Warm Southern Breeze

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Posts Tagged ‘Great Depression II’

Remarks by President Barack Obama at Chattanooga, Tennessee’s Amazon Distribution Center on Jobs for the Middle Class, 07/30/13

Posted by Warm Southern Breeze on Tuesday, July 30, 2013

The White House

Office of the Press Secretary

July 30, 2013

Remarks by the President on Jobs for the Middle Class, 07/30/13

Amazon Chattanooga Fulfillment Center
Chattanooga, Tennessee

2:00 P.M. EDT

THE PRESIDENT:  Hello, Chattanooga!  (Applause.)  It is good to be back in Tennessee.  (Applause.)  It’s great to be here at Amazon.  (Applause.)

I want to thank Lydia for the introduction and sharing her story.  Give Lydia a big round of applause.  (Applause.)  So this is something here.  I just finished getting a tour of just one little corner of this massive facility — size of 28 football fields.  Last year, during the busiest day of the Christmas rush, customers around the world ordered more than 300 items from Amazon every second, and a lot of those traveled through this building.  So this is kind of like the North Pole of the south right here.  (Applause.)  Got a bunch of good-looking elves here.

Before we start, I want to recognize your general manager, Mike Thomas.  (Applause.)  My tour guide and your vice president, Dave Clark.  (Applause.)  You’ve got the Mayor of Chattanooga, Andy Berke.  (Applause.)  And you’ve got one of the finest gentlemen I know, your Congressman, Jim Cooper.  (Applause.)  So thank you all for being here.

So I’ve come here today to talk a little more about something I was discussing last week, and that’s what we need to do as a country to secure a better bargain for the middle class -– a national strategy to make sure that every single person who’s willing to work hard in this country has a chance to succeed in the 21st century economy.  (Applause.)

Now, you heard from Lydia, so you know — because many of you went through it — over the past four and a half years, we’ve been fighting our way back from the worst recession since the Great Depression, and it cost millions of Americans their jobs and their homes and their savings.  And part of what it did is it laid bare the long-term erosion that’s been happening when it comes to middle-class security.

But because the American people are resilient, we bounced back.  Together, we’ve righted the ship.  We took on a broken health care system.  We invested in new American technologies to reverse our addiction to foreign oil.  Changed a tax code that had become tilted too much in favor of the wealthy at the expense of working families.  Saved the auto industry, and thanks to GM and the UAW working together, we’re bringing jobs back here to America, including 1,800 autoworkers in Spring Hill.  (Applause.)  1,800 workers in Spring Hill are on the job today where a plant was once closed.

Today, our businesses have created 7.2 million new jobs over the last 40 months.  This year, we’re off to our best private-sector jobs growth since 1999.  We now sell more products made in America to the rest of the world than ever before.  (Applause.)  We produce more renewable energy than ever.  We produce more natural gas than anybody else in the world.  (Applause.)  Health care costs are growing at the slowest rate in 50 years.  Our deficits are falling at the fastest rate in 60 years.  (Applause.)

So thanks to hardworking folks like you, thanks to the grit and resilience of the American people, we’ve been able to clear away some of the rubble from the financial crisis.  We’ve started to lay a new foundation for a stronger, more durable America — the kind of economic growth that’s broad-based, the foundation required to make this century another American century.

But as I said last week, and as any middle-class family will tell you, we’re not there yet.  Even before the financial crisis hit, we were going through a decade where a few at the top were doing better and better, but most families were working harder and harder just to get by.  And reversing that trend should be Washington’s highest priority.  (Applause.)  It’s my highest priority.

But so far, for most of this year, we’ve seen Read the rest of this entry »

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December 2012 Jobs Picture

Posted by Warm Southern Breeze on Sunday, January 13, 2013

The Employment Situation in December

January 04, 2013
09:30 AM ES

While more work remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression. It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.

With the passage of the American Taxpayer Relief Act earlier this week, more than 98 percent of Americans and 97 percent of small businesses now have certainty that their income taxes will not rise. Additionally, unemployment insurance was extended for two million Americans who are searching for a job, and companies will continue to receive tax credits for the research that they do and continue to have tax incentives to accelerate investment in their businesses. By allowing income tax cuts for the top two percent of earners to expire, this legislation further reduces the deficit by $737 billion over the next decade. It is important that we continue to move toward a sustainable federal budget in a responsible way that balances revenue and spending while protecting critical investments in the economy and essential support for our most vulnerable citizens.

