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November 28, 2009
TARP, recovery and now … this!
TARP, recovery and now … this!
Congress scrambles to write economic 'jobs stimulus' 3.0
Presidents George W. Bush and Barack Obama signed a combined nearly $1.5 trillion in federal spending in the attempt to correct the nation's economic tailspin, but with unemployment soaring over 10 percent, Congress is gearing up to pass yet another economic "stimulus" package, perhaps as soon as January.
The Los Angeles Times reports that President Obama and fellow Democrats in particular are in process of assembling a new jobs package that would devote unspecified billions of dollars to projects meant to put people back on payrolls in 2010. The House version of "stimulus 3.0" may even be pushed through as quickly as next month.
The Times cites Democratic House members disappointed that Obama's $787 billion American Recovery and Reinvestment Act wasn't larger and pledging to press for a new, substantial spending plan to address unemployment.
"I hope we don't play around the edges with this and we do what will work. Invest the money now," said Rep. Barbara Lee, D-Calif. "We have to create jobs, and we have to create them right away."
Rep. John Carter, R-Texas, however, believes that more government spending will do nothing to solve unemployment.
"There is no doubt that the original stimulus failed to create jobs, and has in fact probably cost additional jobs and prolonged the recession," he said. "To create jobs we need to lower the tax burden to stimulate investment, which is the exact opposite of what the Democrats did earlier this year and now contemplate again."
Reports over the success of the last stimulus package are widely mixed, with the White House claiming the spending has created or saved over 640,000 jobs. At the same time, the Government Accountability Office has already discounted tens of thousands of those jobs and found "a range of significant reporting and processing problems that need to be addressed."
Regardless of how miscalculated the 640,000 number may be, the Bureau of Labor Statistics counts 16 million people, or 10.2 percent of the workforce, unemployed in October, a rise of 3.49 million jobs lost since Obama took office in January.
~snipet~
Political columnist and former presidential appointee Armstrong Williams, however, disagrees:
"A second stimulus package … sorry … 'jobs initiative' … is the Democrats' attempt to give the appearance that their plan is working," Williams writes. "They know that if the levee cracks before the 2010 midterms, they will be swept out of office, just like the 1994 U.S. midterm elections. Calling a second stimulus package a 'jobs initiative' doesn't change the fact that the administration's response to the unemployment crisis has been an economic bust. It's hard to see how more of the same will change that."
Nancy Pelosi told leftist supporters today that the the reason Americans are mad about their record spending is that “they’re not getting anything for it.” And, that’s why she wants a new Stimulus Bill!!!!
Building the case for a brand new jobs-creation bill, House Speaker Nancy Pelosi says most Americans would not mind inflating the already-gaping deficit in exchange for more jobs.
The California Democrat said on a conference call Tuesday that Americans could “absorb” the hit to the federal budget, and she argued that their biggest complaint is not that the deficit is big — it’s that they’re not seeing any benefit in return for increasing the U.S. debt load.
Despite the $787 billion stimulus package passed in February, unemployment climbed to 10.2 percent in October. While critics cite the jobless rate as a sign that the stimulus has failed, Pelosi argues that the federal government is just not trying hard enough.
“We have to shed any weakness that anybody may have about not wanting to be confrontational on this subject for fear that we’d be labeled not sensitive to the deficit,” Pelosi said, in a recording posted by Think Progress.
"The American people have an anger about the growth of the deficit because they're not getting anything for it. ... If somebody has the idea that the percentage of GDP of what our national debt is will go up a bit, but they will now -- and their neighbors and their children -- will have jobs, I think they could absorb that, and then we ride it out and bring money in," she said.
"But I think if anybody is asking the public, 'Would you rather have a job or the percentage of GDP of our national debt would go up a little bit?' I think that everybody wants a job."
House Democrats are not calling the expected jobs proposal a "stimulus," though it would probably include similar measures like infrastructure spending.
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Wild Thing's comment........
STOP!!!! What’s the definition of insanity?
The democrat’s view of how to run an economy is diametrically opposed to reality. They are destined for failure because they are self deluded and ignore how things really work.
We The People must clean this sewer that is the US Congress out in 2010 and 2012. Send them home in disgrace and end their political careers forever. Never elect any of them to any office not even dog catcher.
....Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Posted by Wild Thing at November 28, 2009 02:49 AM
Comments
Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy.
The current Federal Spending for 2009 is 3.3 Trillion, they have over spent already by 1.3 Trillion our current 2009 Deficit, aka, deficiency in funds to cover the spending by congress. By then end of FY09 that deficit will be added to the National Debt, which is currently at 12.3 Trillion dollars, the projected Debt for FY10 is 14 Trillion.
NOW Pelosi wants another 'Stimulus' Bill to spend more money and says we can absorb the current 1.3 Trillion deficit ? So in order to finance this bogus 2nd stimulus, they will have to borrow more money. China has already said, we are in over our heads with the Health Care Spending bill. That is like your banker calling you and telling you, you can't afford that new house. China holds a significant amount of the deficit, already borrowed money.
If they start printing more money again, monetizing the debt the dollar will drop even further. Today the dollar is worth 30% less than it was 10 years ago. Every time Gold goes up the dollar drops more.
I am convinced these NITWITs are trying to destroy the country in order to install their Marxist form of Government. They are trying to create crisis in order to do this.
Posted by: Mark at November 28, 2009 07:54 AM
"What’s the definition of insanity?"
Rhetorical...
Posted by: BT in SA at November 28, 2009 08:28 AM
This is mind-numbing! Is she suffering from dementia? Because from where I sit she apparently: can't (won't) read, no longer knows how to add (maybe never could), there is obvious no deep critical thinking happening, is hostile to those who oppose her, supports totally irrelevant issues, and lives in a self aggrandizement bubble (no awareness of others around her *or* caring). She is wicked and venomous to our beloved country.
Posted by: jan at November 28, 2009 08:54 AM
Chrissie I have to agree with what Mark has stated.
Posted by: Jack at November 28, 2009 03:15 PM
Mark, thank you so much for that.
Posted by: Wild Thing at November 28, 2009 06:29 PM
BT in SA, exactly.
Good to see you BT.
Posted by: Wild Thing at November 28, 2009 06:31 PM
Jan, LOL, I agre, she could be. she looks
weird in the eyes, like she is not
mentally sane for one thing.
Posted by: Wild Thing at November 28, 2009 06:35 PM
Jack, yes I do too.
Posted by: Wild Thing at November 28, 2009 06:37 PM
