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  • In Their Own Words: President Obama on the Stimulus

    Yesterday, President Barack Obama was interviewed by several cable and network news outlets on matters ranging from Tom Daschle to the Trillion Dollar Spending Bill. Below are some excerpts of what he said in those interviews, and why President Obama needs to visit readthestimulus.org as soon as possible, so he can learn why this Trillion Dollars would buy America nothing but debt.

    “Now, keep in mind that our intention has always been that, in addition to this recovery and reinvestment package, that we’re also going to have a housing bill, that we have also got to fix the banking system, that we’re going to have to make sure that, for example, issues like executive compensation for banks that are getting money through the TARP, that that’s dealt with. So we’re moving on parallel tracks on a whole host of issues.” — President Obama to Chris Wallace (Fox News, 2/3/09)

    • Most Americans have yet to be told that the Trillion Dollars currently being debated by Congress is just the tip of the iceberg. Current estimates on debated housing bailouts range from $300 billion to another $1 trillion. Add all of that to a possible $1 Trillion Omnibus Appropriations Bill that may be considered this month, and the FY’10 Budget, and we are already talking about $4 Trillion in Spending. Four Trillion Dollars.

    “And most of the criticisms that have been leveled and, you know, that are — that you’ve heard on your show about various pet projects that members of Congress might have put in there, when you tally all those up, amount to less than one percent of the entire package.” — President Obama to Chris Wallace (Fox News, 2/3/09)

    • Less than one percent of this bill is currently close to $9 billion, which in itself is staggering. NASA’s entire budget is $17 billion.  Less than 15% of this bill goes towards infrastructure. This bill doubles the size of the Department of Education. This bill doubles the size of the Department of Energy. The argument isn’t over which 1% is wasteful, but which 1% we should leave in the bill.

    “Not only does it stimulate the economy, but it gives families immediate relief.” — President Obama to Charlie Gibson (ABC News, 2/3/09)

    • The alternative plan, the American Option, is the only bill under consideration that will provide families with immediate relief. In fact, under the American Option, disposable personal income for an average family of four would rise by $1,300 in 2009 and quickly rise to more than $4,500 by 2013.

    “The AMT has been a problem. I think a lot of the public doesn’t know exactly what’s going on there, but because it wasn’t indexed inflation, you’ve got a tax that was originally targeted towards upper income Americans starting to hit middle class Americans. I want to protect the middle class, but I don’t want that to push out important investments and tax breaks for working families.” — President Obama to Charlie Gibson (ABC News, 2/3/09)

    • On this point, President Obama is heading in the right direction. If the AMT isn’t repealed, over 24 million middle-class Americans would be hit with a tax raise in the next year. The American Option calls for a permanent repeal which will immediately provide relief to working families.

    “The last point I’d make is that many of the critics, what they’re calling for are more tax cuts when, in fact, this is already $300 billion worth of tax cuts.” — President Obama to Chris Wallace (Fox News, 2/3/09)

    • A $240 million targeted tax cut for the largest Hollywood studios isn’t the type of tax cut that will help all Americans. The American Option calls for reducing business taxes from 35% to 25%; reducing individual rates to 10%, 15% and 25%; keeping tax rates on dividends and capital gains at 15% and permanently repealing the AMT. These tax cuts will create rapid growth in wages and business incomes, which in turn will significantly help struggling sectors of the economy, i.e. Smart Stimulus.

    “There’s no earmarks in it. We’ve made sure that there aren’t individual pork projects in there.” — President Obama to Charlie Gibson (ABC News, 2/3/09)

    • Here are just $11 billion worth of “pet projects” courtesy of the National Taxpayers Union: $20 million for the U.S. Fish and Wildlife Service to remove small and mid-sized fish barriers; $1 billion for the 2010 census; $600 million for the federal government to purchase energy efficient vehicles; $500 million for NASA climate change studies; $850 million to bail out Amtrak; $100 million for the Department of Defense to purchase hybrid vehicles; $2.25 billion for groups engaged in neighborhood stabilization programs, such as ACORN; $2 billion to re-start the defunded and inefficient FutureGen, a near-zero emissions coal power plant in Illinois; $246 million tax break for Hollywood movie producers to buy motion picture film; $650 million for the digital television (DTV) converter box coupon program; $248 million for furniture at the new Dept. of Homeland Security headquarters; $600 million to buy hybrid vehicles for federal employees; $400 million for the CDC to screen and prevent STD’s; $412 million for CDC buildings and property; $125 million for the Washington, D.C. sewer system; $150 million for Smithsonian museum facilities; $75 million for “smoking cessation activities”; $200 million for public computer centers at community colleges; $75 million for salaries of employees at the FBI; $25 million for tribal alcohol and substance abuse reduction; $88 million for renovating the headquarters of the Public Health Service; $500 million for building and repairing NIH facilities in Bethesda, MD; $160 million for “paid volunteers” at the Corporation for National and Community Service.
    Posted in Ongoing Priorities [slideshow_deploy]

    6 Responses to In Their Own Words: President Obama on the Stimulus

    1. Mark,Houston says:

      All this coming from a man who has NEVER held a real job in his life, yet we the people are to understand that he and he alone knows how we should best handle our financial affairs.

