Barack Obama: we must spend our way out of recession

Barack Obama: we must spend our way out of recession
Barack Obama declared yesterday that only unprecedented and urgent government spending could prevent the deepening recession stretching for years into the future.

Eleven days before taking office, the US President-elect said that he was entering his presidency “in the midst of a crisis unlike any we have seen in our lifetime”.

The “day of reckoning” had arrived, he said, and the risks of “doing too little or nothing at all” were even greater than those of allowing a federal deficit – already projected to reach the record figure of $1.2 trillion – to spiral on into the years to come.

Mr Obama used his first major policy speech since his election to call on Congress to act quickly on his request to pump hundreds of billions of dollars into the American economy. He said that figures to be released today would reveal that the United States lost more jobs last year than at any time since the Second World War.

[mod edit: links removed keep it on the economy]

Here’s a link to that article: … 478754.ece

Well there goes the dollar. It was a nice currency while it lasted.

I believe I shall go on holiday in the US this year - looks like the exchange rate is likely to be very preferential :-/

He’s not the Messiah. He’s a very naughty boy.

Yeah when Bush ran obscene deficits he was the devil incarnate. Obama is basically signalling “we’ll have more of that” and he’s the world’s saviour. The power of charisma I guess.

Bush ran them for a war and to pump money directly in to the pockets of his Halliburton and enron mates

One will Hope Obama invests the money more wisely.

Without such spending the US will implode. People in the states are less docile than the twenties

:open_mouth: I’ve just realised, we have two messiahs at the helm :open_mouth:
:open_mouth: and any number of Marys :open_mouth:
Come back Joseph Jacobs, all is forgiven :smiley:


Maybe if we spent our money making Ireland self sufficient in energy and making electricity super cheap for homes and businesses instead of bailing out failed business men we would be on a better path?