“I say after eight years of this Administration..." - Nancy Pelosi?

[WhiskeyGirl]

“We have tried spending money. We are spending more than we have ever spent before and it does not work.”

(snip)

“I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises.”
(snip)

“I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot!”

Surely this must be House Speaker Nancy Pelosi denouncing the Bush administration’s economic policies.

Wrong...

The words came from none other than Henry Morgenthau Jr. -- pal, lunch companion and loyal secretary of the Treasury to President Franklin D. Roosevelt.

(snip)

It was May 9, 1939, and Morgenthau was appearing before powerful Democrats on the House Ways and Means Committee.

(snip)

Indeed, Morgenthau confessed what so many keepers of FDR’s flame won’t admit: The New Deal failed. Massive spending on public works programs didn’t erase historic unemployment. It didn’t produce a recovery.

And neither will a “new” New Deal.

Some of the most desperate defenders of New Deal doctrine are getting a little shrill about this. But it’s an important truth, nevertheless, especially because the same characters insist President Obama must push through a “bold” economic stimulus that depends on hundreds of billions in new government spending to create or “save” jobs.

What to do...

Get Over It: New Deal Didn't Do the Job
by  William W. Beach and Ken McIntyre

Amid the current economic pain, Heritage has urged Obama and the new Congress to agree on a stimulus that actually will work by softening the recession and speeding recovery. Here’s how:

• Extend the 2001 and 2003 tax reductions for as long as possible – at least through 2013 -- to prevent tax increases. Better yet, make the tax cuts permanent.

• Reduce tax rates on individuals, small businesses and corporations through 2013 by lowering the top rate by 10 percentage points and reducing rates by similar amounts for taxpayers with lower income levels.

Heritage’s analysis shows this approach would mean 500,000 more jobs this year and a million jobs in 2010, on the way to creating 3.6 million jobs through 2012. Federal tax receipts would fall by $670 billion over five years.

Don’t listen to Heritage if you don’t want to. Listen to Henry Morgenthau: “We are spending more than we have ever spent before and it does not work.”

read more here -
http://www.humanevents.com/article.php?id=30331&s=rcme

(Nancy seems to be the target of a lot of stuff.  )

[WhiskeyGirl]

I didn't know there was a recession in 1921.  I do believe that government spending is at an all time high and the burden on everyone - rich and poor alike has never been so heavy a burden around the neck.  Why keep spending? 

What is the administration plan for repayment?  Bush didn't announce one.  What does Obama have in mind for the coming year?  Next four years?

So it was for the economy during the Great Depression. When government spending slowed and taxes rose the still comatose economy took a turn for the worse. The obvious lesson for us today is that we don't want to repeat the mistakes of that era and try to spend our way to prosperity.

A better model to emulate is the recovery from the recession of 1921. President Harding cut government spending and taxes. The economy recovered quickly. Much nicer scenario, let's stick to that proven method of reviving the sick economy. We can't afford to have politicians playing pass the pork under the guise of stimulating the economy while we languish in a recession. Cut taxes and government spending now.

http://www.nolanchart.com/article5841.html