Others argue that the best bang for the buck would come from a stimulus package devoted mainly to tax cuts rather than public investment.FURTHER DOWN IN THE SAME ARTICLE:
The breakdown in the $819 billion bill that the House approved on Wednesday and the Senate will take up next week is two-thirds spending, one-third tax cuts.
The president took a different approach in a press conference on Friday. Seizing on the damaging fourth-quarter figures and the prospect of an even weaker first quarter, he called the contraction “a continuing disaster” for working families and pushed Congress to act quickly to provide relief.
Business investment, commercial construction, home building and exports all fell steeply, most of them doing so for the first time since the recession began 13 months ago.*******UPDATE: REUTERS HAS ANOTHER GEM OF A NEGATIVE QUOTE FROM "AMERICA IS IN DECLINE" OBAMA:
Data released this week suggested that the decline had continued.
As for consumer spending, in only one other quarter since records were first kept in 1947 have final sales of goods and services produced in America fallen so much.
“Consumer spending is often held up as the engine of growth, and we are now experiencing the second-largest contraction on record,” said Ben Herzon, an economist at Macroeconomic Advisers in St. Louis, referring to the 7.6 percent drop in spending in the midst of the 1974-75 recession, and 5.1 percent now.
"Americans know that our economic recovery will take years -- not months," he said.THE PROBLEM HERE IS OBVIOUS - AND THE NYTIMES TACITLY ADMITS IT:
- OBAMA IS BEING OVERLY AND RELENTLESSLY NEGATIVE IN ORDER TO PUSH HIS MASSIVE SPENDING-ORIENTED "STIMULUS" PACKAGE - WHICH IS NOTHING MORE THAN A HUMONGOUS PORKAPALOOZA FOR DEMOCRAT FACTIONS.
- SKEPTICS WHO DOUBT THAT OBAMA WOULD DELIBERATELY TRASH-TALK THE ECONOMY IN ORDER TO ADVANCE A LEFTIST GOAL SHOULD REMEMBER THAT THIS HAS LONG BEEN A BASIC STRATEGY OF THE LEFT; IT'S CALLED THE CLOWARD-PIVEN STRATEGY. (MORE ON THE STRATEGY OF THE MANUFACTURED CRISIS HERE.)
CONTRAST HIM WITH FDR AND REAGAN - WHO SUCCESSFULLY LED THE NATION DURING MUCH MUCH WORSE ECONOMIC TIMES:
- FDR'S MOST EFFECTIVE WEAPON IN THE BATTLE AGAINST THE DEPRESSION WASN'T THE "NEW DEAL" IT WAS HIS INFECTIOUS OPTIMISM; FDR FAMOUSLY SAID, "WE HAVE NOTHING TO FEAR BUT FEAR ITSELF".
- REAGAN TOO WAS AN OPTIMISTIC LEADER WHO TOLD US IT WAS MORNING IN AMERICA, AND OUR BEST DAYS WERE STILL AHEAD OF US - IF WE GOT GOVERNMENT OUT OF THE WAY! HE GOT IT OUT OF THE WAY AND WE DID FABULOUSLY WELL AS A RESULT!
- OBAMA TELLS US THINGS ARE GOING TO GET WORSE - UNLESS WE PASS HIS PORKAPLOOZA.
AND IT SUCKS, BIGTIME.