Presidents and the Economy | Newsweek Voices - Robert J. Samuelson

Posted By: dawei @ 05/12/2008 12:01:18 AM

Comment: I think all three candidates are worthless. Abama and Clinton will not handle terrorists correctly, all three will not handle China corrcetly, and McCain is an idiot in understanding Economics. Two of the top five qualifications should be Economics and military action. Not reserves or just service in the Army, Navy or Marines. I mean action in a war and probably nothing less than Captain. I saw a new blog site that is good. www.stopthenonsensenow.blogspot.com. I don't know hoe long until he gets to todays issues but he is writing about the liars in the white house during the 80's and the elite killers and terrorists, the CIA. His mission statement says he wants the people of the US to revolt and take back the government. He is right.

Carter did not renew the lease on the Panama Canal, which is great that China controls it now, and the people vote the pocketbook is correct. They are stupid. The above blog site tells about how stupid the US people are. I am only 29 and working on my PhD but the person writing the blog site is going to talk about Economics and the amnesia everyone has developed about Reagan and giving chemicals to Hussein, Bush going after oil the Chinese were in negotiations with before 9/11, the CIA funding terrorists by selling drugs to American children, and a whole load of "crap" as he puts it that the government has "bamboozled" the public over the last 35 years or more.

And he has nothing good to say about the Kennedys either.

Posted By: kcarizona @ 02/09/2008 6:59:35 AM

Comment: I once heard blamming the President for a bad economy is like blaming Ronald McDonald for a bad hamburger. i am waking up and trying to stop the NO GAIN BLAME GAME and looking to what i can do today to make this economy better. If each one of us across the country did our part the president could go about doing his job and we... too much to ask?? everyone minding their own business???? i don't mind President Bush's business i mind my own. My business as a citizen is to mind the election and vote and so i am voting for the best i vote Hillary. I vote Apple over Microsoft i vote Costco over Sams club i vote Coke and Pepsi over RC i vote the best, i wish i could vote Ford over my Honda but for now i vote Honda - for now.

Posted By: HerbB @ 02/08/2008 11:46:21 PM

Comment: So basically you say we should just throw in the towel. There is nothing a president could do with all his power and influence to improve the economy. So we should forget the economy as deciding factor for our presidential candidate and judge him by his credentials on national security. Is this what you are suggesting? Hmm...Can it be that your favorite candidate is John McCain? Should we just forget about his lack of credentials on economics and internal affairs and build our decision in large on his heroism during the Vietnam war? Isn't a President also in charge of the federal budget? Isn't he also in a large part responsible what energy policy this country is governed by? Isn't he also responsible for raising or lowering the debt? Isn't he in charge of federal spending? It seems to me that you are limiting your judgment criteria a bit too much. Give George W more merit for the mess he made!

Posted By: dunno much @ 02/07/2008 5:21:01 PM

Comment: Mr. Samuelson is exactly right. Long after Bush leaves office, he will be known for having created a huge budget deficit and a huge national debt. Whether one can ascribe the current recession to him is debatable, although to assume that persistent budget and trade deficits, and national debts, and the consequent reliance on foreign lending wasn't in a way responsible for the current crisis would also be foolhardy. May be there is no connection, may be there is, the argument has to be made either way.

Posted By: Mwalimu @ 02/07/2008 12:33:00 AM

Comment: So the economy is an "engine:" - but an engine for whom? Not for at least 85 to 90 % of the people in this country. Certainly not for 95% of the people in this world. And where is the "engine' going? Our current economy based on wasteful consumption and fossil fuels simply is not sustainable. If Chine attempts to emulate the culture of the US we will need 7 earths to support the need for raw materials and energy. Our current engine is on a one way ticket to a train wreck. So it IS the economy, after all. Samuelson doesn't see it that way simply because like all corporate puppets, he can't see beyond the next business quarter.

Posted By: eddiewhere @ 02/06/2008 7:33:31 PM

Comment: NOW WE ARE GETTING SOMEWHERE. FINALLY SOMEONE WHO RECOGNIZES THAT THE FORCES THAT RUN WASHINGTON RUN BOTH parties machinery and dictate policies. GEORGE SORROS is a democrat but manages the QUEENS INVESTMENTS. ONLY A FEW own the world's capital.
A president has tremendous influenc on WALL STREET because of MONETARY policy. HE HAS THE ABILITY TO TRANSFER WEALTH FROM ONE SECTOR TO ANOTHER. I AM GLAD TO SEE THAT THE MEDIA RECOGNIZES WHO OWNS THEM. THOSE WHO RUN WALL STREET USE THE MEDIA TO Spread their message to the masses.

