Live Blog from the Anchor Desk 2/26/09
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how bad can it get, if every positive prediction goes wrong....i dont hear anybody really talking about it..is there a reason...all we need know is a, well
i dont even want to talk about it....i just feel that we are very vunerable right now as a society and a country
Where is all this money coming from...
It makes me so sick to sit hear and listen to republicans blasts President Obama policies. I didn't agree with everything that President Bush did, but i didn't blast him. Where's the weapons at in Iraq? THAT'S THE REASON WE WENT TO WAR. Don't try to spend it. That was our reason for war. Give the man a chance. He's only been in office for little over a month. What happen to speaking against a President during a time of war? I understand spin when i see it. I'm good at in relationships.
Scary Stuff, but thanks David for cutting to the bone of all this mumbo jumbo political speak. American's didn't know what this would cost nor what they were really voting for.
David Gergen, I know that I feel all these things are tied together, I always have. We will never ever go in a new direction without beginning to make inroads in these areas of health and energy. Without it, we will cease to be. We have lost our manufacturing, we cannot function as a "service industry" nation, we definitely can't make without spending. Every business does it. It's the old axiom 'you have to spend to make" applies. The calls for tax cuts are by people who still remember Reagan cutting 70% taxes to the 30s. We can't DO that. It won't WORK. It's our only hope, risky as it is, to invest in the future and new economic engines.
CaseyJ is right. The number is staggering and terrifying, but sometimes you have to go downstairs to go upstairs. Thinking that this will take care of itself without government intervention–yes, that means government spending, even during a recession–is being penny wise and pound foolish. It will hurt us more in the long run.
Hi Mr.Cooper,your sly comment criticising Pres.Obama's budget presentation that "families don't run up deficits" is disingenuous,because that is exactly how most american families live.The average american family lives off credit.
okay... my head is hurting just thinking about all the $$$ amounts that are being thrown around.
The "Grand Ole Party" doesn't seem to be all that grand. They seem to be very one-sided. Don't they realize that the last 8 years of crisis was caused by the voice of their party? A voice that they voted in for 8 consecutive years. Hello!! They need to be supportive and understand that Obama is trying to help, not hurt. That's why we voted for him.
@Anita, I was thinking the same thing. I'm sure most people who make over $250K work just as hard as everyone else.
Change. Where is the change? It is more Tax and Spend.
Actually, Anderson, contrary to what you said in response to President Obama's budget presentation, we DO run our households at a deficit! My household is 40K in credit card debt with a gross income of only 120K.
I hear about the Juarez violence EVERYDAY..I live about 5 min from the one of the port of entry bridges..I have family still living in Juarez..I constantly pray for their safety..
BTW Erica..maybe the floor crew can dance to Britney Spears’ “Circus” like the video…that would be super funny
No combat troops in Iraq, is a big mistake. Trust me they can't defend there self. Without infantry, and other combat arms, Iraq will be out of control.
14 bucks a week is NOT giving me ANY consumer confidence whatsoever-I use more than that in gas, and lose more than that through the holes in my well worn jean pockets.
Some families run deficits but choose to readjust how they live. That means pay your mortgage payment or move to a less expensive place, sell that BMW and buy something less expensive, lower the package that you have on your cable package, and cut down on food costs. This economic failure only occurred because people tried to live outside of their means!
I agree with your insightful commentary as usual David Gergen.
Anderson and guests,
Please address the possibility of removing troops from some of the 130 nations costing 1 T per year. This would need to be done in consort with those host nations to minimize destabilization in their respective countries.
Also please consider salary caps on all Americans. Sports, celebrities, etc. Meg salaries contributes to less funds in the hands of the populace.
Exactly how does redistributing wealth stimulate the economy???
Once again, Robin Hood economics... raise taxes on the rich, lower taxes for the majority of voters. Why don't you give us an accounting of whether or not this is a net gain or loss to the defecit. Punishing success is not the best way to stimulate the economy.
Anderson I voted for Obama to fix our problems.
I knew there would be a price tag. But come on
we are in a really big mess.
Good point David G......... I agree with him, we can defiect our money for half.
Hi Erica
I just want to know when those FRIDAY FLOOR CREW t-shirts are going to be available...you know, the ones with the guys' dance move silhouttes on back. ~ L.C.
So much negative energy from the pundits - redistribution of the wealth - what a joke. So its ok for the rich to stay rich while the poor just get poorer. If government doesn't help with this problem, who will?
David Gergen is great, he is always level headed. This is my favorite news show by far.
Wealthy families pay more in taxes, its only fair!
Close Corporate loopholes, its about time!
Cancel no bid-contracts, no more stealing our taxes dollars!
Tax-cuts for middle class families, priceless!!
Obama was elected to change America...He is doing what he has to do!!!! Bush messed up the US terribly for 8 yrs. and now Obama must clean up, and re-build many systems, economy, healthcare, education,energy....these things all need to be done. Congress should cooperate!!!!
