The Conservative Cave
Current Events => Economics => Topic started by: bijou on January 29, 2009, 03:02:07 PM
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Public support for the economic recovery plan crafted by President Obama and congressional Democrats has slipped a bit over the past week. At the same time, expectations that the plan will quickly become law have increased.
Forty-two percent (42%) of the nation’s likely voters now support the president’s plan, roughly one-third of which is tax cuts with the rest new government spending. The latest Rasmussen Reports national telephone survey shows that 39% are opposed to it and 19% are undecided. Liberal voters overwhelmingly support the plan while conservatives are strongly opposed.
Last week, support for the President’s plan was at 45% and opposition at 34%.
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Porkzilla (http://www.rasmussenreports.com/public_content/business/general_business/public_support_for_economic_recovery_plan_slips_to_42)
The gloss is coming off hope'n'change.
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Many analysts believe that the immense deficits this will create are setting up inflation well into the double digits when the economy begins to climb back, a concern I share.
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The "Economic Recovery Plan" needs to be renamed to something along the lines of the "Rape The American Economy" plan. Because none of the items are going to help at all. I mean, 5 billion for ACORN? How the hell is that going to help except for stealing more votes for the Dims to put more of them in office and keeping Americans poor?
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(http://i21.photobucket.com/albums/b293/aggie8387/number9.jpg)
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The only way out of this mess, given what they're going to do, is to make a minimum of 2/3rds this $900B monstrosity tax cuts. As it stands right now, it's only $250B plus another $100B in rebates (as they call them). That's a lot, but it's not going to be enough.
I know what they're trying to do, they're going to flood the banks with capital with strings attached which makes them to go out and make loans, which they'll do, but without much, much bigger tax cuts in place it's not going to do all it could do. But, and I mentioned this before a while back, this is going to be the mid-70's all over again with hyper-inflation in the next couple of years. And then when inflation kicks in the Fed will have to raise interest rates to starve off even more inflation. Houses worth $100K now are going to be worth $200K, we'll see banks lending at 15%+, bank CD rates will be in the 11%-13% range, unemployment will be up. There's going to be money making opportunities out there, and we'll be able to buy durable goods (cars, washing machines, etc....) on credit with increasing cheaper dollars because of what inflation does to the real value of money. But just like in the 70's, the one's the libs are hoping will benefit the most from this plan will get left behind. But those who look ahead, plan ahead, save and invest wisely, will come out of it OK.
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