What are your thoughts on the economic stimulus package? What would you change? What suggestions would you add?
Tags: Economic stimulus
What are your thoughts on the economic stimulus package? What would you change? What suggestions would you add?
Tags: Economic stimulus
The new stimulus package is a joke. The only way that the stimulus will work is if they give a large sum of money to only the rich to invest in the American companies. If you give a small refund to all citizens, they will only use the money for bills or food and it won’t be invested back into the economy.
The current economic stimulus package that the democrats are putting through the house and senate is mind boggling, and should be looked at again, and debated longer then it has been. They’re filling this bill with lots of wasteful spending which will not help the economy but it will hurt it. The president is playing games with scare tactics by saying if we don’t pass this bill things will get even worse. Didn’t the last Congress pass a economic stimulus bill which they thought was going to fix everything, it did help for a couple of months, but now we are in the same mess that we were in then. This stimulus package should only have money for infrastructure projects, and tax cuts for all businesses and people living in the United States. By cutting the taxes for all business, and everyone in the U.S, this would make more jobs available to people who lost their job, and people would have more money to spend if they also got a tax cut, in return it would help the economy turn around. The infrastructure projects around the country would also get people working again. I think the ideas I have would create jobs, and jump start an economy that is in real need of help.
When are people going to learn that Government has never been the solution to our economic woes. The stimulus package being debated before the Senate will stimulate growth alright, Government growth. The taxpayers will have the burden of more Government agencies and employees, with all the benefits befitting a public servant, including lifetime pensions with the ability to double-dip at another Government job.
Like Peter mentions, tax cuts to businesses is the best way to stimulate the economy and job growth. But, at the same time, these same businesses should have to pay penalties for hiring illegal aliens in this country and for outsourcing American jobs overseas. Government’s main priority is to protect and defend its citizens. The Government should defend and protect our jobs and “we the people” will rescue the economy.
At his inaugural address President Obama stated, “We have chosen hope over fear.” Now, less than 3 weeks later, he states, “A failure to act, and act now, will turn crisis into a catastrophe.” ~President Obama, Feb, 4. What happened to hope? And I thought Bush and Chaney had cornered the fear mongering business, silly me.
In 2008 the economic stimulus was an Act of Congress providing for several kinds of economic stimuli intended to boost the United States economy and to avert a recession. However it didnt work last year so what makes them think that it will actually work this year?
One of Obama’s main points in the economic stimulus is that the stimulus funds will be used to invest in infrastructure around the country, I was under the impression that you could spend the stimulus check on whatever you wanted to. I believe that the litte money they give americans is not going to stimulate the economy at all, people are more concerned with paying off their mortgage, bills, buying food, pretty much the essentials – than they would be with taking the money and investing it. With that being said, how can you then state that the proposal would create 3 million new jobs, 2.5 million of which will be private sector jobs. Consumer spending won’t be able to support these jobs after the stimulus funding is dried up.
This is going to try to be a quick fic that soon after will result in a similar situation that we are currently in. It also most likely will be a tax break. It may not be a check like last year. They are not sure on what’s going on with it offically till tuesday when they announce the terms of it.
It’s obvious that SOMETHING needs to be done about the current repressive state our country’s economy is in. I believe Obama’s “Stimulus Package” is a viable solution to the sea full of problems the United States is up against. Look back 8 or so decades to when FDR was President. By the time he was elected in 1932, there were already 13,000,000 unemployed, and virtually every bank had closed. The 2.5% decrease in stocks on “Black Thursday,” the day most people label as the initial start of the depression in October 1929, was nothing compared to the 89% decrease in stocks the United States experienced only a few years later when the US finally hit what economists call the ‘trough’ of a recession or depression. By the end of his 8 year reign as President, the unemployment rate was down 10-15% . Yes, the start of WWII did play a role in creating more jobs as well, but that was due in part to him opening up countless new manufacturing plants as well as laying out new railroads across the country to facilitate the production of new and more technologically advanced weaponry.
Although this financial “catastrophe” (as Obama now puts it) that we are in is not even close to the actual catastrophe that consumed the US’s financial market about 80 years ago, Obama’s prediction that if we don’t act immediately it will only get worse, is dead on. Already countless banks and other businesses have had no other choice but to shut down as a result of present and impending losses. On top of this, roughly 12 million home owners owe more money than their homes are actually worth. Foreclosures are becoming a regularity all across the country.
