Comments on: Bush Favoring Larger Stimulus Package

By: Christopher

Christopher — Thu, 24 Jan 2008 16:02:12 +0000

All true, Paul. Republicans and Dems together can't stop spending, and us voters can't stop electing them for doing so. But big cuts to Medicare during this war that Bush gets lambasted for so often? That's political suicide. And, like I said, the current deficit the last few years has nearly all been the war on terrorism. Without it, budget is balanced, due to tax cuts. Yes, we need more spending cuts, but a healthy economy spurred by tax cuts is the best way to raise money.

By: Wizbang Politics

Wizbang Politics — Thu, 24 Jan 2008 14:53:18 +0000

Bush, Lawmakers Nearing Economic Stimulus Accord...

The Federal Reserve reduced interest rates by 3/4 of a point between meetings. I think the US economy could be in for rough times soon. From AP- Jan. 24 (Bloomberg)......

By: Paul

Paul — Thu, 24 Jan 2008 06:14:10 +0000

Actually it seems to be the Republican strategy to talk and act always on taxes and never on the real issue, spending. Our current "tax cuts" are not cuts at all for young people, they are tax deferrals for the bills for our spending orgies that will eventually become inescapable, AFTER it is too late to collect them from the Lazy Boomers who are chiefly responsible for this mess. A tax cut funded by a spending cut is giving the people back their money. A tax cut funded by deficit spending is just more heroin for the american debt junkies, a government handout welfare check to lazy liberals AND lazy (so-called) conservatives. The "war" on terrorism is small fry compared to the Medicare disaster that is looming. Bush's unnecessary, unfunded tax cuts were irresponsible because we should be running big surpluses AND/OR making big cuts to Medicare. So what does Bush do? Cut taxes and push through a massive Medicare prescription bill that made the bad situation even much worse. I don't see how anyone can call the reckless TAX CUT and SPEND policies of recent years "conservative."

By: Christopher

Christopher — Wed, 23 Jan 2008 22:42:54 +0000

Who cares about the Chinese or the Japanese? So what that they have a lot of our debt. Winnie the Pooh could be the biggest debt holder and it wouldn't matter. The fact is we have so much of their money because we are the best safest largest economy in the world hands down.

Steve,
Raising taxes hurts the economy. Cutting taxes, like Bush has done, reinvigorated the economy and resulted in a flood of govt. revenues. Why is this such a hard lessor for you liberals and moderates to learn? And the current deficit the last few years has nearly all been the war on terrorism (which democrats voted for and continue to support, despite their rhetoric). Without it, budget is balanced.

Of course, if we just stopped the insane spending and entitlements, things would be just fine. Why can't you push for that, Steve? You always come back to taxes. TAX TAX TAX. I guess that shows what a liberal you are. Ultimately Americans will have to decide: higher taxes or less handouts to lazy libs. We all know what the bleeding hearts want.

By: Paul

Paul — Wed, 23 Jan 2008 22:40:20 +0000

I think the situation is that China owns about $1.4 in dollar-denominated assets, of which $300-400 billion is in US treasuries (the public portion of the national debt). But whatever the numbers it sounds like most here agree that the general theory of the stimulus plan is suspect.

By: Government stimulus: Will Cullen be able to save the day? « The visible hand in economics

Wed, 23 Jan 2008 21:16:25 +0000

[...] 2008 There has been a lot of discussion around the internet about whether and what type of fiscal stimulus is appropriate in the US. That is not the issue I am going to discuss here. This is a New Zealand [...]

By: Michael

Michael — Wed, 23 Jan 2008 20:43:19 +0000

If our current mess is largely because of people defaulting on their mortgages, how is giving them less than 1 month's mortgage payment going to improve anything? Or is the stimulus package going to become a monthly thing?

By: stimulus package | Hot Trends Right Now

stimulus package | Hot Trends Right Now — Wed, 23 Jan 2008 19:36:02 +0000

[...] package within a month, before Congress recesses in mid-February for Presidents Day. … Bush Favoring Larger Stimulus Package: Amidst fears of a recession and a jittery stock market Bush h... Domenici joins calls for credits in stimulus: a key GOP voice on energy matters, is joining the [...]

By: DC Loser

DC Loser — Wed, 23 Jan 2008 19:12:31 +0000

Paul - read James Fallows's article in the Jan 08 Atlantic. The current number exceeds $1.5 trillion as we speak.

By: Dave Schuler

Dave Schuler — Wed, 23 Jan 2008 18:27:08 +0000

As I pointed out in my post on the subject yesterday, the Chinese (meaning the Chinese leadership) are getting what they've paid for.

By: Paul

Paul — Wed, 23 Jan 2008 18:17:06 +0000

Wouldn't the Chinese be pissed when their $1.4 trillion holdings in US notes turn out to be worth the equivalent of a loaf of bread a few years down the road?

Not as pissed as the many Americans who would lose even more. By the way, I don't know the exact figures, but I believe that China owns "only" around $400 billion in US debt and that Japan is actually the largest foreign owner. Where is McCain on this? Straight talk or vote-for-me talk?

By: FireWolf

FireWolf — Wed, 23 Jan 2008 17:48:58 +0000

In the interests of my savings account I say "Show me the money!"

If they want to send me $1600 (I'm married) I can certainly use a boost in my savings. Otherwise, I will continue to pinch my pennies, look for the better deal, and buy only those things I need to get by comfortably.

....where did I put that Xbox 360?

By: DC Loser

DC Loser — Wed, 23 Jan 2008 17:00:23 +0000

Time to move my investments into hard assets. Hyperinflation is one way to wipe out our national debt. Wouldn't the Chinese be pissed when their $1.4 trillion holdings in US notes turn out to be worth the equivalent of a loaf of bread a few years down the road?

By: DC Loser

DC Loser — Wed, 23 Jan 2008 16:58:46 +0000

So now it's okay to drive inflation up to "stimulate the economy?" Wouldn't it have been better if they'd nip the problem in the bud when the real estate scam started and clamped down on the easy credit? It's not like nobody knew this was going to happen. I've been watching this train wreck develop for the last 3 years with the crazy real estate frenzy which was clearly unsustainable.

By: Paul

Paul — Wed, 23 Jan 2008 16:38:22 +0000

Aren't we in this mess because Americans aren't saving enough? And so we want to fix it by borrowing more and urge people to blow it all on a spending spree? In fifty years we will be wiping our asses with dollar bills because they will be worth less than toilet paper. God didn't make America the #1 economy in the world, the hard work of earlier generations did. Voters today seem to have no appreciation that it is possible to blow that.