U.S. President Obama has pledged to spend America out of debt, which is an oxymoron. It will only run up the deficit, which is already sky high. With all due respect, your financial advisors need to be fired, as they are not giving you sound advice. Hearing such proclamation from the President must alarm China, who holds the most U.S. debt in the world.
New Obama plans: 'spend our way out' of downturn
Dec 8 12:35 PM US/Eastern - WASHINGTON (AP) - President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work.
Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.
"We avoided the depression many feared," Obama said in a speech at the Brookings Institution, a Washington think tank. But, he added, "Our work is far from done."
For the third time in a week, Obama sought to focus on job creation, noting that the unemployment rate was still at 10 percent in November, though down slightly from its 10.2 percent peak. He said "a staggering" 7 million Americans have lost jobs since the recession began two years ago...
