by Mark Silva
President Barack Obama, confronting what he calls "an unprecedented crisis that calls for unprecedented action,'' held out hope today that he will be able to sign within a month a massive economic stimulus plan promising to create or save three to four million jobs in the next few years.
Acknowledging public doubts about "the size and scale of this recovery plan'' which is likely to exceed $800 billion in new spending if the new president wins his way with Congress, Obama also promised an unprecedented new commitment to "root out waste'' in government to ensure the money is spent wisely.
The urgency of the economic crisis facing the nation - with more Americans filing for unemployment benefits this week than at any time in the past 26 years - requires swift action, Obama said in his first radio and Internet address to the nation as president.
"In short,'' he said today, "if we do not act boldly and swiftly, a bad situation could become dramatically worse.''
Obama held out hope, with this first appeal to the nation since inauguration, that he can deliver a stimulus plan within a month. Meeting with Democratic and Republican congressional leaders at the White House this week, the president voiced his goal of enacting that plan by President's Day, which is Feb. 16.
The Obama administration has crafted its "American Recovery and Reinvestment Act'' with an eye toward not only creating jobs, but also advancing alternative energy production, health care, education, transportation and Internet access.
Obama proposes to build a new electrical grid laying more than 3,000 miles of transmission lines to distribute wind and solar energy, renovate and modernize 10,000 schools, invest more in college scholarships, computerize medical records, repair and modernize thousands of miles of highway, build more mass transit and expand broadband access to more Americans.
"I know that some are skeptical about the size and scale of this recovery plan,'' Obama said in his address today.
"I understand that skepticism, which is why this recovery plan must and will include unprecedented measures that will allow the American people to hold my administration accountable for these results,'' the president said. "We won't just throw money at our problems - we'll invest in what works.''
Obama is delivering his weekly addresses on the Internet, appearing in a video available at an overhauled White House Web-site - www.whitehouse.gov. And with the debut of these addresses after his swearing-in this week, Obama has promised another new Web-site to monitor spending under the recovery plan that he is asking Congress to enact -- www.recovery.gov.
For now, that site simply advises viewers to "check back after the passage of the American Recovery and Reinvestment Act to see how and where your tax dollars are spent.''"
We'll launch an unprecedented effort to root out waste, inefficiency, and unnecessary spending in our government,'' the president said in his address today, "and every American will be able to see how and where we spend taxpayer dollars by going to a new website called recovery.gov.''
"We begin this year and this administration in the midst of an unprecedented crisis that calls for unprecedented action,'' Obama said. "Just this week, we saw more people file for unemployment than at any time in the last twenty-six years, and experts agree that if nothing is done, the unemployment rate could reach double digits.
"Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four,'' he said. "And we could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future.''
His plan "will save or create three to four million jobs over the next few years,'' he said. But "this is not just a short-term program to boost employment. It's one that will invest in our most important priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st Century''
Envisioning "the creation of a clean energy economy, '' Obama proposes to double the nation's capacity to generate energy with wind, solar power and bio-fuels in the next three years. He proposes to weatherize federal buildings and 2.5 million homes.
He proposes, with his plan, to computerize the nation's healthcare records in five years and protect health insurance for more than 8 million Americans "in danger of losing their coverage during this economic downturn.''
He proposes "state-of-the-art classrooms, libraries, and labs'' for 10,000 schools, spending more on Pell Grants for college aid and a $2,500 college tax credit for four million students.
And he is seeking money to repair and modernize roads, better secure 90 major ports, improve communications networks for law enforcement and expand broadband access for "millions of Americans, so business can compete on a level-playing field.''
"I know that no one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time,'' Obama said in his address.
"But if we act now and act boldly, if we start rewarding hard work and responsibility once more; if we act as citizens and not partisans and begin again the work of remaking America,'' he said, "then I have faith that we will emerge from this trying time even stronger and more prosperous than we were before.''
