As the new year gets closer the President-elect and his team are making plans for the new year, and his first term in office.
One of the first things on the table, a stimulus package that could reach or exceed $775 billion dollars.
Regarding the new administration’s stimulus plan, Mr. Axelrod also said that the exact dollar amount Mr. Obama will seek has not yet been determined. “We’ve talked about a package from $675 billion to $775 billion,” he said on CBS’s “Face the Nation.”
“One thing I think everyone agrees on, economists from left to right, is that we have to do something very large,” he said.
I’m interested to see just how large this bill gets, and just how much pork finds its way into this huge (and getting larger) bill. Just a month or so ago they were saying that the bill would reach 500 billion. Now they’re saying it could be 675 to 775 billion. I wouldn’t be surprised if the final bill pushes one trillion dollars in size. And all of that is without any stimulus checks!
Everyone and their uncle is lining up for their piece of the pie right now, looking to close budget gaps, pad their spending for infrastructure, and line the pockets of government special interests across the board.
As you can tell I don’t have a lot of faith in our government and their ability to spend stimulus money wisely.
Also on the Sunday morning shows this week David Axelrod talked about tax cuts.
The president-elect also intends to follow through quickly on his promise for tax relief for most Americans, Mr. Axelrod said, this time on “Meet the Press.” As for repealing the Bush tax cut for the wealthiest Americans, he said that whether it was repealed early or allowed to expire as scheduled at the end of 2010, the tax cut would eventually disappear.
“It’s going to go, it has to go,” he said.
So tax relief for some (which I like), but not for others. Interesting how tax cuts “have to go” for those creating wealth and jobs. To me that seems a bit odd.
Not everyone is lining up to rubber stamp the idea of a huge 775 billion stimulus package.
Senate Minority Leader Mitch McConnell (R., Ky.) in a statement Monday supported the idea of using federal spending to boost the economy. But he warned that the price tag, which could approach $800 billion over two years, shouldn’t become an excuse for funding undeserving projects.
“We should have a simple test: Will the yet-unwritten, reportedly trillion-dollar spending bill really create jobs and grow the economy — or will it simply create more government spending, more bureaucrats and deeper deficits?” Mr. McConnell said.
That’s my question. Will a stimulus package really do anything but make the government more powerful and widespread? Will it be filled with pork? Will it mean even bigger deficits?
What do you think about the proposed stimulus package? Is it getting too big? Is it not big enough? Would you like to see it include stimulus checks as well? Let us know your thoughts below.
I’m not a huge fan of massive “stimulus” spending. I also don’t think that tax cuts will do as much as people seem to think they will. And I don’t think that letting the Bush tax cuts expire will be as devastating as some people think. After all, trickle down hasn’t actually been working since Reagonomics really kicked things off.
I do like the idea of spending money to improve our infrastructure, however. It’s embarrassing how bad our infrastructure is, and fixing it up would improve things for everyone and create new jobs (same with efforts to green things up a bit).
My main issue is that we seem, as a society, to be content with continuing on the current debt-based consumerism model for the economy. In reality, our leaders should be pushing us toward a more stable economy that is based on sound individual personal finances. But such a switch would mean upheaval and a rather painful transformation, so it’s not practically feasible, since no politician would risk it, and most Americans would not submit to the self-control it would entail.
So, IMO, if the government is going to throw all that money away, I propose a stimulus aimed at every American: Give each household $100,000 tax free. It would cost less than $500 billion, and it would stimulate the economy quickly. That money is going to be spent, and we’re going to have to pay it back down the road. They might as well give it to us.
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Just kind of funny how the Senate Republicans are the one’s totally against the stimulus now that the President elect is a Democrat. They seemed to pass the stimulus package for Republican George Bush without any difficultly. Also, if blame is to be placed, it needs to be put on President Bush, not the newcomers walking into the mess he created.
