Obama, Democrats Plan $700B Stimulus Over Two Years (Obama to beat Bush's record in just 2 years)

washington post ^ | 11/23/2008 | Lori Montgomery

[tobyhill]

Facing an increasingly ominous economic outlook, President-elect Barack Obama and other Democrats are rapidly ratcheting up plans for a massive fiscal stimulus program that could total as much as $700 billion over the next two years.

That amount, more than the nation has spent over the past six years in Iraq, would rival the sum Congress committed last month to rescuing the country's financial system. It would also be one of the biggest public spending programs aimed at jolting the economy since President Franklin Delano Roosevelt's New Deal.

Hints of a massive new spending program began emerging last week. New Jersey Gov. Jon Corzine (D), an Obama adviser, and Harvard economist Lawrence Summers, who Obama has chosen to lead his White House economic team, both raised the possibility of about $700 billion in new spending. Yesterday, Obama adviser and former Clinton administration Labor secretary Robert Reich and Sen. Charles Schumer (D-N.Y.) also called for spending in the range of $500 billion to $700 billion.

[brianr10]

And it won’t work.

[Tench_Coxe]

I have heard that financial planners are being asked by clients on how to move their money offshore.

[4rcane]

george soros will be busy hiding his wealth while demanding everyone else to pay more taxes

[quadrant]

Correct.

[tobyhill]

You're exactly right. To throw borrowed money at a problem caused by borrowed money only deepens the problem.

[ripley]

democrats = psychotic adolescents

IMHO

[Ronzo]

They'll need to spend at least 2 trillion to see any sort of impact at all. 700 billion won't even be a blip on the radar...

I wouldn't mind them spending the money on new planes, tanks & ships for our armed forces, ala WWII...as those are the kind of jobs that really stimulate an economy. 700 billion for infrastructure is only going to keep some of the construction companies going...and only as long as the funds are there. Infrastruture projects like highways and bridges are incredibly expensive, but with modern machinery, you don't need that big of a workforce to accomplish them.

I wonder how many aircraft carriers you can buy for $700 billion???

[EGPWS]

Facing an increasingly ominous economic outlook, President-elect Barack Obama and other Democrats are rapidly ratcheting up plans for a massive fiscal stimulus program that could total as much as $700 billion over the next two years.

Diligent in assuring all that they are out there to promote our personal finances demise faster than the previous administration.

[Dilbert San Diego]

Can I ask a question?

With the bailout of over $700 billion, plus tens of billions possible for the car companies, plus this new $700 billion stimulus plan, plus the $150 billion Obama wants to spend on green energy, etc., where is this money coming from?

The gov’t doesn’t just have hundreds of billions sitting in a checking account to continually write checks for all these subsidies. And the national debt is about $10 trillion, with annual budget deficits of about $400 billion before any of these bailout numbers are added in. Where is the money coming from? Are we looking at debasement of the currency, or inflation? Will all of us will see the buying power of our money reduced?

The cumulative total of the amounts to be spent out there are getting pretty staggering.

[tobyhill]

Obama will cut military spending if he's forced to finance this non-stimulus package. He'll probably cut military spending anyway.

[tobyhill]

He's going to harvest magic money trees. Commonly known as Taxpayers.

[Mad_Tom_Rackham]

How much does Soros make if Obama bankrupts the United States?

[Colonel_Flagg]

It would also be one of the biggest public spending programs aimed at jolting the economy since President Franklin Delano Roosevelt's New Deal.

Which didn't work either. But try telling that to the libs and their media sycophants.

[tobyhill]

Nuclear powered aircraft carriers are $4.5 billion each. 155 Aircraft carriers.

[EyeGuy]

“.....Harvard economist Lawrence Summers...”

####

Harvard, Schmarvard....

This non-economist, graduate from HIGHLY non-prestigious state university in flyover country has a plan absolutely GUARANTEED to cure the economic woes of this country:

1) Deeply slash taxes across the board, especially those of individuals who are ALREADY paying the most and will invest the savings in their businesses or other businesses.

2) Remove permanently onerous regulations- including those involving administrative/reporting, micromanaged inspections and ANY politically-correct diversity laws which are not in line with true, testable merit.

3) Close down the EPA.

Check regularly and increase these measures as indicated.

[ripley]

the psychotics are in charge of the asylum.

IMHO

[listenhillary]

Tax collections have taken off since 2003 to 2007. 2008 will see a massive drop in personal and corporate tax collections due to the amount of tax write offs from business and investment losses.

Drop in incoming taxes collected and a 10 to 20% increase in spending? Someone has to be willing to buy our debt obligations, yes?

http://conservative247.org/government/745/a-close-look-at-the-federal-tax-burden-of-corporations-and-individuals.html

[Son House]

don't need that big of a workforce to accomplish them.


and all the ladies in housekeeping thought voting for Øbama would bring them more opportunities
Low Tax Rates Grow the Economy, Stupid

[Capt. Tom]

With the bailout of over $700 billion, plus tens of billions possible for the car companies, plus this new $700 billion stimulus plan, plus the $150 billion Obama wants to spend on green energy, etc., where is this money coming from?

From the same sources we have been getting it from for many years-borrowing money from China, Russia, Saudi Arabia and other countries; plus using or printing presses.

If we can't borrow we will print it.- Tom