Obama the Supply-side President ?
While in China the President, at least rhetorically ,had a bit of an economic epiphany .He suddenly became aware that his runaway spending this year has not accomplished what he intended ;to stimulate the economy and create real jobs. He doesn't sound quite so confident in his recipe so perhaps just by accident ;in comments made in an interview with FOX NEWS Major Garrett ;he stumbled upon a solution that most likely would work.
Quote:
There may be some tax provisions that can encourage businesses to hire sooner rather than sitting on the sidelines; so, we're taking a look at those. I think it is important though to recognize that if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the US economy in a way that could actually lead to a double-dip recession.
http://www.politico.com/morningmoney/
It must be a bitter pill to swallow admitting his long held beliefs in government spending does nothing to stop job loss ,and indeed contributes to the problem. Has he learned yet that the government interventions in the marketplace, with TARP, stimulus, etc. keeps the economy from stabilizing?
We will find out the answer to that question in early December when he plans to, yet again,assemble captains of industry (perhaps dressing them up in hard hats for the photo-op) for a "Jobs Summit". Hopefully one of them will not be so compromised from taking government cheese to tell the President that the best solution is for the government to get out of the way .
Ps .Congrats to all who followed Excon's advice these years to buy gold. You are in the middle of a commodity bubble that will not end until the government takes steps to strengthen the dollar.
