House Majority Leader open to second stimulus bill

[Gunny]

From CNN Congressional Producer Deirdre Walsh

WASHINGTON (CNN) – House Majority Leader Steny Hoyer said Tuesday he would consider supporting a second economic stimulus bill, but said people need to give the package that passed in February more time to work.

The second-ranking Democrat in the House of Representatives said Republican complaints that the nearly $800 billion measure has failed to boost the U.S. economy are premature.

"Certainly, I don't think we can make a determination as to whether or not that's been successful — certainly as successful as we want it to be, certainly not as quickly as we want it to be," Hoyer, of Maryland, told reporters. But he added, "I think we need to be open to whether or not we need additional action."

CNN Political Ticker: All politics, all the time Blog Archive - House Majority Leader open to second stimulus bill « - Blogs from CNN.com

As predicted. The beginning squeaks of Round Two. Wonder what we'll pay this for and who we'll sell the notes out to this time?

 

[Midnight Marauder]

Who was it that defined insanity as repeating what doesn't work, expecting it to somehow work this time? I predicted this as well, way back when "stimulus" one was being debated:

http://eipnetworks.com/scamwow.mp3

 

[Sarah G]

One of the issues from the first round was that it wasn't going to be enough.

From February:

NEW YORK -- New York City Mayor Michael R. Bloomberg (I) has said the federal money from the economic stimulus plan could save 14,000 teacher jobs and 1,000 police officer positions he had planned to cut. The money could expand the subway system, avert hospital closures and create a new urban economy surrounding energy retrofitting, according to other officials.

Across the country, urban leaders and advocates say the stimulus plan that President Obama is to sign Tuesday will create jobs in cities and blunt the impact of the economic crash. But they hope the funding package only begins to hint at the ambitious urban policy agenda Obama has articulated.

"It's a down payment," said Trenton Mayor Douglas H. Palmer (D), the past president of the U.S. Conference of Mayors. "But we're certainly on the right track."

Big-City Leaders Call Stimulus a Fine Start - washingtonpost.com

Plus we have healthcare..

 

[editec]

Good news!

Inflation is our friend, chums.

 

[Midnight Marauder]

Good news!

Inflation is our friend, chums.

I actually think that's the plan, to inflate our way out of this debt. Of course, the Chinese and other bondholders funding our massive debt won't stand for that. When they call in the markers, what are we going to do?

They're already significantly backing off any new investment.

 

[Terry]

From CNN Congressional Producer Deirdre Walsh

WASHINGTON (CNN) – House Majority Leader Steny Hoyer said Tuesday he would consider supporting a second economic stimulus bill, but said people need to give the package that passed in February more time to work.

The second-ranking Democrat in the House of Representatives said Republican complaints that the nearly $800 billion measure has failed to boost the U.S. economy are premature.

"Certainly, I don't think we can make a determination as to whether or not that's been successful — certainly as successful as we want it to be, certainly not as quickly as we want it to be," Hoyer, of Maryland, told reporters. But he added, "I think we need to be open to whether or not we need additional action."

CNN Political Ticker: All politics, all the time Blog Archive - House Majority Leader open to second stimulus bill « - Blogs from CNN.com

As predicted. The beginning squeaks of Round Two. Wonder what we'll pay this for and who we'll sell the notes out to this time?

My guess is Acorn has a few new subsidiary's and now needs money.

 

[Midnight Marauder]

From CNN Congressional Producer Deirdre Walsh

WASHINGTON (CNN) – House Majority Leader Steny Hoyer said Tuesday he would consider supporting a second economic stimulus bill, but said people need to give the package that passed in February more time to work.

The second-ranking Democrat in the House of Representatives said Republican complaints that the nearly $800 billion measure has failed to boost the U.S. economy are premature.

"Certainly, I don't think we can make a determination as to whether or not that's been successful — certainly as successful as we want it to be, certainly not as quickly as we want it to be," Hoyer, of Maryland, told reporters. But he added, "I think we need to be open to whether or not we need additional action."

CNN Political Ticker: All politics, all the time Blog Archive - House Majority Leader open to second stimulus bill « - Blogs from CNN.com

As predicted. The beginning squeaks of Round Two. Wonder what we'll pay this for and who we'll sell the notes out to this time?

My guess is Acorn has a few new subsidiary's and now needs money.

I guess you saw that they changed their name and are busy playing little shell games with the money?

New name is, "Community Organizers International."

 

[Annie]

From CNN Congressional Producer Deirdre Walsh

WASHINGTON (CNN) – House Majority Leader Steny Hoyer said Tuesday he would consider supporting a second economic stimulus bill, but said people need to give the package that passed in February more time to work.

The second-ranking Democrat in the House of Representatives said Republican complaints that the nearly $800 billion measure has failed to boost the U.S. economy are premature.

"Certainly, I don't think we can make a determination as to whether or not that's been successful — certainly as successful as we want it to be, certainly not as quickly as we want it to be," Hoyer, of Maryland, told reporters. But he added, "I think we need to be open to whether or not we need additional action."

CNN Political Ticker: All politics, all the time Blog Archive - House Majority Leader open to second stimulus bill « - Blogs from CNN.com

As predicted. The beginning squeaks of Round Two. Wonder what we'll pay this for and who we'll sell the notes out to this time?

My guess is Acorn has a few new subsidiary's and now needs money.

Indeed:

Barney Frank: Let's spend TARP profits before taxpayers can get them | Washington Examiner

Barney Frank: Let's spend TARP profits before taxpayers can get them

By: Byron York
Chief Political Correspondent
07/01/09 9:19 PM EDT

When President Obama announced on June 9 that some financial institutions would be allowed to repay Troubled Asset Relief Program dollars, he said the massively expensive TARP bailout had made money for the federal government. "It is worth noting that in the first round of repayments from these [TARP recipients], the government has actually turned a profit," the president said. Indeed, TARP supporters have long held out the hope that the program might be profitable.

But now Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers. Last Friday, Frank introduced the "TARP for Main Street Act of 2009," a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats....

Frank, however, wants to spend the money before it can be used to pay down anything. First, the "TARP for Main Street" proposal would take $1 billion "from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act" and apply it to a trust fund that Frank has long wanted to create for low-income rental housing. (The measure, unfunded, was part of last year's bailout of Fannie Mae and Freddie Mac.) Next, Frank would take $1.5 billion from TARP dividends for a so-called "neighborhood stabilization" fund. Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN...

 

[Baruch Menachem]

It worked so well the last time. Lets do it again again and get the same results!


What actually might work better is a variation on the earned income credit. All persons who qualify (Iie, working poor) would get a $.50 per hour bonus check for six months.

Or maybe a three tier social security tax. Low income people don't live as long, so they aren't going to collect much anyway. You might as well give them a discount of 20%. Both employer and employee side. Anyone who gets less than 125% of minimum wage pays in a lower social security. Since this group A) has a consumption function of almost 100, and B) badly needs the money and C) will spend the money on useful goods, this will probably be the most stimulative thing we can do.

Of course, this has to be short term, and as this is a direct stimulus, we might as well continue the fiction that money should be paid into the social security system, the government should transfer funds into the trust fund as the program runs.

The neat thing is, it will directly increase income for those who need it, and reduce employment costs.
Just like the wonderful delightful great and marvelous tax cut that 0bama delivered to us after the election, the amount won't be a lot (about 56 cents an hour for someone working minimum wage) so using the same logic, it will have more directly stimulative
effect. And it would also be a 56 cent an hour subsidy for employers. They might hire more workers that way.