Here is the full text of the address:
We begin this year and this Administration in the midst of an unprecedented crisis that calls for unprecedented action. Just this week, we saw more people file for unemployment than at any time in the last twenty-six years, and experts agree that if nothing is done, the unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. And we could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future.
In short, if we do not act boldly and swiftly, a bad situation could become dramatically worse.
That is why I have proposed an American Recovery and Reinvestment Plan to immediately jumpstart job creation as well as long-term economic growth. I am pleased to say that both parties in Congress are already hard at work on this plan, and I hope to sign it into law in less than a month.
It's a plan that will save or create three to four million jobs over the next few years, and one that recognizes both the paradox and the promise of this moment - the fact that there are millions of Americans trying to find work even as, all around the country, there's so much work to be done. That's why this is not just a short-term program to boost employment. It's one that will invest in our most important priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century.
Today I'd like to talk specifically about the progress we expect to make in each of these areas.
To accelerate the creation of a clean energy economy, we will double our capacity to generate alternative sources of energy like wind, solar, and biofuels over the next three years. We'll begin to build a new electricity grid that lay down more than 3,000 miles of transmission lines to convey this new energy from coast to coast. We'll save taxpayers $2 billion a year by making 75% of federal buildings more energy efficient, and save the average working family $350 on their energy bills by weatherizing 2.5 million homes.
To lower health care cost, cut medical errors, and improve care, we'll computerize the nation's health record in five years, saving billions of dollars in health care costs and countless lives. And we'll protect health insurance for more than 8 million Americans who are in danger of losing their coverage during this economic downturn.
To ensure our children can compete and succeed in this new economy, we'll renovate and modernize 10,000 schools, building state-of-the-art classrooms, libraries, and labs to improve learning for over five million students. We'll invest more in Pell Grants to make college affordable for seven million more students, provide a $2,500 college tax credit to four million students, and triple the number of fellowships in science to help spur the next generation of innovation.
Finally, we will rebuild and retrofit America to meet the demands of the 21st century. That means repairing and modernizing thousands of miles of America's roadways and providing new mass transit options for millions of Americans. It means protecting America by securing 90 major ports and creating a better communications network for local law enforcement and public safety officials in the event of an emergency. And it means expanding broadband access to millions of Americans, so business can compete on a level-playing field, wherever they're located.
I know that some are skeptical about the size and scale of this recovery plan. I understand that skepticism, which is why this recovery plan must and will include unprecedented measures that will allow the American people to hold my Administration accountable for these results. We won't just throw money at our problems - we'll invest in what works. Instead of politicians doling out money behind a veil of secrecy, decisions about where we invest will be made public, and informed by independent experts whenever possible. We'll launch an unprecedented effort to root out waste, inefficiency, and unnecessary spending in our government, and every American will be able to see how and where we spend taxpayer dollars by going to a new website called recovery.gov.
No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time. But if we act now and act boldly; if we start rewarding hard work and responsibility once more; if we act as citizens and not partisans and begin again the work of remaking America, then I have faith that we will emerge from this trying time even stronger and more prosperous than we were before. Thanks for listening.
Comments
This is the equivalent of a homeless family living in their old Chevy deciding that the way out is to buy a new Cadillac. The cheap politicians, of both parties, have squandered our wealth. They have spent our parents money, our money and our great grandchildren's money. This fool now wants to start in on the money of our great, great grandchildren.
The US is broke. Why hasn't the great fool frozen or rolled back government spending and growth? That's where all of the money has gone. Social Security is unfunded. Medicare is unfunded. Yeah, we need more spending. Let's send billions more down the failed rat hole of public education. After all they have done such a good job.
This is just not irresponsible. It is insane. Cheap politicians trying to buy votes with public money while awarding contracts and patronage to their friends. This clown makes Boss Tweed look like a saint. Public skul graduates can look Boss Tweed up on Wikipedia. Just ask someone to turn the computer on for you.
Posted by: Bruno | January 24, 2009 9:37 AM
Heavy fines for all those financial houses on Wall Street, that rigged the game. Nationalize banks, like the rest of the sane world, are doing. We don't need some scam artists making fistfuls of our dollars, on their malfeasance and dishonesty. Go after the bums. Start the Senate hearings on criminal charges against these thieves.
