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81 Comments
- ascentient, on 01/26/2009, -10/+37Economics 101: Don't spend money you don't have. This is just another bailout that takes money from our children's pockets to put it in the hands of those who don't deserve it.
- robertj15, on 01/26/2009, -5/+23Spending...that sounds familiar.
- GoKings, on 01/26/2009, -5/+20Gee another stimulus package... Because the other ones worked so well.
- oboshoe, on 01/26/2009, -2/+17Continuously borrowing heaps and heaps more money will eventually collapse this nation.
Obama might very well get away with spending and might fix the economy. For awhile.
Eventually, the piper will come calling and these massive debts will destroy our nation.
Look to Zimbabwe if you want to know the eventual end. The question is when. - appleofdischord, on 01/26/2009, -0/+10Except that real economic value is based on production, not on capital. If you hand out $800 billion, you devalue the currency without adding anything to the production output of the country.
If you print $800 billion and use it to buy labor, you have increased the productivity of the country. Currency has been devalued and *individual* wealth may decrease, but the economy of the country as a whole grows. - JinnRikki, on 01/26/2009, -2/+13Where have you been for 8 years? Deficit spending was so in vogue it should now be passé.
- vtbarrera, on 02/03/2009, -5/+15It still seems like Obama will be seeing heavy opposition from both sides of the hill for the upcoming economic stimulus package. And if there isn't going to be much bipartisan support, Obama will have to choose his battles wisely and spread his political capital where he needs to use it the most.
- michelsonmorley, on 01/26/2009, -2/+12From a meeting a few weeks ago, Congress doesn't know what happened to most of the first bail out money. Apparently you can't track most of it. Not that it matters that $125 billion was going to be invested in banks that already spent $108 billion in employee bonuses in 2008. Or that $20b is being given to Citigroup who bought a $10b construction firm last month, even though they were supposedly failing.
It seems like other companies have followed suit, being richly rewarded by first bailout.
No wonder he wants another. - tharju, on 01/26/2009, -3/+12besides from spending..do we we have any other options to rebound this economy again? I am not an economist or specialist but if we keep going with this rate some of us will be unemployed in the very near future. just like to know any other options are available.
- WhiteHatTrick, on 01/26/2009, -1/+8It's the largest theft in the history of the universe. 98% of the people oppose it. Yet they just slowly give it away to their friends, right in front of our eyes, leaving us to pay the interest on it as well, while also hyper inflating the dollar. We are now basically in an economic black hole and it's not even possible to pay the interest let alone principle and keep it from growing. Welcome to your future of enslavement.
- vuke69, on 01/26/2009, -7/+14That's not the governments job.
- ascentient, on 01/26/2009, -8/+15Sure: A return to sound money, balanced budgets and small government that doesn't intervene in capital markets. Keynesian spending does not work, will not work and is based on flawed economic theory.
There is going to be economic pain regardless of what action is taken, but the best action the government can take is none at all. - rz8472, on 01/26/2009, -0/+5Economics 101: Without spending they didn't originally have, many of the major corporations we see today would not have had the venture capital to even get off the ground. It's how you spend the money that really matters.
- jjamminjon, on 01/26/2009, -1/+7Starting to look as if being down the middle just makes your own party hate you alongside the established opposition.
- inactive, on 01/26/2009, -3/+9Obama wants to spend $800 billion dollars to create 400 million jobs.
That's is $200,000 per job!
Isn't that a bit pricey?
How about writing 400 million checks for $100,000? That would cost half as much. And that money would get spent!
That plan is insanely expensive. I would think giving tax breaks to everyone including businesses would go a lot farther. And businesses would need to have jobs here in the U.S., not farmed out to India. - aceg1357, on 01/26/2009, -5/+11And with the MSM on his side, any and all who oppose him will be instantly vilified. Opposing big pork spending will no longer be a good thing, it will be obstructionist. Defecit spending will suddenly be in vogue.
