Can economic growth continue?
Our Readers Who Comment are debating the economy today and, while they disagree about whom to blame, are concerned that the recovery may be threatened.
Some do not see improvement in their neighborhoods or businesses. Some think things are better because of government actions, but worry that about the long-term consequences of federal debt. Inevitably, there is a political food fight going on between those who blame the previous Bush Administration and those who think President Obama will blow it if he hasn't already.
Whatever. As Neil Irwin writes in his excellent piece, "While the government has successfully jump-started the U.S. economy, there are emerging signs that its engine still isn't running very well, and may even sputter out."
We'll start with B2O2, who wrote, "People need to remember that less than a year ago, futures markets on places like Intrade were about 50-50 on whether we'd be dropping into a full blown depression. Even if things are not on a self-sustaining course within mere months that does not mean we are not doing the right things. We need to give this its due time."
thuff7 asked, "Isn't low consumer confidence one of the big reasons the economy is tanking? And your stories are telling everyone that the economy is tanking. So don't you feel a little like you are causing the recession to worsen or even "sputter?"... And journalists think politicians are the conspirators."
OldFan wrote, "The key statement in this piece is that the U.S. has to get away from consumer spending and home building being the major portion of our economy. Good luck with doing that... I hate to be a doomsayer, but I think we have dug a hole too deep to climb out of for at least a generation..."
spott518 said, "Funny thing, the economy would have been better off with less intervention. The government isn't kick starting the economy so much as holding a pillow over its head."
fgshul wrote, "The economy in my area continues to worsen.This area keeps waiting for the trickle down from Wall Street, but all we see is more unemployment, more foreclosures, more homeless, more children going hungry, and more frustration. If health care reform works as well for my area as all the other programs, we will see more people dying as well."
sarlat said, "Let's remember the hole that was dug by the Bush administration. It was literally the largest since '29. While a trillion dollar deficit sounds huge, it is less than 10 percent of our economy. The debt that was created during WWII was considerably larger. The real difference was the current outstanding debt prior to WWII was considerably smaller than that which was left by the last three Republican Administration. That debt has left us with a lot less room to maneuver. Further we got nothing for that debt except rich people at the govt trough. At least Obama debt is taking us somewhere."
shipfreakbo214 wrote, "The credit crunch is still preventing us from a larger recovery. The job market should improve, which is always last to come out of a recession... We have some who would love to see our country go down just to defeat Obama. You should be careful what you wish for."
losthorizon10 said, "Excellent- another article providing an opportunity for the supporters of the Republican clowns who got us into this mess to wet their diapers and cry about the end of the world. The economy didn't collapse, and thanks to President Obama for having the guts to defy the no-plan-of-their-own GOP and get the needed legislation passed. As for where we go from here, I trust him- not the people who drove us into this ditch and who are now complaining about the cost of the tow truck."
polcat suggested, "...instead of the federal reserve loaning money at practically 0% to wall street investment banks so they can gambel it on derivative futures trading how about loaning it directly to small and medium sized business at same rate of .0025 or whatever they're charging wall street crooks."
shipfreakbo214 wrote, "I find it interesting that the Republicans controlled the oval office for eight years and Congress six out of eight years, yet we have one idiot blaming the Democrats for the downfall. This is when Bush lost his veto pen, the Democrats didn't have 60 votes to over ride a filibuster. No matter how you look at it this was a right wing made recession."
RPW3 said, "...The bad news is far from over -- it is just beginning in earnest. While many talk about a second stimulus as the only salvation, reality is confronting Washington politicians... We are on the ridge between two deep canyons and cannot move in either direction without falling over a cliff... its time to start thinking about your own individual survival in a reality where you must expect that most will not survive."
Hairless wrote, "The administration hasn't kick started anything. Taxes are rising, unemployment is rising and the illusion created by the stock market is just that , an illusion."
ahashburn said, "As long as the government keeps pumping money into the economy while passing bills that make industry shift jobs overseas (climate related bills), the economy will stall and people become more dependent upon the government rather than themselves."
Mindboggle wrote, "...Recessions end without Government intervention and the result is a healthier economy. This recession has been about the Obama plan for the Government to control more and more and to reward those that bless (vote) him. The worst is yet to come because of the record deficit spending, the record costly programs and the lack of regard for future generations. You'll see."
gvelanis said, "The plan has been a very simple one. Use credit to bail us out of a situation caused by credit. The credit of course going to the bankers and wall street. I guess the hope has been that a rising stock market and big time money for the well to do would trickle down. And I thought that we had voted in a Democrat."
We'll close with CGeorge, who wrote, "I wonder how many banksters will fit on the end of my pitchfork."
All comments on this article are here.
October 28, 2009; 7:12 AM ET
Categories: Economy Watch | Tags: Economy, Economy Watch, Obama
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