In the meantime, let Congress know, that the electorate is tired of their ponderous and indecisive ways. We need a helping hand out here, on Main Street. We need all those jobs back, that the previous President saw fit to allow to wither on the vine, or send overseas, to cheap labor markets. If Congress doesn't assist President Obama, in his efforts to get our economy breathing again, then they may be the next group, to hit the unemployment line. America can't wait. The inmates must not be allowed to continue to run the asylum !! Give President Obama the necessary tools to fight for all of us !! That is, if you really care about America.
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | January 24, 2009 10:06 AM
Obama's plan sounds suspiciously like FDR's federal WPA programs which deepened, rather than ended the Depression. Where are his incentives for private enterprise through lower corporate taxes, reduced government red tape, and private sector innovation? Obama's administration is more for telling private employers what they CANNOT do rather than unleashing them for what they CAN do. Unemployment increases are in the private sector; I don't see government cutting back on anything except a few public relations meaningless gestures here and there. Or is private enterprise no longer a factor in Obamaism?
Posted by: Hamilton | January 24, 2009 10:09 AM
The Democratic Reelection and Pork Act is now over 400 pages with the Democratic CBO stating it will have little immediate stimulus to the economy. I hope he posts it and we are allowed to see the complete bill before passage and we can email our comments to him. I really like the money for the high power transmission lines to the Nantucket Sound wind farm. Shovel ready, just ask Ted. Or the dog park along the Potomac with the newly created, high paying pooper-scooper job. Chicago is really cashing in! Are we supposed to believe this crap? Yea, if you drink the Democratic kool-aid but as he says in the new bipartisan spirit, "we won", so pass it and let us watch and learn. I am a greedy, Republican capitalist who will do well while the entitlement dependent, economically challenged morons get the crumbs. Get what you vote for, see if ya'll are slobbering in a couple years. No whiner here, he is just spreading the wealth but not to who you liberals think.
Posted by: Bubba Porter | January 24, 2009 10:12 AM
Bubba, shouldn't you be ironing your sheet for the next big parade?
Posted by: get over it | January 24, 2009 10:27 AM
Hmmmm. A bad situation could get worse? I figured this out a year ago but I figured that with all those promises you were the one to turn things around. Borrow and spend our way out of the situation? Well, it works for Karl Marx and Rev. Wright but the average grade schooler that passed math (it's just addition) would differ with you.
The concept of individual responsibility is a good one but it only works if it's applied universally.
Posted by: tim | January 24, 2009 10:27 AM
I read something disturbing this morning that I think is classic Obama. When he has a new idea, he doesn't own up to it. He sticks a toe in the water by having an unnamed aide leak it to a favorable press outlet (e.g., MSNBC, NYT). Then he gauges public reaction, and can either distance himself from it or embrace it depending on which way the wind blows.
This morning, MSNBC did a story on the stimulus package. Buried in the middle is this nice little nugget: " . . . either through bricks-and-shovels projects favored by Democrats or tax cuts that Republicans have pushed. Either could produce progress the administration could point to if it needs to justify a second economic package."
http://www.msnbc.msn.com/id/28825558/
What? A second stimulus package? I love how MSNBC nonchalantly throws that in there as if that were an option all along. My money says this current bail out package is no where near the end of the government spending, and Obama knows it. I say "my money" because I'm the one who will pay for it.
Posted by: Herbie H. | January 24, 2009 10:50 AM
And the Republican response to Obama's pork-laden "Generational Theft Act of 2009" is????
Oops. I forgot this is the "Republicans don't exist" Swamp. The Swamp that can't seem to ever find any right-of-center responses to Obama. Though this amateur can, in about 15 seconds on google. See, for example, the editorial at http://www.dcexaminer.com/opinion/Washington_has_gone_bonkers_over_stimulus_spending_012309.html
Mark, giving both sides isn't hard. Really it isn't. You and your Swamp buddies ought to try it sometime. For a "change".
