by Frank James
Anyone looking for useful information on the House and Senate economic stimulus bills to answer the all-important question: will they actually work to jump-start the economy? should refer to the Tax Policy Center's "Tax Stimulus Report Cards."
The Tax Policy Center is a joint project of the Brookings Institution and the Urban Institute and offers some of the best non-partisan analysis in Washington.
Examining the recently passed House bill, the report card focuses on what it considers the ten major proposals within the bill and gives these simple grades: two B pluses, two Bs, one C plus, four Cs and one D.
The highest grades for being the most stimulative -- B plus - go to the "Making Work Pay" tax credit and a provision that would increase eligibility for a child credit to families that didn't pay income taxes..
The analysts gave the lowest grade of D to incentives to employers meant to boost the hiring of "unemployed veterans and disconnected youth" since such incentives haven't proven very effective in the past.
This all averages out to about a C although not all the provisions have the same weight since some would spend billions of dollars more than others and they have varying stimulative effects over varying time periods.
After assessing 14 provisions gleaned from the available details of the Senate bill, the analysts gave the following grades -- two B pluses, two Bs, one B minus, one C plus, five Cs, one C minus, one D and one D minus.
As with the House bill, the "making work pay" credit and the increase in the eligibility of families who don't pay income taxes to receive the child credit score the highest.
Getting the lowest grade in the Senate package, a D minus, was the proposal to extend the alternative minimum tax patch. The alternative minimum tax was originally meant as a tax to prevent the wealthy from escaping the payment of taxes but has increasingly hit middle-class taxpayers because of the failure of the tax to keep up with inflation.
The analysts are fairly blunt about the AMT fix, saying it's "neither timely nor targeted; makes no sense as economic stimulus." The Senate's bill averages out to about a C grade, just like the House's.
Comments
What Frank James omitted in the above article:
That the "Tax Policy Center" gave the Obama/Dem pork bill barely passing grades is especially embarrassing, given the fact that the TPC is about as far Left as you can get.
The TPC is made up of the Urban Institute and the Brookings Institutution. A look at the 2008 donations of employees of these two show 97 recorded federal contributions--96 to Democrats, only 1 to Republicans.
And Frank James calls this 96-1 Dem over GOP group "non-partisan"!!!!!
Posted by: Inconvenient Truths | February 2, 2009 2:18 PM
The bill stinks , full of rotten pork for starters but guess congress is looking forward to all the political donations they will get out of it.
Posted by: Inky | February 2, 2009 2:27 PM
Hey Republicans ...YOU Did This... Remember?
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http://s48.photobucket.com/albums/f241/buhdydharma/?action=view¤t=San_Diego_house_on_fire.jpg
There are different theories on parenting. Especially when it comes to little children throwing tantrums. Especially when it comes to little children throwing tantrums....in the middle of a burning house.
You lit the house (economy) on fire.
And then threw gasoline on it.
And now you are standing over the blaze with more buckets of (tax cuts for the rich) gasoline.
A quiet little reminder for our esteemed Republican colleagues in the House and Senate....
YOU LIT THIS FIRE.
And here is a hint, REAL PEOPLE are suffering....because of you.
Throwing more tax cuts for the rich fuel on it won't put it out. Cutting funds for contraception won't put it out. And stamping your widdle feets and obstructing every move that the people who DIDN'T light the fire are making to put YOUR fire out...won't put it out.
There are two cliches at war here, guess which one will win out in the end:
Give a mouse a cookie, and he will just want a glass of milk.
vs.
Give them enough rope and they will hang themselves.
NO ONE, but you, has forgotten how we got to this point...in two wars, our standing in the world damaged nearly beyond repair and standing in the flaming soon to be ruins of what used to be our economy. No one has forgotten that it was you who brought us to this point. Or that you have gotten us to this point while laughing at, mocking, denigrating and calling people traitors....the same people who now have to clean up the steaming pile of elephant poop that YOU deposited in the middle of the living room...of our burning house.
The time when you could blame all of your mistakes on the Dems and have the public and the pundits buy it is over. No one is buying it. Ok, I'm wrong, the stupidest factions of the corporate media and the punditocracy are still buying it....because they helped you light the fire.
But know this....Obama IS just giving you enough rope to hang yourself. And, thank you, you are gleefully jumping up on the horse and fitting the noose over your own head. You make demand after demand, and each demand is grudgingly granted, as a nice, kind liberal guiltified parent gives into a child's tantrum, over and over again.....until that parent finally realizes that that just doesn't work. And is FORCED to try something else, something less.....nice.