FInally someone who recognizes that corporate America has indoctrinated the average JOE. JOE IS IN DEBT because he consistently made bad investments. Why do you think that the FED lowered interest rates twice. THEY do not want AMERICAN CITIZENS TO SAVE and INVEST rather they want you to spend at all costs.
STAY STUpid is the theme behind this tragedy. IT is the reason many Americans are needlessly going broke. Many HAVE BEEN completely indoctrinated spend and make bad investments.
EIGHTY percent of the world's capital is owned by a thirteen to twenty families. BUSH's are directly linked to these families. THE QUEEN of ENGLAND is part of this as well. IT IS IN THEIR BEST INTEREST TO KEEp people STUpid. INDOCTRINATE THEM TO Spend and manipulate the economy through the FEDERAL RESERVE to encourage people to spend. EVERY AMERICAN needs to learn this RULE.
The middle class has been the victim of corporate indoctrination. Stay StuPid. They do not want you to double your money they want you to double their money. Every middle class family should be able to do compound interest problems in their heads. It can be learned in grade two. It is a very useful skill to have because it gives you a lightning fast benchmark to determine how good (or not so good) a potential investment is likely to be.
The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years. If the Middle Class can make better financial decisions it would have a profound affect on the economy.
The rule A stronger middle class will make the rich richer in the long run and helP uPlift the Poor.

Posted By: eddiewhere @ 02/06/2008 7:25:42 PM

Comment: NOW WE ARE GETTING SOMEWHERE. FINALLY SOMEONE WHO RECOGNIZES THAT THE FORCES THAT RUN WASHINGTON RUN BOTH parties machinery and dictate policies. GEORGE SORROS is a democrat but manages the QUEENS INVESTMENTS. ONLY A FEW own the world's capital.
A president has tremendous influenc on WALL STREET because of MONETARY policy. HE HAS THE ABILITY TO TRANSFER WEALTH FROM ONE SECTOR TO ANOTHER. I AM GLAD TO SEE THAT THE MEDIA RECOGNIZES WHO OWNS THEM. THOSE WHO RUN WALL STREET USE THE MEDIA TO Spread their message to the masses.

FInally someone who recognizes that corporate America has indoctrinated the average JOE. JOE IS IN DEBT because he consistently made bad investments. Why do you think that the FED lowered interest rates twice. THEY do not want AMERICAN CITIZENS TO SAVE and INVEST rather they want you to spend at all costs.
STAY STUpid is the theme behind this tragedy. IT is the reason many Americans are needlessly going broke. Many HAVE BEEN completely indoctrinated spend and make bad investments.
EIGHTY percent of the world's capital is owned by a thirteen to twenty families. BUSH's are directly linked to these families. THE QUEEN of ENGLAND is part of this as well. IT IS IN THEIR BEST INTEREST TO KEEp people STUpid. INDOCTRINATE THEM TO Spend and manipulate the economy through the FEDERAL RESERVE to encourage people to spend. EVERY AMERICAN needs to learn this RULE.
The middle class has been the victim of corporate indoctrination. Stay StuPid. They do not want you to double your money they want you to double their money. Every middle class family should be able to do compound interest problems in their heads. It can be learned in grade two. It is a very useful skill to have because it gives you a lightning fast benchmark to determine how good (or not so good) a potential investment is likely to be.
The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years. If the Middle Class can make better financial decisions it would have a profound affect on the economy.
The rule A stronger middle class will make the rich richer in the long run and helP uPlift the Poor.

Posted By: Choozy_Guy @ 02/06/2008 6:19:09 PM

Comment: Simplicity or Reality:
I wish curing cancer or astrophysics were simple. They are not. Neither is the economy.
The desire to put a face on economic expansion is natural, but too simple.
The President (a face) has little to do with it.

On Taxes:
Neither the Democrats or Republicans will change our tax base by more than 5%. Both sides know their talk is "all sound and fury". Both sides know that taxing American companies more will not create jobs or expansion. It will increase the change that they lose to international competition.

