John C. Doolittle: Cut the budget bill

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— Sen. Michael Bennet:

I am opposed to the omnibus budget bill that was delayed from last year by Speaker of the House Nancy Pelosi primarily because she thought it would be easier to pass after more Democrats won re-election. Nothing but unadulterated partisan politics here.

The subject bill is filled with earmarks and pork, as well as an 8-plus percent increase in spending. Senator, that sizeable increase is unjustified in these economic times. Way above the rate of inflation. My income has not increased by that percentage. In fact, I am having to reduce expenditures due to the economic uncertainty caused primarily by the continual negative campaigning by President Barack Obama and influential people on the White House staff.

Have you noticed, senator, that the stock market has fallen some 53 percent - the majority since it became apparent that Obama would be elected, and 19 percent since January. Until the banking system and house prices stabilize, the market will continue to fall. The further it falls, the longer it will take to recover. Even as it is, it will take at least five years for the banking system to rebuild its net worth. There will be no significant recovery until the banking system recovers.

Next year's federal budget is an unmitigated disaster. Not much there to increase jobs. The same with the stimulus bill.

It is obvious to me that Obama and his financial advisors are out of touch with the average person. They don't understand consumer confidence and sentiment. Have you noticed that every time Tim Geithner speaks, the stock market craters? Do you think that is just happenstance? Or does the general public know bull when they hear it. As a new senator, have you wondered why the public's confidence in Congress is at an all-time low? Clearly Congress needs to wake up and listen to the American people. It is not beyond reason that there will be a tax revolt in this country, and we should expect a lot more cheating on people's income taxes since we found out that some six people tapped for key positions in the Obama administration are tax cheats. Perhaps you should spend some time thinking about what message is sent to the public when the Senate approves a tax cheat to be the Treasury Secretary.

Do your duty, senator, and cut the omnibus budget bill back to the level of expenditures in the previous budget with a continuing resolution for the balance of this budget year.

John C. Doolittle

Steamboat Springs

Comments

JustSomeJoe 5 years, 1 month ago

Money Quote - " In fact, I am having to reduce expenditures due to the economic uncertainty caused primarily by the continual negative campaigning by President Barack Obama and influential people on the White House staff."

John, you are a barrell full of monkeys!!!! So, if the President and his advisors were saying nothing about the economy, then we would be all roses? Basically you are saying it's the last fifty days of this new president that is causing the downturn of our economy?

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Tim Scannell 5 years, 1 month ago

Small business owners create 85% of all jobs in the U.S. Assuming a small business owner has a good idea, he or she primarily needs three things: Liquidity, certainty about the rules, and consumer confidence. Liquidity has moved back into the market, but under the new administration, rules are up-in the air (taxes, regulation, etc) and confidence has decreased. 53% of American's report in a survey today that they think we are going to have an economic depression. That is lack of confidence by anyone's definition. The role of any administration is to help reduce uncertainty and increase confidence. If the new administration's actions result in the opposite effect, then it is fair to lay some blame on them. You can laugh at Mr. Doolittle's statement, but it is accurate. President Obama is a good communicator and in this case, his communications are hurting the economy and market.

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JLM 5 years, 1 month ago

I would respectfully dispute the notion that "liquidity" has crept back into the banking market for small business.

The SBA (primarily a loan guarantee program) routinely runs out of money by end of the second quarter of the FY. The gov't FY begins in October. We are now in Q2. They are out of money and no new $$$ have yet arrived from the Porkulus.

I don't see any evidence that the SBA program has been invigorated in any manner.

Some local banker is free to prove me wrong and I will buy him and his latest, new borrower a steak at Old West. Hell, I'll throw in a nice bottle of cabernet if the banker lent him "bank" money to boot.

Local banker. New borrower. New loan. New money. = nice filet with all the trimmings and maybe a nice bottle of cabernet. Hell, I'll even pay cash and tip the waiter 25%. LOL

"From here on out, we are keeping score."

The biggest problem w/ the Obama administration is that they simply don't know what they are doing as demonstrated by the second half of TARP, the Porkulus, the Ears of Pork and the HASP.

They think this is kindergarten T ball where everybody is gonna get a hit, everybody is gonna get on base, nobody is ever out, everybody scores, both teams win and then Nancy Pelosi takes them all out for ice cream.

Unfortunately, Darwin --- Darwin had it right!

We have seen this movie before. The Great Depression took a decade to recover. Japan took a decade to recover. The S & L crisis took 7 years to recover.

You cannot create jobs by making war against the job creating segment of America.

