Obama attributes economic growth to tax cuts

[somone]

http://www.google.com/hostednews/ap/article/ALeqM5hmlDP4Lgze7HIZYD2jNmc2j4SD1g?docId=73e082e6d11545a79ab2292da88e58b9

Obama trumpets economic growth

WASHINGTON (AP) — President Barack Obama is trumpeting private-sector job growth and lower unemployment, telling the public that "the trend is clear" on the economy — and it's encouraging. The president used his weekly radio and Internet address Saturday to discuss the latest economic news and press for bipartisan action in the newly divided Congress on measures to spur growth. He presented the December jobs report in a positive light even though it fell short of what economists had been looking for and even though the drop in unemployment came partly because some people stopped looking for work.

The private sector added 103,000 new jobs in December and the unemployment rate fell from 9.8 percent to 9.4 percent. "Now, we know that these numbers can bounce around from month to month. But the trend is clear," said the president, whose 2012 re-election prospects may well hinge on the condition of the economy. "We saw 12 straight months of private sector job growth — the first time that's been true since 2006," he said. The economy added 1.3 million jobs last year. And each quarter was stronger than the last, which means the pace of hiring is picking up, he said.

Obama attributed increasingly optimistic economic forecasts in part to the tax cut deal he negotiated last month with Republicans to extend Bush-era tax rates for all, along with unemployment benefits, a payroll tax cut and assorted other tax breaks. He urged businesses to take advantage of provisions including one that allows businesses to write off 100 percent of their capital investment expenses in 2011. And the president said that the deal stands as an example of how Washington should work as he confronts a Congress where Republicans just assumed the majority in the House and expanded their ranks in the Senate.

"What we can't do is refight the battles of the past two years that distract us from the hard work of moving our economy forward. What we can't do is engage in the kinds of symbolic battles that so often consume Washington while the rest of America waits for us to solve problems," the president said. "The tax cuts and other progress we made in December were a much-needed departure from that pattern. Let's build on that admirable example." ...

[boston bean]

1. WABOBS

[postulater]

8. Good one, had to look it up. And I agree.

"Wabobs is pretty much the greatest thing ever, you can say it directly to a teacher, parent or administrator and they have no idea what the hell your talking about


*Teacher*-(Handing back tests) Billy, 100%, Jamie, 75%, Kris 88%...........JOE 37% your gonna fail in life
*Joe* WABOBS"

from Urban Dictionary

[WhaTHellsgoingonhere]

44. LOL! Obama knows he can't rely on his base for fundraising, so...

...delusionally, he's trying to peel off the imaginary centrist Republican voters and woo WS and the banksters.

Good luck with that Mr. President.

[Angry Dragon]

2. As long as tax cuts work so well

then we need to eliminate all taxes and the economy would be so much better

[theophilus]

3. Well, I knew the tax CUTS would be used as an explanation of increased hiring. What

I didn't expect was credit for TAX CUTS being given by our "ultra Liberal" President. If this is true, it makes me physically ill.

[Autumn]

4. I better start writing a letter of apology to

George Bush. How could we have been so wrong about his tax cuts?

This paragraph convinced me:

Obama attributed increasingly optimistic economic forecasts in part to the tax cut deal he negotiated last month with Republicans to extend Bush-era tax rates for all, along with unemployment benefits, a payroll tax cut and assorted other tax breaks. He urged businesses to take advantage of provisions including one that allows businesses to write off 100 percent of their capital investment expenses in 2011. And the president said that the deal stands as an example of how Washington should work as he confronts a Congress where Republicans just assumed the majority in the House and expanded their ranks in the Senate.

[Little Star]

6. lol

[earthside]

12. Homage to Reagan.

After your letter of apology to Bush, how about putting up a photo of Ronald Reagan in your living room?

I guess that is what Pres. Obama is expecting from all of us now?

At this rate at the 2012 Democratic National Convention there will be two giant photographs behind the dais, one of Barack Obama and one of Ronald Reagan.

