And how will this stimulus package be financed? Who will ultimately pay for it?
It is well known in economics that such stimulus packages have only a short term effect and create only damage in the long run. Obama may promise to “jump-start the economy in a way that doesn’t just deal with the short term” but every economics student kows that this stimulus package has already (more than) failed if you include in the equation that this debt has to be paid back with interest.
The US are broke. And what will happen if the US bonds lose their ridiculous AAA rating? Don’t tell me that the USS Titanic is unsinkable because it has already hit the iceberg. They just forgot to tell you about it.
Look at Obama’s hand forming a M. He is showing you that he is a FreeMason.
George W. Bush is a member of the Skull & Bones secret society, “The Brotherhood of Death.”
George W. Bush at his 2005 inauguration
If you do not know the meaning of this sign, then I would like you to find out about it.
And here is a Picture of George H. W. Bush in Skull & Bones Society at Yale (Wikipedia).
Bush and Obama are both puppets serving their elite masters.
President-elect Barack Obama has warned that “things are going to get worse before they get better” as he outlined details of an economic stimulus package that could reach $1 trillion and is designed to lift the United States out of recession.
President-elect Barack Obama
On Friday the US announced a net loss of more than half a million jobs in November, the largest drop in a single month for 34 years and bringing unemployment to 6.7 per cent. The following day, Mr Obama announced the biggest infrastructure investment since President Dwight Eisenhower created the US highway system in the 1950s.
He proposed government programmes for bridges, roads, broadband internet and schools as well as plans for greater energy efficiency and health spending. The National Bureau of Economic Research has said that America has now been in recession for a year.
Although he played down expectation for a quick economic recovery, Mr Obama said his plan was “equal to the task” that the US faced.
“The key is making sure we jump-start the economy in a way that doesn’t just deal with the short term, doesn’t just create jobs immediately, but also puts us on a glide path for long-term sustainable economic growth,” he said in an interview with NBC’s “Meet the Press”.
Stronger financial regulations would make banks, credit ratings agencies, mortgage brokers and others “much more accountable and behave much more responsibly”.
He emphasised that the survival of the domestic car industry was crucial but any bailout must be “conditioned on an auto industry emerging at the end of the process that actually works”.
The president-elect criticized Detroit’s Big Three car manufacturers for “repeated strategic mistakes” and a “failure to adapt to changing times – building small cars and energy-efficient cars”.
He added, however: “The auto industry is the backbone of American manufacturing. It is a huge employer across many states. Millions of people, directly or indirectly, are reliant on that industry, and so I don’t think it’s an option to simply allow it to collapse.”
Noting the US budget deficit might exceed $1,000bn (€785bn) even before his campaign promises and new spending plans were taken into account, factored in, Mr Obama said: “We understand that we’ve got to provide a blood infusion to the patient right now to make sure that the patient is stabilised.
“And that means that we can’t worry short term about the deficit. We’ve got to make sure that the economic stimulus plan is large enough to get the economy moving.”
Mr Obama has not to put a full cost on his plan but his advisers estimate it will be more than $700 billion (£477 billion) and could even top to $1 trillion.
By Toby Harnden in Washington
Last Updated: 6:45AM GMT 08 Dec 2008
Source: The Telegraph