Soon it will be apparent to all sane people that being nice to you just doesn't work, that every time we give in to you, your unquenchable three year old egos just take that as a signal of weakness and demand more. With every petulant demand, with every hold you put on a nominee, with every little nit you pick, with every foot stomp, with every BLATANT obstructionist tactic you use to keep us from cleaning up YOUR mess and putting out YOUR fire...you reveal yourself as the petulant, vengeful, idiotic spoiled little children you are. Obama is giving you everything you want....and yet all you want is...more. Do you really think that the misplaced kindness and tolerance that is being extended to you will last, even as you continue to roll around on the floor of our burning house and try to scream at the top of your tiny lungs and hold your breath til you turn blue at the same time....as is typical of your hypocrisy and failed drama-queenish stupidity?
You failed. Your ideology failed. Your economic theories failed, your foreign policy failed, your theocratic social policies failed and your theories of governing failed. Everyone knows this....except...apparently....you.
The definition of insanity is doing the same thing over and over again...as you have with your trickle down crap...and expecting different results. Everything you are screaming for is EXACTLY what got us in to this mess. The fact that you think that doing MORE of the same will fix the mess YOU made just proves your true character and intelligence. You are exposing yourself, again, as insane ideologues living in a delusional land where things that have never, ever worked....suddenly start to work, because you held your breath long enough. You are proving to the entire nation and the world that you are insane. Insane little children, throwing a tantrum in the middle of a house on fire....a fire that, I remind you once again...YOU started.
Posted by: Teresa | February 2, 2009 2:39 PM
The bill stinks , full of rotten pork for starters but guess congress is looking forward to all the political donations they will get out of it.
Posted by: Inky | February 2, 2009 2:27 PM
It's called a "STIMULAS" bill for a reason you moron. It's going to stimulate the economy whether you wingnutters like it or not. I've yet to hear any idea's from the Repugs other than more tax cuts for the rich, which is part of the reason why our economy failed in the first place.
You lost for a very good reason Repugs, you wet the bed for eight straight years. Now sit down and shut up, the grownups are back in charge.
Posted by: Blinky | February 2, 2009 2:47 PM
Ref
The bill stinks , full of rotten pork for starters but guess congress is looking forward to all the political donations they will get out of it.
Posted by: Inky | February 2, 2009 2:27 PM
It's called a "STIMULAS" bill for a reason you moron. It's going to stimulate the economy whether you wingnutters like it or not. I've yet to hear any idea's from the Repugs other than more tax cuts for the rich, which is part of the reason why our economy failed in the first place.
You lost for a very good reason Repugs, you wet the bed for eight straight years. Now sit down and shut up, the grownups are back in charge.
Posted by: Blinky | February 2, 2009 2:47 PM
Might help some people but i'm not on wefare.
Posted by: Inky | February 2, 2009 3:07 PM
"...It's called a "STIMULAS" bill for a reason you moron. It's going to stimulate the economy whether you wingnutters like it or not..."
Posted by: Blinky | February 2, 2009 2:47 PM
Blinky-
Nothing ironic about calling someone a moron and then misspelling stimulus…
What is grown up about taking advantage of an emergency call for stimulus and then loading up with a bunch of spending that has pretty much been the DEM wish list for the last 15-20years?
Then, the only spending that may actually stimulate the economy is too small and too late to actually stimulate anything...
Posted by: heartburn | February 2, 2009 3:20 PM
Good Critical thinking Teresa and Blinky...no more tax cuts for thr rich! Give them to the poor so they can start up factories with their eighth grade and high school educations.
And those evil tax cuts for the rich only prompted 52 straight months of economic growth while we were fighting two wars.
No more tax cuts for the rich...it doesn't work...ask Jimma Carter and FDR.
Paulo
Posted by: Paulo | February 2, 2009 3:26 PM
Note that "Blinky", who calls people who disagree with him "morons" and "bedwetters", can't even spell the word "stimulus" correctly.
Obama must hang his head in shame when he reads what his followers write...
Posted by: Inconvenient Truths | February 2, 2009 3:27 PM
What is grown up about taking advantage of an emergency call for stimulus and then loading up with a bunch of spending that has pretty much been the DEM wish list for the last 15-20years?Then, the only spending that may actually stimulate the economy is too small and too late to actually stimulate anything...
Posted by: heartburn | February 2, 2009 3:20 PM
PrePuke,
"Taking advantage of an emergency"? Is that what you call the mess that your trickledown/tax cuts for the rich Repug policies have made?