Although I disagree with Obama’s statement that we are in a current state of catastrophe, as well as with some of the investments Obama wishes to make with his new ordeal, he has the right idea in that the economy needs a boost that ostensibly has no other alternative solution. I don’t currently own a home or have any large investments “secured” away, but if I did I know I would be more than grateful that SOMEONE is doing SOMETHING to help dig myself out of this rut.
I think many people are against this idea because they only want the economy to get substancially better, but the way to look at is a way of neutralizing an out-of-control virus that will undoubtedly grow far worse if not controlled. This could very well become a catastrophic calamity if nothing is done to prevent this “epidemic” from spreading.
My thoughts on the economic stimulus package are hard to explain. Due to the fact that it is at this time not completed. It is still the United States Senate and the final package has not been comprised. What I have read and heard that there is a lot of unnecessary funding for items that will not stimulate the economy. I believe if both houses working together can come to an agreement that will help jumpstart the economy. However, this money that the government is supplying should go to the states, cities, towns, and the citizens of this country. My belief is that they would know better where this money should be spent. (Example: Police, fireman, schools, department of public works, and environmental improvement of our country.) Also, I would like money to go into alternate energy resources.
I completetly agree with Elizabeth Buckley and her comment. I also believe that the money should be given to the cities and towns and the workers of the nation. I understand the unemployment rate is at 7.6 percent and they want to make jobs, however, President Obama said last night on T.V that opening jobs that deal with computers will increase and organize more the nation. What about those people that are not used to handeling computers or electronic devices? what are they going to work? We really nned to understand and comprehend what is at the problem. The Goverment really needs to make that Economic Stimulus good and that fits most of the nations needs, because by the way the Gov. is going there doing a bad job to my test. Look at the money with the banks. The banks were using the money within them. They need to realize that this is the future of the country and the world. They need tomake since in what they are doing and not gamble like they are.
MIND BOGGLING is the perfect description of the Stimulus Bill! I would have to agree with Elizabeth, in terms of finding any concise details outlining the details…and by details I do not mean the vague rhetoric that is clogging the media…what I have been able to piece together is down right scary. Some financial analysts are expressing concern for this bandaid in that it will only ease the current distress for a maximum of two years, with a prediction of facing a far worse crisis in 10 years. They recommend not doing anything rather than act on this stimulus bill.
Aside from the mortgage/bank bail out aspect of the plan, some of the prospective spending is simply ridiculous! Funding for those who cannot afford to convert their TVs, is that for real, while libraries are closing because of inadequate funding..even though they are busier than ever??!! Not to mention the extra neon lights Vegas wants and the funds for a dog park some other insane politician requested.
We need to get back to basics! People NEED food, clean water, shelter and jobs to pay for these life nesessities, jobs which require skills training and/or education, we need to be educated and protected from fires and criminal activity (on a local as well as a national level), we do not NEED television, it is a luxury that has become an assumed privilege.
Without a stable foundation to build upon, the structure is doomed to collapse time and time again. Our foundation has been crumbling for a long time now. We are top heavy so to speak. We need to focus on rebuilding from the bottom up.
Aid to get through these times in the form of unemployment should come with stricter reciprocal requirements (volunteering and retraining requirements) and the entire food assistance program should be restructured in a manner that might provide some incentive to become self sufficient. I realize not everyone abuses the assistance available BUT if we went back to bread lines and government cheese…entrepreneurship might sky rocket!
As far as the bad debt bailouts, as I mentioned in the Bad Banks blog….people do not learn from their mistakes unless they suffer some sort of negative consequence…assistance should be coupled with some sort of stipulation to assure that the same mistake will not be repeated. (which seems to be being put in place at the corporate levels).
To comment on the illegal alien issue, what harm could come from acknowledging their residence here by taxing their salaries for additional state and government income, they supposedly hold all the jobs Americans don’t want anyhow and we would save a boat load of money on trying to remove them; the term illegal immigrant has become a joke anyway as they tend to be afforded more financial assistance than citizens.
I apologize as my blog seems as haphazard as the stimulus plan itself! In short, my plan would consist of foundation rebuilding aid with concise guidelines to follow.
Hello, My take on the stimulus package, is that all its going to do is make the money we have loose value because of inflation. We dont have the gold to back the value. You cant just make money and hand it out, if so then everyone in the world would be rich, As the 1 trillion dollars is given out, first off i dont even think anyone will spend it, they will just save it, even if they are upper middle class, The economy is so bad, and said to become even worse, that those people are probally even afraid they are gonna loose there house many of them already have, believe me i know. Second off, the money will come out, prices will go up, because the value of my twenty dollars is now worth 4/5 or 3/5 of the 100% value. But, i think the goverment giving us this money is a good idea, but the trillion dollars should come from the money they do have.
