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Nearing a trillion dollars, and a lot of
pork. Rejected by almost all Republicans.
In a major victory for President Barack Obama, Democrats muscled a huge, $787 billion stimulus bill through Congress late Friday night in hopes of combating the worst economic crisis since the Great Depression. Republican opposition was nearly unanimous.
After lobbying energetically for the bill, Obama is expected to sign it within a few days, less than a month after taking office.
The legislation, among the costliest ever considered in Congress, provides billions of dollars to aid victims of the recession through unemployment benefits, food stamps, medical care, job retraining and more. Tens of billions are ticketed for the states to offset cuts they might otherwise have to make in aid to schools and local governments, and there is more than $48 billion for transportation projects such as road and bridge construction, mass transit and high-speed rail.
In a bow to political reality, lawmakers included $70 billion to shelter upper middle-class and wealthier taxpayers from an income tax increase that would otherwise hit them, a provision that the nonpartisan Congressional Budget Office said would do relatively little to create jobs.
In the House, all 246 votes in favor were cast by Democrats. Seven Democrats joined 176 Republicans in opposition.
This must be a record. Less than a month in office and already we’re instantly $787 Billion behind. Will this help any of you? Maybe you qualify for some of that $70 Billion for wealthy taxpayers.
I’m neither a Dem nor a Repub, but this bill has so much grease in it, I’m wondering why hands don’t get dirty just picking it up. $786 Billion, now that’s in the realm of real money.
Any takers on how much this will improve the economy? I’m in for “negligible.”
correction writing not righting.
it was a late night last night 😉
Fun link:
http://worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
Says true federal debt is $65.9 TRILLION.
I’m not sure why anyone would lend a cent the the USA.
“Will this help any of you?”
Yes, I think it will help us. We’ve been living on unemployment and savings for months, with few prospects. My wife has two college degrees and over a decade of experience in her field, but can only get temp work, and that only rarely. If unemployment benefits are extended again, that will really help us out, especially if our COBRA premiums really do go up 60% as the company has said they soon will. And if some money is freed up for some road work around here, along with some similar projects, well that much the better!
I beg to differ that AMT doesn’t do any good in a stimulus. Call it trickle down or whatever, but people need to have money to spend money. Bumping someone from upper middle class to middle middle class means they won’t be spending money on frivolous things that keep people employed. Its the lower middle and poor that buy the crap made in China which does little for the US economy.
Actually “the taxpayer” is corporations, not the public. When you compare what corporations pay in taxes and what the rich pay in taxes, you pay about a penny, and they pay about a dollar. Of course, the corporations will just add these costs to the price of goods and services, and the rich will play their stock options at the Wall Street Casino, so, in the end, you do get fucked no matter what happens.
Yes, they should’ve signed onto a bill that almost nobody’s had a chance to read line by line. *eyes roll* Reps already feel burned by the stimulus package last year that Bernanke and Paulson pushed Congress to pass for fear of the world falling…and boy did that ‘help’.
I continue to look for the billions added to the National Science Foundation and NASA, but I can only find pennies. Oh, just great. Where do you think a lot of that “high tech” that creates wealth comes from? Dell? HP? Apple? Har!
Why would democrats sign a bill that nobody had time to read? There could be most anything tucked away in there and probably is.
The power mad democrats shot themselves in the foot with this one especially after the reality of it all starts to take hold.
After this, there may not be another election, only irate villagers with torches and pitchforks storming Washington and putting an end to this the only way it possibly can end.
@ BubbaRay
$786 Billion …
$3,000 for every man, woman and child in the USA.
Personally, despite the fact my logic can’t grasp how this stimulus package is going to do that, I’ll give it the benefit of the doubt for 3 reasons:
#1. Just because it hasn’t been tried before doesn’t mean it can’t work. There is some merit and a lot of evidence that government spending can end a recession. I have difficulty imagining any more tax cuts or rebate checks have a fast effect.
