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Bipartisan stimulus proposal
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ElfDude



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PostPosted: Thu Jan 29, 2009 7:51 am    Post subject: Bipartisan stimulus proposal Reply with quote

In today's Wall Street Journal (opinion section, of course).

http://online.wsj.com/article/SB123318906638926749.html

Quote:
There's a serious debate in this country as to how best to end the recession. The average recession will last five to 11 months; the average recovery will last six years. Recessions will end on their own if they're left alone. What can make the recession worse is the wrong kind of government intervention.

I believe the wrong kind is precisely what President Barack Obama has proposed. I don't believe his is a "stimulus plan" at all -- I don't think it stimulates anything but the Democratic Party. This "porkulus" bill is designed to repair the Democratic Party's power losses from the 1990s forward, and to cement the party's majority power for decades.

Keynesian economists believe government spending on "shovel-ready" infrastructure projects -- schools, roads, bridges -- is the best way to stimulate our staggering economy. Supply-side economists make an equally persuasive case that tax cuts are the surest and quickest way to create permanent jobs and cause an economy to rebound. That happened under JFK, Ronald Reagan and George W. Bush. We know that when tax rates are cut in a recession, it brings an economy back.

Recent polling indicates that the American people are in favor of both approaches.

Notwithstanding the media blitz in support of the Obama stimulus plan, most Americans, according to a new Rasmussen poll, are skeptical. Rasmussen finds that 59% fear that Congress and the president will increase government spending too much. Only 17% worry they will cut taxes too much. Since the American people are not certain that the Obama stimulus plan is the way to go, it seems to me there's an opportunity for genuine compromise. At the same time, we can garner evidence on how to deal with future recessions, so every occurrence will no longer become a matter of partisan debate.

Congress is currently haggling over how to spend $900 billion generated by American taxpayers in the private sector. (It's important to remember that it's the people's money, not Washington's.) In a Jan. 23 meeting between President Obama and Republican leaders, Rep. Eric Cantor (R., Va.) proposed a moderate tax cut plan. President Obama responded, "I won. I'm going to trump you on that."

Yes, elections have consequences. But where's the bipartisanship, Mr. Obama? This does not have to be a divisive issue. My proposal is a genuine compromise.

Fifty-three percent of American voters voted for Barack Obama; 46% voted for John McCain, and 1% voted for wackos. Give that 1% to President Obama. Let's say the vote was 54% to 46%. As a way to bring the country together and at the same time determine the most effective way to deal with recessions, under the Obama-Limbaugh Stimulus Plan of 2009: 54% of the $900 billion -- $486 billion -- will be spent on infrastructure and pork as defined by Mr. Obama and the Democrats; 46% -- $414 billion -- will be directed toward tax cuts, as determined by me.

Then we compare. We see which stimulus actually works. This is bipartisanship! It would satisfy the American people's wishes, as polls currently note; and it would also serve as a measurable test as to which approach best stimulates job growth.

I say, cut the U.S. corporate tax rate -- at 35%, among the highest of all industrialized nations -- in half. Suspend the capital gains tax for a year to incentivize new investment, after which it would be reimposed at 10%. Then get out of the way! Once Wall Street starts ticking up 500 points a day, the rest of the private sector will follow. There's no reason to tell the American people their future is bleak. There's no reason, as the administration is doing, to depress their hopes. There's no reason to insist that recovery can't happen quickly, because it can.

In this new era of responsibility, let's use both Keynesians and supply-siders to responsibly determine which theory best stimulates our economy -- and if elements of both work, so much the better. The American people are made up of Republicans, Democrats, independents and moderates, but our economy doesn't know the difference. This is about jobs now.

The economic crisis is an opportunity to unify people, if we set aside the politics. The leader of the Democrats and the leader of the Republicans (me, according to Mr. Obama) can get it done. This will have the overwhelming support of the American people. Let's stop the acrimony. Let's start solving our problems, together. Why wait one more day?

-- Rush Limbaugh


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awip2062



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PostPosted: Thu Jan 29, 2009 10:59 am    Post subject: Reply with quote

And $5.2 billion for ACORN? Gimme a break!
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CygnusX1



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PostPosted: Thu Jan 29, 2009 11:33 am    Post subject: Reply with quote

awip2062 wrote:
And $5.2 billion for ACORN? Gimme a break!


Obama can't bite the hand that fed him... c'mon. Rolling Eyes

Here's what the next President in 2012, House Minority Whip Rep.
Eric Cantor (R-VA) has to say:



Fix the Stimulus
by Eric Cantor



?A national debt if it is not excessive,? Alexander Hamilton advised, ?will
be to us a national blessing.?

Today, Hamilton must be turning over in his grave.

