President Barack Obama Message Board

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Politics : President Barack Obama

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To: koan who wrote (114309)	5/28/2012 6:02:07 PM
From: mel221	Read Replies (2) of 149317

>> Those trillions were given to the banks to keep them afloat which was first authorized by bush. Koan, you are correct that Fed policy conducted by Bernanke has given trillions of dollars to the banks. But this policy was not authorized by either Bush or Obama, but by the independent Federal Reserve Chairman. However, since Obama has been elected President, the federal debt has been increased by President Obama by around 5 trillion dollars. He has signed annual budgets that spent over $1 trillion dollars more than the government collected. Most of the Federal spending does goto consumers; Payments to individuals via SS and medicare, reduction in payroll taxes Cash for clunkers Payroll for Federal Employees Construction Projects Even money spent on Corporations is used to make payroll. This federal deficit spending is approved by Krugman (he wants even more!) and is infact stimulative to the US economy. Deficits are stimulative while balanced budgets are austerity. nytimes.com nytimes.com How this works does not require a PHD in economics. Most 5th graders can understand the concept that borrowing money from the future to spend today is stimulative.

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