Looks like the government (or at least part of it) is considering another stimulus package. Now, I was against both the stimulus bill that Pres. Bush passed last year, and the one the Pres. Obama passed earlier this year. As Wall Street is proving, there's really nothing stimulating about the bills that have been passed so far.
So, why another stimulus, and when will this happen? Former Clinton advisor David Gergen said to CNN's Anderson Cooper earlier this week, "I think the son of stimulus is on its way. It's going to be here sooner than we think. My bet is we're going to see a second stimulus much sooner than we thought." The folks over at Politico report that House Speaker Nancy Pelosi is receptive, even open, to the idea of a second stimulus.
If the Democrats in Congress and the White House really want to stimulate this economy, they need to do what the Republicans are finally suggesting: cut spending and then cut taxes. We're falling off a cliff toward an FDR-style government expansion here, and the only hope in sight is that the Republican Party can win enough seats in 2010 to be in a position to head off the vast majority of the first stimulus bill's spending, which won't take place until 2011 - 2012.
Here's hoping that happens, because we can't afford this kind of change.
About Me
- Ron Whitaker
- Editor of GameFront.com (formerly FileFront.com)
I'm an old-school gamer. By that, I mean I still own a working Atari 2600, and can remember when I got it. I have somewhat strong opinions, as anyone who knows me (or reads this) can attest.
I'm an avid player of Dungeons & Dragons, and other tabletop pen and paper roleplaying games.
1 comment:
The United States stimulus package will come to a total amount of some where around 800 Billion Dollars. There is a simple solution to how this money should be used. And ANY questions you may ask are simple to answer. And no matter what is done there is going to be a small group of people that will loose out, in one way or another. But this solution is the most sold and quickest. The Government has not gone this way. I have to believe in some back room they have talked about it. But it does not benefit all the “Money people” that it seems this payoff is for. This aside, let me explain. Our country is in finical peril because of one major problem. We are 800 Billion Dollars in Credit Debt. For a while we were not only living off our paycheck but the money we borrowed from the Credit Companies. The BANKS. Now we are maxed out. And the only thing we can spend our money on is paying back the over bloated credit debt. As you know no money to spend no economy. THE FIX. Pay off the national credit dept. Period. I am not proposing it be a free ride to the people that got into this mess. As we are all responsible in one way or another. What will it do? Well first the banks get 800 Billion dollars. Banking finance issues taken care of. And, the fear of having to nationalize the banking institution goes away. Every person that takes the deal, every individual will decide if it is for them or not, will have there credit debt wiped out. At this point for it to work, they can not get a credit card for at least 7 year. They can’t, and if some bank gives them one they (the banks) are in violation and they basically gave money away. It would be basically be illegal and unethical. Only credit card you could get within those 7 years would be a secured credit card. (a form of savings, further helping the banking instution) This prevents the bailed out individual from moving their freed up money back into credit debt. Hopefully this will also give the country 7 years to figure out how to prevent people and this country from getting back into this situation. This immediate clearing of debt will immediately cause an up swing to the economy. Let’s say on the average that you now have freed up $1,000 a month that was going to the credit company (the BANK). Now, you might be able to afford a car that you and I have been holding back on buying for a while. Now you can buy one. Just bailed out the auto industry. Car sales will go through the roof. You might take your family out to dinner more often now that you have the free up cash. Or do some shopping that you could not before. These are for the most part cash transactions. Business will now start to boom. Money is freed up. This is an exponential process. And more business means more jobs. Another fix. I will answer one question but understand all have an answer. What about the people that don’t use there credit card.
Have money in the bank and live a simple life. First, I said some people will loose out. But having nothing to loose because you have stayed so secure is better then loosing your home or job. And speaking of your home, the mortgage you could not afford and possible foreclosure on the horizon. That extra money could hold you together. Keep you out of foreclosure or bankruptcy. And not being able to get a credit card means you either have to inject the cash back into the economy in the form of product purchasing or now you have money freed up to save. Another feather in the banking cap. Every state has their hand out for this money. They need to stop it. Taxes are already in place for road work and such. If the people in every state now have a substantial amount of cash available to them. Hey guess what, taxes will go up. They always do. Now they can afford to pay them. Hopefully in 7 years the banks, the government, and the people, united. Remember, united we stand divided we fall. United we will devise a plan to safeguard us from, being corrupted by easy money. By the banking institution that basically took advantage of us.
ONE more thing. Not everyone in Debt is going to take this deal. Some people are living within their means. Business needs their credit card to operate. It will probably free up 200 Billion Dollars of the 800 billion. Inject that right into education. Create a secure INTRANET so our children do not have to worry about predators. And since the schools use the internet so much for a teaching too. It will keep the children away from improper web sites. This will allow the money to go directly to our most precious resource. Our children and our future. Another spin off, law enforcement can now re direct funds back into other needs since the children are now on a secure system.
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