I really had a problem with all the bad mouthing that went on last year over the stimilus payment; those that didn’t qualify acting superior. I am an ER/ICU nurse and divorced mom who qualified for the stimulus check last year. I also have a sister who is a high school math teacher in the City of Cleveland school system who qualified for the stimulus check. Neither of us are lazy with our hand out looking for some free money. I save lives and she educates your children. I also have a sister who is a CPA and doesn’t qualify for the stimulus. Is her job more important than mine?? I’d love to ask this question when you or your family are in the ER or ICU. This all makes me sick…chances are, my job is more important than those who feel don’t qualify for the stimulus payment.
I fear most of this money will simply line the pockets of the wealthy….earmarks will abound….there is no doubt about that! I love the suggestion of giving each American 100,000! That would stimulate the economy for sure!
I am just a Christian, Arkansas mom, who works in an office that helps people at or below poverty level. And while I have been blessed that I am above that, it’s not that much. If the foundation of your house is broken, you don’t put on a new roof. Same thing going on here. The rich get richer and the poor get poorer. Put some REAL money, not a $600 check, into the working people pockets and watch how fast things improve. If we had the money, not Wall street or people already making millions a year, we could buy cars, pay for our houses, stimulate the economy. Am I the only person this makes sense to? Because nobody in the government seems to understand it.
Dianne Billingss last blog post..2009
I totally agree with you. What about the people that work everday and barely have enough money to pay for the necessities not the wants of their children!! But yet the government will bail out these huge corporations!! Go figure. Put the money in the pockets of the citizens so the economy can be revived!!
No Diane, you are not the only person this makes sense to. I whole heartedly agree with you. After having been UNEMPLOYED for TEN MONTHS, I can use the stimulus, however $600 will hardly put a dent in my debt. How about a bail out for those of us who need it….not Wall Street!!
I agree also with Dianne. America needs to start worring more about the workin people than the rich. After all isn’t it working people that is the foundation of this country. The rich cant get rich without us. People arnt gonna spend that money if they are loosing thier homes or thier children needs to be fed. They will use it to survive.
Dianne, I also agree with you. I am currently attending college and just keep going further in debt with having to purchase books, pay for tuition, paying for gas, buying food, etc., etc., etc. That list goes on and on. I could get a job that pays $15.00/hour and still be cutting it. My mom lives in a 113 year old house and her and her husband both have full time jobs and take as much over time as possible and still live paycheck to paycheck. Why not help only the needy and give them a little more and then the “stimulus” check which is supposed to stimulate the economy maybe would stimulate the economy a little more sowe could fix our house, get a better car that doesn’t break down on us, or buy some cloths from the economy instead of going to garage sales!
I agree! The government should be giving the people “THAT NEED IT” bigger stimulus checks. We aren’t asking for a handout to go shopping for designer clothes but pay bills. The government got us in this mess they really need to help the little people get out of it. Jobs are going left and right, and those of us who are lucky enough to still have a job can’t get a raise cause our employers aren’t profiting what they should. I have a husband who works 10-12 hours a day 6 days a week who hasn’t had a raise in 6 years, and I feel I have to work every second I can just so we can get by, On top of that we have 2 kids. We should be spending that time with our family, not having to work 50-60 hours a week to just get by. I’m sure all of us little people are sick of JUST GETTING BY!!
i agree i’m just getting welfare have subsidize rent and a child and still aint making ends meet you as the president is suppose to fix this mess that we are in but you say that you are for the american people we are hopeless you obama have to help us please
I think that the bill to give out the stimulus checks would be great. The way that things are going now it’s hard for anyone to make it even if they have a good paying job. Gas prices have went up cost of living is up. WE NEED THE BILL TO PASS.
In todays economy you can use your ocd to make some money online. I go to http://cashcrate.com/ Just do a bunch of surveys and offers. You can make pretty good money especially when you are obsessive about it. You may want to setup a separate email so you don’t get too much spam. Its legit and you don’t have to pay anything.