You will be happy to know that nothing is going to change. President Obama plans to continue doing the same things he has been doing – because it’s so successful? The President’s speech on August 8th blamed S&P for their (S&P’s) bad decision in downgrading us and claimed the markets believe we’re triple A – this was all while the Dow went down over 600 points. He repeated that he wants a balanced plan (taxes and cuts).
He said our debt problem is not our credit, but rather it’s long term deficits. He doesn’t see any need to do more cutting. He repeated the need to tax the rich and modest changes to Medicare ( I shudder to think of what he would assume is a good modest change since he supported the removal of $500 billion from Medicare to fund Obamacare).
He said policies and plans are fine, but it’s the self-interest, party ideology, blah, blah, blah that are the problem. In other words, it’s the Republicans fault. No mention of our spending problem.
He said he will put his ideas forward in the upcoming weeks. I don’t know why he hasn’t come up with something sooner.
To grow the economy, he will expand the payroll tax cut and keep unemployment insurance going. I don’t think President Obama understands that unemployment insurance doesn’t put money into the economy – it takes money from the taxpayer and gives it to the unemployed through the government revolving door.
Basically, he blamed others and plans to do more of the same nothing that has not worked. There is still no plan. The Democratic Congress hasn’t voted on a budget in two years – I wonder if that’s the tea party’s fault also.
I don’t know why Obama bothered to come out and speak. The market went down another 200 points after he spoke.
You can also watch it here.