Obama: Stimulus Stopped Second Depression

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February 18, 2010 8:12 PM

From Jon Garcia and Yunji de Nies:

Before President Barack Obama began touting the political bonafides of Michael Bennet – at a fundraiser for Bennet – he made sure to mention that his year old stimulus stopped a second depression.

“One year later, thanks largely to the Recovery Act, we can stand here again and say that a second depression is no longer a possibility,” Obama said, adding all the statistics about job growth (“about 2 million”) and economic growth (“nearly 6%”).

Obama then launched into his usual laundry list of all the things he says his administration did in its first year to pull the country out of the economic downturn: extending unemployment insurance, cutting taxes for first time home buyers, making COBRA health care cheaper, and keeping police and fire personnel employed by giving more money to the states.

As for Bennet, Obama said “politics-as-usual” still pervades Washington and electing Bennet will help change that. “Politics as usual. We’ve become accustomed to it, become numb to it. We’re just accustomed to all sorts of exaggerations and slash and burn politics. But Michael and I, we don’t have time for that nonsense,” he said.

Obama called Bennet “an agent of change for some time” adding that Bennet has never cut a tv commercial nor mastered the art of the soundbite.

For his part, Bennet, in his introduction of Obama, said he wanted to ban all former legislators from becoming lobbyists, curb legislator health care and pay until the economy is on better footing, and reform everything from health care insurance to how wall street does business.

“Washington needs a big dose of Colorado common sense,” Bennet said, before a mostly standing crowd of 2700 on the floor of Denver’s historic rock venue The Fillmore auditorium.

After the rally, Obama continued his push for Bennet at a smaller, more expensive, reception at a downtown hotel. Obama told that crowd to raise more money for Bennet than they did for him during his campaign –make more calls and “tweet” on twitter for Bennet’s campaign.

Bennet is running to continue in the seat to which he was appointed last year when Obama tapped then-Colorado Senator Ken Salazar to become Secretary of the interior.

Bennet is facing a primary challenge from former Colorado house speaker Andrew Romanoff. Romanoff is not too happy with Obama for endorsing in the primary, but Bennet’s campaign pushes back, saying Obama had supported Bennet long before Romanoff got in the race. “He knew what he was getting into when he decided to run,” a Bennet campaign spokesperson said of Romanoff.

The campaign didn’t have final numbers for their take but a spokesperson said rally tickets cost $25-$250 per person. Access to the smaller reception went for $1000–and even higher for a chance to get a picture with the president.

February 18, 2010 | Permalink | Share | User Comments (58)

User Comments

Messiah-complex or just a run-of-the-mill, big-mouth, liar, or both? Politicians, and particularly this one, and Washington D.C., have become new ‘dirty words” in Americans’ vocabulary, minds, and hearts.

Posted by: K. Daraa | Feb 19, 2010 2:36:11 AM

Imagine the outrage and comments from the far left if Bush had claimed to “save” 2 million jobs from his tax cuts. The hateful left would go nuts and the media would be outraged….article after article would discuss how ridiculous it is to make such a claim. Now, they just take another drink of koolaid and his supporters drool.

Posted by: Gwen | Feb 19, 2010 1:32:20 AM

What Obama says may be true. But the perception is that it was a costly boondoggle. That is the impression that has taken root.

Posted by: hopesprings52 | Feb 19, 2010 1:22:44 AM

Last week Blue Cross anounced that they will raise californians 39% more to their medical cost. If you still love America then please support this.LETTER FROM SENATE DEMOCRATS TO LEADER REID

Dear Leader Reid:

We respectfully ask that you bring for a vote before the full Senate a public health insurance option under budget reconciliation rules.

There are four fundamental reasons why we support this approach – its potential for billions of dollars in cost savings; the growing need to increase competition and lower costs for the consumer; the history of using reconciliation for significant pieces of health care legislation; and the continued public support for a public option.

A Public Option Is an Important Tool for Restoring Fiscal Discipline.

As Democrats, we pledged that the Senate health care reform package would address skyrocketing health care costs and relieve overburdened American families and small businesses from annual double-digit health care cost increases. And that it would do so without adding a dime to the national debt.

The non-partisan Congressional Budget Office (CBO) determined that the Senate health reform bill is actually better than deficit neutral. It would reduce the deficit by over $130 billion in the first ten years and up to $1 trillion in the first 20 years.

