CNN: Obama: Give economy $50 billion boost

[#98QBKiller]

Good idea, bad idea what do you think?

http://money.cnn.com/2008/06/09/news/economy/obama_economy_changetour/index.htm?cnn=yes

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: 3:59 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 that lawmakers should 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, N.C.

He said that he supports the expansion and extension of 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 insurance benefits was one measure tossed out of that legislation, but it's considered a leading contender if more stimulus is put in place. One bill, expected to go to the House floor for consideration this week, calls for an additional 13 weeks of benefits to be added to what is typically a 26-week cap on federal payments. In addition, it calls for 13 weeks on top of that for workers in states with very high unemployment rates.

Obama didn't offer details about how much money could go toward rebates and how much would be used to pay for benefits extensions. But the $50 billion in total stimulus that he's calling for represents less than a third of the $170 billion earmarked for the first stimulus package, the bulk of which is being spent on rebates. And the jury is still out on how successful those rebates will be stimulating the economy.

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 has also made proposals 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."

First Published: June 9, 2008: 1:30 PM EDT

[Koolblue13]

I really appreciate the tax payer making my truck payment for me last month, but come on. That $400 bucks could be used somewhere much more important.

What a joke. So all the people who laughed at George for doing it are now going to come out and say what a brilliant idea, right?

[Redskins Diehard]

Is $75k now considered wealthy?

I got nothing out of the last one, will probably get nothing out of this one.

[Koolblue13]

Is $75k now considered wealthy?

I got nothing out of the last one, will probably get nothing out of this one.

How did you get nothing? I claimed under $25k and still got $413.

[The King]

I really appreciate the tax payer making my truck payment for me last month, but come on. That $400 bucks could be used somewhere much more important.

What a joke. So all the people who laughed at George for doing it are now going to come out and say what a brilliant idea, right?

If George didnt **** up the economy we wouldnt need a $50 billion boost.

[Koolblue13]

If George didnt **** up the economy we wouldnt need a $50 billion boost.

George didn't "**** up" the economy, at least not by himself. I'd give Clinton more credit for that one.

It's also not a boost, that is our money, being redistributed.

If they want a good way to give people more money, stop taking so much god damn money in the first place. They just screw up whatever they do with it anyway.

[Goaldeje]

If George didnt **** up the economy we wouldnt need a $50 billion boost.

First one! I win the bitter liberal pool!

This is not a great idea, just as Bush's wasn't a great idea. As others have said, lets pay down some debt, which will do more long term help to the economy than anything like this could.

[The King]

First one! I win the bitter liberal pool!

This is not a great idea, just as Bush's wasn't a great idea. As others have said, lets pay down some debt, which will do more long term help to the economy than anything like this could.

George didn't "**** up" the economy, at least not by himself. I'd give Clinton more credit for that one.

It's also not a boost, that is our money, being redistributed.

If they want a good way to give people more money, stop taking so much god damn money in the first place. They just screw up whatever they do with it anyway.

Its hard to pay off debts when you spending billions fighting bull**** wars. The point I'm trying to make is if we never went to war. We wouldnt be in the **** that we are in now.

The country was in surplus when Clinton was Prez. As soon as Bush boy took over we went spiraling down into a deficit.

[twa]

Sounds like a great idea,hope ya'll can afford it

[Smoot Point Really]

I guess BHO wants a 3rd term of GWB afterall! I didn't really think we needed the last "boost" at the time... What we really need is a fiscal conservative with line-item veto power who will stop Senators like Barack Obama for sending Federal tax dollars in the form of earmarks to people like Reverend Pfleger.

[Koolblue13]

Its hard to pay off debts when you spending billions fighting bull**** wars. The point I'm trying to make is if we never went to war. We wouldnt be in the **** that we are in now.

The country was in surplus when Clinton was Prez. As soon as Bush boy took over we went spiraling down into a deficit.

We would be in the same mess, regardless of Iraq.