Posted by: "Dissent is Patriotic" | January 24, 2009 10:56 AM
An economic stimulus plan with no mention of how he is going to pay for it?If Obama wasn't an Illinois politician he'd be working the 3 card Monte on the Halsted Street bus.
While bowing towards D.C. repeat after me our new mantra...Hopium Dopium...Hopium Dopium...
Posted by: Bruno | January 24, 2009 11:02 AM
That the New Deal worsened the depression is a revisionist myth put out by conservative columnists. Things were actually improving until 1937, when FDR put the brakes on spending in a poorly timed effort to balance the budget. The rule is that too much government spending when the economy is humming is counterproductive because it leads to inflation, but things are certainly not humming these days.
Posted by: Tom | January 24, 2009 11:12 AM
Why electing a black person for the president of USA is such a huge event? I've heard that America is the most tolerant country in the world, country of best opportunities and electing a black person for president should be normal. Instead all you people behave like you couldn't believe that it really happend...
Posted by: probably a terrorist | January 24, 2009 11:23 AM
When the bad old Democrats in Congress turned Republican back in the Reagan years, didn't do anything about Patco firings, took away tax deductions for middle class on credit card interest, etc. etc. and then voters decided why not vote for Republicans who at least acknowledged they were and we got them for 12 years starting in 1995, the patterns were already set.
Obama identified all the structural problems in the campaign:
Under Repuglican rule:
Deterioration of public education.
Deterioration of infrastructure.
Deregulation of financial institutions and markets to facilitate fraud, most recently and obviously of the Madoff sort, but also Train paying out $4 billion in bonus AFTER the bailout legislation, massive fraudulent "securitized mortgage" fraud, etc. etc.
Missing billions of cold hard cash, pallets of shrink wrapped $100 bills, in EYE RACK.
$100,000 per year jobs for "contractor" soldiers of fortune in EYE RACK.
Tax breaks or free passes on taxes for corporations going "off shore".
There's going to be more fraud uncovered in the pay outs Paulson and Kash & Karry have made on their way out the door.
One of Obama's most daunting tasks will be to educate the public as to how all this malfeasance has unfolded over the years.
After all, the bad guys are spinning their alternative universe's explanation every day: according to them it's all the fault of Frank Raines and ACORN and CRA.
I said quite some time ago there needs now to be a Truth Commission.
Actually, more than one.
At least 2.
One for Iraq.
Another to investigate the financial collapse.
Posted by: ornery | January 24, 2009 11:24 AM
Wonder how much of this money will be a total waste and, go to coruption.
Will look good for Obama but the taxpayers wil be paying for it with higher taxes
Remeber America you don'nt get nothing for nothing..
Posted by: Inky | January 24, 2009 11:25 AM
get over it, thank you very much but I have highly paid, foreign domestic help to do my sheets. Unlike some employers of note, her payroll taxes are paid. Enjoy your kool aid, I have to run to the bank.
Posted by: Bubba Porter | January 24, 2009 11:32 AM
Who's the moron comparing Boss Tweed to President Obama, another supporter of the Moronic Presidency of The Shrub? Get real !! He's not even President for a week and already you are trashing his attempts at fixing a Republican economy, based in thievery and dishonesty. Where was the moron when President Bush was pouring trillions down that rat hole in Iraq, slaughtering thousands of lives, our own personnel, as well as thousands and thousands of civilians. Where was the big mouth then? Waving the flag, no doubt !! You Republicans are all alike, you trip over your own incompetence and mismanagement and then you want to blame the next guy. You sure turned out to be some poor examples of true Americans !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | January 24, 2009 11:40 AM
Does anyone recall Obama actual campaign position on earmarks? Did he not speak about eliminating or reducing the practice during the debates when McCain said he would veto earmarks?
Posted by: Bubba Porter | January 24, 2009 11:44 AM
You mean that Mr. Terrific, a Wonderful Change, President Obama is saying that a bad situation could get worse.
