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  • With Stimulus Like This, Who Needs A Recession

    The Congressional Budget Office (CBO) released a study on Wednesday, that estimates the impact of the Trillion Dollar Spending Plan being debated on the floor of the Senate this evening. They said “In the longer run, the legislation would result in a slight decrease in gross domestic product (GDP) compared with CBO’s baseline economic forecast.” That’s right, as a result of the current plan, the GDP of the United States would actually decrease according to the CBO. They go on to say that in the long run it will lower aggregate output (GDP) by 0.1 percent to 0.3 percent and “the effects of the legislation would diminish rapidly after 2010”. Now those are some quotes to consider. Here are some other quotes to consider as the debate continues:

    “Rule one: Never allow a crisis to go to waste…They are opportunities to do big things.” — White House Chief of Staff Rahm Emanuel

    “‘this is not a stimulus bill, this is a spending bill,’ What do you think a stimulus is? That’s the whole point. No, seriously, that’s the point. Now I got carried away…” — President Barack Obama to the House Democratic Retreat, complaining about his critics calling it a spending bill.

    “Everything that he talked about during the campaign that can be seen as stimulus is going to be in that package…it will be one of the heaviest pieces of legislation passed by Congress in the last 20 years, and I mean heavy in terms of actual weight and page numbers.” — Paul C. Light, professor at New York University’s graduate school of public service

    “On this page in October, I declared my support for a stimulus. But the fiscal package now before Congress needs to be thoroughly revised. In its current form, it does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake.” –Economist Martin Feldstein

    “I won” –President Obama

    Posted in Ongoing Priorities [slideshow_deploy]

    28 Responses to With Stimulus Like This, Who Needs A Recession

    1. Barb -mn says:

      The government wants to hire economists (at tax payers cost)so the government can use "their" psychology to brainwash the economists to flatter us according to what Obama wants… NO FREEDOM TO CAPITALIZE AND NO CAPITALISM. With a stimulus such as this, who needs to work?

    2. mark,boston says:

      i honestly cant believe that the left is calling this a necessity. How is 300 million for std prevention necessary. As a small business owner in an already predominately democratic state i fear for my livelihood and my company's well being with these outrageous actions of our supposed representatives. I would like nothing more than to expand my business, but with the potential of higher taxes for my business and myself, I fear I will have to wait. Now tonight I hear that there may be 2 or 3 so called "republicans" who will join the democrats and vote for this bill. it is disturbing.

    3. Donald Gregory, Huntley, IL says:

      Dear Mr. President, 2/4/09
      I am writing to voice my extreme concern over the growing stimulus bill which is valued at $900+ billion today. I recall your pre-election talk of not allowing business as usual with regards to “earmarks” and “pork” in legislation. Several non-partisan watchdog organizations have estimated that 12%-15% of this bill is actually capable of stimulating the economy. The remaining jobs that might be created have nothing to do with producing wealth or adding to the GDP because these jobs are involved with infrastructure maintenance/projects and as such create only circular currency flow from taxes to make work laborers back to taxes and minimal impact on the economy.
      Reducing the debilitating business and personal tax rates will do two things to stimulate the economy; 1-Pump dollars into businesses and the economy resulting in jobs, profit and expansion of commerce by allowing the people to keep more of what they have worked hard to earn. 2-Limit the amount of dollars available to a Congress addicted to spending other peoples money in hopes of getting re-elected by “bringing home the bacon”.
      I’ve been paying a hefty tax bill to the Federal Government since 1968 and have
      never been late or failed to pay the bill in full. My budget is balanced every year and my assets exceed my debts including mortgage. If I get upside down with my finances like Washington is today, it would be insane, immoral and impossible for me to borrow money to get out of debt. Instead, I would cease all spending except that which is critical for survival and pay off debts on a scheduled plan to my debtors. Of course this is, easy for me since I’m not always running for re-election and trying to “bring home more bacon each year” to my constituents, which is what I would call “business as usual” in Washington (Can we all say “Term limits” like yours.)
      I also disagree vehemently with your Chief-of-staff that a “crisis shouldn’t be wasted”. How arrogant, insulting and disingenuous this is to use a Washington induced catastrophe to scare and threaten the American people into allowing a hurried, half planned”the sky is falling!” scenario for a spending binge to satisfy 12 years of pent up Democrat greed because “they won”. This is about our nation, our future and our survival. The actions you take in Washington should be no different than what any family would do with their budget given the same circumstances. We need to go SLOW, go carefully, go thoughtfully and go smart. It took years to get into this hole, and contrary to the ill-advised bank bailout, we will have to dig ourselves out one shovel-full at a time. We don’t need another New Deal, we need a Real Deal.

