credit: Tony the Misfit
Sounds like a stimulus plan is in the works, to be signed by President elect Obama once he is sworn in. From the Wall Street Journal:
Aides to President-elect Barack Obama and President George W. Bush are rushing to craft measures to shore up financial markets and prevent a policy vacuum from further harming the economy during the transition of power between the two men.
Mr. Obama’s team is putting together a new economic stimulus plan containing more than $500 billion in federal spending and tax cuts over the next two years, Obama aides and advisers said Sunday. That package would be far more aggressive than anything envisioned during the campaign.
Democratic leaders in Congress are preparing to rush passage shortly after New Year’s to have a stimulus-plan bill ready for Mr. Obama to sign once he is inaugurated Jan. 20.
In addition to a stimulus package Treasury secretary Paulson has signaled that he is considering using the second half of the $700 billion bailout to make it easier for households to borrow money, and avoid foreclosure.
Mr. Bush’s outgoing Treasury secretary, Henry Paulson, is now considering a more activist stance in his final weeks in office than he had signaled as recently as last week. He is considering tapping the second half of the government’s $700 billion financial-industry rescue fund, and rolling out new programs in response to worsening market conditions, according to people familiar with the matter.
Among other things, he is seeking ways to make it easier for households to borrow money. He is also looking for ways to reduce the burden of foreclosures on homeowners.
Extraordinary circumstances call for extaordinary measure, to be sure. But I can’t help feeling that most of them, Democrats and Republicans, are just grasping at straws right now. They are trying one thing, and then if that doesn’t work right away – they try another. They’ll keep trying to find something that will work until our economy gets back up and running. I for one hope that it’s sooner rather than later as the government may do more harm than good in the meantime.
In another article from the Journal they talk about Obama’s stimulus package spending priorities, as well as Republican rebuttals.
He ticked off a list of priorities that included: creating 2.5 million jobs, and spending on roads, bridges, schools and clean-energy programs. Jason Furman, the Obama campaign’s economic policy director, briefed Democratic leaders and conservative “Blue Dog Democrats” last week on the shape of the proposed stimulus, according to senior House aidesThe plans brought a quick retort from House Republican Leader John Boehner of Ohio. He said lawmakers “should start listening to the American people, who do not believe increasing government spending is the best way to put our economy back on track.” He proposed eliminating the capital gains tax, which is currently 15%, as well as other tax cuts.
As I’ve stated on here before, I don’t think we should count on either party to get things done, and we need to create our own stimulus checks by working extra hours, selling things online, blogging, delivering pizzas or papers, and whatever else you can think of. Waiting on the government to fix things is going to mean a long disappointing wait.
What are you doing to better your situation right now, or are you waiting for a government stimulus check? Would you be disappointed if a new stimulus package didn’t include stimulus checks to taxpayers?
Did the first stimulus check accomplish anything? Did it stimulate our economy as intended? I am not sure that it did.
Did I enjoy getting that first check? Yep! I immediately sent it off to pay down some debt. I am one of those people who did not use it as the government would have wanted. Do I think we need another stimulus check? Absolutely not.
Our national debt is around $10 trillion and growing every second. We are mortgaging our children’s future by being selfish now. Adding another $500 billion will not help at all.
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the both of you probley have good jobs , own homes ect and not starving or going without heat ect. look at the whole thing alot of people, weman and children are just breathing and not living. we need a stimulus plan to servive.
We cannot continue to spend our way out of a crisis! It doesn’t work in personal finances, and it won’t work at the federal level either. Agree with Dusty’s comment–we are mortgaging our children’s future with each of these “bailout” packages signed.
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It’s all BS if you ask me… when we pay idiots 10 million dollars a year to chase a stupid foot ball, big CEO’s makeing tons of cash for sitting on their back sides,$250.00 for season tickets, ect, crap like that, is why we the poor people go without.
this is true, and the people who do have that kind of money dont know what its like to be in low estate
I agree! No offense to our president-elect, our current president, or any of the government officials involved in the attempt to “stimulate” the United States. NONE of those folks have a CLUE how bad we common folks struggle!
My idea is to give a stimulus package to tax payers making $10,000 to $200,000… $20,000 to pep making $10,000 to $20,000 … $25,001 to $50,000 get $50,000…. $50,001 to $200,000 get $100,00 big problem for many Americans that make $10,000 to $200,000 a year are overwhelmed with credit card debt, mortgages, school loans, car loan, bills and the rising price of food cost does not make it any easier on the people like me who make $50,000 on a good year. Not to say I’m poor, but I do not have the money to buy that big screen TV to help with Sony that has a plant in my home town of Pennsylvania which has closed down in the past year , or buy a new car to help a plummeting auto industry , an pay off 6,000 in credit card debt I have from uncalled for interest rates and keep many more Americans at work. By doing that with every American tax payer there would be a tidal wave of people paying off credit debt, auto debt, home improvements, and many other ways to help stimulate the economy. Just ask yourself what would u do with $10,000 or $100,000 ??? I know that I would stimulate the economy with $50,000 by buying everyday items I cannot purchase or payoff making my income.
I think its a good idea but $1000 is nothing so why not govt. use this money to create more jobs so the people of united state can work.because this money is only for 2 or 3 days but the jobs are for a life so what is good a $1000 or a job.
thanks.
with a stimulus package this year (2009) will help alot. It might not ment alot to the wealthy..but the middle and poor its alot to us on late bills and food for family. I know people will spend it but its helping the othere small business like us and still keep us feeding our children and saving our lives.
excuse me for possibly being a little naive, but how fair is it that the government continues to bail out the big dogs and leaves the rest of us to hang? if they’re going to bail one out they may as well bail us all out. let the economy fail and lets start over!! the u.s. dollars has absolutely no value anymore, so let’s grab our heads out of our butts, admit defeat and assume the euro.
As a single Mom bringing up 2 children alone it is very scary.I have no savings no 401k and no money saved for my children I fear for them very much………A larger stimulus check would help to pay off bills and save some money for them for college…………..
Obama promised the poor a stimulus check for 2009 just before the election. He has now withdrawn that option. I am sure it boosted votes for him.
Now, how will those of us without food, medicine, and high energy bills live. I am choosing now, eat, buy medication, or have heat. The people in DC are making these decisions that have only a negative affect on us. They are worried about us buying a car to stimulate the economy when our jobs don’t even pay enough to fill our stomachs.
It is just like always, help the rich get richer and to heck with the poor.
I think you all are right. we all need help right now. I have lost so much in one year i don’t know where to start and i am sure everybody has. i can’t pay my credit cards, can’t pay my light bill can’t buy enough food to last. i don’t know about you all but this all happened to me in the last year. I think that the poor and the middle class people need the money more than anyone. They need the money just to live right now. No one can pay their bills much less buy anything. everybody is more worried about paying their bills and feeding their families. the people have to make money to spend money but you cant spend when your trying to just pay bills and to live. people can’t even give their kids money for school to even help the schools right now. we can’t help nobody because we don’t have it. we cant help no one until we get help.
don’t get me wrong our presdent is doing a great job but there is alot more to do and i know it takes time but without the poor and the middle class people that has worked so hard and has gave so much now its time to give back. we need help now so we can make a better place for our kids and i think nobody should get a stimulus check that doesn’t work or try to make it better but we do pay taxes, so now we need some back.
as the saying goes the rich keep getting richer and poor keep getting poorer. my dad was right about that and my dad has worked his whole life. he is 66 and still works and i work for him and he couldn’t retire if he wanted to. not enough money.
well i hope we all get the help we need god bless everyone.