#2. There could be some rhyme or reason that isn’t clear to me that is well understood by, say, those that drafted the bill. Some people think they MUST understand everything otherwise they are opposed to it; I don’t want to understand everything.
#3. Even in a worst case scenario, in a few years the reality of the social security system reaching fruition is going to hit and that will be far more interesting than anything going on now. And $1 trillion more in debt won’t change anything.
Will this help me? Not directly. More than likely though, it will help because our community is suffering very bad. Most very local industry has been hit hard, with a lot of layoffs. The ripple effect is quite telling on the community. The extended local industry around here is devastated.
When it becomes a case of the kids sports teams can’t find sponsors and too many kids have to take a bow because paying the mortgage is more important than getting new shoes.
When the library has to cut hours because they can’t pay the staff. When Meals on Wheels has a lot of volunteers but no donations. When the schools have to find somewhere to cut even more from the budget. And when so many homes have flooded the market that prices are reaching rock bottom. Yes, I guess this recession is impacting us.
How much will the Bill help our area? When I look at the faces that won’t be able to pay their mortgage without help or feed their families, I say it probably isn’t enough.
Maybe there could be more for science. Maybe there could be more for developing New Mexico resorts. But neither those projects or anything similar will put my neighbors back to work.
I cannot believe they voted on such a expensive bill and do not even know what’s in it. Democrat’s its going to come back and bite you. The Republicans are setting you up for a fall with this one. My real question is on these shovel ready projects is if their is any clause in this bill that requires states to spend the money on these projects? Because most of these states are strapped for cash so what is their to stop them from putting it in the general fund?
Referring to AMT “…a provision that the nonpartisan Congressional Budget Office said would do relatively little to create jobs.”
Of course they point out AMT. Routine reporting fodder. What of the many, many other programs/pork? How many are just pet projects that don’t create jobs.
Of course the politicos have been saying since January it will not only “create” jobs, but it will also “save” jobs. As if measuring how many jobs are created isn’t ambiguous enough.
The worst aspect were the sound bytes coming from Obama and the Dems. They will NOT repeat the past eight years that got us into this mess. Hello? How many of them were jumping up and down warning everyone eight years ago? Who was doing it 3 years ago when Pelosi and Reid took over? Did Obama warn us when he started his campaign? No. No one did. Some are even accused of being part of the problem. But they be assured they now know how to spend more than ever to save you.
Might as well spend it while it is worth something.
Excellent progress. $797B in give spending to put people back to work. It’s the ONLY thing to get the economy out of it’s freefall.
As usual, republicans just complain and have no ideas other than “let’s do nothing” and oh my all this ‘pork’. The logical response to that in this time of crisis is STFU and get out of the way.
So why all the gov spending “concern” now after eight years of letting Bush take the US into an economic abyss? Letting him blow $10B per month in an elective war? I know why – because you’re all politically motivated pussies. Treasonous and economic terrorists.
We now owe more money than there IS. Really! We borrowed money to fix the fact that we have acrisis caused by too much debt…..I need a beer.
The US is over, turn out the lights.
Worth mentioning that this money to create jobs only brings the total amount wasted over the last eight years to five trillion dollars. To bad no one bitched when the Bush’s were being shaken down.
One thing I can say about you John is that you’re fair. You have a disdain for anyone in the Oval Office. I’m sure that you personally have a fair better plan to rescue the country from recession. I check in here every morning in anticipation that you’ll reveal it to the masses.
God. I’m glad Obama isn’t following the Bush failed policy of deficit spending & tax cutting!
ROFL!
I guess, according to Obama, the Bush policy was correct.
#27, Freddy,
Pay off everyone’s mortgage (the bill is actually big enough [sic]to do that, and more). Or rescind taxes for a year (it’s big enough to do that).
What will paying off people’s mortgages do? Those who signed huge, mortgages on houses they couldn’t afford will get their’s paid for the same as someone owing their last year on a modest home. Nor will this put anyone back to work.
Rescinding taxes will do very little to help. That is the standard Republican cry and as has been often demonstrated, does not work.
