You really think that the president has omnipotent power to control the economy?
Yes, any administration can greatly effect the economy. Reagan wasn’t lying back in the 80’s when he said his administration created 10 million new jobs. Research and development funding, trade missions, loans for small business startups, keeping interest percentages low all have an effect.
The government can positively influence the economy by tax cuts (like John Kennedy advocated)
It sure can! especially tax cuts targeted to the greatest number of tax payers. Unfortunately the current administration was able to get passed tax cuts that benefit the top tire of tax payers. For the majority of Americans a $90 to $150 a year tax cut doesn’t do much to stimulate the economy.
Alan Greenspan has much greater power to influence the economy than the president or congress does; all he has to say is irrational exuberance, and the stock market takes a dive. Add or subtract a 1/4 point, and see what happens.
You must be referring to what Greenspan said back in ’96, luckily we had four more years of what he calls “irrational exuberance” As it is now, with a deficit of 165 billion and rising, if the Fed cuts interest rates any more you’ll have deflation. It can only go up. Are you old enough to have bought a new car back in the 80s like I did?.
And yes, the president has a pen that he can use to sign or veto the laws that congress writes
And so the question remains --- why didn’t he veto this over bloated budget? His own party sent over a budget for him to either veto or sign-- who in the end of the day takes responsibility?
Republicans = Personal responsibility
Yes this is one of the great Republican mantras. Can you point out an example of these Republicans taking responsibility for anything?
300 billion surplus turns to 165 billion deficit in one year.. Um sorry, Clinton’s fault, the economy started to falter on his watch.
911 could have be prevented if the FBI and CIA hadn’t dropped the ball or anti terrorism proposals shelved. Urm.. so sorry.. Clinton’s fault.. He had a chance to get Bin Ladin back in ’94..
Enron, Duke, Reliant, Worldcom, some of the current President’s financial backers are up to their neck in fraud and corruption. An example is the phony energy crisis in California in which the administration conspired with these thieves. Er not our responsibility Clinton’s fault.. He set the tone back in the ’90s with his dandelions with Lewinsky.