Obama: Give economy $50 billion boost - XDTalk Forums - Your HS2000/SA-XD Information Source!

XDConvert9mm · 06-09-2008, 12:01 PM

Obama: Give economy $50 billion boost
With a big jump in the unemployment rate and record oil prices, Barack Obama says he wants to extend benefits for those out of work and send out more rebate checks.

By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: June 9, 2008: 2:32 PM EDT

NEW YORK (CNNMoney.com) -- On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday he thinks lawmakers need to inject another $50 billion immediately into the sluggish U.S. economy.

The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures.

"Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, NC.

He said specifically that he supports expanding and extending unemployment benefits, as well as a second round of tax rebate checks.
Last week, Democratic leaders on Capitol Hill said that the latest unemployment rate shows that Congress and the Bush administration need to do more to help workers and the unemployed. And they called for a second round of fiscal stimulus.

An economic stimulus package that passed in early February featured tax rebates that are now being sent to more than 130 million Americans. On Friday, the Treasury Department reported that so far it has sent out nearly 67 million stimulus payments worth approximately $57 billion.
Extending unemployment benefits was one measure tossed out of that bill, but it's considered a leading contender for inclusion in a second stimulus package.

More economic proposals to come

Obama in his speech criticized his Republican rival, John McCain, for proposing to extend all of President Bush's 2001 and 2003 tax cuts.

But Obama himself has taken a page from Bush's playbook on taxes.

Obama has pledged to keep the tax cuts in place for everyone except those making roughly $250,000 and up. He also has pledged to cut taxes further for the middle class, some of which he reiterated in his speech: exempt seniors making less than $50,000 from having to pay income tax; give a tax credit worth up to $500 per working person ($1,000 per family) to offset the Social Security tax on the first $8,100 of earnings; and expand the earned income tax credit.

To boost retirement savings, he has also proposed a 50% federal match on the first $1,000 of savings for families that earn under $75,000.

Obama said that next week he will lay out his proposals for making the "workforce more competitive by reforming our education system."

Obama: Give economy $50 billion boost - Jun. 9, 2008

More stimulus with borrowed money. How is it that Obama can be so critical of defecit spending and then propose adding to it with another round of stimulus?

Buying votes $50 Billion at a time with our money.

I've also not seen any estimates of how much revenue would be garnered with the increased tax on those making over 250K. My guess is certainly not enough to pay for all the programs the reversal of the tax cuts (read raising taxes) is supposed to pay for.

mpak87 · 06-09-2008, 01:05 PM

Quote:

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess from the public treasury. From that time on the majority always votes for the candidate promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship." Sir Alex Fraser Tytler (1742-1813)

Somebody should listen to that guy.

afmo · 06-09-2008, 01:41 PM

What? I can't be out of money! I still have checks left!!!!

didn't work this time, won't work next time...

jtkratzer · 06-09-2008, 02:26 PM

So, the idea is to help those who are sucking off the system the most already? I would think the idea would be to boost the spending by those who are already successful and providing the means to pay for the suckers as it is.

JeffXD · 06-09-2008, 02:26 PM

Quote:

Originally Posted by afmo

What? I can't be out of money! I still have checks left!!!!

didn't work this time, won't work next time...

Oh come on, get with the times. Checks? You NEVER have to worry about running out of money if you have plastic.

mgeoffriau · 06-09-2008, 04:56 PM

Where's that $50B coming from? Are we just going to print more money? Just print up some checks? Change the numbers in people's bank accounts?

Tell me what federal program is getting its budget cut by $50B, and then I'll be interested.

one-eyed-fatman · 06-09-2008, 05:33 PM

Quote:

Originally Posted by mgeoffriau

Where's that $50B coming from? Are we just going to print more money? Just print up some checks? Change the numbers in people's bank accounts?

Tell me what federal program is getting its budget cut by $50B, and then I'll be interested.

Probably from the same place GW gets all his free giveaway money from. Obviously the tooth fairy is involved as well. They get kickbacks too.

mgeoffriau · 06-09-2008, 06:01 PM

Agreed. I'd rather the federal government not run up more debt so that they can disproportionately "give" us back our own money. Cut taxes to begin with, and provide an incentive for people to make more money and invest it back into the American economy.

trik396 · 06-10-2008, 01:13 AM

50billion comes out to around $166 for every man, woman and child in the US... Big f'in whip.

The sheep continue to be led....

jtkratzer · 06-10-2008, 05:42 AM

Quote:

Originally Posted by mgeoffriau

Agreed. I'd rather the federal government not run up more debt so that they can disproportionately "give" us back our own money. Cut taxes to begin with, and provide an incentive for people to make more money and invest it back into the American economy.

Quite the opposite of what the Democratic nominee is proposing isn't it?

