Political Hippo Circle Jerk - America, farg YEAH!

[ice grillin you]

done deal....

WASHINGTON - President Bush has signed a $168 billion economic stimulus plan, calling it "a booster shot for our economy."

If government rebate checks ranging from $300 to $1,200 for just about every household do not spur a consumer spending spree strong enough to cure what ails the U.S. economy, Congress is ready to throw more money at the problem.

Skeptical economists and a worried public question whether the rebates for more than 130 million Americans and tax breaks for businesses will be quick enough or effective enough to avert a recession, though analysts generally believe the $168 billion economic rescue package President George W. Bush planned to sign Wednesday could help prevent the current downturn from ballooning into a crisis.

Democrats and Republicans who put aside deep differences to craft the plan and rush it to enactment were to join the president at the White House for an afternoon signing ceremony.

The package is designed in part to inoculate lawmakers from vote blame should the economy continue to lag as the November elections bear down. Congressional leaders already are considering more economic rescue measures that could include transportation spending, unemployment aid and measures to address the housing crunch that's at the root of the current economic doldrums.

The centerpiece of this stimulus plan is rebates expected to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security retiremen benefits and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment.

Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples from the U.S. tax agency, with an additional $300 per child. People earning at least $3,000 and those who owe little to no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates — $50 less per $1,000 they make over those thresholds.

The Senate's top Democrat, Harry Reid, this week said the measure was "far from a panacea," adding that, "much more should be done to address our economy's longer-term problems." On Tuesday he said the Senate would consider "another stimulus package or two" on housing and other issues. The legislation could be ready for action by late February, aides said.

In the meantime, economists are debating how effective the rebates will be, with critics arguing that debt-burdened consumers will use the money to pay bills rather than spending the checks and spurring growth.

An Associated Press-Ipsos poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.

The last time the government sent out rebates, in 2003, recipients spent a little less than a third in the first six months, and about two-thirds within the first year, according to findings by the University of Michigan Survey of Consumers, cited by congressional tax analysts. After rebates were sent out in 2001, just 22 percent said they would mostly spend them — rather than saving the money or using it to pay off debt — and only one-third of the rebate was spent in the short run, according to the same study.

Lawmakers argue it will take much more to restore confidence to an economy battered by a housing slump and mortgage mess. Some are pushing for broad mortgage reform, including measures to crack down on risky loan practices and help homeowners with subprime loans avoid default.

[Diomedes]

I predict that last point...raising the standard mortgage cap...is going to prove the smartest part of this package.  Not hard to do considering the dubious premise of giving borrowowed money to citizens, of course.  It's going to make it a lot easier for people who are now in the market in places like where I live to buy a house without having to get a jumbo, high rate loan, which means the pace of buying should increase, which is good for everyone.

fairness and justice for all people regardless of the color of their skin

Funniest line ever?

No, that would be signing his letter (which I otherwise completely agree with), "In progress,"
What a douchebag.

Frankly, a true fiscal conservative should first be concerned with balancing the budget. ...
Still, the assumption that the difference can be made up by simply raising taxes on "rich" people and scaling back defense spending is ludicrous, let alone proposing a ton of other new government spending programs and entitlements.

Who was the last president to balance the budget?
Cutting military spending would go a long, long way...it is outrageous that we spend so much money on the military.  More than the rest of the world combined.

[shorebird]

done deal....

WASHINGTON - President Bush has signed a $168 billion economic stimulus plan, calling it "a booster shot for our economy."

If government rebate checks ranging from $300 to $1,200 for just about every household do not spur a consumer spending spree strong enough to cure what ails the U.S. economy, Congress is ready to throw more money at the problem.

I don't think this will work. You give people who are already up to their ass in debt money to stimulate the economy? They are going to spend this money on what? New big screen TV's?? If they are smart and save it for a rainy day, how does that stimulate the economy? I can agree with money for senior citizens and disabled vets.

The last time the government sent out rebates, in 2003, recipients spent a little less than a third in the first six months, and about two-thirds within the first year, according to findings by the University of Michigan Survey of Consumers, cited by congressional tax analysts. After rebates were sent out in 2001, just 22 percent said they would mostly spend them — rather than saving the money or using it to pay off debt — and only one-third of the rebate was spent in the short run, according to the same study.

Lawmakers argue it will take much more to restore confidence to an economy battered by a housing slump and mortgage mess. Some are pushing for broad mortgage reform, including measures to crack down on risky loan practices and help homeowners with subprime loans avoid default.

Thats the only way to do anything to stimulate the economy. When housing was low 6-7 years ago, the market was off the hook, and when all those floating arms came due, instead of banks making even more money, they ended up having to foreclose on people who couldn't afford the hike. There should have been a freeze on rate hikes over a year ago, and we wouldn't be in this mess.

People though, are inherently stupid. I live in a community were I'd guess 30-40 % have two income households that are mortgaged to the hilt. Get laid off, or get sick, and your done. Floating arm goes up, line of credit comes due, bye bye nice 4 bedroom three bathroom house. Gas prices double and a rollback is coming for that Suburban. I see it all the time and thats why I think you can't just throw money at a problem of people spending too much of it.

[Geowhizzer]

Sounds like many of us won't get much of a rebate.  A $75,000 household isn't really that wealthy, but cie la vie.

Anything my family gets will be put into bills and/or investment.  Already have the big screen TV now. 

[phillymic2000]

I sometimes agree with the republicans and sometimes agree with the democrats when I analyze the issues for myself. When it comes from the GOP propoganda machine though it's hard to stomach and my knee jerk reaction is to reject it no matter what because of the way it is packaged and presented. I think it's the "We're all right and anyone who disagrees with us is unAmerican."

I agree with you, about the way the GOP views are thrown out there, but have you ever listened to Air America? both sides act the same way.

[Geowhizzer]

I hate all media.  It sucks.

[Diomedes]

c'est la vie

[Phanatic]

I sometimes agree with the republicans and sometimes agree with the democrats when I analyze the issues for myself. When it comes from the GOP propoganda machine though it's hard to stomach and my knee jerk reaction is to reject it no matter what because of the way it is packaged and presented. I think it's the "We're all right and anyone who disagrees with us is unAmerican."

I agree with you, about the way the GOP views are thrown out there, but have you ever listened to Air America? both sides act the same way.

Never listened but Air America was created as an answer to the right's existing machine. Which the right says was created to counter the liberal media bias. Round and round they go...

[Geowhizzer]

c'est la vie

sacrebleu

[Sgt PSN]

farg off

[SD_Eagle5]

[ice grillin you]

I sometimes agree with the republicans and sometimes agree with the democrats when I analyze the issues for myself. When it comes from the GOP propoganda machine though it's hard to stomach and my knee jerk reaction is to reject it no matter what because of the way it is packaged and presented. I think it's the "We're all right and anyone who disagrees with us is unAmerican."

I agree with you, about the way the GOP views are thrown out there, but have you ever listened to Air America? both sides act the same way.

Never listened but Air America was created as an answer to the right's existing machine. Which the right says was created to counter the liberal media bias. Round and round they go...

the difference is....other than that no one listens to air america....is that right wing radio is hate filled (not all but a lot)....where as left wing radio is trying to counter that hate and actually talks about helping the country and the people in it....theres no comparison btwn the two

[Cerevant]

CLINTON TO FIGHT FOR EVERY DELEGATE

"Could we possibly have a nominee who hasn't won any of the significant states -- outside of Illinois?" Chief Strategist Mark Penn said. "That raises some serious questions about Sen. Obama."

23 is a lot of insignificant states.

[PhillyGirl]

They've been pulling that line for a week now. Its getting to a point of desperation for them now.

And trying for delegates in MI and FL? WTF?

[ice grillin you]

"Could we possibly have a nominee who hasn't won any of the significant states -- outside of Illinois?" Chief Strategist Mark Penn said. "That raises some serious questions about Sen. Obama."

way to alienate potential general election voters you might need to win in november.....brilliant strategy


if im obama penn's quote is in my next speech...."senator clinton only seems to care about people in certain parts of the country"..."i want to bring together ALL parts of the country"