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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 11/29/2009 : 19:15:07
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Think positive. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/29/2009 : 20:09:37
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ARTICLE IS AS FOLLOWS--COPIED FROM THIS FORUM--:
Obama warns on US public debt pile
By Edward Luce in Beijing and Krishna Guha in Washington
Published: November 18 2009 13:35
Last updated: November 18 2009 21:07
US President Barack Obama warned that the US economy could head into a “double-dip recession” unless urgent steps were taken to rein in mounting public debt.
The US president’s remarks – in an interview with Fox News in Beijing on Wednesday, towards the end of his eight-day tour of Asia – marked his strongest language yet on the necessity of putting public finances back on a sound footing.
“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the US economy in a double-dip recession,” said Mr Obama.
A 10.6 per cent plunge in housing starts in October – led by collapse in the apartment business – highlighted the dilemma facing him as he seeks to tackle the deficit without undermining a fragile economy.
“It’s about as hard of a play as there is,” Mr Obama said, adding that his team was trying to set up a “pathway long term for deficit reduction” without pulling a lot of money out of the economy in the short term via tax rises or spending cuts.
The mood in the US has already swung in favour of deficit reduction, with Republicans attacking Democrats’ plans for more spending to support jobs.
Washington-based analysts said the president was probably trying to prepare public opinion for a tough budget in February – while leaving open some space for measures to reduce unemployment, now at 10.2 per cent.
“I have no doubt that the White House is going to produce a tough budget,” said Maya MacGuineas, director of the Peterson-Pew commission on budget reform. “The question is whether they are going to spend political capital and push their budget in Congress.”
The timing of Mr Obama’s remarks, which came at the end of his three-day trip to China, is likely to fuel speculation that his Chinese hosts delivered stern private warnings about the consequences of continuing high US budget deficits. China, the biggest foreign holder of US Treasury bonds, has become increasingly vocal in its fears on the value of its dollar assets.
White House officials say the US fiscal situation had no impact on Obama’s interactions in Beijing, even though some observers presented his trip as that of a debtor visiting his banker. “He pulled no punches,” said Mike Froman, a senior national security adviser.
A day earlier, White House budget chief Peter Orszag said the US had to bring down its deficit to about 3 per cent of gross domestic product within six years – a reduction of about one percentage point of GDP based on the administration’s current estimates. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 11/29/2009 : 20:49:28
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Sounds like Obama knows the consequences of his own actions are on the horizon and like any politician, tries to distance himself for his egregious actions when he was complicit in creating the debt. AND like Joe Bidden, he try's to convince America to continue spending more and go into deeper debt before we go broke. LOL
"Tough budget"? LOLOLOL. Begin with cutting out each czar he has for every word in the dictionary and drop the socialist health concept, cut all of the "free cash" down payment stimulus programs, then start punching coins out of metal from the cash for clunker turn ins that was funded by his administration. |
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billo
Penny Collector Member
293 Posts |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 11/30/2009 : 06:33:00
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| I think he should just go into all the rich peoples homes and take everything they have except the bare necessities, that will have a large impact on the US debt. |
"May your percentages ever increase!" |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 11/30/2009 : 06:35:45
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Oh, sorry, I forgot about the new communal health care system...
hmmmm...
I guess he'll just have to go into all the upper AND middle class homes as well, take what they have, and bring them down to just 5% above poverty. That way they will become reliant on the government within a year or so as well.
Wow, what a great system!!! I am surprised no one thought of it sooner!! |
"May your percentages ever increase!" |
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Obama warns of U.S. debt.
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