Debt Consolidation

The Facts About Debt

Obama: Increasing the Deficit Key to Economic Recovery

Filed under: National Debt
Written by: UWSA Staff
November 17, 2008

Barack Obama says that a bipartisan consensus of economists feel that investing billions into the troubled economy is more important than balancing the budget. Obama, appearing on 60 minutes Sunday night, said “the consensus is this: that we have to do whatever it takes to get this economy moving again, that we’re gonna have to spend money now to stimulate the economy.” He also stated we should not worry about the budget deficit this year or next, “That short term, the most important thing is that we avoid a deepening recession.”

Some of the President-elects other thoughts on the economy:

When asked about the $300 billion spent so far on The Troubled Asset Relief Program (TARP): We should be looking at what didn’t happen such as more banks failing or a bigger drop in the stock market, not just what has happened. He also wants more focus on the impact of foreclosures, and to “set up a negotiation between banks and borrowers so that people can stay in their homes.”

Comparisons of today to 1932: “We’re not going through something comparable to that. But I would say that this is as bad as we’ve seen since then.”

The dire straits of General Motors: “We need to provide assistance to the auto industry. But I think that it can’t be a blank check.” He would like the assistance contingent on all of the major stakeholders, management, labor, suppliers and lenders “coming together with a plan what does a sustainable U.S. auto industry look like?”

Moving the nation towards energy independence. “It’s more important. It may be a little harder politically (because of the drop in oil prices), but it’s more important.”

Re-regulation of the financial market “to restore a sense of trust, transparency, openness in our financial system.. And the answer is not heavy-handed regulations that crush the entrepreneurial spirit and risk taking of American capitalism.”

Similar Posts:

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment