Stimulus Plan; Net Job Loss. None-Stimulus Bill is Bad for America; Pork and Earmarks
April 222010
Rep. Dave Camp is right, this pork filled government-growing so called Stimulus Bill will not work, and in fact may do harm in the long run. Will someone please explain to me America’s road map to long term prosperity, because I don’t see it? And then after you’ve done that, you can explain to me how this spending bill will lead us in that direction.
Can you say pork? Can you say big government? Can you say deficit? Can you say irresponsible, inept representatives? If you can say these things, and understand there implications on the long term financial health of our country, then you know that we need to get our act together, and that does’nt include adding another trillion dollars of debt to our tab.
jbranstetter04
Debt and Deficit
The House and Senate may soon be asked to vote on economic stimulus legislation with a price tag near or exceeding $1 trillion over two years. It may even sooner vote on a resolution to release the second half of TARP funding, or $350 billion. Revenues will be down this year and next by percentages that few active Members of Congress have ever seen, and this Congress will find itself creating more debt more rapidly than any Congress in U.S. history just to meet current expenses.
However, the U.S. government is not alone in borrowing to stimulate its economy and to pay for current services. Every major economy, including the Asian giants, is in recession. Every government is borrowing or creating money and credit at historic levels. Furthermore, over the next three decades the need to find lenders to pay for promised income and health programs for retirees will only increase, particularly among those countries that experienced unusually rapid population growth following World War II.
Indeed, last spring one of the world’s leading credit rating agencies suggested that continued failure to reform entitlement programs would lead to such excessive spending and debt that U.S. bonds could well be downgraded to junk status.
While many Members are working to avoid this financial calamity, few have addressed the economic harm that massive borrowing will produce.
The Numbers of Debt and Deficit
Where is our nation in terms of the annual surplus or deficit and the total amount of U.S. debt?
First, the annual surplus or deficit:
•In FY 2000, the federal government had a surplus of $189 billion (as measured in the National Income and Product Accounts).
•In FY 2008, that deficit stood at $541 billion.
•Given the slow economy, the deficit will likely grow to $941 billion (including the second installment of TARP funds).
•If Congress passes an $800 billion, two-year stimulus bill, that deficit in FY 2009 could stand at $1.31 trillion and for FY 2010 could be $1.27 trillion.
•As a percent of GDP, the FY 2009 deficit could be 9.2 percent of GDP, and the FY 2010 could be 8.7 percent of GDP.
Second, the total amount of federal government debt:
•In 2000, total federal government debt stood at $5.7 trillion, or 58 percent of GDP.
•By 2008, that debt had grown to $10 trillion, or 70 percent of GDP.
•If Congress borrows the funds for its economic stimulus plan, total debt could grow to $13 trillion in FY 2009, or 92 percent of GDP.
•By 2010, total debt could grow to $14 trillion, or 95 percent of GDP.
http://www.speroforum.com/a/17708/Economic-stimulus-drives-deficit-and-debt
Duration : 0:5:45
In a ruling sometimes characterized as protecting “corporate free speech,” the US Supreme Court held this month that “the Government may not suppress political speech on the basis of the speaker’s corporate identity” in the case of Citizens United vs the Federal Elections Commission and my support for the free speech rights involved found me in some strange company while this landmark legal decision caused some other people to change their minds or to consider changing their policies, as I show in this video.
Keith Olbermann calls out Sen. John Thune, Sen. John McCain, Minority Leader Mitch McConnell and other Republicans – whom he argues “owns” the insurance industry – as well as a few Democrats, too – specifically the “Blue Dogs” – in a “Special Comment”.
Marc Lamont Hill appears on The O’Reilly Factor to discuss President Obama’s speech on healthcare. Will his words be enough to appease his liberal base?
http://boldprogressives.org/home
http://www.infowars.com/
RASMUSSEN:
House Democrats are preparing for a vote on health care legislation, after the Congressional Budget Office reported the bill will cost $940 billion but would cut more than expected from the deficit. Jeffrey Brown talks to two health and policy experts about the cost of the legislation.
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[Source: Huffington Post]