Some CEOs Defend Stimulus

[theeedude]

http://blogs.wsj.com/economics/2010/10/28/some-ceos-defend-stimulus/

Ronald D. Boire, CEO of gift retailer Brookstone Inc., said a 2009 law that allowed companies to recoup taxes they paid in past years “helped us get back on a growth curve. Instead of closing stores, we opened seven new stores” in 2010, said Boire.

The law allowed companies to use their current year losses to offset taxes paid up to five years prior — generating millions in tax refunds for companies like Brookstone.

The provision was part of legislation to revive the housing sector, not the $780 billion 2009 stimulus bill that has drawn the most criticism. But it is part of the broader set of stimulus efforts that some say the Democratic Congress isn’t getting enough credit for.

Brookstone’s seven new stores translate into about 100 permanent jobs, Boire said.

For William McComb, CEO of Liz Claiborne Inc., the problem wasn’t the stimulus, it was that Congress lost focus on jobs after its initial efforts. But he thinks Congress should get credit for programs like the net operating loss tax rebate.

“Because stimulus programs get a bad rap, it’s very important to reflect and say, this had an effect,” McComb said in an interview.

Allen Sinai, chief of economic research firm Decision Economics, said the U.S. economy would have lost between 1% and 2% of economic growth without the stimulus. “We’d have been a lot worse off if we hadn’t done what we did,” he said.

I guess a lot worse off is good enough for GOP.

 

[IndyColtsFan]

I find it entertaining that when something is perceived as good, you guys automatically credit the Democratic Congress but when something bad happens or doesn't happen at all, it was because Republicans "forced" the Democrats to do something against their will or were "obstructing" it.

Where were the Republicans on this particular piece of legislation and why didn't they stop it? Funny how the Democrats could get this passed but have so much trouble passing other things they allegedly want....

 

[daishi5]

http://blogs.wsj.com/economics/2010/10/28/some-ceos-defend-stimulus/





I guess a lot worse off is good enough for GOP.

Wait, both CEO's mentioned the stimulus benefits of Tax Cuts to companies. Are you trying to prove that trickle down economics works?

 

[BoberFett]

I thought CEOs were evil millionaires trying to keep the rest of us poor? Why are you listening to them all of a sudden?

Furthermore, if we would have lost 1-2% of economic growth without the stimulus, assuming a $15T GDP (which is actually a little high) that's $150B-300B that we might not have seen. So best case scenario, $300B in economic growth only cost us $780B? Sounds like a hell of an investment.

And you wonder why some of us don't trust the federal government with ever larger percentages of our money.

Wait, both CEO's mentioned the stimulus benefits of Tax Cuts to companies. Are you trying to prove that trickle down economics works?

Haha, this too. Democrats can't even keep their rhetoric straight.

 

[JD50]

http://blogs.wsj.com/economics/2010/10/28/some-ceos-defend-stimulus/





I guess a lot worse off is good enough for GOP.

Can someone please post that chart of where Obama said unemployment would be if we didn't pass the stimulus IMMEDIATELY?

 

[Throckmorton]

Thanks, CEOs, for coming out and saying this now that it doesn't matter any more. Did it ever fucking occur to you, and Democrats, and Obama, to talk about the Stimulus and what it was doing for the past god damn 2 years?

 

[cubby1223]

Is this the current liberal internet talking point of the day?

 

[Throckmorton]

I find it entertaining that when something is perceived as good, you guys automatically credit the Democratic Congress but when something bad happens or doesn't happen at all, it was because Republicans "forced" the Democrats to do something against their will or were "obstructing" it.

Where were the Republicans on this particular piece of legislation and why didn't they stop it? Funny how the Democrats could get this passed but have so much trouble passing other things they allegedly want....

The stimulus would have been much bigger if Republicans weren't obstructing. Remember, the R party line is that stimulus doesn't work (except when it's a Bush stimulus)

 

[IndyColtsFan]

Haha, this too. Democrats can't even keep their rhetoric straight.

I'm still waiting for senseamp and crew to explain how the Democrats could get this "wonder legislation" passed against all of the Republican obstructionism when all I heard about health care reform, the Patriot Act extension, etc. was that Republicans were obstructing or forcing the Democrats to vote their way.

 

[IndyColtsFan]

The stimulus would have been much bigger if Republicans weren't obstructing. Remember, the R party line is that stimulus doesn't work (except when it's a Bush stimulus)

Good Lord, give it up.

 

[Throckmorton]

Good Lord, give it up.

Yes, I get it. Republicans are afraid of history, even very recent history.

 

[IndyColtsFan]

Yes, I get it. Republicans are afraid of history, even very recent history.

No, you guys and your dogmatic devotion to all things Democrat is what I am referring to. You can't even see the hypocrisy and double standards. You guys are just as bad as the wingnuts on the right. You refuse to hold your politicians accountable because that's too much work; instead, you take the easy route and just blame the other team for all of your ills.

 

[Throckmorton]

No, you guys and your dogmatic devotion to all things Democrat is what I am referring to. You can't even see the hypocrisy and double standards. You guys are just as bad as the wingnuts on the right. You refuse to hold your politicians accountable because that's too much work; instead, you take the easy route and just blame the other team for all of your ills.

