I think Kay Bailey Hutchison said it well when she responded to my email about the Stimulus Package:The Stimulus bill passed on a party line vote, with all but three Senate Republicans opposing the bill, and was signed into law on February 17, 2009. I strongly opposed H.R. 1 for three primary reasons.
First, I believe the most effective way to stimulate the economy is to leave more money in taxpayers’ pockets. Instead of providing significant tax cuts, the vast majority of the Stimulus bill focused on dramatically expanding government programs. In fact, tax cut provisions in H.R. 1 only represented 27 percent of the total bill. Furthermore, the few tax relief provisions that were included are likely to be ineffective. The largest tax relief provision in the bill, the Making Work Pay Credit, is a $400 tax credit for individuals and an $800 tax credit for couples that will be distributed though decreased paycheck withholdings. For individuals, this amounts to only an additional $7.69 per week. This meager effort will not stimulate our economy out of the current recession.
Second, I believe any stimulus bill should attempt to expend funding immediately and effectively. Instead, in this bill, of the $311 billion in government discretionary spending, only 11.3 percent, or $35 billion, will be spent in 2009. The remainder of the spending will occur over the next ten years. Stimulating our economy over ten years will not bring immediate relief to those feeling the impact of the economic crisis today.
Lastly, this bill will saddle Americans with a significant amount of additional debt. Our national debt is currently above $10.9 trillion dollars. It is irresponsible for our government to wastefully spend taxpayer dollars by the billions when our nation is operating in the red. In addition, it is unfair to place this mounting financial burden on America’s future generations. I could not support a $787 billion bill that will not provide much-needed tax relief; will not spend the funding immediately and effectively; will not create sustainable, private-sector jobs; and will not address the mounting debt facing our country.
5 comments:
yeah but its ok if we borrow 10 trillion for the oil war...duh!
Rupert Murdoch has regained top spot in the annual BRW list of Australia's top 200 executives, even though global financial crisis has eroded the value of executive stockholdings across the board.
In a year when the total wealth of executive in the list was more than halved, News Corp chairman Mr Murdoch was first with $3.38 billion compared with $7.9 billion last year...LOL
The GOP answer to everything is to "leave more monies in taxpayer pockets"
A lovely sentiment in theory. In actuality, the people who have always benefited most from the GOP Trickle down theory have been the already rich who have always benefited disproportionately from Republican theories. No Senator, future generations will look back at Obama's recovery package and thank him for restoring and preserving an economy left in shambles by 8 years of GOP mismanagement. The need for the massive bailout is well-known: Republican deregulation left the financial chicken coop unguarded-with no oversight. Mortgage-backed derivatives aided and abetted banks and brokerages in their conspiracy of greed and irresponsible lending. This went way beyond helping more people enjoy the American Dream. It was pure predatory lending directly in line with the Bernie Madoff school of ethics. Americans are loathe to listen to the very people who got us into this economic recession as if they knew what they were doing the first time... Hang it up Diana- the Three GOP Senators who stepped up for the American people in support of the relief package are heroes. The rest, spit-balling grand standers who are justifiably marginalized into irrelevancy by their own partisan, self-serving disingenuous actions.
recovery package...thats a laugh, if this stimulus was designed to help us out of this recession, than more than just 11% would of been spent in 2009. SEP you always seem to avoid those lil facts.
Diana- maybe you want to try that post again- it made zero sense! The Stimulus is being designed as we go- it took Bush 8 years to collapse the economy..it will take a while longer than 2 or 3 months to fix the systemic problems that are so interconnected
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