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Robert Huron 5 years, 1 month ago

I too am against the spending bill that just passed and was signed by Pres. Obama. I had hoped he would have vetoed it until all earmarks were removed. The problem is that Congressman and Senators believe in one thing and that is spending money. Republicans as well as Democrats had millions of dollars of earmarks in this bill. In the last 28 years the gov't has increased at alarming rates. Ironically most of the expansion of gov't have come under Republican Administrations. Reagan increased it by 69%, Clinton by 32% and Bush by 68%. The same Republican Congressman and Senators that are now fiscally responsible are the same people who did not say a word as Bush spend money like a drunken sailor and allowed Wall St. to drive our economy off a cliff. When Bush took office the Federal Budget was 1.8 trillion and running a surplus of 320 million and when he left it was 3.2 trillion and running a 1.2 trillion deficit. He increased the Federal deficit from 5 trillion to 11 trillion. It was Bush that bailed out the irresponsible bankers (TARP) and auto executives before he left office. Is Obama doing the right things to turn this around I really don't know but I hope he succeeds. It took 8 years to get us into this mess and anyone that believes he can turn it around in 50 days is not being realistic. Unfortunately the Republican leadership would rather see Obama fail and in turn the country than admit they got us into this mess in the first place. It is called taking responsibility for ones actions which has been missing from Washington for a long time.

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JustSomeJoe 5 years, 1 month ago

I'm still laughing at the notion that Obama's election is somehow cause and effect here. His election caused a debt to dispoable income ratio of a 133% (it was 60% in 1980). His election caused short term profit driven finance professionals to package billions upon billions of poorly underwritten loans into securities and put those securities into balance sheets of the worlds's financial institutions. His election caused the one of the widest wealth gaps in the modern world, with tax break after tax break for the weathiest americans and corporations. It's called paying the piper.

Now he's calling it like it is, and you lay the problem at his feet. You think if he blew sunshine on the economy right now he would have any credibility, or liquidity would rush into the market? Bush came into office with a surplus. He borrowed like Reagan, spent like LBJ and made war like, well, GWB. The same folks that made out like a Bush/Cheney over the past 20 years are going to have to start paying it some of it back. We have wars and infrastructure to pay for. Once again, the piper eventually gets his due.

Stimulus dollars are trickling down right now. You want an investment tip, start buying government contractor's stock because that's where the initial money being spent. DOD and DHS contractors, maybe HHS, DOT too. Lots of that stimulus money is going through various agencies right now. A big problem is going to be finding people in the government to manage the spend. This could be Katrina and Iraq all over again, emergency spending with little oversight. I don't know anyone that is happy about 2% of the omnibus bill going to earmarks, and Obama missed a huge opportunity to deliver on a campaign theme.

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JLM 5 years, 1 month ago

Not to throw cold water on a damn good rant but Pres Bush did preside over the largest continuous expansion of the economy in history --- 5.5 years of expansion.

And, expansions don't last forever. Neither do recessions. Though they feel like they do!

He came into office w/ a mild recession and he left office with a severe economic dilemma. In fact, unemployment has not even hit 1980 levels yet, so don't get too wrapped in your underwear just yet. You might strangle yourself.

The Republican Congress (which surrendered power 2 years ago, mind you) spent like drunken sailors and Bush signed their bills. Shame on both of them. You cannot heap enough scorn on them to satisfy me but the problems w/ the sub prime and GSE nonsense and the CDO issues started well back into the Clinton administration.

Obama campaigned on the premise of "8 year of failed economic policies" while, in fact, 5.5 years were pretty damn strong.

Obama said he could do the job --- OK, let's see what kind of a job he can do. He damn sure did not cause the problem, nobody w/ a brain thinks that to be true. But he did say he would wipe out earmarks and he lied about that. He said he could fix things, so get fixin'!

I don't think that the problems have been caused by the lack of paperless health care records, the absence of wind power and the absence of college tuition funding. So, if that is the fix --- then we are screwed.

I damn sure hope that TARP, the Porkulus, the Ears of Pork, the HASP are the right answer but I don't think that they are.

I am a big enough guy to let things settle out and see what happens. While I have an open mind, I did not turn my brain off and I don't think raising taxes and making war on the entrepreneurial, employer, investor and weathy slice of our society is the way to create jobs. I am very confident of that fact.

So, I am skeptical but hopeful and don't intend to be drawn into the Obama hype either "for" or "against" --- he's betting our grocery money on being right (well, I guess, being LEFT!). LOL

Good luck, God speed and hang on!

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Tim Scannell 5 years, 1 month ago

WASHINGTON (AP) -- One of President Barack Obama's economic advisers said Sunday that the economy is fundamentally sound, a striking reversal from the Democrat's campaign rhetoric as his administration now guides the nation's financial health amid dire conditions

To Joe - I guess they realized that their doom and gloom sales job for the stimulus was creating a problem with the markets and economy. If he is calling it like it is please tell me which Obama I should believe.

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