It is hard to believe that President Obama has come down to reality. I thought all he had to do was wave his magic wand and make everything all right. After all, it is all about "Change" right. Wrong?
Now that he is President, he needs to live up to the "great Expectations" he promised. He needs to stop making excuses and just fix it.
Posted by: prtmg01 | January 24, 2009 12:11 PM
Let me see if I understand what theseRadical Reds are saying--Reagan racking up a huge deficit is okay, Dubya's deficit is even better--but Obama's got to account for every nickel spent on economic stimulus right now, in the curent budget?
I guess the only way you Reds will learn about macroeconomics is when that skank Coulter writes about it.
Posted by: Mike | January 24, 2009 12:17 PM
Bless you lefties, I read that our good friends in San Francisco will consider to reopen Alcatraz to become the bastion for the homeless terrorist of Gitmo. The less compassionate midwestern folks offer our heartfelt thanks to Nancy and her lot for their most kind act.
Posted by: Bubba Porter | January 24, 2009 12:32 PM
Obama is moving quickly on this, acting swiftly on that and responding rapidly on the other.
It will be fun to watch him moving quickly in all directions at once.
Posted by: Ian Thorpe | January 24, 2009 12:49 PM
man i wish they would tell me what is going on, becuase there is a big difference between spending and a stimulus, I wish somebody would Gimme $785 Billion
Posted by: rawdawgbuffalo | January 24, 2009 12:51 PM
D.Fitzgerald, Chgo.
First off...Bush couldn't get money to spend on Iraq if Congress didn't approve it, and your new president voted to spend that money.
Secondly...to make your posts relevant, you should learn the difference between billions and trillions.
Obama's socialist bail-out package will be over one trillion.
Iraq War...about 700 billion.
Paulo
Posted by: Paulo | January 24, 2009 1:10 PM
Better amend your spiin, Bubba.
Reports of a recent study by the Congressional Budget Office, showing that the vast majority of the money in the stimulus package won't be spent until after 2010, have Democrats on the defensive and the GOP calling for a pullback in wasteful spending.
Funny thing is, there is no such report.
"We did not issue any report, any analysis or any study," a CBO aide told the Huffington Post.
Posted by: Flo | January 24, 2009 1:34 PM
Let me see if I understand what theseRadical Reds are saying--Reagan racking up a huge deficit is okay, Dubya's deficit is even better--but Obama's got to account for every nickel spent on economic stimulus right now, in the curent budget?
I guess the only way you Reds will learn about macroeconomics is when that skank Coulter writes about it.
Posted by: Mike | January 24, 2009 12:17 PM
Couldnt have said it any better Mike, thanks
And ya Voodo Economics is the only thing those repugs understand.
Posted by: Scot S. Blakeley | January 24, 2009 2:19 PM
He sure likes to print more money.. Fredie Mac is asking for how much more??? Print more money, The Democrats are the parents of Friddie and Fannie. Keep printing more money.
Just keep printing more money and watch you buck grow.....
Posted by: Southwest | January 24, 2009 2:38 PM
At the end, President Obama should have added "and stop listening to druggy Rush Limbaugh, he's stated that he wants America to fail".
The wingnuts ranks are down almost 20% and will continue to diminish b/c people like Rushbo defined Obama in such terrible terms that Obama could easily disprove them, such as....
*Plain bold face lies: communist, socialist, Muslim, terrorist, dictator etc etc etc.
*Wedge issues: LBGT's or immigrants will not take away your children, your job, force you to have "gayh sex", stole your property or destroy your marriage etc etc etc.
We’ve been watching something this week, and it’s called leadership. Mr. Obama has been feeding the almost desperate hunger in this country for mature leadership, for someone who is not reckless and clownish, shortsighted and self-absorbed (Bush).
However you feel about his policies, and there are people grumbling on the right and on the left, Mr. Obama has signaled loudly and clearly that the era of irresponsible behavior in public office is over.
