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Stimulus Bill Details: Do You Support the Stimulus Bill?

Do You Support the Stimulus Bill?

President Obama paid a visit to House and Senate Republicans yesterday, trying to shore up support for the $825 billion economic stimulus bill. While the GOP has continued to express concern about the size of the package and a desire for more tax cuts, the President has shown a willingness to adapt, urging Democrats to cut $200 million for family planning.

Obama maintains that the American Recovery and Reinvestment Plan, which includes $550 billion in spending and $275 billion in tax cuts, will jump-start the economy while also investing in strategic long-term goals. However, some of the infrastructure spending will not happen until 2010. Major provisions include:

  • Create or save 3 to 4 million jobs in two years.
  • Spend at least 75 percent of the money within 18 months, including funds for tax cuts, health care for unemployed workers, temporary expansions of unemployment insurance and food stamps.
  • Computerize every American's health record within five years, which will save billions in costs and reduce medical errors.
  • Upgrade 10,000 schools, improving the learning environment for 5 million children.
  • Invest in roads, bridges, mass transit systems.

Source

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nadiap nadiap 7 years
You can read the stimulus on recovery.gov. It's all there and very transparent. I think it will create jobs, but I don't think it's enough. The Republicans are so full of crap it's oozing out of their ears. They brought this country to ruin for the last eight years. 1.2 trillion debt, two wars, tax cut for the wealthy, massive unemployment. massive corruption, and the biggest bank heist in the history of the world, now all of a sudden they care about spending. Lol. These are the people on the day the stock market was going down in flame was still saying "the fundamentals of the economy was strong." Are you freakin' kidding me?. They can't govern. They don't know how. They know how to manufacture wars, murder innocent people, and profit from them. They excel at that. The first great American Depression was under Hoover, a Republican. What a shocker? Bloomberg report during the Bush Administration the richest 400 Americans Doubled their income to 263 million dollars. The best part, their tax rate of 17%. So The republican philosophy of tax cut for the wealthy and corporations is supposed to create jobs right? You know their bread crumbs will magically fall off their tables and unto ours. They've done it for the last 8 yrs. The Bush tax cut will be in place until 2010 SO WHY ISN'T THE ECONOMY ON STEROIDS RIGHT NOW?. Where are the jobs? Where is the trikle down?
Grandpa Grandpa 7 years
UnDave, makes a good point, it is now a world economy, we are not only competing to keep jobs in the states, but in the U.S. Putting up trade barriers wold assure a deep depression, and not save American jobs.
UnDave35 UnDave35 7 years
The Republican tax cuts aren't what caused this problem. Businesses and people will flock to where they can avoid costly taxes, and we are driving our industrial base out of this country by taxing it too much. Instead of digging deeper into our dept, we need to focus on bringing industrial jobs back.
stephley stephley 7 years
I get that judgment day is near: I just don't think that it is in any way wise to stop and recoup at the risk of a generation - we have consider every dollar cut or spent carefully and sometimes we are going to have to risk what seems like outrageous spending now to get to where we have to go. Simply cutting isn't going to be enough.
Grandpa Grandpa 7 years
Stephley,"a serious decline in basic quality of life", is coming if not now someday, and someday relatively soon, we are living beyond our means. The longer we try to put off that day of reckoning, the more serious the decline, and the longer it will take to get our fiscal house in order.
stephley stephley 7 years
G'pa, that sounds good but we're kind of past the point of sucking it up and dealing with pain - unless we're willing to admit that means much more homelessness, a serious decline in basic quality of life, a dangerous to the nation decline in students who go on to get advanced degrees - basically write off a generation while we get our finances in order.
Modus-Vivendi Modus-Vivendi 7 years
For what it's worth, I heard a piece on the news about how it will actually be much more difficult to monitor any pork spending because since it's been forbidden from the bill outright, lobbyists are having to basically just having to try to get in done under the radar, using back channels and trying to go through governors and mayors who may have discretion to direct funds rather than the more direct route.
Grandpa Grandpa 7 years
Darn it, sorry for the double post. :-(
Grandpa Grandpa 7 years
I have read with interest the justification for spending programs inserted in the stimulus package. Yes the goals are worthy, but can we afford it? Will those under 40 be able to pay for this entire largess down the road? That is the generation that will pay for my generation’s profligate ways. That is the generation that will have two people working for every one social security recipient. The housing bubble was caused by just such thinking “Everyone deserves to their piece of the American dream, to own their own home.” Well folks when chickens came home to roost, we got this current recession. At some point we as a country have to learn to live within our means. That will mean pain, yes real pain, but the longer it is put of the more pain there will be, and my generation that started the ball rolling, will not be around to share that pain, even though we are the ones who most benefited by maxing out the “families” credit cards living “the good life”, securing the quite acquiescence of our children, by making sure they had some “goodies” as well. While never telling them that the family fortune has not only been depleted, but that they, the children will be legally responsible some day for paying off that “credit card debt”, at a monthly rate in excess of the children’s projected monthly income. When that time comes there will be nobody around to “bail” you all out. That can we have been kicking down the road for decades, will have finally hit a wall, and no amount of kicking will get it past that wall.
Grandpa Grandpa 7 years
