Economic recovery package before Congress"would provide massive fiscal stimulus."

[Jagger]

Economic recovery package before Congress
"would provide massive fiscal stimulus."​

ABC's Gibson stated that "a lot of people" say spending in recovery bill isn't "stimulus" -- but CBO director says "most economists" disagree

Summary: Interviewing President Obama, ABC's Charles Gibson repeated assertions that "not enough" of the economic recovery package before Congress "is really stimulative," that the bill "really doesn't stimulate," and that "it's a spending bill and not a stimulus." But according to the director of the Congressional Budget Office, "most economists" believe "all of the increase in government spending" included in the bill "provides some stimulative effect." The CBO director has further stated that the bill "would provide massive fiscal stimulus."

http://mediamatters.org/items/200902030016?friend=h_top

 

[moreluck]

Ask yourself, How many jobs are created by this measure??
We don't need to just throw $$$ at anything that moves.

Hell, we could about pay off our debt if we quit throwing $$$$ at illegal aliens, but don't get me started.

 

[Babagounj]

This farce has 90% pork and 10% jobs.
Is this the kind of example you want to set for "the children" ?

 

[wkmac]

Economic recovery package before Congress​

"would provide massive fiscal stimulus."​

ABC's Gibson stated that "a lot of people" say spending in recovery bill isn't "stimulus" -- but CBO director says "most economists" disagree

Summary: Interviewing President Obama, ABC's Charles Gibson repeated assertions that "not enough" of the economic recovery package before Congress "is really stimulative," that the bill "really doesn't stimulate," and that "it's a spending bill and not a stimulus." But according to the director of the Congressional Budget Office, "most economists" believe "all of the increase in government spending" included in the bill "provides some stimulative effect." The CBO director has further stated that the bill "would provide massive fiscal stimulus."

http://mediamatters.org/items/200902030016?friend=h_top

When it comes to economics, I'm of the Austrian School of thinking but all that aside and taking a purely Keynesian if not more Fabian Socialist or even a Mussolini Fascist/Corporatist approach, the CBO you pointed out with such glee in your original post also poses many cons that bode not so well if we do move along with this stimulus package as it appears we are going to do. Appears republicans got enough pie filling on their fingers to make it worth their while so it's away from the "Yellow Brick Road" we go.

Here is a link to the CBO site with many pdf's and other comments on the stimulus package with both pros and cons of what some of the short and longterm effects will be.

https://web.archive.org/web/2009052...ations/collections/collections.cfm?collect=12

It appears we've made our bed and we are taking a cue from the Hoover/Roosevelt approach and use economic intervention to try and force the business cycle to conform to our gov't will. We just better hope Obama is the messiah because Hoover & Roosevelt's intervention made the problem worse and lenghten it for close to 20 years. It will take the hand of a god to violate the laws of economics and make it actually work.

 

[diesel96]

I mean really, what do we know, whether this economic stimulus package will work or not. It's so comical watching all BC's economic experts crawl out of the cyber woodwork and chime in with historical references, biased links from the blogasphere, and my personal fav "I took econmics in College" so I must be right and the rest of you are dumb. Just one novice point I'll make to all my Brown Cafe Economist's out there, Just how many brillant economist and knowledgable investors lost their 's with Bernie Madeoff ?...It just goes to show that economic recovery is a real life game of chance, sprinkle in some luck, say a prayer with 10 Hail Mary's, then factor in concensus knowledge and experience to come up with a workable solution.


What we do know is that tax cuts for the rich and famous, de-regulation of the loan/credit markets, job outsourcing, corp. relocating abroad, bending over and spreading for lobbiest, and waiting endlessly for CEO free willy's to poop out a trickle down stimulus ain't cutting it. So what does the public want ? They voted "change". Hence Plan B....Sorry Obstructionist's, the people have spoken. And for all those hoping for failure because you still have a bad taste in your mouths over losing the election and power, first, give back the American flag that you wrap around yourselves, and then try stepping in the shoes of someone who just lost their highly productive job and then cry me a river.

 

[1989]

I ain't no econ-o-mist but I am going to stop all 401K contr-o-butions. I'll still max my roth and pay all my taxes now.

