Obama readies second stimulus following wildly successful $800 BILLION version:

Oct. 6 (Bloomberg) -- Barack Obama is considering a mix of spending programs and tax cuts to respond to widening job losses that would amount to an additional economic stimulus without carrying that label.

Related
Why has the president’s stimulus package had less than intended results? Dr. Timothy G. Nash and Dr. Keith A. Pretty of Northwood University ask that question and look at some common sense alternatives

The problem is not, as Mr. Biden would have us believe, that the government didn’t spend enough, or that government bureaucracy is slowing the pace of stimulus spending, which it is. The problem is with a package that didn’t cut taxes enough or in all the right places. People have little confidence in government spending as a catalyst for economic growth and long term prosperity. They know that business creates jobs; government largely creates taxes, regulations and spends. The U.S. economy is burdened by: onerous regulations, the third highest corporate income tax rate (39.27 percent) in the world, and a combined state and federal personal income tax rate that can exceed 46 percent in certain states.

Despite all the money coming in, the U.S. national debt is now $11.2 trillion dollars, or 78 percent of U.S. GDP, and will likely be above 100 percent of GDP by the end of next fiscal year, surpassing the 1949 level of 97.5 percent which included costs associated with World War II and post war reconstruction.

Labels: china, economics, obama, pelosi, reid