Originally posted by: HendrixFan
Originally posted by: marincounty
Let me guess-you were a GWB voter?
Four years is a long time, and you never know what Obama will get done. Not to mention the the airing of the dirty laundry of the Bush years may also have an impact.
Not at all, I didn't vote for him as governor here in Texas. I certainly didn't vote for him for President either time.
Bush's dirty laundry has already been aired out but nobody on the Democratic side had the balls to do anything about it. Obama has been vague (big surprise) but has seemed to indicate that his desire is to just move forward instead of going after the Bush Administration.
I'm not too pleased with Obama's ideas for fixing the economy so far, but he does have a crew that seems to be committed to doing something. I think they will tinker with their plans until things get better. Unfortunately, I think the only way the economy will get better is if we start to let home values fall back into the historical range of 3X annual household income. Then we have to work on producing tangible goods, this consumption based economy relies on us borrowing money from other countries, which is doomed to fail eventually. For the first time ever, we are now borrowing more than the
interest on the national debt. Where I come from, if you are having to borrow money to make minimum (interest only) payments, you are pretty much screwed. I think the same applies to large countries. Taxes are at historical low levels (18% of GDP), yet debt is at historical high levels (over 80% now?). This imbalance cannot last. Obama needs to stick to his campaign ideas of slashing government spending and/or increasing taxes.
I don't know what good things Obama will do, but with the coming Alt A defaults and all the announced layoffs actually happening, things will get worse. Until those larger core problems get resolved then we will continue to struggle. Unlike the majority of the Bush years, where he could put everything on the national credit card and inflated housing bubble (responsible for nearly any real growth the past 5 years) and make believe that we were doing well; if Obama tries that same tact, and it appears thats what he is doing right now, then things won't collapse but we will be mired in a much worse state. Obama has to let things fall apart so they can be rebuilt properly this time. It will be a tough process but the country will be better for it. What that does is make him a punching bag because he will be seen as responsible for not getting us out of the recession, which is what the 2012 candidate will run on, and likely win on.