 

[tieguy]

I mean really, what do we know, whether this economic stimulus package will work or not. It's so comical watching all BC's economic experts crawl out of the cyber woodwork and chime in with historical references, biased links from the blogasphere, and my personal fav "I took econmics in College" so I must be right and the rest of you are dumb. Just one novice point I'll make to all my Brown Cafe Economist's out there, Just how many brillant economist and knowledgable investors lost their 's with Bernie Madeoff ?...It just goes to show that economic recovery is a real life game of chance, sprinkle in some luck, say a prayer with 10 Hail Mary's, then factor in concensus knowledge and experience to come up with a workable solution.


What we do know is that tax cuts for the rich and famous, de-regulation of the loan/credit markets, job outsourcing, corp. relocating abroad, bending over and spreading for lobbiest, and waiting endlessly for CEO free willy's to poop out a trickle down stimulus ain't cutting it. So what does the public want ? They voted "change"

the american public voted for a change from politics as usual. This fat laden hog is politics as usual. The birth control provisions of this fat hog will not stimulate anything other then sexual activity. Sexual activity will not stimulate the economy unless the government will now promote prostitution and tax hookers.

 

[Sammie]

the american public voted for a change from politics as usual. This fat laden hog is politics as usual.

Let's see. If this is our money we're talking about, why weren't
we allowed to vote on how it was spent? It's being handed out like a deck of cards. Would we have agreed hands down on -

$4 billion to fight crime in small communities like Frog Suck, Wyoming and Lizard Lick, North Carolina.

$450 million to NASA for “climate-research missions”. Is Al Gore somewhere out in space studying global warming?

$50 million for the National Endowment of the Arts. Yes. We are totally furious that we might miss that next big abstract film festival.

$350 million for new Agriculture Department computers.

$87 million for a U.S. Coast Guard polar icebreaking ship (Earth to Al Gore. We need you down here!!!)

$150 million for Smithsonian renovations.

$380 million for a rainy-day nutrition fund.

$600 million to buy the feds new hybrid cars

$500 million to spruce up the National Institutes of Health offices.

$448 million for a new Homeland Security Department building.

$88 million to move the Public Health Service into new digs.

(I'll take a new $5 million dollar home.. and a hybrid, please)

$79 billion to the states. Dummy me. Here I thought we had state taxes...

$1.1 billion to research health care.

$245 million to upgrade IT at the Farm Service Agency (???)

$500 million to speed up processing applications for S.S. disability claims.

$6 billion to college and universities, who already receive hundreds of billions a year. Yet the only decent financial aid my kid found, who does well in school, was with the military.

Now. Not that these issues don't need to be addressed, but this money will not make jobs appear. It will create more dependency on the government -
$20 billion for food stamps
$1.7 billion for the homeless
$ 5 billion for public housing
$87 billion for Medicaid, which already costs a $400 billion year

 

[chev]

Just about the only thing being stimulated are the pockets of Obamas supporters. Great job digging more money out of the tax payers pocket for more pet/pork projects.

 

[Babagounj]

Well if this bill passes I suppose everyone on Capital Hill can go home. They will have spent every cent available , meaning there is nothing more for them to do.

 

[wkmac]

Netflix CEO shares his idea of helping economy in NY Times Op-Ed

http://www.nytimes.com/2009/02/06/opinion/06hastings.html?_r=4&ref=opinion

BTW: Thomas Woods new book "Meltdown" is a good expose of how we got to where we are in this mess.

http://www.lewrockwell.com/woods/woods-meltdown.html

 

[JimJimmyJames]

I would like to read that article but screw the NY Times I am not jumping through the hoops they want you to in order to read their website. I have despised that rag ever since I was forced to read it by one of my professors in college.

 

[Jones]

Here ya go....