So it's Democrats who are to blame for the Stimulus not being bigger?

 

[IndyColtsFan]

So it's Democrats who are to blame for the Stimulus not being bigger?

Wait, I'm confused. Did it or did it not work as intended?

 

[cubby1223]

All this in here still doesn't change the fact that the quoted CEOs are praising the tax cuts, not the government spending.

When it came to "stimulus", Democrats, including Obama *very* vocally, wanted spending while calling tax cuts the failed policies of the past. Republicans wanted tax cuts instead of spending.

So what is it senseamp? What are you trying to say?

 

[theeedude]

I find it entertaining that when something is perceived as good, you guys automatically credit the Democratic Congress but when something bad happens or doesn't happen at all, it was because Republicans "forced" the Democrats to do something against their will or were "obstructing" it.

Where were the Republicans on this particular piece of legislation and why didn't they stop it? Funny how the Democrats could get this passed but have so much trouble passing other things they allegedly want....

That's a good question, where were the republicans on a piece of legislation that helped save 1-2% of our GDP:

http://clerk.house.gov/evs/2009/roll046.xml

YEAS NAYS PRES NV
DEMOCRATIC 244 11
REPUBLICAN 177 1
INDEPENDENT
TOTALS 244 188 1


http://www.senate.gov/legislative/L...ote_cfm.cfm?congress=111&session=1&vote=00061

Grouped By Vote Position
YEAs ---61
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Begich (D-AK)
Bennet (D-CO)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Byrd (D-WV)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Collins (R-ME)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kaufman (D-DE)
Kennedy (D-MA)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Lincoln (D-AR)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Specter (R-PA)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)
NAYs ---37
Alexander (R-TN)
Barrasso (R-WY)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)
Not Voting - 1
Gregg (R-NH)

 

[theeedude]

Wait, I'm confused. Did it or did it not work as intended?

Here is the good news, we'll get to live the obstructionism and gridlock you rightwingers want for us. I am guessing Silicon Valley will weather it better than Indiana

 

[IndyColtsFan]

That's a good question, where were the republicans on a piece of legislation that helped save 1-2% of our GDP:

You're not helping your case. I never said that the Republicans voted with the Democrats or not or even whether I agreed with the stimulus or not. What I did say was that I was amazed that the Democrats could suddenly pass a bill when all I've heard about is Republicans blocking everything they tried. And you just provided the numbers showing that the Democrats could pass a bill with little or no Republican support. Thank you. The next time I hear of Republican obstructionism or them "forcing" Democrats to vote their way, I'll bring this thread up.

 

[theeedude]

You're not helping your case. I never said that the Republicans voted with the Democrats or not or even whether I agreed with the stimulus or not. What I did say was that I was amazed that the Democrats could suddenly pass a bill when all I've heard about is Republicans blocking everything they tried. And you just provided the numbers showing that the Democrats could pass a bill with little or no Republican support. Thank you. The next time I hear of Republican obstructionism or them "forcing" Democrats to vote their way, I'll bring this thread up.

So you are OK that GOP voted unanimously to let 1-2% of our GDP vanish?

 

[Munky]

In other news, some farmers defend government subsidies... Doesn't mean it's actually good.

 

[IndyColtsFan]

Here is the good news, we'll get to live the obstructionism and gridlock you rightwingers want for us.

As I told someone in another thread recently, it cuts both ways. If/when the Republicans win both the House and Senate and the Democrats employ filibusters, I'll be eagerly awaiting your excuses.

I am guessing Silicon Valley will weather it better than Indiana

The last time I checked, Indiana had a significantly lower unemployment rate than California. How is that "weathering" going for you now? Want to also compare budget deficits? No, I don't think you do.

 

[IndyColtsFan]

So you are OK that GOP voted unanimously to let 1-2% of our GDP vanish?

I am not a GOP supporter. I call both parties out on their stupidity. Some form of stimulus was needed and even the GOP acknowledged that, however.

 

[bamacre]

While GDP may have gone up by 1-2%, that doesn't necessarily mean we are better off. In fact, in the case we have here, it certainly doesn't. We've just borrowed money. It's the equivalent of someone getting a credit card, getting a $5000 cash advance, and thinking, "hey I just made $5000." It was true under Bush, it's still true under Obama.

 

[IndyColtsFan]

While GDP may have gone up by 1-2%, that doesn't necessarily mean we are better off. In fact, in the case we have here, it certainly doesn't. We've just borrowed money. It's the equivalent of someone getting a credit card, getting a $5000 cash advance, and thinking, "hey I just made $5000." It was true under Bush, it's still true under Obama.

Bingo.

 

[theeedude]

The last time I checked, Indiana had a significantly lower unemployment rate than California. How is that "weathering" going for you now?

Good just got another 5% raise, and judging from the number of recruiters contacting me, there is hiring going on in engineering. It's nice being a liberal elite. I guess if I was a pickup driving teabagger doing construction, I might be complaining.