Don't break out champagne for U.S. recovery

  • Article by: Peter Orszag , Bloomberg News
  • Updated: January 30, 2013 - 3:03 PM

Some predict economic hard times will linger.

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callmeronJan. 30, 13 5:32 PM

Never fear! Barack Obama and the Democratic Party have a plan! The plan: raise taxes on people who actually create jobs so they have less money to create more jobs and less reward from investment so that money can be given to those who did not lift a finger for it in the interest of "fairness". You see, working 60 to 80 hours per week to earn money for yourself isn't "fair" while people are sitting around in subsidized housing all day watching TV. So money must be stolen from those who earn it and given to those who didn't to buy votes so Democrats can get elected into positions of power to feed their own egos. Oh yeah, I almost forgot another part of the Obama-Democrat plan: Borrow trillions upon trillions upon trillions of dollars from current and future generations and steer that money to your loyal voting blocs such as union workers and those on welfare. Look how well it has been working the past 4 years. Oh, by the way, did you know that yet another medical device company (Boston Scientific) announced the cutting of 1,000 jobs to save expenses to pay the new Obamacare taxes? So far several thousand good-paying middle-class jobs in the medical device industry have been eliminated to pay Obamacare taxes so those who don't do anything to earn money can have some free health insurance. Gosh, it's so darn difficult to figure out why the economy hasn't recovered yet, isn't it?

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kindaliberalJan. 30, 13 5:54 PM

And the republican plan is to greatly reduce government spending when the economy is still weak, and take more from the middle class, which is the other spending that drives the economy. That's going to stimulate the economy how? As far as medical devices, if demand grows for those products all those people's jobs and more will come back. It's called supply and demand. Reducing demand (which increases supply), which is what falling middle class wages do, means employers don't hire people no matter how low their taxes are. They don't need more employees if they can't sell their product.

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brotherkennyJan. 30, 13 7:16 PM

I doubt these are hard economic times. I suspect some people struggle and there are many reasons for that, but it's highly unlikely that is because these are inherently more difficult times. In many way these are some of the most stable times in our history. We don't have a civil war or a world war or a great depression. We no longer bleed people as a medical practice (well, at least not blood). There is no guarantee that you will be rich and there never has been. Growth is not guaranteed either, despite what the politicians hope. Infinite growth is an impossibility. We have tied our economy to the use and production of energy and chosen our carrier to be a finite resource that by it's nature becomes more expensive to produce every day. I suspect that is not a good idea. Heck, it's not even an idea it is more of a habit.

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pitythetoolsJan. 30, 13 8:38 PM

"And the republican plan is to greatly reduce government spending when the economy is still weak?" If government spending stimulated the economy we would be more prosperous today than any time in history. how many failed stimulus programs do you need before you figure that out? And no - unemployment benefits DO NOT stimulate ANYTHING accept continued unemployment for those receiving it.

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gandalf48Jan. 31, 1310:02 AM

I'm sorry but what has Obama done to help the private sector in the past 4 years? I honestly can't think of a thing other than trying to create inflation that would have an impact on the private sector. We need tax reform and we need to get the government out of the business of picking winners and losers.

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kindaliberalJan. 31, 1312:25 PM

PITYTHEFOOLS, you left out the part about middle class consumer spending. Of course you need more than government spending. However, for many business' the government is a huge customer. When the economy contracts due to recession you can wait until non-governmental spending increases, which I believe will prolong the recession, or you try and temporarily stimulate the economy by increasing government spending. The time to cut goverment spending is when the private sector economy is booming. Republicans always want to do the opposite and dems want to spend more when the economy is booming.

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