President Obama warned that the U.S. economy could slip into a double dip recession unless urgent steps are taken to reduce the rising public debt. Obama said it will be tricky to boost the economy to create jobs -- the unemployment rate hit a 26-year high of 10.2 percent last month -- while cutting the deficit and debt. But hasn't stimulus spending been one of the things that caused the country's debt to grow so fast? (Watch Obama warn of a double-dip recession)
Yes, Obama's warning about a disaster he caused: How "infuriating," says Jim Hoft in Gateway Pundit. President Obama spent nearly a trillion dollars from his stimulus bill to create jobs that never materialize -- nearly tripling the national debt in less than a year in office -- and he's the one saying we're piling up too much debt? "Unreal."
"Unreal. Biggest spender in history says too much debt could fuel second recession (video)"
No, we need more stimulus spending, not less: Let's hope President Obama's economic advisers "set him straight," says Mark Thoma in Wall Street Pit. We needed a bigger stimulus to begin with, and the economy still needs help. Trying to balance the budget before a full recovery is what will cause a double dip recession.
"Obama's wrong-headed thinking on the deficit"
It's scary that Obama is even talking about a double dip recession: "The President is supposed to talk about how much the economy is improving," says Douglas A. McIntyre in 24/7 Wall St., "not how bad it could be." Especially since President Obama's options are limited -- any deficit fix involves cutting spending or raising taxes, either of which could break the back of a tenuous recovery. Obama's worry is "a sign that the chances of second recession are rising rapidly."
"Obama warns about 'Double Dip' recession"