Senate Democrats reached an agreement with two Republican moderates late Friday to pass the "stimulus" package.
A government plane has been dispatched to Florida to bring back Senator Ted Kennedy for the vote. It's that close.
The final details were negotiated during a late-afternoon meeting in the office of the Senate majority leader, Harry Reid of Nevada; other top Democrats; and two Republican senators, Susan Collins of Maine and Arlen Specter of Pennsylvania. After they came to terms, the senators brought in the White House chief of staff, Rahm Emanuel, for assurance that the deal was acceptable to the administration, and Emanuel signaled it was, according to NYT.
Of course, this package has zero to do with stimulating the economy. One lobbyist told me, just an hour ago, "From a professional perspective,I'm glad the bill will pass because I have plenty of goodies packed in it. As an American citizen, I'm appalled."
Bottom line, it's about pork. It is taking money from some citizens and redistributing it, and it is forcing the Fed's hand which will buy up the debt issued because of this package, a move that is ultimately very inflationary.
The money is not going to be dumped into the ocean. Government spending creates economic growth.
ReplyDeletePlease consider the following areas of the bill;
REINVIGORATE INFRASTRUCTURE/STIMULATE LONG-TERM ECONOMIC GROWTH:
President Obama's economic recovery plan will also make critical investments in alternative energy, safer roads, better health care and our schools. These investments will have a direct impact on communities and both create jobs in the short term, and lay the foundation for long-term growth and prosperity.
TAX CUTS:
95% of working families will receive a $1,000 tax cut.
ACCOUNTABILITY:
The Plan includes unprecedented accountability. All of the information on investments will be posted on www.recovery.gov so people can make sure their money is spent quickly and effectively in real time. An Economic Recovery Accountability & Transparency Board
will report directly to Congress on these matters both regularly and with urgent reports for quick developments.
The basic 10-steps to recovery and reinvestment:
ReplyDelete"...create jobs in the short-term and spur economic growth and competitiveness in the long-term."
"...make strategic investments that will serve as a down payment on our long-term economic future."
"...provide vigorous oversight and strict accountability for achieving results."
"...restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down."
"...create three million new jobs, more than eighty percent of them in the private sector."
"...double renewable energy production and renovate public buildings to make them more energy efficient."
"...engage contractors across the nation to create jobs rebuilding our crumbling roads, bridges, and schools."
"...update and computerize our health care system to cut red tape, prevent medical mistakes, and help reduce health care costs by billions of dollars each year."
"...build 21st century classrooms, labs, and libraries."
"...provide direct tax relief to 95 percent of American workers."
I am really happy to see that they are finally going to get some help to the american people. I own a carpet cleaning company in Portland and times are tough right now.
ReplyDeleteIn my humble opinion, this bill, even if it passes, is problematic and undoubtedly will fail, but not for the reasons which many might think.
ReplyDeleteThis economic situation is a big deal. Historically in society, when something is a big deal and potentially threatens the very existence of a nation (whether economic or otherwise), the citizens of a nation rally around the flag and join forces to confront it.
That is not the case here. There is no mandate here and this patchwork effort will continually be subject to criticism, whether fair or not. If I were Congress, I would return to the drawing board and come up with “something” which at least 75% of our elected officials could support with some degree of enthusiasm.
We need that type of unusual leadership right now. We've seen for the past several years, in the case of Iraq, what happens when a country is significantly divided as to an approach taken to address a matter of national concern. There at least ought to be what amounts to a consensus. The symbolism is huge.
Death to the traitors!
ReplyDelete