06-09-2008, 12:01 PM	#1
XDConvert9mm XDTalk 4K Member Join Date: Jan 2008 Location: NW Atlanta Suburbs Posts: 4,465	Obama: Give economy $50 billion boost Obama: Give economy $50 billion boost With a big jump in the unemployment rate and record oil prices, Barack Obama says he wants to extend benefits for those out of work and send out more rebate checks. By Jeanne Sahadi, CNNMoney.com senior writer Last Updated: June 9, 2008: 2:32 PM EDT NEW YORK (CNNMoney.com) -- On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday he thinks lawmakers need to inject another $50 billion immediately into the sluggish U.S. economy. The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures. "Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, NC. He said specifically that he supports expanding and extending unemployment benefits, as well as a second round of tax rebate checks. Last week, Democratic leaders on Capitol Hill said that the latest unemployment rate shows that Congress and the Bush administration need to do more to help workers and the unemployed. And they called for a second round of fiscal stimulus. An economic stimulus package that passed in early February featured tax rebates that are now being sent to more than 130 million Americans. On Friday, the Treasury Department reported that so far it has sent out nearly 67 million stimulus payments worth approximately $57 billion. Extending unemployment benefits was one measure tossed out of that bill, but it's considered a leading contender for inclusion in a second stimulus package. More economic proposals to come Obama in his speech criticized his Republican rival, John McCain, for proposing to extend all of President Bush's 2001 and 2003 tax cuts. But Obama himself has taken a page from Bush's playbook on taxes. Obama has pledged to keep the tax cuts in place for everyone except those making roughly $250,000 and up. He also has pledged to cut taxes further for the middle class, some of which he reiterated in his speech: exempt seniors making less than $50,000 from having to pay income tax; give a tax credit worth up to $500 per working person ($1,000 per family) to offset the Social Security tax on the first $8,100 of earnings; and expand the earned income tax credit. To boost retirement savings, he has also proposed a 50% federal match on the first $1,000 of savings for families that earn under $75,000. Obama said that next week he will lay out his proposals for making the "workforce more competitive by reforming our education system." Obama: Give economy $50 billion boost - Jun. 9, 2008 More stimulus with borrowed money. How is it that Obama can be so critical of defecit spending and then propose adding to it with another round of stimulus? Buying votes $50 Billion at a time with our money. I've also not seen any estimates of how much revenue would be garnered with the increased tax on those making over 250K. My guess is certainly not enough to pay for all the programs the reversal of the tax cuts (read raising taxes) is supposed to pay for. __________________ "There's no way to rule innocent men. The only power government has is the power to crack down on criminals. When there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws."

06-09-2008, 01:41 PM	#3
afmo XDTalk 2K Member Join Date: Oct 2007 Location: Northern California Posts: 2,774	What? I can't be out of money! I still have checks left!!!! didn't work this time, won't work next time... __________________ What country can preserve it's liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. It is it's natural manure. - Thomas Jefferson Ruger 22/45 MKIII Springfield XD-9 Service Stevens Model 67 Series E 12g 1948 M44 Mosin-Nagant

06-09-2008, 02:26 PM	#4
jtkratzer XDTalk 15K Member Join Date: Apr 2007 Location: Lancaster Co., PA Posts: 17,478	So, the idea is to help those who are sucking off the system the most already? I would think the idea would be to boost the spending by those who are already successful and providing the means to pay for the suckers as it is. __________________ "I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." - Thomas Jefferson The Gun Lounge Pennyslvania Firearms Owners Association Hockey Forum

06-09-2008, 04:56 PM	#6
mgeoffriau XDTalk 1K Member Join Date: May 2005 Location: Jackson, MS Posts: 1,072	Where's that $50B coming from? Are we just going to print more money? Just print up some checks? Change the numbers in people's bank accounts? Tell me what federal program is getting its budget cut by $50B, and then I'll be interested. __________________ I felt early on I wasn't going to be a respectable citizen. -- Cormac McCarthy We are hard pressed on every side, but not crushed; perplexed, but not in despair; persecuted, but not abandoned; struck down, but not destroyed.

06-09-2008, 06:01 PM	#8
mgeoffriau XDTalk 1K Member Join Date: May 2005 Location: Jackson, MS Posts: 1,072	Agreed. I'd rather the federal government not run up more debt so that they can disproportionately "give" us back our own money. Cut taxes to begin with, and provide an incentive for people to make more money and invest it back into the American economy. __________________ I felt early on I wasn't going to be a respectable citizen. -- Cormac McCarthy We are hard pressed on every side, but not crushed; perplexed, but not in despair; persecuted, but not abandoned; struck down, but not destroyed.

06-10-2008, 01:13 AM	#9
trik396 XDTalk 1K Member Join Date: Oct 2007 Location: currently elsewhere Posts: 1,522	50billion comes out to around $166 for every man, woman and child in the US... Big f'in whip. The sheep continue to be led.... __________________ ‘‘When we got organized as a country and we wrote a fairly radical Constitution with a radical Bill of Rights, giving a radical amount of individual freedom to Americans ...... And so a lot of people say there's too much personal freedom. When personal freedom's being abused, you have to move to limit it.’’ — Bill Clinton, 3-22-94

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