Obama's Hush Money: Why Create Jobs when You Can Just Raise Taxes?

Larry Summers would appreciate a Q4 2010 wake up call

And so begins the second phase of the economic unraveling. You can say what you want, believe what you want, and do what you want - it is not for me to tell you how to live your life. You can flip through US magazine and botox your worried little forehead, even run off and have an affair instead of looking at what concerns you about your own life if that's what's going to make you happy. It isn't going to change the circumstances.

It appears as though TPTB are of the "visualize your own made-up reality" breed, buying into some page out of The Secret playbook that says one can seduce the Universe into providing anything simply by believing it exists. Sorry, Larry Summers, you can't visualize your way out of being a douchebag and you won't be able to visualize your way out of the next round of economic beatings either.


Top U.S. officials said on Sunday it may be necessary to extend jobless benefits to firm up an economic recovery unlikely to create jobs until next year and declined to rule out future tax increases to tame massive budget deficits.

Although output in the U.S. economy will begin to turn positive in the second half of this year, job growth will take longer, U.S. President Barack Obama's top economic officials told Sunday morning talk shows.

"Historically, increased hiring typically lags increases in output, so it's going to take time before you see it ... in the employment statistics," White House economic adviser Lawrence Summers told NBC's "Meet the Press."

The New York Times reported on Sunday that up to 1.5 million Americans will exhaust their unemployment benefits in coming months, pushing more into home foreclosures and destitution.

Summers and U.S. Treasury Secretary Timothy Geithner said the Obama administration would work with Congress on ways to extend unemployment benefits later this year.

"We'll do what's necessary to make appropriate unemployment benefits available," said Summers, adding that this has helped maintain consumer spending.

They can likely count on some Republican support for the move. Sen Jim DeMint, a Republican from recession-wracked South Carolina, told "Fox News Sunday" he would "definitely support" extension of aid to the unemployed.

Do we have a choice in the matter?

At least we know there are unemployment office jobs as a result of this. =/

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


motownmutt said...

hmm, correct me if I'm wrong, but wont raising taxes to cover budget deficits also delay new job creation, thus furthering the furthering of the need for further unemployment benefits?


That's only the start of the boneheadedness, IMHO. Granted, Summers didn't necessarily say "we're going to raise taxes" but unless we find some cache of money-puking kittens in a vault somewhere... uh... I can't see where he thinks this money will come from.

Now bend over, we've got 600k more unemployed to cover...