President Obama’s full remarks are elaborated on the White House blog post President Obama: “Let’s Get to Work”.

President Obama makes a statement about the action we need to take to keep America’s economy growing, while at the same time reducing our deficits.

Here is the video of that presentation.

Where is the statement that taxes on the rich must be raised to stop their hoarding of the liquidity that the country needs to get moving again? Where is the refutation of Boner’s claim that raising taxes on the wealthy will slow the economy down? It is easy to do and it must be done that we remove all of Boner’s false claims as to why we should not raise taxes on the wealthy. It goes beyond fairness. It is a necessity to get the economy working again.

This lack is what prompted my tirade of yesterday in the post Obama Still Has No Clue On Being President – There Goes The Economy.

I am not making this up. WikiPedia has a nice explanation of the well known economic paradox called a Liquidity Trap. Well, I do have one bone to pick with the introduction to the page as quoted below. The issue is not that the injection of liquidity by the Fed fails to lower interest rates. It is that it fails to stimulate economic growth. It does not make much sense to say that “Signature characteristics of a liquidity trap are short-term interest rates that are near zero” after saying that “injections of cash into the private banking system by a central bank fail to lower interest rates”.

A liquidity trap is a situation described in Keynesian economics in which injections of cash into the private banking system by a central bank fail to lower interest rates and hence fail to stimulate economic growth. A liquidity trap is caused when people hoard cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war. Signature characteristics of a liquidity trap are short-term interest rates that are near zero and fluctuations in the monetary base that fail to translate into fluctuations in general price levels.

It is about time that the administration start a campaign to educate voters about real economics as opposed to the false economics fostered by Boner. Don’t tell me that it is too complicated to explain. Boner does it every chance he gets.