Every time the Republicans tell us how great tax cuts are they forget two important factors.
1.) There is an institution called the Federal Reserve. You may have heard of it. They control the level of interest rates. The correlation between interest rates and growth is really high. Ever wonder why the Reagan economy started to grow? When interest rates were no longer oppressive. And let's not forget that under Bush II we had the Federal Reserve basically put money out on the street like a pimp.
2.) The Republicans never seem to balance their budgets---meaning their tax cuts are tax deferments.
Posted by: antacid | February 2, 2009 3:37 PM
It's nice to see that Paulo is still living in the land of BushCo propaganda and spin. I'd be disappointed if a head in the sand wingnutter like him actually woke up and acknowledged reality (Bush/Republican failure). It would be scary.
Posted by: hola | February 2, 2009 4:11 PM
"Taking advantage of an emergency"? Is that what you call the mess that your trickledown/tax cuts for the rich Repug policies have made?
Every time the Republicans tell us how great tax cuts are they forget two important factors.
1.) There is an institution called the Federal Reserve. You may have heard of it. They control the level of interest rates. The correlation between interest rates and growth is really high. Ever wonder why the Reagan economy started to grow? When interest rates were no longer oppressive. And let's not forget that under Bush II we had the Federal Reserve basically put money out on the street like a pimp.
2.) The Republicans never seem to balance their budgets---meaning their tax cuts are tax deferments.
Posted by: antacid | February 2, 2009 3:37 PM
the easy answer to your post is -So, whats your point?
__
If you think our economy is in the state it is solely as a result of either parties ideology or strategy you just don't pay attention very well. Judging by your simplistic dumbing down of every issue to DEM=GOOD, REP= BAD my guess is that even if you did pay attention you pretty much listen to what you want to hear anyway.
__
Greenspan was appointed by Reagan and was in charge of the FED, and re-appointed through Bush -Clinton-Bush...
__
So- how does any of your rant justify the current nonsense spending plan masking as a stimulus plan..?
Posted by: heartburn | February 2, 2009 4:39 PM
DEM=GOOD, REP= BAD my guess is that even if you did pay attention you pretty much listen to what you want to hear anyway.
Greenspan was appointed by Reagan and was in charge of the FED, and re-appointed through Bush -Clinton-Bush...
So- how does any of your rant justify the current nonsense spending plan masking as a stimulus plan..?
Posted by: heartburn | February 2, 2009 4:39 PM
PrePuke,
No one on here is going to play your little concern troll game of stupid questions anymore.
"President Bush’s return to huge deficit spending represents a sharp break from the recent past. During President Clinton’s second term, the government actually ran on-budget surpluses and began paying down the national debt. The new level of deficit spending exceeds the previous records set during the Reagan and George Herbert Walker Bush administrations, when on-budget deficits averaged 25 percent and 28 percent of on-budget spending, respectively."
"The previous one year record for deficit spending, at 31 percent of total non-Social Security outlays, was set under President Reagan in fiscal 1983."
Shares of Non-Social Security Federal Spending Paid for by Borrowing
Fiscal 1947 to 2003 (projected)
Truman none
Eisenhower 3%
Kennedy-Johnson 6%
Nixon-Ford 14%
Carter 13%
Reagan 25%
Bush I 28%
Clinton 6%
Bush II, fy 2002 23%
Bush II, fy 2003p 32%
Note: in Clinton’s first term, 15% of non-Social Security spending was financed by borrowing. In his second term, the government ran on-budget surpluses.
"Prior to the Reagan administration, the level of deficit financed spending was much lower."
"President Truman balanced his budgets, on average, from fiscal 1947 through 1953.
The Eisenhower administration financed only 3 percent of on-budget spending with borrowing.
The Kennedy-Johnson administrations financed only 6 percent of on-budget spending with debt, and left office with an essentially balanced budget in fiscal 1969."
"Deficit-financed spending rose in the 1970s, to 14 percent under Nixon-Ford and 13 percent during the Carter administration, but that was still less than half the current level".
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http://www.ctj.org/html/debt0603.htm
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I guess you're right about one thing PrePuke - Dem = Good, Repub = Bad
Posted by: antacid | February 2, 2009 4:59 PM
Posted by: antacid | February 2, 2009 4:59 PM
One of the more talented, inciteful, "I have nothing to say myself, so I will let others say it for me", cut and paste jobs.
Admit it- you can't defend the bill.. don't worry, your not alone.