Please Raise My Taxes By REED HASTINGS
Los Gatos, Calif.
I’M the chief executive of a publicly traded company and, like my peers, I’m very highly paid. The difference between salaries like mine and those of average Americans creates a lot of tension, and I’d like to offer a suggestion. President Obama should celebrate our success, rather than trying to shame us or cap our pay. But he should also take half of our huge earnings in taxes, instead of the current one-third.
Then, the next time a chief executive earns an eye-popping amount of money, we can cheer that half of it is going to pay for our soldiers, schools and security. Higher taxes on huge pay days can finance opportunity for the next generation of Americans.
Clearly, the efforts over the past few decades to control executive compensation haven’t accomplished much. Improved public disclosure was supposed to shame companies into lowering salaries, and it obviously hasn’t worked. In 1993, President Bill Clinton changed the tax law to effectively cap executives’ salaries at $1 million a year, but that simply drove corporate boards to offer larger bonuses and stock options to attract and keep talent. More recently, “say on pay” proposals would have shareholders opine on their boards’ compensation decisions, but “say and pay” won’t change the fact that luring a top executive away from another company is never easy or cheap.
The reality is that the boards of public companies hate overpaying for anything, including executives. But picking the wrong chief executive is an enormous disaster, so boards are willing to pay an arm and a leg for already proven talent. Putting limits on the salaries at public companies, or trying to shame them into coming down, won’t stop this costly competition for talent.
Of course, it’s galling when a chief executive fails and is still handsomely rewarded. But with the concept of “tax, not shame,” a shocking $20 million severance package would generate $10 million for the government. That’s a far better solution than what we have today, not least because it works with the market rather than against it.
Another advantage is that it would also cover the sometimes huge earnings of hedge fund managers, star athletes, stunning movie stars, venture capitalists and the chief executives of private companies. Surely there is no reason to focus only on executives at publicly traded companies.
This week, President Obama proposed imposing a $500,000 compensation cap on companies seeking a bailout. It’s a terrible idea. We all want the taxpayers’ money returned, and capping compensation at bailout recipients will just make it that much harder for those boards to hire and hold on to the executives who can lead their companies to compete and thrive.
Perhaps a starting place for “tax, not shame” would be creating a top federal marginal tax rate of 50 percent on all income above $1 million per year. Some will tell you that would reduce the incentive to earn but I don’t see that as likely. Besides, half of a giant compensation package is still pretty huge, and most of our motivation is the sheer challenge of the job anyway.
Instead of trying to shame companies and executives, the president should take advantage of our success by using our outsized earnings to pay for the needs of our nation.
Reed Hastings is the chief executive of Netflix.

 

[wkmac]

I would like to read that article but screw the NY Times I am not jumping through the hoops they want you to in order to read their website. I have despised that rag ever since I was forced to read it by one of my professors in college.

JimJimmyJames,

At the link I posted the piece comes right up. No hop jumping, no nude posing, etc.



Thanks Jones

 

[JimJimmyJames]

Thank you Jones .

wkmac, maybe it is my cookie settings. As for the nude posing, I will not do that simply as a symbol of my love for humankind .

Reed Hastings has an interesting take on what should be done with executive compensation. I don't believe in caps myself but I also do not think companies who accept welfare from the public should use that money to reward executives who had to go around with their hands out because of their poor managing in the first place. If we just didn't give these undeserving companies a bailout to begin with we wouldn't have to worry about this problem . As for soaking the rich with a 50% tax rate, I don't think that is the answer either. I am always leery of giving the government more money.

 

[diesel96]

the american public voted for a change from politics as usual. This fat laden hog is politics as usual. The birth control provisions of this fat hog will not stimulate anything other then sexual activity. Sexual activity will not stimulate the economy unless the government will now promote prostitution and tax hookers.

Your party is not getting any sexier, Tie, because if the Rep's look in the mirror, their overgrown wastlines are preventing them from seeing their talley wackers as well....Obama's giving Rep's opportunity to debate line item to line item spenditures. Unfortunatly, As much as your still trying to push the small Gov't myth upon us there was never a fatter Administration than the one that transitioned power to Obama. Thanks to the Rep's we've taken a skinny kid from Chicago and sized him up in a fat suit to begin his presidency....

 

[wkmac]

Your party is not getting any sexier, Tie, because if the Rep's look in the mirror, their overgrown wastlines are preventing them from seeing their talley wackers as well....Obama's giving Rep's opportunity to debate line item to line item spenditures. Unfortunatly, As much as your still trying to push the small Gov't myth upon us there was never a fatter Administration than the one that transitioned power to Obama. Thanks to the Rep's we've taken a skinny kid from Chicago and sized him up in a fat suit to begin his presidency....

http://www.eventsounds.com/wav/ballgone.wav

 

[JimJimmyJames]

 

[moreluck]

Yeah, massive....like what, maybe 10% of the whole package ??!!

 

[Overpaid Union Thug]

This new "stimulus" plan should work pretty well. The last one sure did. Oh wait.......