Posted by: Reaganomics is DEAD! | January 24, 2009 3:05 PM
Mark, it took me all of 30 seconds to find the GOP response to Obama's address. From www.thehill.com:
"House Minority Leader John Boehner (R-Ohio) said Saturday that tax cuts, more than “slow-moving government programs,” were the best way to restart the economy.
Speaking in response to President Obama, who used his first weekly radio address in office as a call for action on his $825 billion recovery plan, Boehner said the GOP proposal would provide an average of $3,200 in tax relief for families. The plan would grant a tax credit for home buyers, “to help bring the housing market back to life,” it would end the “unfair taxation of unemployment benefits” and includes credits for small businesses, he added.
“Our plan is rooted in the philosophy that we cannot borrow and spend our way back to prosperity,” Boehner stated.
The minority leader said the package authored by congressional Democrats was “chock-full of government programs and projects,” noting a Congressional Budget Office report that projected less than half of the $355 billion that House Democrats would spend to create jobs through infrastructure programs and other efforts is likely to be used before the end of fiscal 2010."
Given how silly Obama's "stimulus" bill is, I can understand why Obama's media cheerleaders would wish to censor other points of view.
Posted by: "Dissent is Patriotic" | January 24, 2009 3:26 PM
Obama's socialist bail-out package will be over one trillion.
Iraq War...about 700 billion.
Posted by: Paulo | January 24, 2009 1:10 PM
Clown,
And what did America get from the money that Bush burned up on Iraq? NOTHING!
Hell, there are bricks of money that are still "missing" that were supposed to be going to Iraq and we still don't know where it went.
I love it that idiots like "Paulo" keep screaming "socialism" like it's going to score them points, and yet somehow they still haven't noticed that during this last election their BS rightwing talking point of calling everything they don't like "socialism" has already failed for them...what a bunch of dimwits.
This money is going towards fixing the economy, the economy that your beloved BushCo Republicans drove off the cliff. You might as well sit back and enjoy it Wingnuts, you earned your current minority status and that's why no one is interested in what you have to say anymore. We've heard it all before and we've rejected it.
Posted by: Someone give Bubba Porter a drink, he's not taking to his new minority status very well | January 24, 2009 3:31 PM
...
Borrow and spend our way out of the situation? Well, it works for Karl Marx and Rev. Wright but the average grade schooler that passed math (it's just addition) would differ with you.The concept of individual responsibility is a good one but it only works if it's applied universally.
Posted by: tim | January 24, 2009 10:27 AM
..
Setting aside whether you agree or disagree with Prez Obama's policy here, let's think long and hard about who was president when the "nationalization of banks" began. Who was president when the auto companies were "nationalized?" When the mortgage business received government aid? Someone in the executive branch--not Barney Frank and not Chris Dodd, and not Barack Obama--gave those measures the green light.
What was that guy's name again?...oh yeah, B-U-S-H!
Posted by: allardice | January 24, 2009 3:57 PM
man i wish they would tell me what is going on, becuase there is a big difference between spending and a stimulus, I wish somebody would Gimme $785 Billion
Posted by: rawdawgbuffalo | January 24, 2009 12:51 PM
Become an inter circle Obama Democrat and you migh get treated.
Posted by: Inky | January 24, 2009 4:23 PM
Flo, nice to hear that you follow such a classical economic post for knowledge. With the new Democratic Reelection and Pork Act you should move up to the WSJ. Hope the new blonde "do" is holding up now that the "decider" is deciding. Always enjoy your feed back, I"ll check with my new Obama ouja board more often.
Posted by: Bubba Porter | January 24, 2009 4:47 PM
love reading the hair on fire comments from the harcore Repubs on here.
A bunch of Weak-minded Authoritarians...who have lost their authority (daddy) figures, and more often than not, lose their already-tenuous grip on reality. Without Cheney and Bush to "keep them safe" and dictate their every move and thought they are lost.
Rush, Faux Noise and the rest of the BushCo Media Enablers are doing their best to fill the void, which accounts for the upswing in utterly bizarre wingnuttery lately.