Posted by: heartburn | February 2, 2009 5:12 PM
you can't defend the bill.. don't worry, your not alone.
Posted by: heartburn | February 2, 2009 5:12 PM
I just did, that's why you're left doing what you always do after getting smaked down - asking stupid pointless questions and demanding to have the last word because your giant fragile ego depends on it.
This case is closed.
You lose again, PrePuke...
Posted by: antacid | February 2, 2009 5:32 PM
I just did, that's why you're left doing what you always do after getting smaked down - asking stupid pointless questions and demanding to have the last word because your giant fragile ego depends on it.
This case is closed.
You lose again, PrePuke...
Posted by: antacid | February 2, 2009 5:32 PM
So asking you to actually stay on point and in context with the subject in this article titled " Stimulus bills get barely passing grades" is because of my fragile ego..?
And how, exactly is telling me how bad everyone in the history of government overspends, when the article is about how the CURRENT bill is looking to be not such a good idea equate to you you "smake"(d)-ing me down..?
Do you actually read what you write?
Posted by: heartburn | February 2, 2009 5:44 PM
I see heartburn is on here demanding to have the last word again.
One thing I've noticed about the thick skulled Repugs during the Bush years is that their ranks are filled with minions who suffer from severe inferiority complex's.
Swamp Scoreboard:
-------
antacid - 3
heartburn - 0
Posted by: Sportscenter | February 2, 2009 5:52 PM
And those evil tax cuts for the rich only prompted 52 straight months of economic growth while we were fighting two wars.
Posted by: Paulo | February 2, 2009 3:26 PM
Paulo...Not hard to have 52 straight months of economic growth when it is based on a false economy driven by inflated personal wealth created by a bubble driven housing industry. Once again...ignarance is bliss.
Posted by: bill r. | February 2, 2009 6:15 PM
WHEN WE GO TO THE POLS WE NEVER USE OUR GOD GIVEN BRAINS AND WE RE-ELECT THESE CLOWNS OVER AND OVER. SO HERE WE ARE WE ELECTED A MAN WHO PREACHED CHANGE. ARE YOU KIDDING ME. THIS BILL IS SO LOADED WITH PORK IT SMELLS.
HEY OBAMA ARE YOU LISTENING.
WHERES THE CHANGE????
NEW BOSS SAME AS THE OLD BOSS
Posted by: WACKY | February 2, 2009 7:52 PM
Paulo...Not hard to have 52 straight months of economic growth when it is based on a false economy driven by inflated personal wealth created by a bubble driven housing industry. Once again...ignarance is bliss.
Posted by: bill r. | February 2, 2009 6:15 PM
You are way short sighted in saying that personal wealth based on your home value was the only growth in the period...it definetly was part, but incomes rose and jobs were created as well...
BTW- In your post -replace housing industry with dot.com and you have the 90's ..
and on a different note...
Sportcenter and antacid- you seem to have an odd thing going on here...are you two dating?
Posted by: heartburn | February 2, 2009 8:15 PM
Heartburn.....Yes of course jobs were created.....income went up. People were using equity to buy that new car, TV, that new Oakland Raiders jacket that today you can't give away.
Posted by: bill r. | February 2, 2009 11:53 PM
Juanito, I hope the down economy hasn't hurt you so badly that you are at the brink. Take a deep breath and realize that being a relentless antagonist is just an excuse not to look for a job. Look forward, the NEA is looking at 50M last I looked.
Posted by: The Outer | February 3, 2009 12:27 AM
Heartburn.....Yes of course jobs were created.....income went up. People were using equity to buy that new car, TV, that new Oakland Raiders jacket that today you can't give away.
Posted by: bill r. | February 2, 2009 11:53 PM
I agree with you- many bad decisions were made by consumers, business, lenders and government- the problem we have now is that this "stimulus" Bill is chock full of more bad decisions..
BTW- purchasing an Oakland Raiders jacket at any price is a bad decsion...
Posted by: heartburn | February 3, 2009 9:36 AM
"Do you actually read what you write?"
Posted by: heartburn | February 2, 2009 5:44 PM
.
Of course not. But he doesn't actually write much at all -- he mostly copies and pastes. "antacid" is one of John E's many alternate post names. So is "Sportcenter", "Blinky" and others.
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A few of clues: the spelling errors; the same mangled syntax and grammar; always repeating the same unoriginal epithets; his retreating from an argument by simply claiming that he "smacked you down". His distinctive "style" (for lack of a better word) is always the same.
Posted by: MJ | February 3, 2009 1:07 PM