Obama pushing hard for economic stimulus plan
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0
Roger2
As US already is bankrupt the money which Obama is going to put into the already bankrupt unsustainable economy comes from Japan and China. Japan has given over $825 billion in aid and loan. The American military industrial complex is turning US bankrupt. Obama will have no choice but to put vast amounts of military technology and use it on commercial products in order to decrease the American trade deficit. Obama must stop relying on aid and loans. Americans must relearn the meaning of hard work. Americans must understand that you can not borrow its way out of this problem. Obama must understand that you can not use more money than you can afford and keep borrowing because in the end you go bankrupt. The U.S. government will struggle to finance increasing debt levels needed to dig the economy out of recession.
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sailwind
Not to mention George Foreman grills in every household.
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SushiSake3
I find it hilarious when former supporters of the former U.S. president slam Obama for having to spend massive amounts to fix the economy while never mentioning that they themselves implicitly supported the out-of-control spending that sparked this current recession.
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wuzzademcrat
from sushisake:"I find it hilarious when former supporters of the former U.S. president slam Obama for having to spend massive amounts to fix the economy while never mentioning that they themselves implicitly supported the out-of-control spending that sparked this current recession."
I find it even more hilarious that foreign-born, self-appointed experts on American economic issues think Obama and the Dems can 'fix' the US economy by having us spend our way out of a recession and, rather than creating jobs or the incentive to invest, throwing money at ACORN and the other 'progressive' groups he will buy off in order to achieve a permanent Democrat majority.
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skipthesong
I also find it hilarious that both dems and repubs found it necessary to give themselves a raise.
Sushi, you need to look more at Barney Frank for much of the financial mess.
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GJDailleult
Why is a bad thing to spend your way out of a recession, if it wasn't a bad thing to spend your way into one? And by the way, this foreign-born, self-appointed expert on American economic issues doesn't think Obama and the Dems can "fix" the US economy. I think he can't, they can't, and that you're toast. And before the inevitable "Obama is taxing and spending and wasting my tax dollars with his big bad Democratic welfare state government" posts start coming, I'll say it again. He won't be spending your tax dollars - they're already spent, as are all your future tax dollars. He'll be spending Chinese money and Japanese money and money from all the other countries that need to keep the USA from collapsing to keep from collapsing themselves.
0
Tatanka
Economic Stimulus Payment
This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:
Q. What is an Economic Stimulus Payment? A. It is money that the federal government will send to taxpayers.
Q. Where will the government get this money? A. From taxpayers.
Q. So the government is giving me back my own money? A. Only a smidgen.
Q. What is the purpose of this payment? A. The plan is that you will use the money to purchase a high-definition TV set or a new computer, thus stimulating the economy.
Q. But isn't that stimulating the economy of China ? A. Shut up.
0
dennis0bauer
wuzzademocrat I find it even more hilarious that foreign-born, self-appointed experts on American economic issues think Obama and the Dems can 'fix' the US economy by having us spend our way out of a recession and, rather than creating jobs or the incentive to invest,
You mean like bush did not do?
0
sailwind
Tatanka,
I have to say one of the best posts I've read regarding this 'Economic Stimulus' plan.
0
VOR
After Obama's inauguration speech and what is coming to light regarding the Democrat's plan to heal the economy, i have lowered my expectations. I have not seen anything to believe that market fundamentals will be corrected, in fact this massive debt we are about to take on top of our existing debt is only going to put further strain on the economy and quite frankly will cause irreparable harm to the dollar. What the Democrats have concocted is pork barrel spending masquerading as a stimulus package. It even does little in the way of improving the nation's infrastructure. This trillion dollar sham keeps the democrats special interest groups happy but in the end it is only going to make things worse for a long time to come. At this point a George Foreman grill is about the best one could expect.
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SushiSake3
wuzzademcrat - "throwing money at ACORN and the other 'progressive' groups"
I think you're running off the rails a bit there.
Who - besides you - mentioned ACORN?
GJDailleult - "He'll be spending Chinese money and Japanese money and money from all the other countries that need to keep the USA from collapsing to keep from collapsing themselves."
Well put, and a fact I think many Republicans continue to ignore.
Every dollar their government spends adds to the U.S.' debt servicing costs, which at last count were $200 billion a year.
And that was before any of these bailouts kicked in.
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skipthesong
I am afraid, nothing is going to fix the economy unless its completely changed. And, no I don't believe any politician or government worker is concerned that much!