Thank you,
William Brown
http://www.recovery.gov/
http://www.recovery.com/
http://www.recovery.org/
^Go here if you want to read about the bill^
I feel sort of weird commenting on this after having already read Prof. Rondon’s assessment of the situation, but here it goes.
What I know of the matter is that, for a long while, the source for the nation’s home ownership and importation of international goods have been borrowed from taxing and growth “futures” through reduced taxes [national income] for the current taxation population. We spent a large part of the income from the Clinton administration on zero-profit wars in Afghanistan and Iraq, meaning we could pay less overall attention to many of the problems on our own soil including the black market importation of seasonal workers and drugs, regulations for the financial community, and proper funding for educating our lower and middle classes.
As Prof. Rondon said, we’ve leveraged growth with credit, and we’re now beginning to pay the price. There is no good way to benefit from creating new business infrastructure without having a solid guarantee that a decade or two down the road, our working population can create as many exportable goods as would be necessary to sustain our current consumption culture.
We need to, as Karen said, go back to basics. Fundamental assistance needs to be provided to those who are trying to feed their families, but that’s only the first step.
I think Obama’s entire ‘08-’12 term will be spent trying to right the wrongs against our economic well-being and the proliferation of a wasteful consumer attitude. We’ve spent too much in the wrong places for too long, and it’s time for a serious shift in government spending. There are a few basic social goals which, as I see it, need to be met over the course of the next decade to ensure our future:
1. Basic provisions for families in a difficult place. Food, public housing (see goal #4-b), and public finance/waste adult education
2. Local jobs for able-bodied workers who have families and homes which improve or at least stabilize local highway and home decay.
3. Barriers to foreclosure in the form of low-income tax cuts.
4. Barriers to luxury in the form of high-income tax increases which have tax benefit incentives for 75K-100K+ earners who willingly participate in social aid programs.
5. Restructuring of federal offices to provide financial assistance to those who are accustomed to a consumer society.
6. Incorporation of rehabilitation, imprisonment, and military programs into domestic work programs.
7. Barriers to current foreclosures in the form of twenty-year federal housing bonds based on the medium market value of each house.
8. Tax-incentive-based green lifestyle recommendations for households, apartment complexes, and businesses producing less waste than a specific threshold requirement.
This stimulus package is rediculous. even if everybody went out and spent it on an american product (which they wont) it would still be just a blip on the economic flow chart. The economy is not a car you cant just jump start and expect it to drive. If i were in charge (which i should be) i would of taken the bail out money for the banks and given it to the people who owed the banks thereby killing two birds with one stone and eliminating debt while giving the banks back their money THEN MAYBE i would put in a stimulus package of this nature and get this economy running like a gravy train. It seems to me that in washington lately they are ignoring the right way to do things and instead are doing the right now way.
Brenden, wouldn’t that just mean the government had bought houses for the lower classes, though? Most voters in this country would consider that direct socialism, which betrays some of our founding principles… (not that I disagree with the implementation of socialist policies, necessarily, but I do acknowledge that there is no way in hell Congress would allow a package like that to pass)
The economic stimulous package in my eyes is an attempt by Barack to bring a hurting economy back to life after all the hits it took in Bush’s campaign. I think that if it would work how they want it to and are leading it up to it would be a very good impact on the united states. But as we all know things don’t tend to go the way they are said to go around here. if we could overcome such great debts Obama would be considered a hero to some if not all citizens frustrated with our debts especially the war debts. It seems as if its simply trying to pick our economy back up on our feet.
My opinion on the economic stimulus package is a bag of mixed feelings. I don’t know how well it is going to work because I can’t predict the future and I honestly read articles on the stimulus package and it is just a bunch of numbers I don’t really comprehend. So to say it is ridiculous and should not be put into action would just be a complete fabrication of me acting like I understand what will actually happen. I don’t think anyone has a clear idea on what will happen as a result of this plan, but I am just going to have to deal with it like the rest of the United States and stick it out.
I believe, in theory, that this economic stimulus package could really help the economy if it is utilized correctly. The quesdtion is: will Americans spend this money, and will they spend it in the right places? This is a difficult question to answer because people are going to do whatever they want with their own money, so really this package is somewhat of a gamble for the government. I can see, however, why congress believes this will work, and that is because they believe that Americans want to fix this problem and erase the mistakes of the Bush administration.