Clinton years economy had as much to do with the Bush 1 years as anybody.

[Koolblue13]

Where are all the Obamanites running in to defend this one?

It sucked when Bushco did it and everybody agreed, now Captain Change is doing the same thing. Well, it still sucks.

[PiLfan]

Sounds like a great idea,hope ya'll can afford it

"ya'll"?

did Texas finally secede?

[twa]

"ya'll"?

did Texas finally secede?

I'm going on the government dole if Obama wins

Why fight it?...you might better get a second job though :laugh:

[chipwhich]

Social programs here we come.

[Thiebear]

So Bush was Carter 2.0

and Obama is going to be Carter 3.0

With McCain being Bush 3.0 which is.

Hmmm. sounds like we end up in the same place not matter what.

I bet the Barr could be set higher?

[Koolblue13]

So Bush was Carter 2.0

and Obama is going to be Carter 3.0

With McCain being Bush 3.0 which is.

Hmmm. sounds like we end up in the same place not matter what.

I bet the Barr could be set higher?

That was pretty bad Thie.:laugh:

[Popeman38]

Obama wants votes. Sticking another $600 in the hands of voters won't hurt, and he can take credit for it if it happens. But basic economics says that to stimulate the economy, you need to increase government spending. Take that $50B and create an infrastructure bill to repair bridges and build much needed traffic relief for major metro areas. With the multiplier affect, that infuses the economy with $100B. Plus it will create millions of jobs.

The tax multiplier turns $50B into $75B.

And to solve the debt issue, the govt should round every purchase to the nearest nickle. Take those 1 - 4 pennies and apply it to the nat'l debt. With all the transactions every day, the debt can be paid down in 10 years (conservative estimate, averaging ~$2.6B/day). Of course, this hinges on a balanced budget over those 10 years. :doh:

[Thiebear]

That was pretty bad Thie.:laugh:

not every one can be a gem. :anon:

[chaddukes]

Congress sets budgets....just sayin'.

[Smoot Point Really]

Its hard to pay off debts when you spending billions fighting bull**** wars. The point I'm trying to make is if we never went to war. We wouldnt be in the **** that we are in now.

The country was in surplus when Clinton was Prez. As soon as Bush boy took over we went spiraling down into a deficit.

adouchesayswhat?

Anyway, the war isn't the problem with the economy...

GWB inherited a softer economy from Bill Clinton than you are willing to admit and there was high unemployment thanks to the end of the technology bubble. You also are buying into a re-writing of history on the mythological "surplus". There never was a true surplus. The national debt never shrunk during the Clinton years, and you can't ignore the role of the Republican congress led by Newt Gingrich.

Anyway, we were hit by a terrorist attack that struck at our financial centers and our air travel industry (and subsequently other industries). You do realize this was only 6.5 years ago... Our economy bounced back from that admirably.

I'm not willing to say that the inflated economy during the mortgage/housing boom was anything more than speculation, so it was a very "thin" boom. Same with the technology/stock market boom of the 90s.

I believe the President has gotten more criticism from democrats for the bad of the economy than he deserves, and not as much of the credit as he deserves. He also has received more credit for the strength of our economy from Republicans and not enough criticism for not encouraging more fiscal conservativism.

Basically, his tax policies have helped and he has had a more difficult environment to work in than Presidents like Clinton.

[SkinsHokieFan]

Woo-hoo more free money!

I'll make sure the business doesn't do quite as well this year

[Spaceman Spiff]

It's also not a boost, that is our money, being redistributed.

If they want a good way to give people more money, stop taking so much god damn money in the first place. They just screw up whatever they do with it anyway.

How come no one understands this?

[Tastes Like Chicken]

How about giving the rebate in the form of gas station debit cards? The cards would be from the company that caps the price of regular at the lowest cost.

[twa]

How about giving the rebate in the form of gas station debit cards? The cards would be from the company that caps the price of regular at the lowest cost.

How about just paying the price we reap from our choices?