- kirstpo, on 01/26/2009, -0/+5I've been quite happy to see President Obama at work over the past week however short of a time it's been. Perhaps it may be because of the stark contrast from Bush's presidency. Anyway, this economic stimulus plan is one of the reasons I didn't really want to vote for Obama. It may be a difference of opinion, but the economic culture, policies, and ideas that we've been living with for the few decades are killing us and future generations.
For one, I'm strongly against the consumerism culture for economic reasons and environmental ones. They measure our wealth by how much we buy, be it with money we own or money we borrow. Bail outs and government subsidies kill competition and efficiency of the market as well as increase inflation. And so on and so on, but I'm not an economist. Those are just my thoughts, but I don't readily believe any expert or prominent economists. They understand interest rates, the rise and fall cycle of the economy, production, etc. I just think a lot of the times what these expert economists think only makes the rich richer, and the middle class and the poor poorer and they have no regard to the global consequences of the economy on the people, the earth and only have interest in lining their own pockets. - 5urr3al5am, on 01/26/2009, -3/+9they cut taxes to big business and to the little guy.. ie across the board ... the very instant a big company has the resources to expand (create jobs) and try to get the upper hand over their competitors they will
- deadbaby, on 01/26/2009, -0/+6There could be zero bi-partisan support and it would still pass. The Democrats have good majorities in both the Senate and House. Very likely a number of moderate Republicans will join because of the tax cuts. They may grumble about the spending but the Republicans have shown in the previous 8 years they are willing to spend the tax payers money.
- anathema6, on 01/26/2009, -2/+8Ugh... So ridicules, the amount of money being spent on this crap is just amazing. So if this passes that brings the total cost of this mess to about 9.5 trillion, more than all the U.S. wars combined. It almost seems like they are intentionally trying to collapse the dollar. Or maybe it's true, "the road to hell is paved with good intentions".
- inactive, on 01/26/2009, -4/+10You're an idiot.
- Dewhead, on 01/26/2009, -5/+10Yes. Lowering corporate taxes, small business taxes, and income taxes will stimulate the economy. Corporations will be able to use the money for business expansion or buying supplies or paying debt or adding jobs. The government hates reducing taxes because they want to control our money and spend on what they want to spend it on which is usually a payout for campaign support.
This bill is just pork and pay off to all that helped get the dems re-elected. There isn't any way that building a bridge (which infrastructure repair is only 3% of the bill) will create job growth. It will create a temporary job and then what?
The money must stay in the private sector for our economy to grow. Government is only an expense and it stifles growth.
Read what is in this bill and it will make you sick.
http://readthestimulus.org/ - novenator, on 01/26/2009, -0/+5Is this economic stimulus package massive? Yes
Is the economic hole our country is massive? Yes
Its almost like everyone forgets how deep of a hole America is in. This 'deep recession' (read, depression) is the worst economic crisis facing us since the Great Depression. The old ways have failed, unemployment and underemployment is staggering, the deficit is enormous, our debt has doubled in 8 years, 3 MILLION people were forclosed on last year alone, etc, etc etc.
Great challenges require bold measures. Public works programs that rebuild our crumbling infrastructure and build green energy projects will get money into the hands of everyday Americans. This is something we NEED. - 5urr3al5am, on 01/26/2009, -0/+5well said.. that is soo true..
- anthropodeus, on 01/26/2009, -0/+4did u mean FSM?
- PeppermintPig, on 01/26/2009, -2/+7Exactly. There is public opposition to the bailouts, but it seems the vast majority in Congress and the Senate are willing to go along with this madness.
- oboshoe, on 01/26/2009, -4/+8The net effect of printing and spending $800 billion is the same whether you create make work jobs, or whether you hand out 400 million checks @ $100k
The net effect is devaluation of the dollar. Everything becomes more expensive. The poor stay poor and rich become poorer. Nobody wins.