I must admit I have mixed feelings about the new economic stimulus plan. On one hand I agree with a lot of what William stated in an earlied post. The stimulus package scares me because of the thought that inflation could sky rocket if society is given a lot of money. Since we are going through such tough times I would imagine many of the people would hold on to their money, rather than spend it. However, I feel the government has to do something in order to try and prevent this recession from becoming another great depression. I am not educated enough on this topic to make any strong comments, but I feel something must be done by the people who run our country because that indeed is what they get paid to do. However, I do believe that people are ignorant if they do not truly believe we are brutally polluting our planet. Nearly every time I drive my car I feel guilty. I feel that our government should strongly consider pushing for the new eco-friendly cars to be made available to the public so that it can help create a new surplus of jobs, and help save our environment we live in.
My reaction is “How dare they?”
Really, I get so disgusted. All that will be accomplished by this foolishness is prolonging the agony and making the country more vulnerable.
How about instead of babying the poor, penalizing the rich, and making those in the middle lose all incentive to go far, why not insitute a flat tax for everyone? What could be more fair? Nomatter what someone made, small or large, they would be taxed fairly.
I like Robin Hood in Sherwood Forest, but not on Capital Hill…
Well colin yes it would mean exactly that in laments terms but it doesnt matter. desperate times call for desperate measures and the banks are at just as much fault as the people themselves. Yes the people bought houses they couldnt afford but the banks bought the bonds and the rights to these peoples mortgages. We are going to have to pay for these bail outs in the long run anyways why not ease the tension on both sides rather than help the banks and let the people struggle, while making sure our children are set up for disaster also.
Also what is washington thinking with all this bridge building hoopla? i feel like they know absolutly nothing about the middle class they just see us as a bunch of manual laborers. Plus this is not gonna boom the steel industry or boost our economy at all. the people who are manual laborers are gonna spend all their money feeding their families and paying off debt not buying flat screens. If washington was smart they would have useful things built like schools and libraries things that people can work in after they are built. I would even go as far as to have a giant statue or something of this nature constructed in a low income part of the country so that it would attract a tourist industry after. its common sense people.
Brenden,
You’re right. Both parties are to blame for the mess they’ve created, and I definitely agree that we can’t just let all these people lose their homes. The thing I just can’t agree with is that people will still have the incentive to create new businesses if their homes are already paid off by other taxpayers.
The way I think about the bailout spending is this: we’re borrowing money from taxation and production we expect to have in a few years to save the jobs and families of the working population right now.
If we fix a few bridges and build some really useful new highways/railways, the hard labor economy will temporarily boom because people who don’t have a job at Ford/GM anymore will have something to do other than sitting around getting angry at Wall Street for something that some experts say has been a long time in the making. After that, we’ll have structures which actually help the economy grow again, and maybe the car companies will have spend enough time on R&D to come up with a new line of products which can be exported to China and Europe for a real profit.
How many Asian tourists will visit a giant statue if there’s no road to bring them there?
I am undecided about the stimulus package. I feel that if the money is given to the people to be used then it could result in more savings account deposits. If they truly want people to go out and but goods they should use gift cards to ensure that the money will be spent on something rather than going into their savings. The government could develop a list of options to send out to each person with a few choices of which place they would like to choose from. This will ensure that people will buy goods they need and put money into businesses to further help boost the economy. Also if people do pay their debt with the money i dont think it would be the worst idea because by doing so they will have money to once again spend when they get caught up.
I have hope for this stimulus package. There are definitely some flaws that people don’t like but overall I think this is a good plan. It is good that it is going to provide jobs especially because it is not only bettering our roads and research in alternative energy but also is providing income to families that might have lost their jobs. I think that the tax cut to families that make less then 150,000 a year is also great. I feel like in a way this is only going to work for sometime. There are so many people that aren’t believing this will work and I think that has something to do with more and more people doubting it. Like a few other people said, it is to soon to judge but I personal believe that this plan might work. Anything at this point is better then nothing at all. Something needed to be done and I think Obama had the right idea.
I think the economic stimulus package is going to be a good band aid for the time being. I truly hope that it will help as much as it says its going to. I don’t think that it will be the cure all for right now. I think with this package up and running I think that we now need to think about the future and how can we raise more funds with out other taxing people. We need to look at big corporations and find out why their CEO’s are getting such large bonus even though the times are hard on the everyday people. Start hitting the upper upper class man instead of the middle class.
