Interesting article about the economic team set up by the president select.

It is interesting that none of these people have any idea about Congressional budget balancing or even restraint. So here we go again with another administration continuing the stupidity of the last administration with out of control deficit spending.

“...On Monday, Obama dodged a question about whether he would repeal that last group of tax cuts, implemented by President Bush, or whether he would let them expire. He says he’ll let his new team of economic advisers examine that issue. According to the U.S. Chamber of Commerce’s Josten, if the goal is to stimulate the economy, “it would be completely counter and counterintuitive to raise taxes simultaneously.”

However, Obama is emphatic that he plans to introduce a massive economic stimulus plan “right away.” He won’t say how much it will cost—estimates run in range of $500 billion to $700 billion—but it’s expected to include heavy spending on infrastructure, “green jobs” and aid to states. “We are going to do what’s required to jolt this economy back into shape,” says the president-elect.

“The crisis we face makes Rubinomics irrelevant,” says Robert Borosage, co-director of the left-leaning Campaign for America’s Future. “Deficit spending must go up, finance must be re-regulated, trade imbalances must be reduced and manufacturing can no longer be scorned.”

http://www.forbes.com/business/2008/11/24/obama-economy-rubin-biz-beltway-cx_bw_1124obama.html