      Happily clinging to my guns and religion,
      Donald M. Gregory Jr.

    4. Spiritof76, New Hampshire says:

      Why isn’t anybody talking about how we are going to pay all this back? Do we expect China, Japan and the ME countries to meekly keep buying our debt?
      If I am not making ends meet, then I should go out and spend more by charging my credit cards more, borrow from Barney Frank’s bank or steal so that I can live prosperously? Does anybody have any common sense? Have they banned common sense in the government schools?

    5. John, Texas says:

      Comrade Hussein Obama won't veto any part of HIS "Bolshevik bill". It is time for ALL the REAL AMERICAN Democrat and Republican Senators and Congressmen to use their own "LINE-ITEM VETO" by scrapping ALL of this propagandized packege and make all new INDIVIDUAL Bills; WITHOUT Pork/Earmarks. Hold Obama to what he said, NO MORE PORK.

    6. Leah, Maine says:

      Obama is preaching all sorts of doom and gloom if we don't get this idiotic bill passed. Well, what happened to choosing "hope over fear"?

      America is quickly falling out of love with Obama, he knows it, and he's desperate to get this bill passed so he can enslave America. Ugh.

    7. Cheyrl Roig, NC says:

      I don't get it that our government doesn't understand that there has to be jobs for people, so that they can spend money. Simple as that. The NAFTA agreement was the beginning of the end for us. How many thousands of jobs have gone overseas that the American people could be doing. All this was done in the name of GREED (thanks to Bill and Wall Street and these 200 Million dollar CEO's). Now our new president is wanting to get us further and further into debt at the taxpayers expense. We loosing jobs by the thousands at the taxpayers expense. Come on, what is the real agenda here! I agree with Mr. Gregory, I'm sticking to my faith and my gun. I believe our new administration knows exactly what they are doing. Can you see the makings of a "socialist" country on the horizon, where the government has control over everything? I have been sending emails to everyone that I can. We are the ones that are going to have to have our voices heard.

    8. james baull, of sinn says:

      As sad as it is we have to admitt, that it was not our votes that put this adminastration in office and everything they have done and will do to this crountry is for the sole purppose, of leading us into the future of the one world government , and the fulfilment of scripture , we can squawk about it till we are blue in the face with no avail , the best and onlything we can really do is pray the Lord does not terry much longer , though we know alot of this we have comming from turning away from the values that made this nation great , those days are over time to read the writing on the wall ,,

    9. Mindy Hawkins, Bend, says:

      I live in an area with 11.3 percent unemployment. We are ranked 6th in the United States. My state just passed a tax and spending bill in the area of $126 million. So, I get to be taxed by the state and now I get to be taxed by the federal government. Well, I should be happy that now executives won't earn their bonuses that were in their contracts. I should also be happy for more funding to Fish and Wildlife, uniforms that are produced only in the United States and my favorite, removing baracades so small fish can swim freely. We no longer have a socialist country on the horizon, we are socialist. 2010, keep the hope alive.

    10. Michael Welch, Calif says:

      At the speed this legislation is taking, there obviously is a do-it-now-worry-about-it-later attitude in Congress. We seen this many times over many issues. We have legislators making ill-informed decisions.

      The so-called Stimulous Bill is a prime example of this. The Congressional budjet office report is being totally ignored.

      One of the major problems is how legislators are able to group so many non-related items into a single bill to kiss some bodies behind to get them to vote for an otherwise unworthy piece of legislation…all under the guise of bi-partisanship.

      This same approach creates bills that are so huge, that not one person is able to read, understand, or comprehend it's full content. This includes our elected officials…the majority which are lawyers.

