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#1
02-14-2009, 09:07 AM
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Obama's "major milestone" for US economy
US President Barack Obama said on Friday the Congressional passage of the $787 billion stimulus package is a 'major milestone' on the road to recovery of the recession-ridden American economy.
"Congress has passed my economic recovery plan: an ambitious plan at a time we badly need it," Obama said in his weekly radio address, hours after the Congress passed the much debated stimulus package and sent the bill to him to sign it into law. "It will save or create more than 3.5 million jobs over the next two years, ignite spending by business and consumers alike, and lay a new foundation for our lasting economic growth and prosperity," Obama said. "This is a major milestone on our road to recovery," he said and thanked US lawmakers for making this happen, even if he failed to get any major support from the opposition Republican members. Obama said, he will shortly sign this legislation into law, and will begin making immediate investments necessary to put people back to work doing the work America needs done. The US debt has doubled over the past eight years, and his administration has inherited a trillion dollar deficit, Obama said. "This morning, I'm pleased to say that after a lively debate full of healthy differences of opinion, we've delivered real and tangible progress for the American people," Obama said in his early morning radio address. Promising American people that he would unleash a new era of transparency and accountability along with the implementation of the $787 billion stimulus package, Obama said, "This historic step won't be the end of what we do to turn our economy around, but rather the beginning." "The problems that led us into this crisis are deep and widespread, and our response must be equal to the task." For the plan to succeed, he said, "We must stabilise, repair, and reform our banking system, and get credit flowing again to families and businesses. We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again." "We must stem the spread of foreclosures and do everything we can to help responsible homeowners stay in their homes," the US President said. Obama said in coming weeks he come out with a proposal for the federal budget which will begin to restore the discipline the challenging times demand. "Our long-term economic growth demands that we tame our burgeoning federal deficit, that we invest in the things we need, and dispense with the things we don't. This is a challenging agenda, but one we can and will achieve," Obama said. Sounds like quite an uphill task ahead, but Obama is pretty determined with this bold step. Let's hope for the world economy's sakes that he pulls this off.
__________________
"If you gaze for long into an abyss, the abyss gazes also into you." - Friedrich Nietzsche 
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#2
02-14-2009, 09:35 AM
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Quote:
__________________
"It is with considerable difficulty that I remember the original era of my being." Mary Shelley, FRANKENSTEIN "Within the framework of most horror tales we find a moral code so strong it would make a Puritan smile." Stephen King, DANSE MACABRE
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#3
02-14-2009, 09:56 AM
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Where the fuck does nearly $800 billion materialize from?
American tax payers are financing banks to lend money to american tax payers so that same tax payers can repay loans and interest back to the banks who then repay money to federal government?? Maybe Im missing something here
__________________
  Battle Royalty, 2009 @Wolf_Scousemac
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#4
02-14-2009, 01:16 PM
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Economics is an illusion. Everything's about popular consent and it's not like it doesn't end up in the same place anyway.
__________________
Horror and Bizarro novelist and editor
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#5
02-14-2009, 03:31 PM
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I support Obama more than most, but this package is overhyped. There are really only a couple things in it that will help out the average joe at all.
-We'll each receive an extra $13 per paycheck. -Big tax breaks for first time homebuyers and new car purcahses. -Increased income to people collecting welfare. Since we don't have the money to pay for an 800 billion dollar stimulus package, the money is essentially a loan from future generations so really, we're just digging ourselves deeper in debt. It's the equivelant of paying off one credit card by switching the balance to a different one. The debt is still there, in fact it's increasing, and at some point we'll have to pay it back or our currency will ultimately become worth less than the paper it's printed on. I'm not a fan of this plan (or any of the other ones they floated through congress before settling on the one we got.) If the government really wants to turn things around, there is a way and a select few people are talking about it, but Washington doesn't seem interested. It's an idea called "trickle UP economics". Instead of handing out a trillion dollars to bailout the banks that caused this economic collapse in the first place (by loaning money to people they knew couldn't afford to ever pay it back), that trillion dollars could have been dispensed to the American citizens to pay down their credit card and mortgage debts. (The banks end up with the money anyways, but the massive consumer debt of the American public would basically be wiped clean. At the moment, I believe there is roughly 900 billion dollars in credit card debt in the US. The first bailout package could have wiped that out. So could the amount of this economic stimulus package.) But no, we're going to keep bailing out the failing corporations and banks, somehow expecting them to fix the economy that they broke in the first place. I guarantee there would be no better way to stimulate the economy than to wipe out consumer debt and for the responsible folks that have kept their credit cards maintained, they could pay off large chunks of their mortgage. If they are in the miniscule amount of people that own their home free & clear and have no credit debt, they get a nice fat check for being one of the responsible ones. In the end, people who get a fat paycheck or see their debt wiped out to zero are a hell of a lot more likely to start spending again. Jon Stewart got on this bandwagon a couple weeks ago so it's finally getting some exposure, but I've heard it discussed in articles and such since the bank bailout became an issue a few months ago. In my opinion, it's the only thing that would have an immediate effect on the economy and almost instantly turn things around.
__________________
Click for bwind22's 1 Minute Movie Reviews!
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#6
02-14-2009, 03:36 PM
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I have to agree with sfear, what's going on behind the stimulous package vail?
__________________
"The physical body is acknowledged as dust, the personal drama as delusion. It is as if the world we perceive through our senses, that whole gorgeous and terrible pageant, were the breath-thin surface of a bubble, and everything else, inside and outside, is pure radiance. Both suffering and joy come then like a brief reflection, and death like a pin" Stephen Mitchell
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#7
02-14-2009, 06:09 PM
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what kills me is nobody complained when georgie porgey put us deep into debt for the pointless war in iraq - that was 'ok' - but now that obama wants to spend money on fixing roads (remember minneapolis and the bridge collapse??) and other projects to put people back to work and put money back into the economy suddenly the republicans have decided that the debt matters. mind boggling
__________________
Winner HDC Battle Royale I & HDC Battle Royale IV 
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#8
02-14-2009, 06:25 PM
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Oh yeah, the Minneapolis bridge collapse was totally a state issue, you can't blame Bush for how a state spends their Federal Highway Fund.
__________________
"The physical body is acknowledged as dust, the personal drama as delusion. It is as if the world we perceive through our senses, that whole gorgeous and terrible pageant, were the breath-thin surface of a bubble, and everything else, inside and outside, is pure radiance. Both suffering and joy come then like a brief reflection, and death like a pin" Stephen Mitchell Last edited by milktoaste; 02-14-2009 at 06:27 PM.
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#9
02-14-2009, 06:25 PM
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Obama sucks. Bush sucks. They both suck. The best president was Lincoln, back in the good ole days of politics. Kennedy was also good. The end.
__________________
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None of this is real
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#10
02-14-2009, 06:29 PM
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Quote:
__________________
"The physical body is acknowledged as dust, the personal drama as delusion. It is as if the world we perceive through our senses, that whole gorgeous and terrible pageant, were the breath-thin surface of a bubble, and everything else, inside and outside, is pure radiance. Both suffering and joy come then like a brief reflection, and death like a pin" Stephen Mitchell
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