Congress is moving forward with an economic stimulus plan that will swell
this fiscal year?s deficit to roughly $2 trillion, or an astounding 13 percent
of GDP. Adjust those dollars for inflation, and even our nation?s earliest
and most iconic proponent of a national debt would cringe at the danger
we are creating for our economy and for future generations.

As it hammers out the final details of the stimulus bill, Congress should
pay more than lip service to Hamilton?s words. We must reconcile the
nation?s need for quick action with the need for prudent policies designed
to spur sustainable job creation here in America. That means not only tax
relief for working families but in particular for the small businesses,
entrepreneurs and self-employed that create well over half of the jobs in
our country. Given the choice, Americans would prefer a permanent job
in the private sector to temporary work courtesy of the taxpayer dime.

Unfortunately, the stimulus bill that has emerged falls hopelessly short of
the mark, crippled by non-stimulative spending and insufficient tax cuts.

How can we expect Republicans to vote on a bill that spends $12 on
new cars for the federal government for every $1 in tax relief to small
businesses?


Two weeks ago, after the House GOP hosted a hearing on the stimulus
with former Massachusetts governor Mitt Romney and former eBay CEO
Meg Whitman, we sent the president-elect a letter detailing our findings.

Today House GOP leadership met with President Obama to outline more
of our ideas and concerns.

House Republican leaders conveyed our desire to work with him and the
Democrat majority to improve the stimulus package. But with a watchful
eye toward the ballooning deficit, we made clear that we strongly oppose
any wasteful spending that disregards the genuine path to economic
growth and only establishes the need for future tax increases.

Nor will we quietly swallow the $219 billion House Democrats have
proposed in infrastructure and so-called discretionary spending that the
Congressional Budget Office says won?t be spent by Oct. 1, 2010. That?s
because House Republicans have different ideas over how we stem
unemployment and promote lasting job growth.

We are inherently skeptical of promises that three million sustainable jobs
will fall from the sky like manna simply by spending hundreds of billions.


In the end, it is businesses - driven to innovate, invest and grow ? that
will regenerate the millions of sustainable jobs we so desperately need.
The stimulus must take bold steps to encourage work, investment and
business expansion, something that government spending too often fails
to provide.

These are some of the remedies the House GOP proposed to President
Obama on Friday:

? Small businesses, entrepreneurs and the self-employed employ about
half of all Americans, yet they can be subject to tax rates that siphon
away one-third of their income. We support allowing small businesses to
reduce their tax liability by a minimum of 10 percent. This will
immediately free up funds for small businesses to retain and hire new
employees.

? Rather than a one-time tax break, we also want tax cuts for families
that pack lasting punch. We propose to cut the lower marginal income tax
rates, providing all taxpaying families with a minimum increase in income
of approximately $500 per year.

? For the unemployed, we want to dispense with the taxes the federal
government levies on unemployment benefits. Individuals between jobs
should be able to focus on providing for their families.

? Also critical will be addressing the housing crisis. The real-estate market
is paralyzed as potential buyers wait on the sidelines for prices to find
their bottom. In order to encourage responsible buyers to enter the
market and stabilize prices, we propose a home-buyer?s credit for those
buyers who can make a minimum down-payment. As home prices
stabilize, complex securities tied to mortgages can also finally find a level
that clears the market.

Finally, we must ensure that vast government spending doesn?t lead to
rampant inflation in the future. At $825 billion, this Democrat stimulus
proposal causes us great concern.

While the Fed remains rightfully concentrated on fighting deflation,
uncontrolled spending and borrowing will most ultimately lead to inflation
if the spigot is not turned off in time. That could trigger a flight of foreign
capital and a steep drop in the purchasing power of the dollar for the
American consumer. As interests rates rise to keep foreigners financing
our debt, the pain dealt to businesses and families alike promises to be
sharp.

Alexander Hamilton expressed his views at a critical juncture for our
young nation....

Over two centuries later, at another critical time for America, his words
still resonate.
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Big Blue Owl



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PostPosted: Thu Jan 29, 2009 11:41 am    Post subject: Reply with quote

Quote:
Here's what the next President in 2012, House Minority Whip Rep.
Eric Cantor (R-VA) has to say:


Hahahaha...*choke*....hehehahaheheeehahaaa! Possibly in 2016 if the human race still exists Laughing
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CygnusX1



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PostPosted: Thu Jan 29, 2009 12:08 pm    Post subject: Reply with quote

Big Blue Owl wrote:
Quote:
Here's what the next President in 2012, House Minority Whip Rep.
Eric Cantor (R-VA) has to say:


Hahahaha...*choke*....hehehahaheheeehahaaa! Possibly in 2016 if the human race still exists Laughing


If Obama keeps talking to Jimmy Carter - you know, the one-term FAIL...

It's over. There won't be a second term for Barry-O.

If Obama makes Carter use the answering service, he's probably going to
get a second chance to get the oath right in front of millions on TV.

