Comments on: House Passes Economic Stimulus Bill: I Am Not Amused

By: miranda

miranda — Tue, 17 Feb 2009 02:30:30 +0000

There are some good things in there, but there are also some things that aren’t particularly helpful. And I am not a big fan of just throwing money at a problem. But the current version of the bill is less expensive by tens of billions of dollars, so that’s better, I guess. I don’t like that they cut some actual stimulus stuff (job creation) and left in some useless stuff.

By: kelly

kelly — Tue, 17 Feb 2009 02:06:22 +0000

I am not in support either….although I am not American. I mentioned your blog entry and a few others who do not have good vibes about this. There’s only a few hours to it being passed by Obama!

By: Obama’s $819 Billion Economic Stimulus Plan | Free From Broke

Obama’s $819 Billion Economic Stimulus Plan | Free From Broke — Tue, 03 Feb 2009 21:01:32 +0000

[...] House Passes Economic Stimulus Bill: I am not Amused [...]

By: Forex News Online » Financial News: Economic Stimulus Package Passed in the House

Fri, 30 Jan 2009 18:44:01 +0000

[...] cuts, massive spending highlights of economic stimulus billThe most recent economic stimulus bill has passed hurdle #1 for becoming law: It has been passed in the U.S. House of Representatives. Here are some of the [...]

By: usd6

usd6 — Fri, 30 Jan 2009 10:42:45 +0000

This is a very good article, thank you!

By: miranda

miranda — Thu, 29 Jan 2009 21:55:13 +0000

Thanks for weighing in Grandpa! I really think that many folks would actually pay down their debt — credit cards and mortgages — if they had a substantial payment. I’d rather see us have it than the banks, anyway. The trickle down approach that has been followed hasn’t been working so far — $7 trillion later.

I do agree that more jobs are needed here, which is why I like the parts of the economic stimulus that provide for infrastructure improvement, education (although I think there should focus on trade and skills training as well as college training), and renewable energy.

I agree that, unfortunately, we do way too much consumer with easy credit, and not enough producing from our stores of innovation and productivity.

By: Gramps

Gramps — Thu, 29 Jan 2009 21:46:32 +0000

I can see some merit in the proposition of “give it to us and we will spend it”. However the only economy that would benifit from that proposition is that of China and of India. Our problem is not so much not having money to spend,i.e. unlimited credit card debt but the fact that we do not have a viable goods and services base in the U.S. any more. It is not simply enough to have money and credit but we must also have the ability to produce enough jobs for people to be able to earn what they spend. For too long now low tariff rates and off-shore banking acitivities by American Corperations have led to the loss of the country’s ability to provide enough viable industry to sustain the working class here. A little less Toyota and Honda, as well as Walmart’s China conection and India’s electronics help lines might provide a few more jobs for our good citizens. The cheap cost of production of goods in foriegn countries has not been passed on to the U.S. consumer. We have been suckered into thinking it was a good deal by the advent of easy credit!

By: U.S. Dollar Roaring Back Today in Forex Trading | Forex Currency Blog

U.S. Dollar Roaring Back Today in Forex Trading | Forex Currency Blog — Thu, 29 Jan 2009 21:00:15 +0000

[...] again in forex trading on the currency market. After softening yesterday on the prospect of an economic stimulus bill in the House, the greenback is gaining again in currency [...]

By: miranda

miranda — Thu, 29 Jan 2009 19:03:28 +0000

I agree, James, that all this debt-fueled spending will catch up with us eventually. The thing is, that leaders have specifically talked about how the tax credit would help prevent foreclosures and increase consumer spending. The way they are administering the tax cut won’t really make a big impact on either.

While I don’t agree with all this spending, our leaders are bent on it. It would be cheaper — and achieve stated objectives — just to give Americans the money. The way they are going about things, there will be more and more money thrown at the problem — without any real progress made.

By: James

James — Thu, 29 Jan 2009 19:00:21 +0000

I agree with a few items in the bill as you do. Education is in dire need of a financial makeover. Bank rescue is no longer a necessary thing. Earlier this week one of the financial banks that received money tried to purchase a corporate jet.

I don’t think throwing money at the issue is a good idea either. It has proven time and time again to be ineffective and our growing debt is becoming even worse. In regards to the tax cuts, I don’t think that they are intended to be used to pay off mortgage debt, but to be spent on consumer goods. This doesn’t mean that I agree with it, though. This is because we will continue our deficit spending in this turbulent economy. Not good :(