The economic stimulus package is essentially a spending plan. The result is going to be effective in the short term, but all in all, it is just going to add to our already outrageous deficit. We are basically reallocating our debt. The people who are going to be affected the most (bad or good) is going to be us – the youth of America who have to pay later. Initially, there will be some jobs created because the companies who are going to be hired to fix roads and such will need employees. This again, is very short term. Stimulating the economy, to me, means creating jobs for the long term and building up businesses to strive. The funniest part of the plan is the $500 refund that each tax payer will receive. $500 is such a small amount of money, and a lot of people who will be receiving it will be paying necessary bills with it. I know that personally, I will pay towards my credit card debt upon receiving the money (and I will still be drowning). I can’t think of a better plan myself, but I strongly believe that this plan is ultimately useless.
Im not liking the new stimulous package, its filled with non sense! But some how its suppose to help us, which i hope it does. I guess you could say its up to us to spend money in the right places and not wasting it on stupid things we dont need. Once the money is given out then prices will go up and it will just be one big circle!
I think the economic Stimulus Package is definetly not going to be helpful for the long run. Sure at first I think it will work since it will create road work which will create jobs, but those jobs can only last so long and only so much can be fixed. I think some points in the stimulus package are good like for education and schools, because education is the most important factor for the youth. Also the package will bring about new technicological advances which will only benefit us. But overall I do not think this plan will work because more government spending did not take the US out of the Great Depression, so i do not know why they think it will now. I think there main focus should be on making more jobs accessible and there for the long run.
I believe that the stimulus package won’t make a difference whatsoever. It’s just an extra bonus check that people will either pay bills with or burn as fast as they got it. I don’t think it’s gonna really “help” anyone’s current situation, employed or not. Don’t get me wrong, I’m all for a little extra cash; but its really not going to provide anything substantial for us. There’s nothing to change or add as I see it.
the only way that it will work is if they gave money to all the businesses that are suffering through this crisis if you notice more than half the businesses are going down hill because of this. People need to have jobs but the government cant afford to let us all have jobs what next? we will all be filing for unenployment
I think that if the money is used in the right way then the economin stimulus package could work well. If it is used to grow a new industry, develop much needed infrastructure and create long term jobs then it might work in helping our economy
The new stimulus package isnt very trustworthy. Everytime our economy is supposed to recieve money half of it doesnt turn up. If there was a guarantee that the money is all going to our economy then maybe I would feel more confident that the package may help re stimuate our economy.
I read a brief on the stimulus package, I saw things i like but a lot of things I didn’t like. Maybe the government could buy up all the failing companies, regulate them and fix them, then sell them back to the investors maybe for a profit.
Ok this comment is obviously outragoues and not even reasonable realyl because it would never happen. i jsut wanted to make that clear before i am criticized. What if the 787 billion dollars was all directed towards the legalization and eventual distribution of marijuana. Yeah obviously this sounds bad liek anohter kid arguing it should be legalized. But im arguing that if enough money was put into the casue that it is actually realistic that it could save the economy by legalizing it. Think about how many jobs it would produce if you could start growing a whole new cash crop. also there would be stores with very strict regulatuions obviously and that would create jobs for merchants. And then there is the biggest part, it could be taxed. Think of how many people would go nuts and be butying pot all the time. If there was a tax on every bag sold right now i couldn’t even fathom how much revenue it wouold produce. Nopt to mention how many more people would be buying once it was legalized. Yes the idea is crazy and it would never happen but look at the Emerald Triangle county in northern california. Weed is almost legal there and because of it that county’s economy is based 70%+ from marijuana alone. Wow, not to mention the average income is over 100,000 a year for peopel who grow it and sell to the medical marijuana facilities. jsut a thoguht
Obviously something is needed. I personally think that the government needs to spend money to stimulate the economy but on infrastructure programs because those can have a long lasting economic benefit beyond the initial stimulus (ex: service and welfare projects don’t have that long lasting economic benefit).
I think that the economic stimulus package is a good idea in theory but I’m not sure as to what extent it will be truly effective. I believe that the theory is that the extra money people receive will be pumped back into the economy due to consumer spending. I don’t see that as being true in this case. In these difficult and trying times I believe that the majority of people are not so apt to shell out any extra money into making unnecessary purchases. With the unemployment rate spiking at an all time high people are becoming even more frugal with their spending. I think people will be more likely to save this money or pay bills rather than go out and buy clothes or what have you. Personally, I don’t see this package as having a positive end result.