I would sure like to see the Obama loyalists at DU defend what he has been doing -- or in the name of cynical politics are they all on board with Obama's surrender to Reaganism and JPMorgan/Goldman Sachs?

[Autumn]

14. I don't get it. How the hell did we get here?

We know what Bush and Reagan's policies did. We fucking lived through it. As for defending, oh yes, he will be defended.

[QC]

25. We treated the selection of our president like American Idol.

That's how we got here.

[Autumn]

28. You are right, some did.

Off topic, I am probably the only person in the Country who has never watched American Idol. Have never seen a single episode. ;) I have never watched Survivor either.

[paulk]

29. +100

[jaxx]

15. No need to defend it, the growth speaks for itself.

There is no surrender and Daley isn't Wall Street.

Anything else you need to spin and have corrected?

[mmonk]

35. The US economy has lost trillions since the Bush tax cuts were implemented.

[jaxx]

36. There was much more to the bill than just the bush tax cuts.

I know people focus on them, but they were 99% for the under $250k Americans.

[mmonk]

41. The premise that this deal just made has caused the US economy to grow

is quite ludicrous to me. Since my formal education was in economics, I bet there are plenty of economists that agree with me.

[jaxx]

53. I think small businesses are listening and using the new objectives.

Getting money into the economy is what will move it, this bill does that.

[mmonk]

55. Growth is attributable to increased economic activity as a result of demand.

[jaxx]

58. Growth is loosening up the money.

Businesses will spend to get the tax incentives. They'll hire too.

[obxhead]

49. 99% of the costs of the tax cut bill goes to the under 250K?

I would love to see that verified.

[jaxx]

54. Tax cuts for the rich....to the top 1%.

The rest of us aren't so rich...most of us are close to poor. The tax cuts help the large majority of the people.

[obxhead]

59. Right.

That few hundred dollars a year for many in desperate need compares easily to the tens of thousands given to the few elite that do not need it.

I see you have no link to support your claim that 99% of the bill is for the under 250K crowd.

[earthside]

56. Oh, 'growth'.

You must mean like this "growth":

Rich Are Shifting 'An Unbelievable Amount of Wealth' Beyond Reach of IRS - Sam Pizzigati

Oh, Billy Daley isn't Wall Street, uh? What about Obama appointees like Larry Summers and Timmy Geithner, Gene Sperling, Ben Bernanke, Gary Gensler, Jack Lew and on and on -- looks like mostly Wall Street to me.

Pres. Obama is surrounded by economic advisers who are benefactors of Wall Street -- no getting around that fact.

To deny the shift of Obama's economic notions towards Reaganism and his Wall Street appointees ... that is spin!

And to call the devastation still being experienced by middle America and the financial catastrophes haunting most state and local governments "growth" ... well, that is spin, too!

[jaxx]

57. Obama isn't shifting to Reganism.

He's shifting the country to Obamaism....change. It looks like people can't handle it, and must constantly compare him to this one and that one. Nothing he has done is Reganistic.

The financial catastrophes didn't happen under this administration, they were a left over from the previous. Cleaning them up is happening under this adm, and people still piss and moan about how it's getting done. It's like they'd rather stay where we were, sinking.

[obxhead]

47. They still do.

They are using phases such as pony, President Palin, and professional leftist. New buzz words will show up in the coming year of corporate handouts.

[indepat]

34. It's enough to make one wonder if our Democratic president has been blinded by the

right. :shrug:

[Autumn]

43. Well this is eye opening

I have spent years being blinded by the left.

[old mark]

5. K&R-I'm waiting for "Obama sees ending Social Security as good for economy..."

There is an awful lot of smoke about this-I am thinking there just might be a fire...



mark

[mmonk]

22. Usually is.

[kentuck]

7. OMG!

:crazy: :wow:

[mmonk]

9. Yep, that's it for sure.

Extending them suddenly made them work.:eyes: Obama is the rejected Reagan disciple (by those that are Republican Reagan supporters though he keeps trying).

