Obama Says Second Fiscal Stimulus Not Yet Needed

[ASusilovic]

June 23 (Bloomberg) -- President Barack Obama said he expects the U.S. unemployment rate will exceed 10 percent this year, though a second stimulus package isn’t needed yet.

“I think its important to see how the economy evolves and how effective the first stimulus is,” Obama said at a White House news conference.

He said it is “pretty clear” that unemployment will continue rising before the recovery takes hold and said it isn’t surprising that initial forecasts from his administration missed the mark.

The economy has lost about 6 million jobs since the recession began in December 2007. The jobless rate jumped to 9.4 percent in May, the highest in more than 25 years.

Obama signed the $787 billion stimulus bill in February, and his chief economic advisers had forecast it would help hold unemployment below 8 percent. It included tax cuts and spending on infrastructure projects that the president pledged would save or create 3.5 million jobs.

“I don’t feel satisfied with the progress that we’ve made,” Obama said. He cited the need to speed up distribution of stimulus funds and do more work with a program to modify existing mortgages, which hasn’t “been keeping pace with all the foreclosures that are taking place.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKSYHbAh9.A8

 

[skylr33]

Oh, I thought the dictator-in-chief was going to announce that he was regulating our breathing privileges. Or he was going to order his portrait be painted on the side of every building in America. You know, like Saddam Hussien had done with just about every building in Iraq.

 

[pspr]

What a joke we have for a president.

The nearly $800 bil stimulus package was mostly a democrat pork package that won't be spent until we are long out of this mess.

So far, the government has spent only $44 bil on stimulus including the $3 mil. turtle tunnel. This was Obama's big "jump start" of the economy. Then his economic team said 'quick pass the stimulus to keep unemployment under 8%. Proof his economic team doesn't know anything about economics. Every congressman and senator who voted for that bill without even reading it should be fired on the spot.

The scariest part of his comment about another stimulus package was use of the word "YET". If they try to pass more spending on top of the wasted $800 billion I think we can just kiss our America goodby. And, congress is right now talking about passing an energy bill that includes cap and tax that is going to cost you and me another trillion dollars. (that's about $3,000 for every man woman and child in the U.S.)

I'd like to stick a probe up every one of their a$$es and give them 220 volts of stimulus so they know how we feel.

Here's a good article about how Obama's thinking works.

http://www.thedailystar.com/opinion/local_story_174034512.html

 

[drsteph]

Key work - YET.

Get ready for round 2.

Green chutes - as in chutes and ladders.

Although Golden Snacks seems to be trying its own stimulus program in NYC with its bonus payments - glad to see folks doing their patriotic duty.