What is Obama doing? » economy

Fox inadvertently proves Obamas point

Niklas — Tue, 09 Mar 2010 09:32:30 +0000

Fox News yesterday tried their best to spin a mistake he made at a speech the other day about the proposed savings of his health care bill, where he stated it would bring down the deficit by $ 1 trillion over the next decade.

Instead they made it a point to call out that the actual estimated figure was that the bill would save “only” $ 132 billion dollars from 2010 to 2019. The one trillion dollar estimate was actually for the next decade after that.

Oh, darn.

Fox News

Obama Budget Would Take $112B From Rich

Niklas — Thu, 18 Feb 2010 10:22:25 +0000

President Barack Obama’s proposed budget would shift $112 billion away from the nation’s top earners in 2012, according to the Tax Foundation, a nonprofit organization that monitors federal and state fiscal policies.

The group analyzed the impact of the 10-year budget proposal on various income groups. The study, released last week, said higher-income families would lose the most because of the expiration of Bush administration tax cuts and the proposed 28% cap on certain deductions. Low-income and middle-class families stand to benefit from the redistribution.

Read the whole story here

Obamas Jobb Loss statistics – thoughts?

Niklas — Wed, 17 Feb 2010 09:43:32 +0000

I think this pretty much speaks for itself.

The Peace Prize Controversy

Niklas — Tue, 27 Oct 2009 15:20:56 +0000

I know, we’re not maintaining this blog much but there’s an issue that just has to be adressed:

The Nobel Peace Prize that President Obama recently was awarded.

He’s gotten a lot of flack over this, especially in the conservative media – he even himself stated that he doesn’t really think he deserves it. And he might be absolutely right, and it sure is a strange nomination and award.

But credit must be given to the Nobel comittee, because they’re not dumb. I believe their major reason for awarding Obama with the peace prize was for his quick actions in reaching out to the muslim world and initiating diplomatic negotiations – something the Bush administration actively refused, much to the detriment of the entire worlds stability. His speech in Kairo alone is applaudable.

Over at Salon.com there’s been a very interesting article written about Obamas work towards stability in the world so far. Much of what is written has never been mentioned in the general media, and one can argue that the democrats are pretty much worthless in reporting their own progress.

Some major important points both from that report and generally:

The withdrawal of troops from Iraq are ahead of schedule. So far he has brought home 22,000 troops out of Iraq.
He has cut war spending by $30 billion.
Pakistan has as we speak today launched a major offensive towards the Taliban strongholds within their borders – as much as a response to the new US leadership as anything.
He has managed to convince Iran to allow in UN inspections, as a result of direct negotiation.
His effort towards dragging the US, kicking and screaming, toward a modern healthcare system (last country in the western hemisphere) could result in a much more stable and equal society.
By dismantling the Bush plan of an aging missile defense system in eastern europe, he has opened up unforeseen diplomatic possibilities with Russia – apart from saving billions of dollars while at the same time planning a much more efficient defense plan in the area.
His promises to close Guantanamo Bay and the administrations refusal to continue previous torture policies is a big move towards human rights in the world.

So give the guy some credit – and don’t listen to the major news outlets all the time. Obama is a force in the world most of us probably won’t acknowledge until years have passed and history can make its judgement. And so far, I honestly believe history will treat him as possibly one of the most important leaders of our time.

If we give him the chance.

Day 67: Obama’s Pick for EPA Deputy Drops Out

Niklas — Thu, 26 Mar 2009 09:41:43 +0000

First, we apologize for the slump in activity last few days. The recession hits everyone!

Seems Obama can’t get a break appointing his nominees:

President Obama’s nominee for the No. 2 post at the Environmental Protection Agency dropped out, saying scrutiny of a group he was affiliated with was threatening to become “a distraction” for the administration.

The EPA announced the decision by Jonathan Cannon, nominated for the post of deputy EPA administrator, a day before he was scheduled to appear before a Senate panel considering his nomination.

Story on Wall Street Journal

Also in the news today: Budget Has Obama Courting Fellow Democrats

Day 61: Bailout executives panic – House passes 90% tax on bonuses

Niklas — Fri, 20 Mar 2009 17:14:53 +0000

As if jumping executives from the roofs of bank and wall street buildings wasn’t enough of a public sidewalk hazard, the House overwhelmingly passed a near total tax on bonuses paid to employees of AIG and other bailout biters. And to really nail the coffin – it’s retroactive.

The faces of Evil according to bank executives.

The House vote sent some employees into a panic about the prospect of, in effect, having to give up money they might already have spent. And it had regulators fearing it could undermine the Treasury’s efforts to stabilize the financial system if banks tried to flee the bailout program or if other firms refused to participate in coming rescue operations to protect their bonuses, some executives said.

Story on NYTimes

Ps! If you happen to be a sad executive, here’s a little tax free bonus from us on WIOD: the streamed Leno interview with Obama.

Day 60: Obama goes to California

Niklas — Thu, 19 Mar 2009 12:01:23 +0000

President Obama begins a visit to southern California today where he plans to use a backdrop of job losses and home foreclosures to argue for a budget proposal he says will begin building a new economy.

California supported Obama in last year’s election, and Republican Gov. Arnold Schwarzenegger endorsed the president’s stimulus package, which will bring a state with a double-digit unemployment rate more than $30 billion in federal help.

But an angry populism fed by the financial crisis is rising in the country, including among moderate Republicans, whose support for Obama in this state was important to his success. Here in traditionally conservative Orange County, where he will hold a town hall-style event tonight, his visit is as much a show of solidarity as sales opportunity.

Story on Washington Post

Reuters also reports that Obama plans to visit drug war-scarred Mexico in April.

Story on Reuters

Day 59: Obama Defends Budget Proposal

Niklas — Wed, 18 Mar 2009 11:57:10 +0000

The White House has begun a full frontal assault to get President Obama’s first budget through Congress. During an appearance on Tuesday at the Eisenhower Executive Office Building, Mr. Obama took a swipe at Republican critics of his $3.6 trillion budget and its agenda for health care, energy, taxes and economic recovery.

“If there are members of Congress who object to specific policies and proposals in this budget, then I ask them to be ready and willing to propose constructive, alternative solutions,” Mr. Obama said. “ ‘Just say no’ is the right advice to give your teenagers about drugs. It is not an acceptable response to whatever economic policy is proposed by the other party.”

Story on NYTimes

Day 57: Obama Will Try to Block A.I.G. Bonuses

Niklas — Tue, 17 Mar 2009 10:28:18 +0000

Obama on Monday vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obama’s economic recovery agenda.

President Obama, with Treasury Secretary Timothy F. Geithner

“In the last six months, A.I.G. has received substantial sums from the U.S. Treasury,” Mr. Obama said. He added that he had asked Treasury Secretary Timothy F. Geithner “to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole.”

Story on NYTimes

Obama Announces Plan to Aid Small Businesses

Seeking to ease the credit freeze for small businesses, the Obama administration will inject $15 billion into the industry, buying up securities that are linked to small-business loans.

Story on NYTimes

Also as a little sidenote, Obama will appear on Jay Leno on thursday. Don’t miss it!

Details on Reuters

Obama’s address to congress

Paul -V- — Wed, 25 Feb 2009 14:55:53 +0000

Here’s the video of the entire Presidential address given February 24, 1009. Many hope this will be the first of at least eight.

ON EDIT (March 3, 2009 @ 09:45 EST): The old video player started automatically and crashed Safari browsers, so I replaced it with better-behaved YouTube code.