[adnelson60087]

10. according to cbs news, 9.4 from 9.8 percent was due to 20%

falling off the unemployment rolls. Obama is just disappointing.

[boston bean]

13. expect to see this type of drop in these numbers because 99ers are off the rolls. nt

[adnelson60087]

18. ding ding ding!

[Statistical]

38. Is that bell used to detect false statements.

The statement is 100% false. You are aware that benefits have absolutely nothing to do with unemployment rate right?

[mmonk]

21. Ssssssshhhhh!

Don't give away the tricks of political misinformation.

[Statistical]

39. What trick. UI has nothing to do with unemployment rate.

You can be receiving benefits and not be considered unemployed
You can not be receiving benefits and be considered unemployed.

[mmonk]

48. I'm willing to bet the 99ers are most of the discouraged job seekers.

You know, the ones that drop out of the labor pool and no longer counted in unemployment statistics.

[Statistical]

51. Why would you think that?

I would agree the longer people are unemployed the more discouraged they get however. If the cutoff was 129 instead of 99 for UI I don't think that would make someone with 100 weeks of unemployment more discouraged.

The whole 99er falling off the rolls is merely a canard to make people think U-3 is only going down because Congress put a limit on benefits.

[mmonk]

52. I agree that when we cut them off doesn't matter. But in the case

of it being such an extended period of time, they most likely fall within that category if not currently, then soon. Of course if one attributes benefits as being lazy and not looking for work, I guess one can say it spurs job seeking and staying in the labor pool. But most likely, they are trying to make it on their own outside of being hired.

[Statistical]

37. Nope. 99er (or any UI benefits) have no effect on unemployment rate. Period. n/t

[demwing]

17. Disapponting? He must know the truth, he's not stupid.

Which makes him a damn liar.

[adnelson60087]

19. spin spin spin, don'tcha know! Yeah, you're right.

[Edweird]

11. LOL

[Skink]

16. Aliens have eaten into his brain.

[obxhead]

50. No, corporations and those that control them have control of his brain. nt

[Karmadillo]

20. Laying the foundation for the next tax cut. Gobama!

nr

[QC]

23. And yet another right wing delusion has received The Obama Stamp of Approval!

What's next? Maybe he will declare that climate change is actually a librul conspiracy to destroy America soon.

[dkofos]

24. Of cousrse he did. That's what his bankster buddies told him to say.

[katnapped]

26. You people just want Sarah Palin in office!

Admit it! :sarcasm:

[QC]

30. They never really loved him!

:cry:

[WinkyDink]

27. Well, then let's go for the GOLD and ELIMINATE ALL TAXES!

Thus, the absurdity of Obama's argument.

[grahamhgreen]

32. Best argument yet!

[grahamhgreen]

31. Tax cuts do not spur economies. How is he different from a Rep neo-con on this issue?

The tax cuts are not cuts, they are deferments that we have to pay back with interest.

[WillyT]

33. BMHTMC !!!

:banghead::puke:
:banghead::puke:
:banghead::puke:

Isn't it WONDERFUL???

All those Republican policies receiving Democratic blessings!!!

Now THAT's Bi-Partisanship!!!

:sarcasm: (In case you couldn't tell.)

:banghead::puke:

[MadHound]

40. Lovely, another one who believes in tinkle down economics,

Despite the proven failure of supply side economics over the past thirty years.

Looks like Obama doesn't just admire Reagan, he is using Reagan's playbook and excuses.

[meow mix]

42. dubyas third term

what a creep

[Mojambo]

45. Reagan Democrat.

He's all in on the most destructive economic philosophy in this country's history.

[AtomicKitten]

46. Misleading title. That's not what he said; he said "tax cut deal."

Obama attributed increasingly optimistic economic forecasts in part to the tax cut deal he negotiated last month with Republicans to extend Bush-era tax rates for all, along with unemployment benefits, a payroll tax cut and assorted other tax breaks.