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Anyone got $50billion to loan Obama?User Forum Topic
Submitted by flu on June 9, 2008 - 8:55pm
Oh boy. And this I guess is how the spending orgy will all start... http://money.cnn.com/2008/06/09/news/eco...
Obama: Give economy $50 billion boostWith a big jump in the unemployment rate and record oil prices, Barack Obama says he wants to extend benefits for those out of work and send out more rebate checks.
NEW YORK (CNNMoney.com) -- On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday that lawmakers should inject another $50 billion immediately into the sluggish U.S. economy. The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures. "Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, N.C. He said that he supports the expansion and extension of unemployment benefits, as well as a second round of tax rebate checks. Last week, Democratic leaders on Capitol Hill said that the latest unemployment rate shows that Congress and the Bush administration need to do more to help workers and the unemployed. And they called for a second round of fiscal stimulus. An economic stimulus package that passed in early February featured tax rebates that are now being sent to more than 130 million Americans. On Friday, the Treasury Department reported that so far it has sent out nearly 67 million stimulus payments worth approximately $57 billion. Extending unemployment insurance benefits was one measure tossed out of that legislation, but it's considered a leading contender if more stimulus is put in place. One bill, expected to go to the House floor for consideration this week, calls for an additional 13 weeks of benefits to be added to what is typically a 26-week cap on federal payments. In addition, it calls for 13 weeks on top of that for workers in states with very high unemployment rates. Obama didn't offer details about how much money could go toward rebates and how much would be used to pay for benefits extensions. But the $50 billion in total stimulus that he's calling for represents less than a third of the $170 billion earmarked for the first stimulus package, the bulk of which is being spent on rebates. And the jury is still out on how successful those rebates will be stimulating the economy. More economic proposals to come Obama in his speech criticized his Republican rival, John McCain, for proposing to extend all of President Bush's 2001 and 2003 tax cuts. But Obama himself has taken a page from Bush's playbook on taxes. Obama has pledged to keep the tax cuts in place for everyone except those making roughly $250,000 and up. He has also made proposals to cut taxes further for the middle class, some of which he reiterated in his speech: exempt seniors making less than $50,000 from having to pay income tax; give a tax credit worth up to $500 per working person ($1,000 per family) to offset the Social Security tax on the first $8,100 of earnings; and expand the earned income tax credit. To boost retirement savings, he has also proposed a 50% federal match on the first $1,000 of savings for families that earn under $75,000.
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Yeah, can't say I agree with Obama on this.
It's a recession, there's gonna be pain... deal with it, and most importantly: learn from it. You simply have to save in our economy or the downturns will chew you to bits.
On the other hand, last time we had an election we got Medicare Part D shoved through to make people vote for GWB. 50B sounds like chump change compared to that.
It is a very shrewd move against the Bush administration Republican and McCain ... It shows he is ready for leadership.It will look like the next handouts come from the a potential democratic future president and the democrats in congress... or that McCain's uncaring and ineffectual party blocks it, if it is not forthcoming.
Yeah, it's more of a political move to help the states losing manufacturing jobs. He knows 50B won't do shit.
The economy isn't that bad.
What needs to be fixed:
Stop the falling dollar by stopping inflation....up the intrest rate a tad, and START spending less!...ie having Iraq pickup the yearly tab for defense. Stop costly illegal immigration by fining employers who break the law.
STOP the 100% tax deduction for US corporations for foreign offices (stops the out-sourcing...costing jobs). Yank China's must favored nation status (100% duty free crap from China). All the while US goods have huge tariffs levied against them.
End the bio-fuel crap. It's causing crazy food inflation. Just stop it.
We need to be 100% energy independent. More Solar, wind, AND Nuclear. Yes, clean cheap SAFE nuclear...just like europe uses. Why let wackos 1/2 a world away control our energy economy? f-that.
And get all those troops stationed abroad home and close those bases. Keeping US military in Britain, Germany, Italy, Japan etc., 60 years after WW2 is sheer nonsense. And if you ask those countries privately, they want to get rid of the bases and use it for something useful. Per Ron Paul's estimate, a reconsideration of our foreign obligations can save up to $1 Trillion.
WSJ clearly lays out that nuclear is NOT economically feasilbe without massive subsidies from Govt and/or ratepayers, and carbon Gore tax. It’s the Economics, Stupid: Nuclear Power’s Bogeyman
http://blogs.wsj.com/environmentalcapita...
A new generation of nuclear power plants is on the drawing boards in the U.S., but the projected cost is causing some sticker shock: $5 billion to $12 billion a plant, double to quadruple earlier rough estimates. Acknowledging that historical costs for nuclear plants always doubled or tripled their initial estimates. So $12 billion is minimum cost for nuclear plant.
Cambridge Energy Research Associates Inc., a research and consulting firm in Massachusetts that is a unit of IHS Co, all types of power plants are feeling the pinch. Components and construction materials for nuclear power plants scored the biggest run-up in costs, up 173% -- nearly tripled -- since 2000. Most of that increase has taken place since 2005. Costs for turbines used to generate wind power more than doubled, at 108%, and natural gas-fueled and coal-fired plants saw their capital costs nearly double, up 92% and 78%, respectively.
If anything, the index likely minimizes the rising cost of building power plants, because it doesn't factor in financing costs, and it doesn't include fuel costs
http://online.wsj.com/article/SB12118481...
This is just another in the long and soon to grow line of empty Obama promises. He has no clue how to pay for any of this....and people still eat it up.
equalizer, thanks for the links, but 5 Billion a plant is cheap compared to a 200B a year war in Iraq. Iraq is almost up to the same oil production as when we first went in....and oil is now 4 times the price! It's damn time they start footing the bill.
To be fair McCain can (and probably will) do the things I list in my last post.
He has no clue how to pay for it? How about getting out of Iraq? There. Done. It's paid for.
Obama is an empty suit.
In case anyone hasn't seen the video of Chris Matthews (Hardball TV Show) interviewing one of Obama's supporters, Texas State Senator, Kirk Watson...................this will give you a clue to the blind faith that so many are putting in this slick talker with no substance:
http://www.youtube.com/watch?v=SX9vQ2wsqY0