Change has arrived. - WhiteHatTrick, on 01/26/2009, -0/+4Revolution has to be the last resort, and naturally, will be. That would only push their agenda through faster and we cant technologically do it, really. And not enough people are living in the non television world. They'd just single out, kill and imprison the only real resistance and seal the deal.
- banthis, on 01/26/2009, -1/+5*Obama gives you the STFU face*
- oboshoe, on 01/26/2009, -0/+4none of those are exactly small numbers.
- anthropodeus, on 01/26/2009, -1/+5i dugg you, but could u cite those numbers please?
- inactive, on 01/27/2009, -0/+3@ Pig
I stocked up on the most valuable items that I could find last week: 40% off Burpee (2nd rate brand) seeds at Ocean State Job Lot! I am thinking about going vegetarian (but certainly NOT vegan!) from late spring until the fall!
@ Mr. Elvis Case
I don't see the Fed going anywhere, and I think that if we haven't hit the bottom of this recession yet that we are certainly close to it. One indicator to go by is housing sales, and they are up! - LonesomeFighter, on 01/26/2009, -7/+11if you want to rebuild highways, power plants, rail systems, bridges and the such that would create tons of jobs and build what is desperately already needed, then yes, it is the governments job.
- WhiteHatTrick, on 01/26/2009, -2/+6What reason do you have to believe Obama will have any opposition?
- ModernChem, on 01/26/2009, -2/+65urr3al5am, exactly. That way the government doesn't accumulate a massive debt. I wanted to vote for a real conservative, but that hasn't been an option for many years.
- Izz1011, on 01/26/2009, -1/+5What is with this growing epidemic on digg of people who can't read?
- Paranor01, on 01/26/2009, -2/+6@surr3al5am: old way of thinking, sorry. with wall street and world markets practically all in the same boat, we can't keep that old faith anymore, especially with all the corruption.
- Synergy87, on 01/26/2009, -0/+3Still butthurt?
- randumbusername, on 01/26/2009, -0/+3the economy isn't as bad as some would make it out to be.
- kinerry, on 01/26/2009, -1/+4try 2000
- inactive, on 01/26/2009, -1/+4It's says your reading comprehension equals that of a dessert tortoise.
- novenator, on 01/26/2009, -1/+4investment is more effective than tax cuts to get everyday people working again and bringing in a paycheck. We already tried 'trickle down'. It failed.
- ohplease, on 01/26/2009, -2/+5
You never took Economics 101, did you?
Spending during times of recession can artifically keep the economy moving, and when you get into an economic surge you take the surplus to pay back the debt, evening out the peaks and valleys of economic output and keeping things like employment levels relatively stable.
This isn't Economics 101, you learn this ***** in high school. - rz8472, on 01/26/2009, -0/+3Where have you been? Lack of 'interference' - or regulation as some other people might like to call it - was what caused the financial collapse in the first place.
And you conservatives like to claim that it was WWII - not the New Deal - which got the United States back on track economically. However, what you fail to realize is that WWII was a far more massive deficit spending program than the New Deal, and that the reason why the New Deal was not entirely successful was because Roosevelt relented to the conservatives in 1936-37 and cut back on many of the programs. During WWII however, the nation was at war and obviously the president has a lot more political capital to get what he wants.
What is needed right now is momentum to get the economy started again - namely jobs and spending power. We can begin to pay down the debt when the markets have stabilized again. - anathema6, on 01/26/2009, -0/+3The only way to end the Plutocracy is a Revolution unfortunately. We can't vote ourselves out of this anymore.
- inactive, on 01/26/2009, -0/+3I always hated math
- appleofdischord, on 01/26/2009, -0/+3800,000,000,000
400,000,000
Yeah. 2000.
That's insanely cheap. How does that work? - Benno, on 01/26/2009, -1/+4http://farm1.static.flickr.com/60/161862642_a0997a ...
- WhiteHatTrick, on 01/26/2009, -1/+4Or because they logically and economically can't work.
- inactive, on 01/26/2009, -0/+3Don't feel bad, my spelling skills are similar to a dessert tortoise too.
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