Jud Gregg's suggesting a glide path after he and his fellow republicans worked hard on crashing the jet. The republicans have proved that they cannot save, spend or budget correctly.
what controls are going to be in place to prevent fraud with the stimulus package. as we all know where there is money and particularly public funds, there is often fraud. the success or failure of this stimulus can made or broken by fraud or lack thereof.
HI ANDERSON&ERICA
This guy is blowing smoke, Pres obama is going to get us back
on track taxes taxes, we are all gonna pay rich and poor.
go obama do what u gotta do.
Rough calculation in two years 12-14 trillion of debt. Higher interest rates due to higher inflation and govt crowding out debt mkts make interest rates easily 6%. Do the math. Easily close to a trillion in annual interst expense.
Einstein said compound interst is the 8th wonder of the world. We are imploding!!!
Why does president assume that top 5% are hard working families? He always mentions that tax increase on top 5% and rest of 95% tax cuts for hard working families.
Why don't we manage the spending of our Congress, ie nancy pelosi's vacation to Italy, congress men trip to india to honor 50year anniversay of MLK-Gandhi meeting
I am one of the 5% who is THRILLED to pay more taxes to get us out of this mess!! I am definitely willing to do my part-it all come back–thats why the world is round.
Like how David reworded it to "concerns." That nuance makes all the difference. While Republicans ideologically have a legitimate concern, at least in reference to their own world view, their actual criticisms are a bit weak at the moment.
@Minou, It's more than $3.6 trillion, it's more like $4.5 trillion. This year alone is $1.75 trllion, more than Bush's last 3 years. By the way, every President in the last 50 years promised to reduce the deficit. Even Clinton, who balanced the budget for one or two years out of 8 still increased the debt by trillions.
I understand that there will be a tax decrease for anyone or any family making a certain amount of money. The decrease will be for 95% of all working people, but what about retirees who are on a fixed income. How will they be dealt with?
Americans should be happy. $1.75 trillions deficit spending that means Americans specially the rich is going to be richer. When the Govt. spends money, money will go to Americans. It has been proved. In 1985 we had 13 billionaires but now we have over 1000. Where did the money come from? Think!!!!!!!
Anderson,
PLEASE talk about the difference in cost of living. This may sound crazy, but $250,000 in New Jersey and New York doesn't get you to the same level as $250,000 would get you in Kansas or Iowa. There should be a sliding scale formula that calculates cost of living, salary levels, and median house values.
PLEASE BRING IT UP!!!!!!!!!!!
Anderson,
Hi!
Pres. Obama's budget plan does seem to emphasize priorities rather than concern for cost–I do hope it succeeds.
Another email; things getting worse for the self employed; we have been Real Estate Brokers and Investors in South Texas for over 30 years. Our local bank was bought by a spanish bank who has refused to help in any way form or shape. All our eggs are with this bank!!!!!; We have solid investments in real estate with plenty of equity; we have been excellent customers with good credit; now we need a little bridging over; guess what?? no help; in no way form or shape; we are considering seeking legal counsel; any one out there have any advise??? Need help in South Texas.
How in the world can we allow this to happen? We are heading to doom if we allow Obama to pass his agenda.
I like that President Obama is looking at the "big picture" and long term. If people are truly interested in the amount of debt they are leaving for their children and grandchildren - then we need to stop asking what's in it for me now and start saying what do we need to do to fix our economy in the long term.
I've heard the term zombie banks, or banks dead-alive. This intermediate situation is that it can not continue. If the first step is to intervene in banks and if there is no other exit, government must intervene and admit the problem.
@Maureen- I agree with you it is best to reserve judgement on the President until he speaks Friday.
Ps. Sen. Gregg you have no credibility, I never heard one word from you in the past 8 years regarding deficits, in fact I did not know who you were until President Obama picked you.
Erica, purusant to your webcast request, I think the crew should do a "light" song and dance routine and pick-up Anderson in a side/prone position during the routine.
The thing that overwhelms me most when looking at our budget and deficit is that CURRENTLY 2/3 of it is non-discretionary (i.e., Social Security and Medicare). And as the boomers (and I am one) continue to age, this will grow.
Great – we can maybe impact the 1/3 (or 1/6) of the budget that is discretionary, but what are we doing about the entitlements elephant in the room?
I know all these things seem impossible but at least we have plan compared to the nonsense we've been through for the last eight years.
Anderson–looking forward to the Juarez report tonight. It is troubling that this region is being compared to Iraq.
Good evening everyone. Getting out of the wars should go a long way to decreasing defense spending. My husband is employed in military supply and worked an average of 80+ hours overtime every month for the past two years. Factor in time and 1/2 and the number civilian employees alone that it takes to supply our troops and the cost is staggering. Prior to the past two years most installations were realigning and downsizing but now they having to hire new people as the workforce ages and the demand increases.
Change doesn't seem to be what this budgent is about..... 300000000000 dollars is 30000000000000 cents. any difference?