      EVERY PIECE OF LEGISLATION NEEDS TO STAND ON IT'S OWN MERITS!

      Doing away with the present system would make our legislators more accountable to thier constituants. Even in communities like Detroit with a 49% illiteracy rate, voters could more readily track the voting records of thier legislators…item by item. Being illiterate doesn't necessarily mean stupid.

      All this give and take doesn't serve the nations interests in the long run. Especially when it involves the destruction of life as we know it as this bill is destined to accomplish.

      The only thing this bill actually stimulates is the hidden adgenda that failed when FDR tried it 40 years ago. It's the people spending money that stimulates the economy and creates actual jobs…not the government.

      If the government would start actually preaching hope instead of disparity, took thier time to actually make sound decisions, and quit trying to socially engineer every aspect of our lives, we would be much better off. It was thier meddling that caused this problem in the first place.

    11. Bill Messer, Houston says:

      I am beginning to think that Michael Phelps is not the only one on the bong. Democratic proponents are touting some very interesting evaluations these days. Senator Kerry recently shunted any responsibility for passing spending bills onto President Bush during the pass eight years. After all,it was all Bush's fault for not using his veto power to twart the spending bills. Does he really think we are that inept? Makes me exultant that I avoided voting for Kerry and chose the better alternative.

    12. Edward Wetzel, Orlan says:

      President Obama promised to take the budget and go line by line to delete useless programs and/or spending. He needs to start with this "stimulus" bill by deleting the wasteful and useless spending earmarked by our U.S. Congress.

      President Obama, common sense needs to prevail here. You need to take a more active part here to guide the congress in developing a truly stimilus measure without these pet projects.

    13. Fran from the Low Co says:

      I am sickened regarding this spending bill. What a farce! Whatever happened to Economics 101? Hasn't anyone in Washington passed that course? It is the same old thing — arrogance and greed! Shame on those Republicans who vote for this ridiculous package. They need to go line for line and wipe out anything that is not a necessity in this time of crisis. Give the American people some confidence. Otherwise, we still won't be spending and we are the ones who keep the economy going, not the government.

    14. Dave Hogan, Binghamt says:

      This stimulus bill will delay economic recovery by causing anyone with a dollar to spend to watch from the sidelines while the administration flails aimlessly; thinking that maybe $$ will fall out of the sky. I believe the Feds must prop up the state's jobless benefits but stop there and business will rapidly bounce back. A couple years of a slow economy creates a very large demand backlog. The current course will vastly increase entitlement spending forever which makes the writer speculate that this might have been an objective in keeping this stampede going. Any democrat votes gathered by this ploy will come at great cost to the Nation.

    15. Bryan Delgado, TX says:

      Good grief, if the urge is so great to spend, spend, spend, on little of which that will in the end actually stimulate the economy, then it's too bad they did not prioritize their spending glee with something more value-added, like protecting our borders, educating Americans about how the economy actually works, or about the Constitution, etc.

    16. Andrew, Michigan says:

      I was wrong. The Obama administration is on a two year plan, not eight. The big question is, "How much damage can a three-headed monster do in two years?" It's obvious that in retrospect, they view the Carter administration as too methodical.

      If there are any grown-ups ready to take over in 2010, it will, at the earliest, take until 2016 to repair what headed our way. In the meantime, get ready for double-digit inflation, interest rates and unemployment.

      I survived through 1976-1986. If, as an electorate, we don't grow up, we'll be faced with 1929-1945 all over again.

    17. Barb -mn says:

      Obama won alright. He won the weak, mislead, misinformed and easily influenced, coerced, bleeding hearts, the corrupted and corrupting and the intimidated.

      Congratulations! you won.

    18. Barb -mn says:

      Oh, I forgot. You won the lazy and the irresponsible. Only to keep all where their at so you can bring the rest down.

    19. Ron, Iowa says:

      Wow,how hipacritcal no line by line review, pork

      all over, a rush to save the economy? I have witness many pieces of legislation and presidents

      and legislators This is going to be a very bad bill. It is not designed to aid the free enterprise economy that made us enjoy decades of prosperity and help the work, but rather to inpower the Federal goverment to more control all aspects of our lifes!! It's time for the citizens to revolt! This should be the last term for all thoses who pass this worthless legislation.

