|Re: Obama's budget now 0-Congress (942262)|
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Re: Obama's budget now 0-Congress
Posted by bingbong on Wed May 16 23:02:37 2012, in response to Re: Obama's budget now 0-Congress, posted by orange blossom special on Wed May 16 22:04:34 2012.They chose not to lock in spending through the budgetary process as the demands of that moment...so close after the bushcrash, when the entire global economy was completely unstable.....required flexibility. So they appropriated spending at the previous year's levels based on immediacy of need. They couldn't set a budget when they had no idea if the financial system would need another bailout. They should have extended the same flexibility to jobs programs.
Your second question is a good one. The country would be further along to recovery...and able to successfully tackle deficits and debt sooner if they'd follow his basic budgetary blueprint. Look at the UK. They did austerity, now they're doing a double dip recession that's much worse than the first. Spain is in an all out recession after austerity was imposed. Greece....need we go there? Recessionary times is NOT when to tackle deficits. Those must wait for recovery. Money needs to go into supporting the jobless as they retool for new jobs, investment in new industries and much needed infrastructure work - while there's people available to do it. We did this on a lesser scale to great success in the 90s, only to see the next bunch actively dismantle and squander all the good done. Now we are faced with all the damage they did and fixing it. It's taking a lot of time because it was much worse than anyone cares to recognize.
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