The U.S. economy shrank at an annualized rate of 6.2 percent in the final quarter of 2008, almost double the 3.8 percent contraction in Gross Domestic Product (GDP) estimated by the Commerce Department last month. GDP is the sum of everything of economic value created in the country during a year.
President Barack Obama outlined a financial plan in his February 24 address to Congress that meshes eerily with the fascist economic plan Benito Mussolini enacted after his ascent to power in Italy before the Second World War.
President Barack Obama today signed into law the $787 billion “stimulus” bill — a.k.a. the American Recovery and Investment Act — that is supposed to help jump-start the economy. And despite the gargantuan size of this measure, it is actually just an installment in the administration's overall economic recovery plan.
Why doesn’t someone in the mainstream media take Presidenat Obama and his spokesmen to task for their ridiculous pledges not to repeat “the same failed ideas that got us into this mess in the first place”? Bush’s failed economic policies can be summed up as: 1. spending increases, 2. tax cuts and, therefore, 3. record deficits. And Obama’s economic “stimulus” plan is: 1. spending increases, 2. tax cuts, and therefore, 3. record deficits.
As the massive new stimulus bill, which President Obama is now preparing to sign into law, was undergoing consideration in the Senate, Americans wondered how much the final price would be. At one point during Senate deliberations, House Majority leader Steny Hoyer, responding to concerns that the Senate version was already tens of billions of dollars larger than the House version, sheepishly told reporters that "the objective is to have a bill of less than $900 billion." Yet less than 24 hours later, the cost of the Senate version of the stimulus package was well over $900 billion and continuing to rise.