Obama renews call for more stimulus

The Washington Times ^ | August 9, 2011 | Stephen Dinan

[yoe]

Pummeled by ghastly economic news, President Obama called Monday for more spending and extended tax cuts that he said would help stimulate the economy — but these also could deepen the deficit problems that helped the federal government earn its first-ever debt downgrade last week.

The president made the proposals as world stock market indexes were tumbling, and his remarks seemed designed to help the White House regain its political footing by resetting the congressional agenda next month. Mr. Obama said he wants the 2 percent payroll-tax cut extended into next year, the creation of an infrastructure bank by Congress to promote construction, and enhanced unemployment benefits extended for another year.

“If Congress fails to extend the payroll-tax cut and the unemployment-insurance benefits that I’ve called for, it could mean 1 million fewer jobs and half a percent less growth,” the president said from the White House, as stocks were in the midst of deep losses that would register a nearly 635-point drop in the Dow Jones industrial average. “This is something we can do immediately, something we can do as soon as Congress gets back.”

[ding_dong_daddy_from_dumas]

The Dems can keep borrowing until 2013. Suppose we elect a GOP POTUS next year, and after that interest rates shoot up. Who will be holding the bomb when it explodes?

[sickoflibs]

RE :”The Dems can keep borrowing until 2013. Suppose we elect a GOP POTUS next year, and after that interest rates shoot up. Who will be holding the bomb when it explodes?”

I had a similar thought a few hours ago. Like a bad repeating dream,

Rs win the POTUS and the Senate by 53-47. They pass tax cuts using budget reconciliation to get past filibuster after promising that tax cuts and cutting spending would create jobs. Boehner announces he got 99% of everything he wanted. Another EU country goes broke and market crashes. Democrats cry :”We told you tax cuts for rich destroyed the economy” POTUS approval dives. Dems demand massive stimulus plan with handouts and tax credits. POTUS announces a deal with Reid and Pelosi on stimulus. Congressional Republicans rebel against him and kill it... POTUS approval at 25%... well you know how it ends.

[ding_dong_daddy_from_dumas]

Another EU country goes broke and market crashes.

It's not true that life is one damn thing after another; it is one damn thing over and over.

Edna St. Vincent Millay (1892 - 1950)

[dools0007world]

Thanks for your post. Your anecdotal example gives credence to my post. Polls are showing the same thing.

I think there will be defections in the Black Community as well. It may only be 3-5%, but that’s huge given the demrats absolute need for the absolute black vote. If things stay on their present track I would bet a six pack of Sammie Adams that unwavering 40% who support The One will drop to 33-35% when these people vote.

[stephenjohnbanker]

Er....like Dubya ?

[Protoss]

O’Reilly played a clip of an 0bamabot claiming we need to increase unemployment checks in order to increase demand!! LOL.

[newzjunkey]

"Payroll taxcut" is just borrowing money from Social Security which will have to be paid back by general revenues. It's a short-term gimmick and if it's just extending the existing payroll tax holiday, it's only on the worker's end, not the employer's end. It won't reduce the cost of hiring. It won't help create even one new private sector job.

We don't need an "infrastructure bank" at the federal level. Give me a break.

99-weeks (nearly 2 yrs) isn't enough unemployment insurance? Wow. Failure of leadership to be sure.

[SunkenCiv]

Thanks sickoflibs.

[PA-RIVER]

As the mayor of Los Vegas said, “This guy’s a slow learner”.

[PA-RIVER]

You got it.

This is called redistribution of wealth.

Once we are all poor and broke, we are equal.

This president is a threat to all of us. And almost everyone laughed at that notion when he was elected.

[Allegra]

Pummeled by ghastly economic news, President Obama called Monday for more spending...

Unbelievable.

[PMAS]

*

[PA-RIVER]

The I-phones are good for organizing flash mobs. A flash mob then stimulates the economy when they pummel white people and they then go to the hospital. The hospital then stimulates the insurance company, medical supplies, and pharmaceutical companies. All this then stimulates more taxes , and in turn stimulates white people to work harder to keep above water and this keeps the redistribution and retribution chain moving.

They teach this at Columbia and Harvard school of community organizing.

[PA-RIVER]

The Life cycle of “Yes We Can” Socialism:

The industrious few pulling the wagon loaded with the loafing many are attacked and insulted by the Tribal leader.

Eventually the wagon stops moving, and the loafing many are encouraged to blame the last group of working people who are pulling it.

The loafers then riot, burn the wagon and kill the industrious few.

[PA-RIVER]

He could hoist a Nazi flag over the Whitehouse, open gas chambers and ovens, and the Black community would still give him 99 percent.

[PA-RIVER]

“Infrastructure Bank” will be packed with Chicago constituents, with “Hip Hop Gangstas” earning about 500,000 per year driving Ferrarris, and headed by Jesse Jackson Jr. who will be making 10,000,000 per year.

Sounds like a plan...

[PA-RIVER]

“Infrastructure Bank” will be packed with Chicago constituents, with “Hip Hop Gangstas” earning about 500,000 per year driving Ferrarris, and headed by Jesse Jackson Jr. who will be making 10,000,000 per year.

Sounds like a plan...

[Justa]

I don’t see how any stimulus can work as long as Americans have to deal with this:

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog Licen se Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

[Toespi]

I think you forgot, school tax. Our city just passed ANOTHER 5.5 mil tax which equates to an increase of about $500.00 per year for the average homeowner.

[piasa]

If people get a free pay-check, what’s the incentive for them to get back into the system?

Just talked with a guy who was laid off. To get his unemployment check, he has to ask 5 businesses a week if they are hiring and provide some proof of that, I suppose. Funny thing is, he spoke as if going to five businesses in a week to ask for a job is unfair and overly laborious.

He listed a couple he'd been to already then brightened up a bit and asked me [I own a small business] if I was hiring.

I said no, which is true- I can't even pay myself a steady wage right now much less someone else. He said he'd come by the shop to get the particulars later and I started laughing at him.

He asked "what?"

I told him that if he came by my shop , friend or not, that I wouldn't fill out anything to help him get an unemployment check but would happily direct him to Aldi's, which is hiring at the moment for a new store.

He looked like a deer in the headlights, then composed himself and said he doesn't have to take a job that pays less than what he made before.

I told him as a business owner barely hanging on in this hobbled economy, that I can't go out and get a government check like he can when things go sour, or be picky about what work rolls in because any work at all is a gift from God, so don't look to me for sympathy or help in scamming the system.

It shocked me that he was so casual about committing fraud- it's the first time I'd heard him say something like that- but unfortunately that's what an awful lot of people are doing these days. It took generations to reduce a proud and independent people to behaving like tamed animals begging for handouts, but apparently the training and breeding has paid off and many, many Americans have been fully domesticated, collared and leashed in their desire for free pet treats from the government doorstep.