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View Diary: President Obama holds news conference (231 comments)

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  •  He just said "creating jobs REDUCES the deficit" (19+ / 0-)

    "Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity." --M. L. King "You can't fix stupid" --Ron White

    by zenbassoon on Wed Jun 29, 2011 at 09:44:21 AM PDT

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    •  And vice versa. (2+ / 0-)
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      billlaurelMD, emal

      He literally said, just as deficit reduction works to create jobs, job growth works to reduce the deficit.

      I like the President.  I think he generally does the best job he can do given the circumstances.  But this meme, this Republican meme, that reducing the deficit is urgent during a deep recession with a long, mostly jobless recovery seems to be infecting every Democratic leader even though it's false.

      Now what I really hope is that the president is playing politics here.  I hope he's reinforcing a narrative that Republicans are playing chicken with our sovereign debt and our economic well-being for tax breaks for the rich.  I hope he's doing this in order to get a straight up or down vote on the debt ceiling.

      But his actions over the last couple of years indicate to me that he believes the deficit is a short term problem and the business confidence is something we should be worried about in the short term.  That's a scary feeling, because that type of thinking will only prolong our recovery.

      •  It is true that deficit reduction will not create (0+ / 0-)

        jobs.  Deficit reduction achieved by cutting spending will not only not create jobs it will eliminate existing jobs.  Deficit reduction via raising taxes is more problematic.  The effect on the economy is largely a function of which taxes are raised.  The types of tax increases Obama was referring to today, the corporate jet loophole, subsidies for highly profitable oil companies and making hedge fund managers pay higher income taxes would probably have no negative effect on the economy or at the most it would be limited.

        But you are absolutely correct that the whole Deficit Reduction Meme that is promulgated by the GOP, almost all of the press and way to many Democrats is just nonsense.  It is the worst thing we could be doing to ourselves at this juncture, but it has a life of its own much like an uncontrollable disease epidemic.

        Suppose you were an idiot. And suppose you were a Republican. But I repeat myself. Harry Truman

        by ratcityreprobate on Wed Jun 29, 2011 at 03:58:55 PM PDT

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