Both sides know that if we (America) want to influence world peace, conservation, etc.. American has to be an economic powerhouse (about 25% of the world economy and falling)

Voters (us) will have to reconcile that if we want other countries to do something (like stop acid rain), that influence will come from companies and access to our market. (By the way, the politician know that, and that's why their tax talk is mostly fluff. They want the power.)

Otherwise the rest of the world (e.g. India, China, Brazil, Russia, and RoW) would rather ave electricity, cars, high-rises, and the like.

If we (America) want expansion, study, work hard, and be more productive than the offshored work.
Then any American company will pay more taxes because it is more profitable.

Otherwise get used to less influence the following ways: (one "nice" example, one "bad" example)

Toyota's tax rate is quite low. Toyota puts the money to good use in R&D and green Marketing.

Though oil conservation is good, India and China want oil. It is better than Chevron (an American company) supplies India and China with oil than Gazprom (a Russian one). Say what you will about evil oil companies, but I suspect the argument that Chevron is more corrupt than Gazprom does not hold water.

After all, would you rather Chevron's (and Ford's) taxes go to paying for American schools? or Japanese or Russians?

We're powerful. Get used to it. Use it well.
Study, Work. Keep taxes low. The President has little to do with our 300 million people working (or real taxes) ....

Posted By: Choozy_Guy @ 02/06/2008 6:10:33 PM

Comment: I wish curing cancer or astrophysics were simple. They are not. Neither is the economy.
The desire to put a face on economic expansion is natural, but too simple.
The President (a face) has little to do with it.
Taxing American companies more will not create jobs or expansion. It will increase the change that they lose to international competition.

If we (America) want to influence world peace, conservation, etc.. We will have to reconcile economic power gained through companies influences the world to listen. Otherwise the rest of the world (e.g. India, China, Brazil, Russia, and RoW) would rather ave electricity, cars, high-rises, and the like.

If we want expansion, study, work hard, and be more productive than the offshored work.
Then your American company will pay more taxes because it is more profitable.

Otherwise get used to less influence (one "nice" example, one "bad" example)

Toyota's tax rate is quite low. Toyota puts the money to good use in R&D and green Marketing.

Though oil conservation is good, India and China want oil. It is better than Chevron (an American company) supplies India and China with oil than Gazprom (a Russian one). Say what you will about evil oil companies, but I suspect the argument that Chevron is more corrupt than Gazprom does not hold water.

After all, would you rather Chevron's (and Ford's) taxes go to paying for American schools? or Japanese or Russians?

Study, Work. Keep taxes low. The President has little to do with our 300 million people working....
Good convervation arguements aside,

Posted By: jmcurry @ 02/06/2008 6:07:13 PM

Comment: Doesn't the fact that the Federal government spends more that it takes in affect the economy? Don't the huge Federal deficits affect the value of the dollar? Wouldn't the economy be better off if the Federal government had a balanced budget? Instead of tax cuts and tax rebates, how about a tax increase? Start with getting rid of the 15% income tax on dividend income. Then raise the capital gains rate back to 20%.

Posted By: Dr. D. @ 02/06/2008 6:00:57 PM

Comment: way to leave out GW Bush

Posted By: eastwoodrocks @ 02/06/2008 5:41:11 PM

Comment: <<Comment: companies offshoring jobs should pay extra taxes to offset the lost revenue lost in income taxes of the displaced workers.
Likewise create tax incentives for companies that create US jobs with livable wages.>>

Great idea. Lets punish companies for leaving the US (because they can't remain competitive because we have the HIGHEST corporate tax burden in the world) by making them pay more taxes. The reason they left was because of the taxes to begin with. What insepidness.

Oh yeah, and "livable wages"? Would that mean making enough money to support yourself because of rising costs? What do you think corporations do when taxes get raised? Eat the loss? They are in business (and rightly so) to make money. Corporations don't pay taxes, they pass on the cost to consumers. When will knuckleheads like you realize a raise in taxes is a raise cost??

Posted By: dmihailescu @ 02/06/2008 5:03:10 PM

Comment: companies offshoring jobs should pay extra taxes to offset the lost revenue lost in income taxes of the displaced workers.
Likewise create tax incentives for companies that create US jobs with livable wages.

