Obama Proposes Union Vote Buying
Roubini is not optimistic about the economy. Frankly I think he is far too optimistic, but that's me eh.
The Atlantic points out five doomsady scenarios for the US economy and says one could cause another recession. How about all five occurring concurrently and plummeting the US and global economies from depression into apocalypse. What are the chances of any of these scenarios not happening in the next months and years?
Obama plans on introducing Stimulus 2.0, borrowing, printing then spending $50B for "infrastructure improvements" to create jobs. As if structural engineers and heavy equipment operators weren't already operating at peak employment. The IUOE will be raking in the overtime money and a few thousand laborers will get seasonal minimum wage. The Chinese will recover some of their loan money selling rebar and other structural steel. That should get consumers spending again!
Let's be frank, this "stimulus" plan is nothing more than a payoff to construction unions. If last year's $814B stimulus bill didn't lift the economy out of depression, how is a puny $50B stimulus going to have any impact at all? Obama and his congress have a track record of bailing out banksters and unions, whether they be teachers, auto, government or heavy construction. It's all about buying union votes.
I'm of a mind that it just doesn't matter if the US spends $50B or $50T that it doesn't have. When you are bankrupt it just doesn't matter anymore. Why not go out with a bang?
The good news is that there will soon be more bridges for americans to live under when the post depression apocalypse comes.
The Atlantic points out five doomsady scenarios for the US economy and says one could cause another recession. How about all five occurring concurrently and plummeting the US and global economies from depression into apocalypse. What are the chances of any of these scenarios not happening in the next months and years?
Obama plans on introducing Stimulus 2.0, borrowing, printing then spending $50B for "infrastructure improvements" to create jobs. As if structural engineers and heavy equipment operators weren't already operating at peak employment. The IUOE will be raking in the overtime money and a few thousand laborers will get seasonal minimum wage. The Chinese will recover some of their loan money selling rebar and other structural steel. That should get consumers spending again!
Let's be frank, this "stimulus" plan is nothing more than a payoff to construction unions. If last year's $814B stimulus bill didn't lift the economy out of depression, how is a puny $50B stimulus going to have any impact at all? Obama and his congress have a track record of bailing out banksters and unions, whether they be teachers, auto, government or heavy construction. It's all about buying union votes.
I'm of a mind that it just doesn't matter if the US spends $50B or $50T that it doesn't have. When you are bankrupt it just doesn't matter anymore. Why not go out with a bang?
The good news is that there will soon be more bridges for americans to live under when the post depression apocalypse comes.
posted by lugh lampfhota at 11:00 AM
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