Posted by: Zappo | January 24, 2009 6:20 PM
Conservative economics are brutal to our society. We've had to deal with Reaganomics, trickle-down, enormous tax cuts for the richest of the rich by BushCo, and just last year a $160 billion tax rebate (borrowed from our children) that gave us 00.0625% boost for the year (.25% x .25 years). Yet we are getting hammered daily with lay offs and job losses the likes of which this country hasn't seen in 60 years.
The good thing about federal spending is that it's actually spent, that it actually does boost the economy, and if it's infrastructure it also leaves you with something of value afterward. Whereas, if you do it the way that Republicans want to do it, which is always tax breaks, first of all, it might not be spent so it might not help the economy at all, and then you got nothing to show for it when the thing is over.
Bushco had their way on everything they wanted, including the biggest tax-cuts for the rich ever, and plenty of time to make them work (8 long years!). Trickle-down economics is the biggest lie in recorded history. The super-rich didn't get that way by not holding on to their money. How many more years will it take for us to get the picture?
All of the money is at the top. I say tax the living crap out of the super-rich who have been pandered to and bowed down to by the Repubs, and only give them relief if they create jobs and increase wages for US workers. Low-wage workers are a burden on our social infrastructure (Medicaid, emergency healthcare, housing assistance, food stamps etc.). Make the greedy wall street Republicans pay through the nose, if they're too cheap to pay their workers a living wage
Posted by: Dave Rexmoore | January 24, 2009 7:41 PM
ornery,
Right about the 1986 tax 'reform' bill.
Reagan touted it as 'tax simplification' and took away the following deductions;
1. State sales tax
2. State income tax
3. Interest on car loans
4. Interest on credit cards
5. More
The Dems went along.
Posted by: C.Morris✈ | January 24, 2009 8:28 PM
Posted by: Flo | January 24, 2009 1:34 PM
Flo, please stop regurgitating Republic Party talking points:
Reports of a recent study by the Congressional Budget Office, showing that the vast majority of the money in the stimulus package won't be spent until after 2010, have Democrats on the defensive and the GOP calling for a pullback in wasteful spending.
Funny thing is, there is no such report.
"We did not issue any report, any analysis or any study," a CBO aide told the Huffington Post.
Rather, the nonpartisan CBO ran a small portion of an earlier version of the stimulus plan through a computer program that uses a standard formula to determine a score -- how quickly money will be spent. The score only dealt with the part of the stimulus headed for the Appropriations Committee and left out the parts bound for the Ways and Means or Energy and Commerce Committee.
Because it dealt with just a part of the stimulus, it estimated the spending rate for only about $300 billion of the $825 billion plan. Significant changes have been made to the part of the bill the CBO looked at.
source: http://d-day.blogspot.com/2009/01/factcheckers.html
Posted by: BC | January 24, 2009 8:35 PM
This is your big test Mr. President!
Now the American people will see whether or not you are a man of substance and a man of your word.
You said "no more pork" and that you would work with the Republicans. Well in case you haven't noticed there is more pork in your stimulus then can be found at the Chicago stockyards.
Posted by: Paul | January 25, 2009 1:04 PM
C Morris, right.
Then for the past 8 years the superrich have been moaning about the "death tax".
Poor babies.
Dowagers must be allowed to set up trust funds for their lap dogs without the impediment of estate taxes.
Posted by: ornery | January 25, 2009 2:53 PM
The answer to a strong economy is never the government. However, Wall St leaders have proven themselves to be of little integrity. The answer is somewhere in the middle with federal regulations on executive management compensation but we are going to have to feel the pain of going from one extreme to the other before we get there.
Posted by: John Massa | January 26, 2009 3:42 PM
We have to put the money back into the hands of consumers who will spend it. The fastest way to do ths is to eliminate income tax for a 2 year period. People may save at first, but after a few months they will gain confidence in the new administrations economic policies and begin spending again. We are a consumer economy.
Posted by: Paula | January 27, 2009 7:41 PM