Failure by the U.S. Congress to pass a tax cut deal soon would “materially increase” the risk of the economy stalling and a double dip recession, White House economic adviser Larry Summers said on Wednesday.
Summers, who is leaving his post as Obama’s top economic adviser this month, said Obama’s deal with Republicans to extend Bush-era tax cuts for the middle class and the wealthiest Americans would provide more fiscal support for the economy than most observers expected only weeks ago.
“Failure to pass this bill in the next couple weeks would materially increase the risk that the economy would stall out and we would have a double-dip,” Summers told reporters at the White House.
Well, Mr. Summers, the nation once again expresses its gratitude to you and our President for first saving us from another Great Depression with the stimulus and bailout. And now that we have this agreement which Our President reluctantly agreed to, so we “the hostages” could be saved from a recession, again, many thanks.
A small question though. What exactly is the difference between a recession with 10 percent unemployment and a non_recession with 10 percent unemployment?
And Larry; now that you have recognized that lower tax rates are good for the economy,,,,,,,what was going through your brain for the last two years while you and your boss dreamed of increased taxes in every direction possible?
If they don’t pass this by the 15th of December, there will most likely be a market slump/crash as people take their profits before the new taxes kick in.
Mr. Obama just looked straight into the cameras and declared — nearly in so many words — that he hates this deal, and that if he wins in 2012 he is going to get back with his program of going after “the rich” and especially small and medium business people, whom he obviously detests.
It is the Chicago-way to destroy the revenue stream of your political opponents. Of the 879 GM dealerships forced closed, 878 of them were owned by Republicans, and the one exception was a big donor to Hillary’s campaign.
Does any clear-thinking person really believe that businesses will invest or expand until this angry Marxist idealogue and his enablers have passed from the scene?
The 1930s depression was far longer and deeper than would otherwise have been the case — of for that matter, [i]WAS[/i] the case in most nations — directly as a result of the same sort of class-warfare attitudes and policies emanating from FDR and his allies.
Class-warfare politics is not about helping the poor. It is but a poorly disguised attempt on the part of the nobility to crush potential rivals to that privileged position. Obama, Pelosi, [i]et al.[/i] fit that pattern perfectly.
Bart Hall,
Snopes reports that Fox news studied the claims made about the car dealers and found them to be false.
http://www.snopes.com/politics/business/chrysler.asp
The story about closing Republican dealerships was started by a right wing blogger, was largely in relation to Chrylser Dealerships, and factcheck.org. says its not true.
http://www.factcheck.org/2009/09/playing-favorites-with-chrysler-dealers/.
I’ll accept the correction. It’s believable because it is entirely in character. My wife grew up in Chicago …
Thanks for setting me straight.