$145 billion "economic stimulus package"

[Slew Foot]

No details officially yet, congress still has to pass something for him to sign off on.

 

[miketheidiot]

if stimulus is the idea, than this plan is better than most. If you want to get the economy moving you put money in the hands of those most likely to spend it as soon as possible, and this plan does that. I also have to give Bush props for not trying to tie this to re-continuing the tax cuts, which absolutely should not be done. The fact that the tax cuts are going to expire has already been figured into the market, discontinuing them should not negate the minimal impact that they had in the first place.

They could be passing a capital gains tax to stave off recession, which would be really pointless and ineffective.


*forgot to and that i don't like the politicians trying to tinker with th economy.

 

[sactoking]

Nothing is official, but here is the unpartisan recap of the most-discussed scenario:

Bush wants to offer an 'economic stimulus' package in the hopes that increased spending will soften the blow of the failing economy. It has been proposed that this can be accomplished by "eliminating" the 10% tax bracket. This tax bracket is 10% of the first $8000 earned ($16,000 for couples). Eliminating the bracket would give single filers an $800 credit and married couples $1,600. Checks would be issued to all filers for $800 or $1,600. It would basically be an 'advance' on the first $8,000 or $16,000 of 2008's tax bill. It's like bumping up the brackets (or eliminating one) on the 2008 tax return, but they want you to have the money NOW, so they cut you a check.

Congressional Dems are, for the most part, on board so long as the checks are mailed to EVERYONE, including those who pay no taxes or are under the minimum tax thresholds. Since the plan is, legally, an advance on 2008's tax bill, it must include a provision for non-tax payers or they will not support it.

Recap- it's NOT for a 'priveleged few', and it technically does not have to be 'paid for' b/c legally it's just a commitment to not collect that money in the future. It's almost like a loan forgiveness, with an advance payment.

Oh, and this is a non-partisan recap. I will not say if I do or do not support the plan and hopefully my writing was neutral so as to not emotionally affect others.

 

[Engineer]

Originally posted by: Slew Foot
No details officially yet, congress still has to pass something for him to sign off on.

And they are hoping to have it ready by March 1st (according to a link earlier on Yahoo) and start sending the checks out by June 1. I guess that's what is consider "speedy"!

 

[palehorse]

Originally posted by: Craig234
Then look at Bush - the party of the president changed, but the congress (except for a brief period) remained republican in both houses, largely the same people - and yet the deficit and budget completely reversed direction and skyrocketed - and you can't blame 9/11, as only a third of the increase was related to any security/war spending, they say.

that "brief period" you mentioned is approximately 1/4 of GW's term in office... "brief" my a$$.

I dont know how many excuses you can come up with, but I dont doubt that we'd be here until the cows come home if I were to put up with it. Face it dude - the current democratic party is just as fvcked up as the republicans when it comes to spending and taxation.

 

[Sinsear]

Free handouts!!!!!!!!!!!!!

 

[Red Dawn]

Hell if we (my wife and I) get back $1600 we aren't going to spend it, we'll save it in case we need it due to the impending recession. That's the smart thing to do and if everybody did the smart thing how would that help the economy? I guess Bush is counting on Americans not doing the smart thing like they did when they voted him in office.

 

[GrGr]

Originally posted by: Red Dawn
Hell if we (my wife and I) get back $1600 we aren't going to spend it, we'll save it in case we need it due to the impending recession. That's the smart thing to do and if everybody did the smart thing how would that help the economy? I guess Bush is counting on Americans not doing the smart thing like they did when they voted him in office.

Yup probably the smartest thing to do, even if money in the bank will shrink due to the rates being below the rate of inflation. Most people likely will buy some Japanese crap tho increasing the US trade deficit even more.

 

[nageov3t]

this whole thing reminds me of college.

you go out on a weekend bender, wake up on Monday morning with a hang-over and class in two hours, and the easiest solution for the hangover is to just get drunk again it's not necessarily a "good" solution, though.

 

[GrGr]

Originally posted by: loki8481
this whole thing reminds me of college.

you go out on a weekend bender, wake up on Monday morning with a hang-over and class in two hours, and the easiest solution for the hangover is to just get drunk again it's not necessarily a "good" solution, though.

Hmm not a bad idea, buy 20 cases or so of Budweiser and forget your worries. Hmm belay that can't drink that swill, make it 10 cases of a nice Czech lager or pils instead

 

[WhipperSnapper]

<Sigh>. I guess that if you're going to drive your nation further into debt and bankruptcy, you might as well go out with a bang. I wonder if any of our politicians and economic advisers actually "get it" and understand what's really going on with our nation's global labor arbitrage problem. Perhaps a better plan would be to raise tariffs on imported goods and services that could and should be produced here and to then use the proceeds from the tariff taxes to lower income taxes for the poor and the middle class. At the same time, illegal immigration should be eliminated, the illegals should be deported, and legal immigration should be greatly reduced to below pre-1965 levels.

 

[soccerballtux]

Originally posted by: GrGr

Originally posted by: loki8481
this whole thing reminds me of college.

you go out on a weekend bender, wake up on Monday morning with a hang-over and class in two hours, and the easiest solution for the hangover is to just get drunk again it's not necessarily a "good" solution, though.

Hmm not a bad idea, buy 20 cases or so of Budweiser and forget your worries. Hmm belay that can't drink that swill, make it 10 cases of a nice Czech lager or pils instead

Actually, I have decided this is what beer is for.

~

Bush is bad.

 

[IGBT]

Originally posted by: bamacre

Originally posted by: senseamp
How is he planning to pay for it?

Your kids will pay for it.

..carbon con tax.

 

[Genx87]

Originally posted by: Slew Foot
http://biz.yahoo.com/ap/080118/economy_stimulus.html

So what do you think of the plan? While I never am against a tax cut, I think it's pissing into the wind as far as any real stimulus goes. Its a quick handout that'll buy most people gas and food for a month and then poof, back into the same boat. What do we get? A bigger deficit, more debt, a weaker dollar, and more inflation.

Edit: haha, yeah a $145 bill probably wouldnt do much

Without a cooresponding cut in spending, it is pointless.

 

[GrGr]

Originally posted by: Genx87

Originally posted by: Slew Foot
http://biz.yahoo.com/ap/080118/economy_stimulus.html

So what do you think of the plan? While I never am against a tax cut, I think it's pissing into the wind as far as any real stimulus goes. Its a quick handout that'll buy most people gas and food for a month and then poof, back into the same boat. What do we get? A bigger deficit, more debt, a weaker dollar, and more inflation.

Edit: haha, yeah a $145 bill probably wouldnt do much

Without a cooresponding cut in spending, it is pointless.

You mean like the recent $ 150 billion dollar bill for War Inc?