Democrats' Proposals Add Up to Second Stimulus

Discussion in 'Current Events' started by WillowTree, Oct 9, 2009.

  1. WillowTree
    Online

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,166
    Thanks Received:
    10,168
    Trophy Points:
    2,030
    Ratings:
    +14,731
    WASHINGTON -- Confronted with big job losses and no sign the U.S. economy is ready to stand on its own, Democrats are working on a growing list of relief efforts, leaving for later how to pay for them, or whether even to bother.

    Proposals include extending and perhaps expanding a popular tax credit for first-time home buyers, and creating a new credit for companies that add jobs. Taken together, the proposals look a lot like another economic stimulus package, though congressional leaders don't want to call it that.

    Democratic leaders in Congress and the White House say they have no appetite for another big spending package that adds to the federal budget deficit, which hit a record $1.4 trillion for the budget year that ended last week.

    But with unemployment reaching nearly 10 percent, many lawmakers are feeling pressure to act. Some of the proposals come from the Republicans' playbook and focus on tax cuts, even though they, too, would swell the deficit.

    "We have to do something for the unemployed, politically and economically," said Rep. Charles Rangel, D-N.Y., chairman of the tax-writing Ways and Means Committee.

    The House already has voted to extend unemployment benefits an additional 13 weeks for laid off workers in the 27 states where the jobless rate is 8.5 percent or above. Senate Democrats reached a deal Thursday to extend the benefits an additional 14 weeks in every state. Both proposals are paid for by extending a federal unemployment tax.

    Also on the table: extending subsidies for laid-off workers to help them keep the health insurance their former employers provided, known as COBRA. The current program, which covers workers laid off through the end of the year, costs nearly $25 billion.

    Congressional leaders haven't settled on the length of an extension, or how to pay for it.

    Several bills would issue extra payments to the more than 50 million Social Security recipients, to make up for the lack of a cost-of-living increase next year. One bill would set the one-time payments at $250, matching the amount paid to Social Security recipients and railroad retirees as part of the stimulus package enacted in February.

    The payments would cost about $14 billion and would be paid for by applying the Social Security payroll tax to incomes between $250,000 and $359,000 in 2010. Currently, payroll taxes apply only to the first $106,800 of a worker's income.




    Democrats' Proposals Add Up to Second Stimulus - Political News - FOXNews.com
     
  2. WillowTree
    Online

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,166
    Thanks Received:
    10,168
    Trophy Points:
    2,030
    Ratings:
    +14,731
    they just need to close congress down; those fuckers need to go home. let us figure out how to get out of this mess on our own.


    The End.
     
  3. Old Rocks
    Online

    Old Rocks Diamond Member

    Joined:
    Oct 31, 2008
    Messages:
    46,488
    Thanks Received:
    5,416
    Trophy Points:
    1,840
    Location:
    Portland, Ore.
    Ratings:
    +10,324
    Hey, the people that you supported got us into this mess. So why on Earth would we listen to your advice on getting us out of this mess? Besides, now we have two Nobel prize winners working on getting us out of this mess. President Obama, and Krugman. And they have a third Nobel winner as an advisor, Gore.

    My, my, this is fun:lol:
     
  4. WillowTree
    Online

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,166
    Thanks Received:
    10,168
    Trophy Points:
    2,030
    Ratings:
    +14,731
    nobody is buying the bullshit you peddle. everybody knows that this mess started with community organizers demanding that banks lower their lending standards and make loans to people who could never hope to pay them back. so you can sit on your thumb and spin old rocks. and you ain't gonna stop til the whole house of cards comes tumbling down. your nobel prize winner don't know his ass from a hole in the ground just like carter and arafat. see what losers they were? in short your elected maniac just joined to losers club.
     
    Last edited: Oct 9, 2009
  5. Old Rocks
    Online

    Old Rocks Diamond Member

    Joined:
    Oct 31, 2008
    Messages:
    46,488
    Thanks Received:
    5,416
    Trophy Points:
    1,840
    Location:
    Portland, Ore.
    Ratings:
    +10,324
    September 24, 2008

    Dry Rot in Bush's Housing Plan
    by Adrian Ash












    "The reality of the situation is that an open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention..." - Hank Paulson, speaking at the China-US Strategic Dialogue in Shanghai, 3/7/2007

    IT'S REALLY NOT their fault. With the best will in the world, things just kind of...you know...went awry.

    "Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system," said President Bush last Friday, like he was talking about dry rot.

    Just where did the moisture seep in, wetting the timbers and spreading fungus to all the beams and struts?

    "The United States is fortunate in that our homeownership rate is at an all-time high," announced Dubya himself in June 2003, "and low interest rates continue to encourage millions of Americans to become first-time homeowners."

    But this record-high homeownership rate just wasn't high enough - and so that month marked not only the (first) final victory in the War of Terror. It also saw the Bush administration declare June 2003 to be National Home Ownership Month.

    George W.Bush has been a big fan of such proclamations through both terms, from National Safe Boating Week to World Freedom Day...National Poison Prevention Week and Great Outdoors Month to National Diabetes/Adoption/Hospice/Alzheimer's Awareness Month, all coinciding in November 2005.

    The month of June has in fact been National Home Ownership Month in the United States every year since 2002. You'll note that word, "national" - as in nationalism and nationalized. Capitalist America's march of progress since the Depression - back when the typical home-loan matured inside 10 years, on a loan-to-value ratio of 50%, and with a balloon payment due at the end - can be measured in the range, variety and free availability of its mortgage products.

    Meaning it's taken something of a step back recently. Perhaps the state really does need to help out.

    "By a significant margin," the Decider went on in June 2003, "minority families are less likely to own their own homes..." And so "the goal," as Bush had explained 12 months earlier to the Department of Housing & Urban Development (HUD), "is everybody who wants to own a home has got a shot at doing so."

    Hence the term "subprime" - meaning mortgages lent to people who, without the US state on hand to help them buy what the home-lenders would not otherwise fund, couldn't previously raise a loan. Maybe that was an issue of race, opportunity, education. Some 40 million Americans remain "unbanked" today on some estimates. Lacking the very simplest financial service - a place to receive their pay check - they also represent a key market for check cashers, pawn brokers, and local loan sharks. Bush made it a political point either way.

    Safe Haven | Dry Rot in Bush's Housing Plan

    Kind of looks like this is your boy's idea.
     
  6. WillowTree
    Online

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,166
    Thanks Received:
    10,168
    Trophy Points:
    2,030
    Ratings:
    +14,731
    Acorn
     
  7. Xenophon
    Offline

    Xenophon Gone and forgotten

    Joined:
    Nov 27, 2008
    Messages:
    16,705
    Thanks Received:
    3,750
    Trophy Points:
    48
    Location:
    In your head
    Ratings:
    +3,751
    A 'second' stimulous plan...what a shocker Rangel wants to do this.

    Hey Charlie, maybe if fuckheads like YOU paid your taxes we wouldn't be so far in the hole.
     

Share This Page