Obama: Catastrophe coming if Congress doesn't act

[Khariz]

I'm thinking about re-titling the article "Khariz: Catastrophe coming if Congress DOES act". Xaerve is right. No more of this bullshit. It doesn't work.

[ClydeR]

It's crazy that this stimulus bill is going to cost nearly as much as the Iraq War when we won't get nearly as much good out of it.

[Parkbandit]

It keeps getting better and better:


WASHINGTON – President Barack Obama warned on Thursday that failure to act on an economic recovery package could plunge the nation into a long-lasting recession that might prove irreversible, a fresh call to a recalcitrant Congress to move quickly.

In an op-ed piece in The Washington Post, the president argued that each day without his stimulus package, Americans lose more jobs, savings and homes. His message came as congressional leaders struggle to control the huge stimulus bill that's been growing larger by the day in the Senate. The addition of a new tax break for homebuyers Wednesday evening sent the price tag well past $900 billion.

Senate Democratic leaders hope for passage of the legislation by Friday at the latest, although prospects appear to hinge on crafting a series of spending reductions that would make the bill more palatable to centrists in both parties.

Obama painted a bleak picture if lawmakers do nothing.

"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the newspaper piece titled, "The Action Americans Need."

He rejected the argument that more tax cuts are needed in the plan and that piecemeal measures would be sufficient, arguing that Americans made their intentions clear in the election.

"I reject these theories, and so did the American people when they went to the polls in November and voted resoundingly for change," he wrote.



So he's stating that if his pork laden bill isn't passed right now, the US could easily slip deeper into a depression and might not be able to recover.

That sure doesn't sound like hope or change to me.

[Parkbandit]

It's crazy that this stimulus bill is going to cost nearly as much as the Iraq War when we won't get nearly as much good out of it.

So as long as it costs less than the Iraq War.. then we should simply do it.

Warriorbird.. is that you?

[Back]

I wonder where all the people are that claimed Bush used fear tactics to move popular opinion are...

Yes, PB, you can draw that parallel... it is a questionable move on any leader’s part to say “we’re in deep shit” instead of “relax, we’ve got this” no matter how bad things are going.

But I think most people see this as a very tangible threat that is right on the doorstep as opposed to Saddam Hussien and his legions of faceless terrorists half a world away.

[Mabus]

It did not surprise me to see fear used as a tactic. Loss of confidence by the public has been fueled by this rhetoric even before the election. I did not think that we would see all the political capitol blown in the first month, but it is getting close to being "honeymoon over" for the new administration.

Any stimulus package (imo) should contain infrastructure repair, mortgage relief (through renegotiation, tax relief and counseling) a cut to the corporate tax and investment in small businesses through increased loan guarantees, tax relief and other means.

General tax relief (possibly even a "Tax free Year") for the regular public would also be nice to see, but even a large (and temporary) cut to the taxes of those under $250K could provide some aid in catching up on debt and in increased discretionary spending by the public.

All the pet projects are not germane to the publicly stated intent of the bill and should be stripped from it. Some of the programs have merit, and should be placed into bills whose spending is at least related to their purpose.

[Back]

It did not surprise me to see fear used as a tactic. Loss of confidence by the public has been fueled by this rhetoric even before the election. I did not think that we would see all the political capitol blown in the first month, but it is getting close to being "honeymoon over" for the new administration.

Any stimulus package (imo) should contain infrastructure repair, mortgage relief (through renegotiation, tax relief and counseling) a cut to the corporate tax and investment in small businesses through increased loan guarantees, tax relief and other means.

General tax relief (possibly even a "Tax free Year") for the regular public would also be nice to see, but even a large (and temporary) cut to the taxes of those under $250K could provide some aid in catching up on debt and in increased discretionary spending by the public.

All the pet projects are not germane to the publicly stated intent of the bill and should be stripped from it. Some of the programs have merit, and should be placed into bills whose spending is at least related to their purpose.

Good post. But...

Cuts for the little taxes people under $250k pay does not seem to me to be a way for them to get out from under heavy debt. It would just mean more consumption.

Corporate has enough tax cuts and again any more would not go towards lowering debt. As we have seen it would just go to more consumption ie. Vegas “Spa” weekends for the CEOs.

Cut taxes on small businesses. That will get you the most bang for your buck.

Infrastructure, infrastructure, infrastructure. Putting money into public works to improve everyone’s standard of living is twofold. Not only does it increase everyone’s standard of living it also creates jobs.


I should have directly responded to every line, Mabus. You have some good points and some I disagree with. Hopefully our government can find the middle ground and we can continue not having to worry about the big picture and play video games.

[Parkbandit]

Good post. But...

Cuts for the little taxes people under $250k pay does not seem to me to be a way for them to get out from under heavy debt. It would just mean more consumption.

More consumption = more money spent = stimulus. Isn't that what this bill is supposed to be for?

Corporate has enough tax cuts and again any more would not go towards lowering debt. As we have seen it would just go to more consumption ie. Vegas “Spa” weekends for the CEOs.

We're not lowering the debt with this 1 TRILLION dollar bill.. in fact quite the opposite.

Cut taxes on small businesses. That will get you the most bang for your buck.

Cut all corporate taxes. We're already paying the 2nd highest on the planet. Ireland is a perfect example of what slashing corporate taxes can do for your economy.

Infrastructure, infrastructure, infrastructure. Putting money into public works to improve everyone’s standard of living is twofold. Not only does it increase everyone’s standard of living it also creates jobs.

I'm fine with spending a few hundred billion on infrastructure. It puts people to work and it improves the country. Do it. THAT is stimulus... not like a great majority of the current bill.

[Parkbandit]

Yes, PB, you can draw that parallel... it is a questionable move on any leader’s part to say “we’re in deep shit” instead of “relax, we’ve got this” no matter how bad things are going.

But I think most people see this as a very tangible threat that is right on the doorstep as opposed to Saddam Hussien and his legions of faceless terrorists half a world away.

Much like people didn't know Osama Bin Laden prior to 9-11-01.

[Methais]

I heard a clip of Nancy Pelosi the other day saying something like "With each month that this bill isn't passed, 500 MILLION more Americans will lose their jobs."

Aha, here it is:
http://www.youtube.com/watch?v=x8hMJVXt09E

Obama should try doing something himself instead of having Pelosi run this bill for him. That, or admit he's too dumb and inexperienced to run the country.