I have read with interest the justification for spending programs inserted in the stimulus package. Yes the goals are worthy, but can we afford it? Will those under 40 be able to pay for this entire largess down the road? That is the generation that will pay for my generation’s profligate ways. That is the generation that will have two people working for every one social security recipient. The housing bubble was caused by just such thinking “Everyone deserves to their piece of the American dream, to own their own home.” Well folks when chickens came home to roost, we got this current recession. At some point we as a country have to learn to live within our means. That will mean pain, yes real pain, but the longer it is put of the more pain there will be, and my generation that started the ball rolling, will not be around to share that pain, even though we are the ones who most benefited by maxing out the “families” credit cards living “the good life”, securing the quite acquiescence of our children, by making sure they had some “goodies” as well. While never telling them that the family fortune has not only been depleted, but that they, the children will be legally responsible some day for paying off that “credit card debt”, at a monthly rate in excess of the children’s projected monthly income. When that time comes there will be nobody around to “bail” you all out. That can we have been kicking down the road for decades, will have finally hit a wall, and no amount of kicking will get it past that wall.
kranky kranky 7 years
Hi Hainan! I have heard the same thing, but don't really have the time to dig up a source. :)
StolzeMama StolzeMama 7 years
Does anyone have any info on who will be receiving tax cuts? I don't want to quote the wrong bill and get beat up on here, but i thought the big hing the repubs were fighting was that the tax cuts in the bill are for people who pay no INCOME tax. And that the repubs wanted to reduce that 15% and 10% brackets to 10% and 5% respectively. CAn anyone fill me in?
StolzeMama StolzeMama 7 years
HI Kranky! :wave:
kranky kranky 7 years
diadem- I am in favor of corporate tax cuts. I am invested in the stock market (401(k) and IRA), and am really tired of seeing my net worth plummet. Corporate tax cuts would benefit corporations, yes - but also stockholders. And most importantly, baby boomers who are close to retirement. I'm glad we agree about spending somewhat. I read somewhere (I would have to dig to find it), that in 2008, over 60% of our government's operating budget went to paying interest on our debt. That's non-negotiable. How much of our operating budget will go toward our current debt of $1 trillion? What happens when the deficit goes up to $2 trillion? The article you kjsut posted is interesitng so far, I'm working on finishing it...
mydiadem mydiadem 7 years
you seem to be focusing on individual tax cuts, which I support to some extent. What I do not think will provide economic stimulus is corporate tax cuts and if I see a study that does back up that theory, which is a classic Republican friend of big business theory, I would like to read it. As for the spending in this stimulus, there is a lot of discussion of its affect in the article I posted. I really like economy.com for my financial news and I don't find it to be biased. For other spending, I agree with need to revisit the budget especially for entitlement programs. We had a nice discussion about this on moderate sugar a few weeks back.
kranky kranky 7 years
diadem- I'll look around for some materials. I have posted them in the past, but got slammed for using biased sources. However, I went directly to the IRS raw data tables - where it shows that the Bush tax cuts brought in higher revenue every year subsequent to being in effect. I look at the government's budget from two persepctives: inflow (from taxes) and outflow (from spending). Under Bush there was a higher revenues coming in from taxes, BUT there was also increased spending - which drove up our deficit. I am happy to argue the finer points of tax cuts bringing in more revenue. But I would also ask you to consider the spending side. We are already spending money that we do not have and can not possible hope to recoup in taxes over the next decade. Who is going to fund our debt? How will we repay it? Not to mention that the entitlement programs (which eat up a much bigger chunk of the operating budget than the Iraq War ever has) are about to got belly up. Medicare will officially run out of funding in 2012, yet we overfund the SCHIPS program. Our politicans are not making smart financial decisions - they are making ideological ones. I find this frightening.
mydiadem mydiadem 7 years
www.economy.com/mark-zandi/documents/Economic_Stimulus_House_Plan_012109.pdf s Here's another interesting article from Moody's. Go to page 11 for the bit about tax cuts, it outlines what the proposed tax cuts are and what Moody's chief economic analyst thinks of their potential impact. There is also an analysis on the impact on interest rates.
0fashionqueen 0fashionqueen 7 years
You know I think that is why the economy is so bad because this country is wasting way to much money on the stupid stuff. We should take that money and get the homeless off the street.
mydiadem mydiadem 7 years
I'm willing to read a different study on the potential benefit of corporate tax cuts if someone were to make them available.
kranky kranky 7 years
Thanks for posting the article diadem. IMO, the article hasn't 'aged' well, so I am going to go ahead and say I don't believe it is very germane to the discussion. That is my opinion. But the authors got a number of things absolutely wrong. In addition to favoring the extension of unemployment benefits, the article was pushing for the tax rebate and the bank bailout. Both happened, and neither did much for the economy.
PinkNC PinkNC 7 years
I'm still on the fence when it comes to certain things within the package.
genesisrocks genesisrocks 7 years
I'm too torn on this issue to answer
mydiadem mydiadem 7 years
And I don't think that the government generates wealth, unless you are a winner of a no-bid contract or an executive for Halliburtion.
mydiadem mydiadem 7 years
I don't know where you got your source Org, but this is what I've read. According to an analysis by Moody’s Economy.com, cutting corporate and capital gains taxes offers very little in terms of stimulative effect. For each dollar spent on a capital gains tax cut, there is only a 37 cent boost to GDP, while for each dollar spent on a corporate tax cut, the return is 30 cents. This is compared to the $1.64 return on a dollar invested in extending unemployment benefits or the $1.73 return from a temporary increase in food stamps. www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf
hope2be hope2be 7 years
I wasn't opposed to the idea but with the direction this is going, I'd say I'd big reservation with it. But hey, it won't make a difference what I think, it'll pass. :)
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