What is needed is to stop the unrestricted imports from nations that don’t have any civil rights, poison their food they ship us, intentionally lie and forge forms, and don’t care how shoddy or dangerous their products are.
I am not talking about stopping imports from places that do play fair. Let’s raise others to our level instead of dropping to their level.
# 29 Mr. Fusion said, “What is needed is to stop the unrestricted imports from nations that don’t have any civil rights, poison their food they ship us, intentionally lie and forge forms, and don’t care how shoddy or dangerous their products are. ”
Now, THAT would help our economy and produce jobs in manufacturing.
The first “Bailout” had no conditions on the banks that received the money. Instead of loaning it out, as they were supposed to do, the greedy banks, undirected and unable to do the right thing, kept the money, spent it on themselves, and speculated that when other banks go under, they will use the money to buy them. Did we really need to pay Bank of America to buy Merrill Lynch? Now, Pelosi and Company have funded EVERY ONE of their pet liberal projects, for what fucking reason? Even that softhead Jon Stewart asked why the Feds couldn’t just give every American $7800. Wouldn’t THAT get the economy going? Yes, but the government asses know better. They always do. Bastards.
#29 Mr Fusion
>>Rescinding taxes will do very little to help. That is the standard Republican cry and as has been often demonstrated, does not work.
That’s a flat out lie and you know it. As you are so fond – provide links proving that lowering taxes does not work.
Never could figure out why money spent in America for Americans was called “Pork” but money spent overseas was called “necessary”
The problem in big government is SPENDING.
We need to cut spending, or next best altermnative grow the economy so that gov. spending is a smaller portion of the economy
Neither W or O knows what is best for me or you.
Many have accused the Dems for Gov promotion of programs that encouraged people who could not afford homes to get loans that they now cannot repay.
Many blame Rep for deregulation, excessive profits of CEOs etc.
Ultimately its our fault for trusting govenment regulation, and the culture of govenment oversight.
Things would have not been the roaring 90’s -00’s had we been skeptical of the dot com era etc. It was the people putting faith in government oversight that caused this mess.
We need FREE market opurtunity. If a bank wants to red line as a matter of good business practice Ie not put money in neighborhoods where the return is riskier — they should be able to do so without Barneuy Frank and company crying racism.
To blame capitalism when capitalism has been no free market is foolish.
When money goes to places where it logically shouldn’t — you can bet either criminal intent or govenment programs are behind.
How does anyone spend their way out of debt? By spending counterfit money — or in the case of government printing more and stealing the value of peoples savings though inflation.
There was a mountain of spending in that bill that wasn’t for short term economic benefits. It may or may not have been money well spent but it was for other things.
If you want to stimulate the economy just cut taxes. That has been proven to work in locations like Ireland. Reshape your tax laws so that companies in the U.S. aren’t at a tax disadvantage against companies making items we import.
My last points are something I still worry about. Who is going to get stuck paying for all this and when?
How much of the tax base is going to pay interest on the loans or is this just printing press funny money?
Enough of this bleep and the dollar won’t be worth the paper it’s printed on and then we really are bleep!
Many of the people who came up with this plan and pushed it through are the same people recorded on film preventing actions that could have avoided the Fanny May and Freddie Mac failures; Barney Frank and friends or took a mountain of money from them like Obama.
For some reason that does not inspire me to feel confident that they are making good choices now. YMMV.
#35–dudswill==the wisdom of lower taxes has been proven sufficiently.
“My last points are something I still worry about. Who is going to get stuck paying for all this and when? /// Years of deficit spending result in ONLY ONE THING: massive inflation with currency devaluation. I give it about 5 years max before we can all wisely say “We should have lowered taxes even farther and spent more.”
Thats the ticket.
The medical records act section of Porkulus isn’t receiving anywhere near the coverage it deserves.
Dallas = “everythings fine on the Titanic, captain Obama knows what he’s doing”
Once someone reads this bill, it will be incredible cannon fodder for the repubs next cycle, as it will have helped nobody by then and our children will have to pay for this boondoggle.