Posted on 02/15/2009 4:27:53 AM PST by Schnucki
If, like John Maynard Keynes, you believe that spending, any spending, will revive a flagging economy, the freshly minted, 1,000-page American Recovery and Reinvestment Act of 2009, calling for $504 billion in deficit-financed spending, is for you. Well, not quite. It seems that most of the money will not be spent very soon. About 30% won't hit the economy until 2011, and the balance is likely to be tied up in the procurement processes of the federal and state governments until well into 2010, and beyond. Besides, much of the spending will end up boosting other economies — subsidies for wind machines will benefit workers in the other countries in which such machines are manufactured, not our very own horny-handed toilers. And much of the spending will not create jobs for the unemployed: laid-off car workers do not have the skills to design the software to manage the "smart grid" that is the apple of the greens' eye.
If you have not jumped onto the new Keynesian spending bandwagon, but believe with Christina Romer, chairman of Barack Obama's Council of Economic Advisers, that tax cuts are more certain than spending to turn the economy round, you should love this bill, with its $286 billion in tax cuts and credits. Well, not quite. True, individuals earning less than $75,000 a year and families earning less than $150,000 will receive credits of $400 and $800, the earned income-tax credit for working families with three or more children is increased, and there is something for pensioners, disabled veterans, families of college students and a host of others.
Reflection suggests, however, the tax-cut contingent is doomed to disappointment. Much of the money will be saved or used to pay down credit-card balances, not bad things, but not very stimulative.
(Excerpt) Read more at business.timesonline.co.uk ...
Amen.
Can't say it enough....
Ha! The writer is right but has no concept of the power of the Obama propaganda arm otherwise known as the mainstream press. This will be Bush’s recession until 2016.
Which is why Obama wants to get rid of ALL opposition thatt has an effective public audience , such as Rush Limbaugh,
The RNC still hasn't a clue about who Obama really is, although perhaps they are beginning, oh so slowly, to catton to the chase.
The Republicans need to start responding to calls for the "fairness doctrine," for example.
They need to attack Obama on his movement of the census into the presidential executive offices, under " Ram Manual " ( Goebels).
So far , no one has arisen to defend traditional America. Dick Shelby, and Demnt maybe, but none has indiated with any clarity, that they undestand Obama's true intentions.
We are still waiting for our equivalent of " WInston Churchill."
So far , no one has arisen to defend traditional America. Dick Shelby, and Demnt maybe, but none has indiated with any clarity, that they undestand Obama’s true intentions.
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I think many of the Rebublicans are well aware of what’s going on but have been “compromised” in various ways. Even their families are “compromised”.
Why do we have to read stories like this in the foreign press? Why isn’t the American press keeping up with the implications of the messiah’s misdeeds, failures and screwups?
Yep, now they need to move aside, they're irrelevant.
He now owns the recession chunks and all.
SNL already had their opening skit mocking the Republican’s action on this bill.
Just setting up the media onslaught of Obama excuses.
It’s not the poor that are going to over throw the country. It’s the middle class who are haven their life savings stolen by CEOs at investment banks, or by the government. That’s where the revolution is going to come from.
Aren’t all of the supposed “tax cuts” going to go with 2009 returns and so aren’t going to have any effect this year anyway?
Your logic is incorrect. Let them make fun of Republicans and make sure EVERYBODY knows that this bill belongs to Obama. Then, as the ridiculous content of this bill slowly comes to light it is the R’s that will look smart for voting against it. This is one boondoggle they won’t be able to blame on the R’s.
Note how they timed the bulk of these “remedies” to kick in at election time?
Surely a coincidence....
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
-~~Ludwig Von Mises
If so, who holds the dossiers and what might they say in them. Are you talking blackmail here or threat? DO you have a stereotypical example?
If true as you say, this would fit with the strategy used by bothe Hitler and Mussolini in defeating the conseervative political politicians of both Italy and France in the 1920s and 1930s.
Contrary to what many American's believe, fascism does not evolve from the right, but from the left, who always seek to establish a utopia along racist lines and class lines, which is actually what Obama's hope and change really is.
Oh of course there will be excuses (and blaming of Bush) if this does not work and we all know it will not work!
Like how “the words” went from “will create” to “save OR create” so many jobs. It’s called covering their backside.
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