The administration and why more stimulus is a bad idea

As I have been saying for quite some time now, the Obama administration has been too optimistic. Recently, Vice President Joe Biden said that the administration misread the economy. Thank you Mr. Vice President!

The administration was adamant about creating new stimulus plans to create jobs and therefore "stimulate" the economy. Not only was it ineffective, but it was put together in such a poor way that many people, including those in the administration, did not really understand everything about it. They also created bank stress tests, however, these tests were insufficient and did not go far enough. So what is being said today? More stimulus.

Laura Tyson, who is one of Obama's economic advisors, recently said that we should consider more stimulus. Creating more stimulus will only increase the deficit even greater. This country is already at 62 trillion dollars in debt, an unfathomable number, and many nations, such as China, India, Russia, and even France are decreasing the amount of dollars they will have in their own reserves.


Charles Ortel, who is the managing director at Newport Value Partners, says that we must create incentives for other people around the world to come here and work, the best minds. I couldn't agree more, and I do fear that as every other nation (china and India) catches up to us, it is going to be harder and harder to stay ahead of the curve.

Find Charles Ortel's Interview here.

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