0
Roger2
This is not about Democrats or Republicans. The hole America has dug itself into for the past 30 years is very deep. No matter what they try US is already toast. Shipping companies are now offering to ship goods to US at a huge discount rate and yet still cannot find takers because other countries no longer trust their ability to pay. The people of the world no longer trust the American government. According to NIkkei the Federal Reserves had printed out $2 billion which had not been accepted as valid international currency.
Shopping Malls in US now have “80% discount” or “buy one get three free.” At Wallmart, there are now huge line ups at the cash register as the shelves become more and more empty The only stocks that rose were Wallmart and McDonalds. Cheap goods and cheap food, most appropriate for a downtrodden slave society suitable to their bankrupt status.
0
SuperLib
Right now I think the focus needs to be on keeping people working and providing incomes so the system doesn't come to gridlock. If the stimulus plan can do that then I'm for it. Adding to the national debt is s concern, but we're choosing to focus on a known evil know rather than an unknown one later.
And I think it's great that the Chinese and Japanese are forced to pay for our reconstruction. They created their markets to serve the American consumer and if they want their money to keep coming then they're going to have to step up to the plate and do something about it. If they don't like it they can always stop sending cash to the US, downgrade their economies, and take it from there. Besides, mingling economies is a great way to prevent war.
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Roger2
Obama will have no choice but to pay back to it's creaditors with interest. Americans should for ever be grateful for the Japanese generosity. It is Americans who need Japanese more than visa versa. Americans need to starrt making products which people want to buy. Right now American products are no good. If US wants to get out this hole which is impossible to get out of US needs to make things which other countries will like and think of as quality. Only to the ingrained American patriot does Made in USA have a good ring. The American business establishment will have to turn over ownership of large chunks of US industrial and commercial property in exchange for debt write-offs. When Americans agree to start behaving towards the rest of the world in a civilized manner, the world will no doubt agree to reduce the interest of US debt.
0
YangYong
Shrub has turned his free market capitalism into socialism, he really was one wasn't he? At least a man of intelligence, integrity and ideas will save the US from worse.
0
Roger2
The bad sign is that Obama is trying to pass the blame for US economic troubles to the creditor nations such as Japan, China and Europe.It looks as if Obama is trying to say “the reason US drove themselves into hopeless debt and bankrutcy is because other countries and people work too hard and save too much." Obama and Americans will have to relearn the meaning of hard work. The US economy will have to implode a lot more before some Americans will wake up from their coma by the looks of things.
0
Betzee
Actually, Sailwind, that was GWB's approach to stimulating the economy. BHO is interested in something more radical, for example using public money to extend broadband access to unwired communities to provide new economic opportunities, selling on eBay or whatever. Giving those same folks a tax refund will not have the same effect. At best it will provide a one-shot stimulus, but probably not even that since many people will use it to pay down existing debt.
Roger2, it was actually Ben Bernanke who argued, several years ago, that Asians save so darn much and, particularly the Chinese, have few investment opportunities at home so it's fine for them to finance our deficits. At some point that system breaks down. The US will not be in a position to resume the level of import consumption achieved over the last few years for the foreseeable future. Therefore, Asians may choose to use their money to reorient their own economies. Both the Japanese and Chinese governments are drawing up their own stimulus plans. Now they should encourage their citizens to "go shopping!"
0
sailwind
Garbage..They will use it to get another credit line to get another credit card.
And when they get so far out of debt they can can count a bailount from Uncle Sam...G.M got one why can't the little guy.
Welcome to Obaminomics.
Gonna be rough four years.
0
Betzee
Indeed it will, cleaning up the mess of the last eight. As Frank Rich commented:
Feckless as it was for Bush to ask Americans to go shopping after 9/11, we all too enthusiastically followed his lead, whether we were wealthy, working-class or in between. We spent a decade feasting on easy money, don’t-pay-as-you-go consumerism and a metastasizing celebrity culture. We did so while a supposedly cost-free, off-the-books war, usually out of sight and out of mind, helped break the bank along with our nation’s spirit and reputation.
Paying for it will be painful.
0
sailwind
NEWSFLASH.....Betzee
Bush ain't Prez anymore and Obama's plan sucks.
0
Madverts
"Gonna be rough four years"
I'm truly amazed that President Obama is only 5 days into the job and Bush supporters are already calmly becoming amnesiac to the last eight years of republican train-wreck management.
0
VOR
Obamalamadingdong has no clue how to solve this thing other than spending tons of cash we don't even have on Democratic sponsored pork. This isn't a stimulus package, this is irresponsibility bordering on crime against the taxpayer.
The American people need to hold the government responsible.
