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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Obama: We can pay down deficit faster than we thought, create jobs with excess bailout money

UPDATED with reaction from Rep. John Boehner (R-Ohio) at 2:07 p.m.:

In a speech earlier today at Washington's Brookings Institution, President Obama said money not spent by the TARP taxpayer-funded bailout put in place last year will "give us a chance to pay down the deficit faster than we thought possible and shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street."

Obama said those who say government must choose between creating jobs and paying down the deficit are creating a "false choice."

UPDATE:

Shortly after Obama spoke, House Minority Leader John Boehner (R-Ohio) reacted strongly to the president's plans, saying the TARP money was never meant to be spent on anything but paying down the deficit.

“This makes me so angry," Boehner told reporters. "I was there -- I know all about TARP. First, it was never intended that all this money was going to be spent. But any money that wasn’t spent was going to go to the deficit. The idea of taking this money and spending it is repulsive."

Obama said that new jobs create revenue and cut down on spending on things like unemployment insurance that add to the deficits.

The president said the TARP bailout program will be wound down. He said he couldn't remember a "less-loved or more necessary emergency program than TARP."

Obama laid out plans -- though without details so far -- to help boost small businesses, improve the nation's infrastructure and offer government incentives for Americans who winterize their homes, called by some, "cash for caulkers."

"Small business, infrastructure, clean energy: these are areas where we can put Americans to work while putting America on a sturdier economic footing," Obama said.

-- Frank Ahrens
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By Frank Ahrens  |  December 8, 2009; 2:07 PM ET
Categories:  The Ticker  | Tags: Obama, unemployment  
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Comments

we could have paid down the deficit if we hadnt passed a trillion dollar stimulus, and if we dont pass a trillion dollar health care.

this guy has a lot of nerve and he is uncomfortable close to earning the label "liar".

Posted by: dummypants | December 8, 2009 12:58 PM | Report abuse

As one grows older one dwells on the good old days.

Can you still remember the good old days of 2000 when we knew that the future of the 21st century was the jobs in computer technology and the jobs made possible by computer technology?

America led the world in computer technology in 2000. There were hundred of thousands of American jobs in computer technology. There were millions of American jobs based upon the use of computer technology. Americans sat in offices doing work using computers and telephones. Multiple book cases in Barnes and Noble and Borders were filled with computer books, since all Americans knew that jobs in computer technology were the future. American students in the thousands flocked to enroll in courses in computer technology, and when they graduated had well paying jobs.

Those were the good old days.

Now in 2009 there are very few jobs in computer technology or using computers in an office. The computer books in Barnes and Noble and Borders are few. The students enrolled in computer technology courses are few, since all Americans know that there will be no jobs for Americans as the jobs will be outsourced overseas, or given to immigrants on H-1B visa.

Almost all of the advances in computer technology were made by Americans but now suddenly in 2009, Americans lack the skills and intelligence to continue the advances in computer technology.

America now has to abandon the jobs in computer technology and the jobs made possible by computer technology, since these jobs are not the jobs of the 21st century for Americans.

The jobs in computer technology and the jobs made possible by computer technology are now the jobs of the 21st century for other nations.

Americans have to accept that the American jobs are now the non-exportable jobs in green energy such as installing insulation and solar panels, and screwing in florescent light bulbs. Americans have to accept that the American jobs are now the non-exportable jobs in rebuilding the infrastructure of America and laying down cable for broadband.

Wow one grows old and one grows so nostalgic for the good old days.

Posted by: bsallamack | December 8, 2009 1:20 PM | Report abuse

depression obama victims

there are 6 americans looking for a job for every 1 job opening

that means 5 out of 6 americans looking for a job will NOT find a job before christmas

no matter how hard they look
no matter how long they look

innocent VICTIMS of the obama unemployment class of 2009--those who HAD a job when obama was elected

then LOST their job after obama was elected

due to obama socialism--which fails every time it is tried throughout history

millions and millions of americans without a job,

broke, depressed and desperate as christmas approaches

got a job?? feel secure?? so did they.....

depression obama--its why YOU may lose YOUR job

Posted by: ProCounsel | December 8, 2009 1:49 PM | Report abuse

There was a time when Republicans were ridiculed for the idea that you can generate more tax revenue by lowering taxes (illogical at the outset and definitively disproven by the current head of the CBO during his research career). Now the Democrats have come up with their own version, that you can reduce spending by spending more.

Stupidity is contagious. It's almost better off if we elected nobody.


And hey, ballsack,

What the hell topic are YOU on about? Another unskilled, out-of-work programmer whining about foreigners. HMM, remember the good old days when computer programmers weren't merely self-taught from "For Dummies" books or had the equivalent of a community college education? You're actually reminiscing about a programmer bubble. Good riddance, I say; I know of no unemployed computer scientists, only half-wit support people. America stopped producing computer scientists and engineers ages ago. Apparently too hard, too much math. Should have done the HVAC program at ITT.

Posted by: Wallenstein | December 8, 2009 1:57 PM | Report abuse

The comments to this entry are closed.

 
 
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