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bucheon bum
Joined: 16 Jan 2003
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 Posted: Fri Jan 18, 2008 9:40 am Post subject: Bush Calls for $140 Billion Economic Aid Package |
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NY Times article
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| WASHINGTON � President Bush called on Friday for a $140 billion to $145 billion mix of tax rebates for American families and incentives for businesses to provide �a shot in the arm to keep a fundamentally strong economy healthy� and avert a slide into recession. |
Of course, tax rebates, the Bush solution to all economic issues. Business incentives isn't a bad idea though.
Democrats' own plan:
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Democrats are drafting a package that would cost about $100 billion and is likely to include one-time tax rebates for workers, expanded unemployment benefits and other measures aimed at middle-income and low-income people who are most likely to spend any extra money immediately.
Mr. Bush and many Republican lawmakers have argued that any stimulus measure has to include incentives for businesses to spur job creation. But after speaking with the president by telephone, Democratic leaders said they were optimistic about reaching agreement. |
Yes, of course, gotta keep that consumer spending up: it is our patriotic duty.
Excuse my cynicism. I'm just hoping the recession comes and goes in the 12 months. |
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Zutronius
Joined: 16 Apr 2007
Location: Suncheon
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| Posted: Fri Jan 18, 2008 9:49 am Post subject: |
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| I don't really know if this is going to really make a difference. Throwing more money (money I doubt they really can afford to use due to wars, etc) at the problem isn't going to do much and at best only delays a recession from occurring. I also hope that the recession doesn't last long either. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Fri Jan 18, 2008 3:02 pm Post subject: |
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I was pretty disgusted when I read the news, and no wonder Wall Street stocks are tumbling with it as well.
A major part of the problem is massive spending by this administration. The idea that if you throw the taxpayer a bunch of money that they'll go hogwild and spend isn't the solution either.
Most Americans are already deep in debt, billions of dollars thrown at them will just make it a little easier to keep that house for a few extra months before foreclosurer and keep gas in the car. But some big spending ho-down that revives the economy from some very serious problems just won't happen.
In the end, it looks like the Bush Administration just throwing money away again and putting us deeper and deeper in debt as a nation. |
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igotthisguitar
Joined: 08 Apr 2003
Location: South Korea (Permanent Vacation)
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| Posted: Fri Jan 18, 2008 3:08 pm Post subject: |
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| Zutronius wrote: |
| I don't really know if this is going to really make a difference. Throwing more money (money I doubt they really can afford to use due to wars, etc) at the problem isn't going to do much and at best only delays a recession from occurring. |
It's this kind of destructive economic policy that's helped put AmeriKa in the state it is now.
Who's gonna pay the illegal interest on the fed's "generous" loan package? |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Jan 18, 2008 3:40 pm Post subject: |
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I'm dubious as well. In the great Reagan tax cut I ended up with an extra $23 a month, I think it was. Enough to go out to a movie and one moderately priced meal in a restaurant. Not enough to stimulate me to buy a big-ticket item that would really contribute to get the economy moving.
The most important factor in ending a recession is confidence, consumer confidence that their job is secure and entrepreneurial confidence that it's the right time for growth. Both of those happen best when the government has a range of policies that inspire confidence. Sometimes that includes a tax cut, but a tax cut is not the solution in every situation like it has been for the last quarter century. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Fri Jan 18, 2008 3:49 pm Post subject: |
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The US is in trouble because of entitlements social security and medicare that it can not meet.
If the age for those who receive them was rolled back by about 5 years then both of those entitlements would be easily managed.
Bush's solution is about as good as the solution put forward by the democrats.
The US cooperate tax rate at 35% is too high. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Fri Jan 18, 2008 3:55 pm Post subject: |
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| Didn't Bush try this in 2001? I remember getting a nice little check for $200. Sure didn't stop the dot.com implosion. You can't spend your way out of a recession. |
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igotthisguitar
Joined: 08 Apr 2003
Location: South Korea (Permanent Vacation)
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| Posted: Fri Jan 18, 2008 4:00 pm Post subject: |
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| Joo Rip Gwa Rhhee wrote: |
| The US is in trouble because of ... entitlements social security and medicare ... |
While of course the current state of the AmeriKan economy, including major devaluation of its dollar, has nothing to do with a vast imperial network of overseas military occupations or overly extended empire, right?  |
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Kuros
Joined: 27 Apr 2004
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| Posted: Fri Jan 18, 2008 4:04 pm Post subject: |
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| Joo Rip Gwa Rhhee wrote: |
Bush's solution is about as good as the solution put forward by the democrats. |
Yeah, but we're in this situation partly because of GOP deficit spending. And its hard to put together a relief package when the nation is in such debt.
| Joo Rip Gwa Rhhee wrote: |
| The US cooperate tax rate at 35% is too high |
True, but that doesn't account for the loads of tax breaks the gov't gets, and all the various subsidies and various corporate welfare schemes in place.
Its impossible to know what any individual corporation gets away with paying to the gov't without kidnapping one of their corporate lawyers. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Fri Jan 18, 2008 4:14 pm Post subject: |
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| igotthisguitar wrote: |
| Joo Rip Gwa Rhhee wrote: |
| The US is in trouble because of ... entitlements social security and medicare ... |
While of course the current state of the AmeriKan economy, including major devaluation of its dollar, has nothing to do with a vast imperial network of overseas military occupations or overly extended empire, right? |
The US dollar is about where it was in 1993 or 1994.
The US isn't imperial.
Most US bases are left over from the cold war
Cold war was self defense.
Cause of US actions you have a job.( Korea)
It doesn't have an empire.
You are not only a bigot you are also ignorant. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Fri Jan 18, 2008 4:20 pm Post subject: |
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| Kuros wrote: |
| Joo Rip Gwa Rhhee wrote: |
Bush's solution is about as good as the solution put forward by the democrats. |
Yeah, but we're in this situation partly because of GOP deficit spending. And its hard to put together a relief package when the nation is in such debt.
| Joo Rip Gwa Rhhee wrote: |
| The US cooperate tax rate at 35% is too high |
True, but that doesn't account for the loads of tax breaks the gov't gets, and all the various subsidies and various corporate welfare schemes in place.
Its impossible to know what any individual corporation gets away with paying to the gov't without kidnapping one of their corporate lawyers. |
A lot of deficit spending is cause of the stockmarket melt down and a recession that started before Bush came to office and 9-11 which was planned before Bush came to office. The US also suffers from high oil prices because China and India use a lot more than they used to
Bush deserves some of the blame too but not all of it. Clinton was more or less a good president he was also a lucky president. |
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