These cost savings are an important start. But a strong public option can be the centerpiece of an even better package of cost saving measures. CBO estimated that various public option proposals in the House save at least $25 billion. Even $1 billion in savings would qualify it for consideration under reconciliation.

Put simply, including a strong public option is one of the best, most fiscally responsible ways to reform our health insurance system.

A Public Option Would Provide Americans with a Low-Cost Alternative and Improve Market Competitiveness.

A strong public option would create better competition in our health insurance markets. Many Americans have no or little real choice of health insurance provider. Far too often, it’s “take it or leave it” for families and small businesses. This lack of competition drives up costs and leaves private health insurance companies with little incentive to provide quality customer service.

A recent Health Care for America Now report on private insurance companies found that the largest five for-profit health insurance providers made $12 billion in profits last year, yet they actually dropped 2.7 million people from coverage. Private insurance – by gouging the public even during a severe economic recession – has shown it cannot function in the public’s interest without a public alternative. Americans have nowhere to turn. That is not healthy market competition, and it is not good for the public.

If families or individuals like their current coverage through a private insurance company, then they can keep that coverage. And in some markets where consumers have many alternatives, a public option may be less necessary. But many local markets have broken down, with only one or two insurance providers available to consumers. Each and every health insurance market should have real choices for consumers.

There is a history of using reconciliation for significant pieces of health care legislation.

There is substantial Senate precedent for using reconciliation to enact important health care policies. The Children’s Health Insurance Program (CHIP), Medicare Advantage, and the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), which actually contains the term ‘reconciliation’ in its title, were all enacted under reconciliation.

The American Enterprise Institute’s Norman Ornstein and Brookings’ Thomas Mann and Molly Reynolds jointly wrote, “Are Democrats making an egregious power grab by sidestepping the filibuster? Hardly.” They continued that the precedent for using reconciliation to enact major policy changes is “much more extensive . . . than Senate Republicans are willing to admit these days.”

There is strong public support for a public option, across party lines.

The overwhelming majority of Americans want a public option. The latest New York Times poll on this issue, in December, shows that despite the attacks of recent months Americans support the public option 59% to 29%. Support includes 80% of Democrats, 59% of Independents, and even 33% of Republicans.

Much of the public identifies a public option as the key component of health care reform — and as the best thing we can do to stand up for regular people against big insurance companies. In fact, overall support for health care reform declined steadily as the public option was removed from reform legislation.

Although we strongly support the important reforms made by the Senate-passed health reform package, including a strong public option would improve both its substance and the public’s perception of it. The Senate has an obligation to reform our unworkable health insurance market — both to reduce costs and to give consumers more choices. A strong public option is the best way to deliver on both of these goals, and we urge its consideration under reconciliation rules.

Respectfully,

Michael Bennet (D-CO), U.S. Senator
Kirsten Gillibrand (D-NY), U.S. Senator
Jeff Merkley (D-OR), U.S. Senator
Sherrod Brown (D-OH), U.S. Senator

Posted by: cony007 | Feb 19, 2010 1:21:38 AM

America is prone to have depression, because the people say the financial regulation is not there and everybody can cheat others.I don’t know what kind of financial regulation they want.So finally we can conclude that if anything is not written in law we will cheat others that seems to be American slogan of the day.No doubt in the world now America is declining very fast and by reading the comments of people of US they don’t have any confidence it will get better in near future.GOD SAVE AMERICA, IN THE GOD WE TRUST.Slowly becoming sick country?

Posted by: chandu | Feb 19, 2010 12:53:36 AM

Obama’s Stimulus saved millions of jobs just like Bush’s overthrow of Saddam saved millions of lives. :0

Posted by: Grey Stone | Feb 19, 2010 12:45:13 AM

If Obama actually believes any of this, he’s a bigger moron than he appears to be.
________________________________

More insult and name calling by the almighty right aimed at the President . . . juvenile.

Posted by: tierra | Feb 19, 2010 12:37:38 AM

The Obama camp just doesn’t get it!

Stimulus jobs in WNC are highways, bridges and sidewalks which are temporary jobs adding nothing to the GDP.
___________________________________

Are you kidding? You don’t think they know this? Get a grip on reality – of course they know this.

Posted by: tierra | Feb 19, 2010 12:27:59 AM

Obama should have made this statement on an aircraft carrier with a “Mission Accomplished” banner in the background.

We are a few weeks shy of the next real estate collapse.

