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February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
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Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
July 16, 2009
/ 24 Tamuz 5769
Obama's shifty economics
By
Dick Morris & Eileen Mc Gann
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http://www.JewishWorldReview.com |
Now President Obama says in The Washington Post that he never envisioned that his stimulus package would afford quick relief to the American economy, but would do so only after it had run its two-year course. But when it was passed, Obama sang a different tune, urgently demanding its enactment to speed relief to a sagging economy. He claimed it would "create or save" 600,000 jobs. Now, even as the economy loses 450,000 jobs each month, he pretends that it is a matter of time until the stimulus kicks in.
He now justifies the stimulus package by saying it was adopted to prevent the "collapse" of the economy and the banking systems. But it was really the Troubled Asset Relief Program (TARP), first passed under President Bush, that stopped the banks from going under. At the time of the enactment of the stimulus package, Obama never mentioned that he was counting on it to save the banks.
All these shifting justifications are designed to explain why the stimulus package has totally failed to accomplish anything. Not only has it done no good. It has done significant harm by ballooning the deficit, driving up interest rates, creating doubts about the U.S. currency and fanning inflationary fears.
But Obama has paid and will continue to pay dearly for betting on his stimulus package. Because of it, the Bush recession is becoming the Obama recession much faster than it would have had he adopted a more gradual approach to solving economic problems. By jumping in immediately, as he did, in order to increase government spending and pass eight years of Democratic dreams in one day, he made the public expect a solution.
At first, a sick patient looks forward to seeing the doctor. But when the medicine his physician gives him fails to make him better, he is likely to turn on his doctor. And then, gradually, when it dawns on him that the cure is making the disease last longer and get worse, he will really get mad at the physician. This is Obama's fate.
The stimulus package used up all the wiggle room he had to increase the budget deficit. He probably could have passed the healthcare program without a tax increase had he not already sent the deficit soaring with his massive spending. (Hillary and Bill pretended that there was no need to raise taxes to pay for their 1993 reform package and few questioned their presumption.) But now that the deficit has soared to 12 percent of the gross domestic product, everyone realizes that taxes must go up to pass healthcare "reform," making its adoption even less likely. House Ways and Means Committee Chairman Charlie Rangel (D-N.Y.) has passed $550 billion of tax increases, but everyone knows that at least $1 trillion is required. And, in the current environment, Congress will not vote to add the balance to the deficit, even if Charlie wants to "charge it."
Finally, Obama has laid a trap for himself. Just as the economy is coming out of its recession in 2010 and 2011 and he begins to run for reelection, he is going to face massive inflation. The money supply has more than tripled since October of 2008 and is going up each week as the Fed buys Treasury bills and other securities to "monetize the debt" (i.e., give other people money so they can lend it back to the government and charge it interest for doing so). With each new infusion of cash, the problem of avoiding inflation becomes particularly severe. Obama could well lose the elections of 2012 because of the inflation his deficit has created.
Of course, we all know that the only way to put the inflation virus back in the test tube is to trigger a new recession, this time caused by massive increases in interest rates, as Fed Chairman Paul Volcker did in 1979. If the recession doesn't doom Obama to a single term, the inflation will. And if the inflation doesn't get him, the subsequent recession will.
The deeper he gets into his term, the more it is apparent that he threw it all away when he first took office and demanded over $1 trillion in stimulus and supplemental appropriation spending. He was doomed to lose the game right after he received the first kickoff.
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