Posted By: 15R8 @ 02/06/2008 5:02:56 PM

Comment: It is the Economy Stupid. The president of the United States has great influance over the economy. Maybe not this ,wait a second Bush has had terrific effects on the economy from his drive down middle class wages by allowing the army of illegal workers to cutthroat the middle class. To crushing social programs in favor of a war ussered inby nearly a thousand 'lies'
From pro foreign government trade polcies that might rape upward of 40 million jobs from the homeland.
Yes it is the economy stupid . Vote hillary

Posted By: dmihailescu @ 02/06/2008 5:00:19 PM

Comment: put the tax money where they provide some return on investment like infrastructure, education, research.
cut programs that provide little or no return on investment: Iraq war, military built up, entiltements
encourage people to save money rather than spend and borrow to reduce their dependency on government programs
stop borrrowing money from foreigners and pay the existing debt to reduce their influence on government and business
companies offshoring jobs should pay extra taxes to offset the lost revenue lost in income taxes of the displaced workers

Posted By: dmihailescu @ 02/06/2008 4:53:40 PM

Comment: put the tax money where they provide some return on investment like infrastructure, education, research.
cut programs theat provide little or no return on investment: Iraq war, military built up, entiltements
stop borrrowing money from foreigners and pay the existing debt to reduce their influence on government and business

Posted By: kjhuggard @ 02/06/2008 4:44:21 PM

Comment: If the money that we've spent on war in Iraq and Afganistan had of been spent on new energy solutions we'd be in a different spot right now.

Recently, on a trip through the midwest, I was amazed at the areas that have incorporated wind energy into their energy grid.

Claims are being made that we have oil deposits on our own soil, government owned land no less, that make the Arab nations look like rank amatures. The problem it seems is that we don't have the technology to thoroughly extract it. Gee, what a shame, Canada has been doing the same process in northern Alberta for decades and they don't seem to be having any problems. As a matter of fact, economic growth in that area of Canada is off the map, anyone who wants to work does and they make good money doing it. But I'm sure the reason they can do it is because of their Socialist type government which promises their citizens basic healthcare for their tax dollars.

It's funny how when we as Americans talk of our neighbors to the north we refer to what they receive as FREE or Socialist style, when we turn around in the last 7 years and have sent out rebate checks to those Americans that needed it the least TWICE to help curb a pending recession. Whats that?

Finally, it is sadly true that Presidents cannot IMPROVE the economy, but they sure can RUIN one.

Posted By: kjhuggard @ 02/06/2008 4:43:19 PM

Comment: If the money that we've spent on war in Iraq and Afganistan had of been spent on new energy solutions we'd be in a different spot right now.

Recently, on a trip through the midwest, I was amazed at the areas that have incorporated wind energy into their energy grid.

Claims are being made that we have oil deposits on our own soil, government owned land no less, that make the Arab nations look like rank amatures. The problem it seems is that we don't have the technology to thoroughly extract it. Gee, what a shame, Canada has been doing the same process in northern Alberta for decades and they don't seem to be having any problems. As a matter of fact, economic growth in that area of Canada is off the map, anyone who wants to work does and they make good money doing it. But I'm sure the reason they can do it is because of their Socialist type government which promises their citizens basic healthcare for their tax dollars.

It's funny how when we as Americans talk of our neighbors to the north we refer to what they receive as FREE or Socialist style, when we turn around in the last 7 years and have sent out rebate checks to those Americans that needed it the least TWICE to help curb a pending recession. Whats that?

Finally, it is sadly true that Presidents cannot IMPROVE the economy, but they sure can RUIN one.

Posted By: bike4paul @ 02/06/2008 4:18:47 PM

Comment: What they can do is keep their hands OFF the economy and spend more time thinking about how to uphold the oath of office.

Posted By: j_ashus @ 02/06/2008 4:09:57 PM

Comment: What planet is Robert Samuelson living on?