Posted by: Wenjo | Feb 19, 2010 12:26:33 AM

The Obama camp just doesn’t get it!

Stimulus jobs in WNC are highways, bridges and sidewalks which are temporary jobs adding nothing to the GDP.

Any real stimulus would result in business ventures which would add to GDP and the multiplying factor of other business suppliers would compound the growth.

Posted by: Ed Taylor | Feb 19, 2010 12:21:29 AM

This seems naively premature to declare this “stimulus” has worked. Most of America is horrified by this deep hole of debt we have created. I wish we had leaders that had the guts and the integrity to make this country sacrifice to get us out of this debt. The leader who can do that may not be popular in the short term, but will save the economic future of America.

Posted by: LK | Feb 19, 2010 12:17:40 AM

This must be sort of like Biden’s Iraq War statement of triumph.

Posted by: EPU | Feb 19, 2010 12:01:04 AM

@Quo Warranto

While nobody really knows who actually said those words, Alexander Tytler often gets credit for it, despite the fact that it never really appears in anything he’s ever committed to paper.

If Obama actually believes any of this, he’s a bigger moron than he appears to be. I work in an economy driven field, and I lose a few hours every week or so.

Of course, he wouldn’t have a clue as to the real hardships that Americans are enduring, as he’s lived exclusively on the taxpayer’s dime for the past year. It’s easy to think things are going great when you’re “king.”

Posted by: Hosfac | Feb 18, 2010 11:56:55 PM

@Nora — It would look exactly the same because the president really does not do anything but follow orders. McCain and Palin would be doing the same thing since it is obviously ‘the agenda’ no matter what party they are a part of. And sadly many Americans cannot see past this glorified game of good cop/bad cop being played on Americans and the world! You could not destroy the middle class and turn the U.S. into an Orwellian police state better than by the agenda starting with Poppy Bush through to Obama! America, wake up!

Posted by: W. Wallace | Feb 18, 2010 11:50:47 PM

Prove it, Mr. President!! — Show us how it saved us!! — Your “created” statistic of “Jobs Saved” doesn’t hold water!!

Posted by: TheLoyalOpposition | Feb 18, 2010 11:42:34 PM

@ W. Wallace, I do not think people really realize that we are ALL being played like a fine tuned banjo by the RICH/ELITE that rule this Country and all the others around this world. People need to wake up and look around.
We need to start replacing our Representives with a NEW ONE every election. PERIOD. If they can’t make it a Carreer and get rich from it, the low-lifes and crooks will stop running and the bigger low-lifes and bigger crooks will stop pooring money into re-electing them. WAKE UP AMERICA.

Posted by: ajax | Feb 18, 2010 11:38:02 PM

‘The stimulus stopped another Great Depression’

yeah right, especially when most of the money hasn’t even been allocated yet (about 2/3), and much of the money that HAS been allocated went to places that don’t exist.

Posted by: Joe White | Feb 18, 2010 11:37:36 PM

Tax payer mandated entitlements for Wall St. Government insurance guarantees Wall St. Wall St price fixs with banks,insurance, health care,pharmaceuticals,real estate,oil, commodities. Cost of living keeps going up. Government taxes the increases and both Wall St and govt just keep getting bigger. The people are in a “depression” keeping Wall St and the govt “happy”. Let the govt and wall st have a “depression” and let the people be “happy”. Please remember….If someone is dumb enough to “invest” in the stock market they are dumb enough to get ripped off….remember the govt guarantees the right to bankruptcy.

Posted by: sftiusa | Feb 18, 2010 11:34:58 PM

I wonder what it would be like if McCain and Palin had won the election?

Posted by: nora | Feb 18, 2010 11:33:21 PM

What a load of crap! Obama gets the Nobel Peace Prize, stops Depression(from occurring in the next five minutes), and is faster than a speeding train! Keep drinking — and for the record I really disliked George W too! They have the same agenda folks across the board with barely and subtle differences! Wake up America!

Posted by: W. Wallace | Feb 18, 2010 11:32:29 PM

More source:

Obama: Stimulus Stopped Possibility of Second Depression ...
Jonathan Cohn On Whether Or Not The Obama Administration Wants A ...
Townhall - The Looming Obama Depression
Bob Cesca's Awesome Blog! Go!: Second Stimulus

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Submited at Friday, February 19th, 2010 at 8:00 am on Politics by Shelton
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