Today’s report from the Bureau of Labor Statistics (BLS) shows that private sector businesses added Read the rest of this entry »

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How to End This Depression

Posted by Warm Southern Breeze on Sunday, July 29, 2012

It’s been said that ‘everything should be made as simple as possible, but not simpler.’

The distinguished Dr. Krugman – who accurately foretold in 2001 that the “Bush Tax Cuts” would create significant deficit (and they did) – understands the role of government in providing opportunity for entrepreneurs and private enterprise, and the equally important role that government has in responsibility to protect public health and safety.

The long and short of it is this: Government spending on economic infrastructure (including education) is a good investment because it yields significant immediate and long-term results.

Why?

Because Materials and Manpower ALWAYS come from the private sector.

Regular readers of this blog will be familiar with the aforementioned premise, and the numerous times about which I have written in detail about the same. This entry illustrates with three excellent examples of that principle.

Naysayers and critics miss one very important factor in their analogy, which is that the Federal government has the power and authority to print money. The way that factor relates to the issue at hand is this: While the government could – in theory, and in reality – print enough money to give $10,000 to every man, woman and child in this nation the net effect of so doing would be to devalue the money, which would be resulting from inflation.

How to correct, resolve or work within the guidelines of that factor is to understand that one very important role of government is to provide OPPORTUNITY for entrepreneurs and private enterprise. By providing opportunity, government is also encouraging private enterprise and entrepreneurship. And, for the strict Constitutionalists, courts have continued to uphold and acknowledge that such power is contained within the Preamble’s clause “to promote the general welfare.”

Further, for the “anti-Big Government” naysayers, it is preposterous (contrary to reason or common sense; utterly absurd or ridiculous) to imagine that, in this era, with every technological advance, invention and discovery which has been made since 1776, and with our population (now approaching 312,000,000), that we would have fewer laws, rules and regulations than when we first began.

And, for those who say we should balance our budget, I would agree. However, I hasten to point out, that the last time that was done was under Eisenhower and LBJ. That does not excuse us from an ongoing civil discussion and debate about how to effectively manage our nation’s budget. Perhaps a formula of some type which would take into account GDP, debt (outstanding Treasury notes), trade deficit, population growth, birth rate, and other factors – with an “escape” mechanism for times of civil emergency or war, of course.

For such, we need technocrats – experts in areas of operations – rather than bureaucrats. Perhaps in an advisory role. But then again, we have those.

So… why don’t we work together as we ought?

Politics.

It seems that “Everybody’s got something to hide except for me and my monkey.”

How to End This Depression

May 24, 2012

Paul Krugman

The depression we’re in is essentially gratuitous: we don’t need to be suffering so much pain and destroying so many lives. We could end it both more easily and more quickly than anyone imagines—anyone, that is, except those who have actually studied the economics of depressed economies and the historical evidence on how policies work in such economies.
Obama in Master Lock factory Milwaukee

President Obama on a tour of the Master Lockfactory in Milwaukee with the company’s senior vice-president, Bon Rice, February 2012; Susan Walsh/AP Images

The truth is that recovery would be almost ridiculously easy to achieve: all we need is to reverse the austerity policies of the past couple of years and temporarily boost spending. Never mind all the talk of how we have a long-run problem that can’t have a short-run solution—this may sound sophisticated, but it isn’t. With a boost in spending, we could be back to more or less full employment faster than anyone imagines.

But don’t we have to worry about long-run budget deficits? Keynes wrote that “the boom, not the slump, is the time for austerity.” Now, as I argue in my forthcoming book*—and show later in the data discussed in this article—is the time for the government to spend more until the private sector is ready to carry the economy forward again. At that point, the US would be in a far better position to deal with deficits, entitlements, and the costs of financing them.

Meanwhile, the strong measures that would all go a long way toward lifting us out of this depression should include, among other policies, increased federal aid to state and local governments, which would restore the jobs of many public employees; a more aggressive approach by the Federal Reserve to quantitative easing (that is, purchasing bonds in an attempt to reduce long-term interest rates); and less timid efforts by the Obama administration to reduce homeowner debt.

But some readers will wonder, isn’t a recovery program along the lines I’ve described just out of the question as a political matter? And isn’t advocating such a program a waste of time? My answers to these two questions are: not necessarily, and definitely not. The chances of a real turn in policy, away from the austerity mania of the last few years and toward a renewed focus on job creation, are much better than conventional wisdom would have you believe. And recent experience also teaches us a crucial political lesson: Read the rest of this entry »

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