Posted By: fjcrocker @ 02/06/2008 4:08:58 PM

Comment: It is quite clear to me that a major component of the current economic problem is the excessive military spending on the Iraq war. Hundreds of billions of dollars going to support the war could have been used to finance new technologies similar to what was done in the space program during the 1960's. What do we have to show for our expenditures (holes in the ground and a mess in the mideast) as opposed to possibly new entergy sources like fusion power learn from history England was bankrupted by war were next

Posted By: fjcrocker @ 02/06/2008 4:06:58 PM

Comment: It is quite clear to me that a major component of the current economic problem is the excessive military spending on the Iraq war. Hundreds of billions of dollars going to support the war could have been used to finance new technologies similar to what was done in the space program during the 1960's. What do we have to show for our expenditures (holes in the ground and a mess in the mideast) as opposed to possibly new entergy sources like fusion power learn from history England was bankrupted by war were next

Posted By: benvictor @ 02/06/2008 4:05:16 PM

Comment: First off, it is the economy, stupid. When the campaign hits Ohio and Pennsylvania, that is the issue. Hillary will respond since she was present when Bill addressed the economy issue with the slogan, "It's the economy, stupid." Now, my prediction. Republicans have the time now to unite for November. Democrats are terribly fractured. If Hillary wins, blacks will sit home in November. If BO wins, white voters will support Michael Bloomberg should he decide to run as an independent. If not, white voters will support John McCain, Vietnam hero, who is a moderate with views white voters will support. I am a democrat and this is how I approach the November election. Thus far, I have spoken of blacks and whites. I believe Asian Americans will support Bloomberg or McCain. Latinos, I fear, will feel disenfranchised by a Hillary loss and disinterested in the November election.

Posted By: camposd @ 02/06/2008 4:05:07 PM

Comment: I agree that Presidents can't do very much to improve the economy. However, they can do much harm to the economy with the wrong policies and with fiscal irresponsibility. For example, George Bush's questionable and incompetent Irak invasion is draining US treasury and resources, and thus harming the economy.

Posted By: diver792309 @ 02/06/2008 4:03:09 PM

Comment: I agree, if anyone has the power to control the economy it is the consumer and Congress. Congress has the power under the Constitution to either taxes or spend and the consumer either spends, saves or blows it on bad mortgages, tuition, credit cards, car loans, personal loans, pay day loans, then complian they have no money to pay for health insurance. POTUS on the otherhand is required by the Constitution to spend money appropriated by Congress. For anyone to suggest that everything POTUS Bush does has such an immediate impact on the economy is not educated, does not read besides what the internet tells them to read and has such an emotional passion to hate this president that it clouds their sound judgement.

Posted By: sadowood @ 02/06/2008 3:57:14 PM

Comment: See how the presidents really did at www.presentialperformance.com

Posted By: jpanky @ 02/06/2008 3:50:08 PM

Comment: While I agree with many of your points, you ignore the correlation between presidential policies that are controlled by the man in office (such as the Iraq invasion and subsequent outlay of trillions of dollars) and their effect on the economy. Our federal government continues to spend more than it takes in creating an ever increasing federal deficit which in turn means more of revenue goes to pay interest on the debt. So, while the man or woman in office may not have direct control over the economy, the policies and actions of those in office can have a devastating impact on the economy. Perhaps we should not choose our leaders based on the economy, but we should certainly look to what their policies can do to the economy.

Posted By: unfrgvn82 @ 02/06/2008 3:33:24 PM

Comment: Our economy is like it is because people max out credit cards and buy houses they cannot realistically afford.<--- Emphasis on the period.

Posted By: JBuzicky75@comcast.net @ 02/06/2008 2:14:01 PM

Comment: This is the most asinine article I've ever read! Our economy is tied directly to the so called 'War on Terror'. Like Dr. Paul said, the war and economy are the same thing. Bu$hco's handlers (neocons) are the exact reason why our economy has gone down the toilet. The overseas expenditures, no-bid contracts, lack of oversight on monies being wasted in Iraq and bureaucracies like Homeland Security are a huge chunk of the problem. If you haven't watch a movie called 'Iraq for Sale' you must see it!!!
http://video.google.com/videoplay?docid=-6621486727392146155

Posted By: ru4real6846 @ 02/06/2008 1:29:27 PM

Comment: Our economy is like it is, because of George Bush and the way he does things. He has screwed up everything that america stands for. It's sad to see this country going down the toilet and greed is going to make it worse. America isn't what it used to be and it's going to get worse and nobody cares one way or the other. I don't feel a bit sorry either. let it rip!

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