    2. Matt, Coloarado Spri says:

      It used to be that when one was elected to public office that person was working for the people who elected them. It is more apparent than ever that the democrats believe that "We the people" are to be working for they the government.

    3. bob says:

      all the dems have been bitching about the cost of the war that's kept us safe at home since 9/11 and their idiot leader Obama is going to spend a trillion dollars in one swoop of his pen. he is an incredible, incompetent, asshole…..

      Bush is a God compared to Barry….

    4. jacksmith says:

      I AM SO ANGRY!

      Tom Daschle, and Nancy Killefer are two of the finest, and most competent public servants you could possibly hope for in these appointments. They have been assassinated by the Washington healthcare lobby through their paid Bush Republican henchmen in congress. These Bush republicans are the same people blocking the economic recovery plan put forth by the Obama administration.

      I am BURNING MAD America. And you should be too. Tome Daschle and Nancy Killefer were exactly what we needed to help turn this country around and fix our economy, and catastrophic healthcare crisis.

      If I were their boss I would tell them to get right back to Washington. And dare congress to not approve them. How ridiculous is it to reject highly qualified people that this country needs just because they made a mistake on their taxes. Don't stand for that anymore America. They apologized, and paid their taxes, and that should be it. Their country needs them. But President Obama has to do what he thinks is best. I understand that. I'M JUST SO MAD at the anti American Bush Republicans.

      Like many of you I have been trying to enjoy the after glow of this Beautiful historic election. But I see that the republicans in congress and their cohorts aren't going to be good sports, and LOSER'S!

      SO BE IT!

      In spite of President Obama's repeated offers, and gestures of collegiality to Republicans. Bush Republicans have seized upon every opportunity to stab President Obama in the back. And by doing so they are stabbing you, and the rest of the American people in the back. Well, you don't have to put up with that. And you shouldn't put up with that. President Obama has only been on the job two weeks. And he inherited two wars, and the worst economy since the great depression.

      We had an election. And president Obama, and the democrats won BIG. And Bush Republicans lost miserably!

      The Bush Republicans are the ones responsible for the worst economic crisis since the great depression. And the Bush Republicans are responsible for the worst healthcare crisis in American history. A healthcare crisis that is killing hundreds of thousands of you every year. Rich, middle class, and poor a like. Insured, and uninsured. Men, women, children, and babies.

      President Obama, and the Democrats should take back all the concessions they granted the Bush Republicans, and tell them to put up! or shut up!

      Everyone, start calling and contacting these Bush Republicans and tell them to stop blocking President Obama, and the Democrats recovery plan. And stop trying to block, and corrupt healthcare reform. Tell them to get on board with President Obama and the Democrats, or GET OUT!!

      If these Bush Republicans refuse to cooperate I want all of you to immediately begin the process of removing them from office by every legal means possible. Including impeachment, and recall. I want you to bring the full weight and power of the movement down on their heads that swept President Obama, and the Democrats into control of the whitehouse, and congress. Take no prisoners. Use all the techniques you learned over this past historic election. Be flexible, creative, adaptable, and relentless like you were in the past.

      To my cyber warriors I call on you again. You are among the best and the brightest. I call on you to move this fight from the cyber world to the living rooms, dens, and work places of the voters these Bush Republicans misrepresent. I know I can count on you. This is a fight worth fighting.

      To my fellow World citizens. As an American I invite, and welcome you and your advise, input, and help. By delaying Americas recovery, and healthcare reform, these Bush Republicans are delaying our commitment to your recovery, and to being the better America for you that we aspire too.

      I had hoped it would not come to this after our historic election. I had hoped that the Bush Republicans would respect the overpowering will of the people, and the World. But I guess not. All the Bush Republicans really care about is them-selves. Well, SO BE IT! Lets finish the job.


      jacksmith — Working Class :-)

    5. Jem says:

      The sort of screed "jacksmith" has provided is all the proof necessary that the original post is on the right track.

      Jack ignores the fact that every member of both houses of Congress (with a few exceptions who were appointed to fill vacancies–most of whom are Democrats) won elections in their own right and should be expected to vigorously defend the interests of those who elected them.

      Mr. Morgenthau's comments on the failure of the New Deal to meet its objectives should give pause to attempts to spend massively on increasing the size of government. Alas, the "stimulus" atrocity shilled by President Obama is living proof that he was able to obtain multiple degrees from Ivy League universities without obtaining an education worthy of the name.

      Of course, it's possible the money )from whatever source) that sent him to those places may only have been intended to produce credentials suitable to get him elected. We would all be better off if he'd had to earn his way and obtained a genuine appreciation for what the far better men who preceeded him created.

    6. Barb -mn says:

      Sometimes these Obamakins slip in. But you're right on Jem!

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