accelerating The March Toward One World Governance
==
IOpian commented:
Thinking that trillion was intended as a stimulus is a false assumption. That money was used to finance the assault in order to ‘fundamentally change the United States of America’. Strike while the iron is hot and the opposition has insufficient time to mount a defense. Run up the debt but achieve the goals. After all, it’s not like they personally have to pay it back.
BurmaShave commented:
Jim, the graphic you use here, and have used for the last several months, needs to be updated not only for the addition of another year but also to show clearly the years of Nancy Pelosi’s Speakership. After all it is the House of Representatives that sets and controls the “budget,” which is this case seems to be synonymous with “spending spree.”
LimoLibsStink commented:
0bama:
I will concede that my Trillion Dollar stimulus package made the economy worse – but it made my cronies and I rich! I have my limousine; my mansion and my lush government salary – I am satisfied with my policies. Limousine Liberals have done well! Hah ha!
Democrat Kent Conrad has a posh mansion in Bethany Beach, Delaware, a block from the ocean. He is doing quite well financially!
Heck I have a $1.7 million mansion in Chicago thanks to Northern Trust and my wife. Sure, I may have had some crooked dealings with Rezko and his wife. But, I ran some of the grungiest slum buildings in Chicago. That should count for some thing.
My fellow Democrat Joe Biden has a $2.5 million dollar mansion. Democrat Chris Dodd got a nice $1.07 million renovation loan from Country Wide Credit to fix up his Bethan Beach, Delaware vacation home. His mansion in East Haddam and his Irish cottage on nearly 10 acres of land are quite lavish. Not too bad – huh?
Sure, Country Wide Credit had some bad loans and was bailed out by Fannie Mae but what is wrong with the Tax Payers footing the bill? With DC democrats buying more mansions it is not unreasonable to assume the Tax Payer will continue getting the shaft in the Fannie. I don’t know why anybody would want to be a Tax Payer – it sucks. It’s easier to spend the their money that it is to get an honest job.
My limousine is spewing fumes and I have a meeting with Barney Frank. I think we can do the Tax Payer just like Barney Frank did Freddie and Fannie – right up the tail pipe – if you catch my drift. I am glad I am rich. Good day.
See Mansions and vacation homes:
http://tinyurl.com/2vgvdu3
Lightwave commented:
Two years.
8.5 million jobs lost.
Be ready to take to the streets should the Tea Party not win.
earl fey commented:
Reading these posts I assume many people would like to return to 2008 and start all over with the republicans in charge. They certainly will not repeat the mistakes made before 2008.Its obvious that the solution is more tax cuts, target to those that creat jobs. [Fedex is laying off 7000 people to increase profits so with lower taxes they will have an incentive to layoff more lazy non ptoductive union types]
I would like to return to 2008 exceprt for the fact that my memory is too good.