    20. peter-tampa, fl says:

      Governments job is to protect it's citizens and build roads and freeways. It's not their responsibility to spend money on condoms, register illegal voters, pay for abortions overseas, pay for illegal immigrants medical costs, give money to tyranical dictators in other countries, and the list grows. At some point the American people will stop this insanity and take their country back. God help the USA if BHO gets everything he asks for.

    21. paul anderson, calif says:

      Whatever the federal government does will include waste. Although I am willing to see government spend (and waste some) on systemic problems, such as the financial system, if necessary, the current "stimulus" bill is not about protecting systems, financial or otherwise. It is all about permanently increasing the power, scope and cost of the federal government in the name of special interests and "fairness". I suggest this bill needs to be stopped until all aspects can be properly exposed and debated.

      A true stimulus would be to kill already scheduled tax hikes.

      On a selfish note: Why are retirees excluded from all aspects of the stimulus package? Our descendants will be on the hook for the tab, and we will be disproportionately injured by the inevitable inflation that follows.

    22. Hal, Illinois says:

      Borrow money for a house that could not be afforded and have the mortgage debt cut it into slices by greedy money merchants and sent around the world – Fool me once. Create a "Stimulus Package" funded by borrowed money by selling treasury bonds to the world so that we can spend our way of a recession – Fool Me Twice? Get ready for the printing presses and stagflation when the world finally says we don't want your stinking paper.

    23. Kristina, Gloucester says:

      Talk to anyone who's "paying" for this "stimulus" this is an outrage. Talk to anyone who is getting this stimulus this is a "God Send". Thank goodness that there are still people out there that believe in the Land of Freedom – and understand that this country wasn't founded on hand outs. It's heart breaking that there aren't more. By the way, since no once seems to know literature or history anymore, Robin Hood stole from the Government to give back to the people.

    24. Molly, Indiana says:

      Robert Rector's comment that Pell grants contribute or exemplify welfare should be heard in the same paragraph of students such as myself who went to one of the best private colleges in this country and received a Pell grant. Several of my peers also received Pell grants. Most of us went on to graduate school. I now make $100K per year. We are working at all levels in the private and public sectors. So, he should be told that us Pell Grant recipients are actually model citizens, contributing members of this society and economy. His comments are narrow-minded, elementary and just plain wrong!

    25. Gabriel B. Atega, Da says:

      The Republicans should leave the stimulus budget as Obama requested. If it does not work they can blame Obama. If the budget is reduced as Republicans are demanding, and it does not work, the Republicans can be blamed.

    26. Len, Alexandria,KY says:

      What I find hard to understand is that with all the advisors and Experts sorrounding the Oblahblah administration why the subject of CUTTING existing wasteful spending is not discused in Congress, in the Press nor by the Messiah?? Only Spend, spend , spend and borrow to increase the deficits to unsustainable levels.. are we dealing with Crack heads???

      " Shovel ready" imaginary projects are discussed but no ways of building Aromic Reactors and other ways to create long term employmmnet. School buildings for Milwaukee that already has a high percentage of unused school buildinmgs due to lack of students to occupy them… No Joke folks!

      Oblahblah and Dimic Rats pushed for gas conservancy and the elimination gas guzzlers which in the case of Elkhart, (IN) has resulted in job losses where Huge Rv are the only source of employment. So let me get this right.. Governmant demads losses of jobs and the CIC goes there to say that we have high unemployment… Give that man a job in the Barnum circus as a clown!!!!!!

    27. Joy, In the South says:

      I have emailed Senators and House Representatives and the White House until I am in physical pain. I think it is obvious that the decision made by 53% of the country was the wrong one. How can we amend the Constitution to place term limits on the Congress and Senate also? I am all for it. As long as Obama and the Democrats are in charge I won't spend an extra penny that I don't have to as I know eventually there will be a raise in my taxes. They will just let the Bush tax cuts expire. Perhaps we need remember that the Great Depression bred the Greatest Generation. Back when character was what counted.

    28. Pingback: Expose The Media » Inhofe: Stimulus Bill is 93% Spending and Only 7% Stimulation

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