ABOUT ME

 

Nick Ragone is an author, attorney and public relations executive in New York City. He earned a bachelor’s degree in history and political science from Rutgers University, and is a graduate of the Eagleton Institute of Political Science at Rutgers University (undergraduate) and the Georgetown University Law Center.

He is the author of three books: Essential American Government, Everything American Government, and President's Most Wanted. Nick is a regular contributor to the Fox News Channel and Fox Business, the PIX11 Morning Show, and has a weekly appearance on the popular Raph Bailey Radio Show.  He co-anchored PIX11's five-hour live inauguration coverage with Jim Watkins and Kaity Tong.

Nick is a contributor to Donklephant.com, one of the most influential political blogs on the web, and  has written for US News & World Report, The Star-Ledger, Real Simple Magazine and RealSimple.com.  Nick has been quoted in over two dozen stories on politics, the presidency, and public relations.  In December of 2007, Nick was named one of PR Week's 40 under 40 to watch, and in May of 2008 was featured in "Profiles of Success", a book about public relations. Nick lives in Jersey City, NJ, with his wife and two children, and spends what little free time he has obsessing on the Mets.

Nick can also be found on Facebook. http://www.facebook.com/profile.php?id=740817853


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« Senator Gregg more confused than Bud Selig's conscience | Main | Five Questions: Cindy Morgan (aka Lacey Underall) »
Thursday
Feb122009

It's Obama's economy now

With the reconciliation of the stimulus bill, this is now President Obama's economy. 

The final bill has $789 bill in spending, with only a third of that in tax cuts.   By very definition, the most stimulative thing you can do for an economy is cut taxes.   This spending will create temporary jobs only -- very little is permanent about it, except the massive debt that's piling up.

So why not cut the capital gains tax, and give the economy an insta-jolt of liquidity. Or the corporate tax rate, which will help companies grow again.   Income tax cuts are great, but it should have gone further.

Even Diamond Joe Biden thinks there's a 30% chance this bill fails.   Everyone should hope that it works ... but hope isn't a strategy.

Footnote:  A guest on CNBC made an interesting point this morning.  Right now, our national debt is 75% or GDP, and household debt is 95% of income.  How on earth could the response be: spend more.  The problem is that we're already over leveraged (this recession is really a massive de-leveraging).  Can someone please explain to me how unprecedented borrowing and spending make sense? It may be a short term fix, but long term it's going to suffocate the economy.

Footnote II:  If you don't believe my screed ramblings, just listen to Cramer. Cramer knows all.

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