0
Betzee
Adverts,
I hope your reflexes are as good as GWB's, cuz the toys are goin' to be hurled out of the playpen in fast, furious, and scatter-shot fashion. As a matter of principle, I never indulge grown men's temper tantrums. I certainly expected it; the only surprise being that some posters seem unaware they are attacking GWB's stimulus plan, not that proposed by BHO.
I understand El Rushbo has announced on the air, "I want Obama's plan to fail." Presumably so Republicans can get back into office. They ain't gonna do it without any new ideas, however. Simply to say "Obama's plan sucks" isn't going to get you a place at the table. By contrast, anyone with actual ideas will get a fair hearing because we are in uncharted waters here.
0
adaydream
This is plain and simple. All the republicans want is tax breaks for theirs. They have received so many tax breaks that they don't have any other rallying cry.
Do you hear the republicans looking for more jobs?
Do you hear them asking for more money to refill the treasury that they emptied this last 8 years?
Do you hear them voicing concern for more Americans to have realth insurance?
But I hear crying that there aren't enough tax breaks.
I really don't care if it's a bi-partician package or not. It's the democrats turn at re-fixing the federal budget after Bill Clinton did it. It's the democrats turn at rebuilding this country that the republicans financially broke.
Bi-partician nothing. Repuiblicans disagree. After the last 8 years I don't care if they disagree or not. < :-)
0
adaydream
VOR
That's so right.
Now, who's administration was responsible for the collapse of the economy? Are you holding gwb responsible?
Of course Obama's administration will have to fix it, but who do you blame for the current economical situation? < :-)
0
VOR
GWB, Pelosi, Ried, Lott, Hassertt.....
0
adaydream
Thank you. < :-)
0
VOR
Wrong on all accounts: 1. I believe El Rushbo qualified his statement with wanting Obama to fail if he moves the country toward socialism. If you only read mainstream media I can understand how you came to this inaccurate conclusion. 2. From what I witnessed on CSPAN the other night, the Democrats voted down every single ammendment offered by the Republicans. Not a single Democrat subcommitee member voted yes to any Republican ammendment. The Democrats are brow beating the minority. This call for unity is merely lip service which Democrats hope 58 million voters don't catch onto.
With the Democrats in charge, out of control spending and over taxation will not fix the problem and more than likely will make things even worse. If they implement trade protections and unusually expensive environmental rules, kiss the economy (and your accumulated wealth) good-bye.
0
adaydream
What accumulated wealth?
62,000 jobs cuts announced just today. Companies now not matching 401s, not paying education benefits that some employees choice that company for and other reduced benefits.
Thankfully I have a small pension coming in. But for those people who aren't retired, your jobs aren't secure anymore. < :-)
0
VOR
If you have a small pension coming in, you have some accumulated wealth.
Some folks have none, some folks have a little, some folks have a lot and some folks have more than a lot. This wealth is in jeopary if the American people allow their government to continue to act irresponsibility. Yeah we need change, but what is being prepared right now is likely going to hurt us more than help.
Its only a matter of time before the pork in the econimic stimulus bill comes to light. Democrats better be praying to whatever unknown god they pray to for divine intervention. Obama is just a man.
0
adaydream
So you're saying we should just continue to do business like before.
Tax breaks for the rich and more irresponsible spending. That's all the republicans have had for 8 years and they are disappointed this bill doesn't have more tax breaks. Some time the tax breaks have to end.
I hear that they are talking about tax breaks for FICA/ old age social security. I totally disagree with that tactic. You still have to pay out obligated Social Security and Medicare/Medicade. < :-)
0
VOR
Ah the class warfare slogan used by the Democrats to act like they represent the little guy. The little guy never stops to wonder what Democrats mean by rich. During the campaign the threshold started at 250k then widdled down to 100k.
A flat tax would is more equitable. You are taxed on your consumption. The more you purchase the more you pay. No loopholes.
Innacurate, the Democrats got control of the senate in 2004 and control of the house in 2006. The government over the last four years has been influenced by both Republican and Democratic policy. The last two years it can be argued was mostly influenced by Democratic policy.
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adaydream
2004 through 2008 george bush vetoed every effort that the democrats made. < :-)
0
VOR
really, what legislation did the democrats put forth between 2004-2008 did bush veto that would have had any impact on preventing the economic meltdown or anything even remotely related to the primary cause of the problem; the sub prime lending fiasco? nada. zilch.
the truth is Bush used his veto pen only 12 times during his entire presidency. none of those vetos had anything to do with the economic crisis. in fact it was the democratic congress who shot down his attempt to do anything about the looming sub prime lending crisis and it was Barney Frank and company who said there was no problem.
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