The odds are really in his favor, unless he adopts the Jimmy Carter method.
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Big Blue Owl



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PostPosted: Thu Jan 29, 2009 12:43 pm    Post subject: Reply with quote

Sorry for being so snarky, but I thought that he'd be able to work for at least the first two weeks without so much criticism and vilification from you guys. I should never underestimate the power of historical party hatred and mistrust.

Oh well, here's to another 50 year span of Democratic rule! Laughing Shocked

Just kidding...............
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zepboy



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PostPosted: Thu Jan 29, 2009 7:07 pm    Post subject: Reply with quote

Big Blue Owl wrote:
Sorry for being so snarky, but I thought that he'd be able to work for at least the first two weeks without so much criticism and vilification from you guys. I should never underestimate the power of historical party hatred and mistrust.


Dude, my fervent dislike for what I am seeing his first week in office has NOTHING to do with party hatred. I don't look at party, I look at philosophy and actions. Within his first week, he is proving his far left views in the belief that big government is the answer to our ills.

I wonder where he thinks all this money is going to come from. I also see very little economic stimulation, but a ton of social steering. 50 million to the National Endowment for the Arts?!!! A big pocket of money for Acorn?!!! Funding abortions around the world?!!! It's is much more a social program than an economic plan.

I'd be first in line to never again vote for my own mother if that's the kind of stuff she did. Party has nothing to do with my severe discontent.

My two cents.
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awip2062



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PostPosted: Thu Jan 29, 2009 9:32 pm    Post subject: Reply with quote

Big Blue Owl wrote:
Sorry for being so snarky, but I thought that he'd be able to work for at least the first two weeks without so much criticism and vilification from you guys. I should never underestimate the power of historical party hatred and mistrust.

Oh well, here's to another 50 year span of Democratic rule! Laughing Shocked

Just kidding...............


Dude I was ticked at Bush for the first stimulus plan that he signed. Not a party issue.
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zepboy



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PostPosted: Thu Jan 29, 2009 10:06 pm    Post subject: Reply with quote

^^^^^^^^^^^
What t said!
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ElfDude



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PostPosted: Thu Jan 29, 2009 10:13 pm    Post subject: Reply with quote

awip2062 wrote:
Big Blue Owl wrote:
Sorry for being so snarky, but I thought that he'd be able to work for at least the first two weeks without so much criticism and vilification from you guys. I should never underestimate the power of historical party hatred and mistrust.

Oh well, here's to another 50 year span of Democratic rule! Laughing Shocked

Just kidding...............


Dude I was ticked at Bush for the first stimulus plan that he signed. Not a party issue.


DITTO!

I've stated it numerous times in here... I have disowned my Republican Senators for supporting that thing. No one has any business telling me that my opposition to this march to socialism is because the new pres has a D after his name. Bush started it and Obama is running with it.
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CygnusX1



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PostPosted: Fri Jan 30, 2009 7:51 am    Post subject: Reply with quote

All the House democrats that voted no surprised me...and I have much
respect for that. It should make many folks feel a little more secure that
some common sense still remains in the majority.

It's not a total lovefest after all, and it shouldn't be.

You all had better FEAR Nancy Pelosi. She's not being a team player.

There isn't a bipartisan WORD in her blathering. The republicans were
completely shut out of the process by being given the package mere
DAYS before its submission.

Well played, Madam. You stole round 1.

I'm on board with tax cuts for the lower brackets instead of this huge free
lunch.

After all, the last one did nothing. Hell, some institutions are still holding
on to the money and not lending any of it out. WUWT?

These free handouts really disturb me, and should disturb anyone that's
had to work for all they have.

What message does that send?

Personally, it sends me the message that this handout is the last resort
to stave off the next great depression.
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CygnusX1



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PostPosted: Fri Jan 30, 2009 7:51 am    Post subject: Reply with quote

Eat At Luigi's
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CygnusX1



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PostPosted: Fri Jan 30, 2009 7:53 am    Post subject: Reply with quote

POST NO BILLS
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Last edited by CygnusX1 on Fri Jan 30, 2009 12:29 pm; edited 1 time in total
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CygnusX1



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PostPosted: Fri Jan 30, 2009 1:53 pm    Post subject: Reply with quote

This IS the political thread, right?

Just makin' sure I still have my faculties.

Y'all have a wonderful, "bipartisan"....(That's for you, Nancy.... love-ya-mean-it-babe! Wink )

....weekend.
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PostPosted: Fri Jan 30, 2009 1:58 pm    Post subject: Reply with quote

CygnusX1 wrote:
After all, the last one did nothing. Hell, some institutions are still holding on to the money and not lending any of it out. WUWT?


In my mind that is normal behavior. My divorce cost a bundle, and in the middle of it I lost my job. My reserves (read savings) went WAY down. As soon as I started making money again I didn't immediately start spreading it around... I started to build up my savings first.
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