trying to get my head around the new 800 billion stimulus bill. Is this the right thing to do? is it the best solution for severe recession? has it worked in the past? how much of a gamble is it, will people spend more or just save?
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Well, pure capitalism, which has never existed.Isn't Capitalism supposed to be all about "free" markets with no state intervention?
it's a massive gamble though, isn't it?
also, there was been suggestions that the Iraq War could have cost $3 TRILLION.
for a war.
no jobs, no homes, just a load of dead people.
February 22, 2009
It's bigger than a breadbin, but will it work?
Obama Planning to Slash Deficit, Despite Stimulus Spending
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By JACKIE CALMES
WASHINGTON — After a string of costly bailout and stimulus measures, President Obama will set a goal this week to cut the annual deficit at least in half by the end of his term, administration officials said. The reduction would come in large part through Iraq troop withdrawals and higher taxes on the wealthy.
Mr. Obama’s budget outline, which he will release on Thursday, will also confirm his intention to deliver this year on ambitious campaign promises on health care and energy policy.
The president inherited a deficit for 2009 of about $1.2 trillion, which will rise to more than $1.5 trillion, given initial spending from his recently enacted stimulus package. His budget blueprint for the 2010 fiscal year, which begins Oct. 1, will include a 10-year projection showing the annual deficit declining to $533 billion in the 2013 fiscal year, the last year of his term, officials said.
While that suggests a two-thirds reduction, exceeding Mr. Obama’s goal of at least half, advisers note that the current deficit as a starting point is inflated by one-time expenses to stimulate the economy.
Measured against the size of the economy, the projected $533 billion shortfall for 2013 would mean a reduction from a deficit equal to more than 10 percent of the gross domestic product — larger than any deficit since World War II — to 3 percent, which is the level that economists generally consider sustainable. Mr. Obama will project deficits at about that level through 2019, aides said.
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