Showing posts with label Stimulus Package. Show all posts
Showing posts with label Stimulus Package. Show all posts
Saturday, March 21, 2009
Freedom.
"Those who deny freedom to others deserve it not for themselves. And, under a just God, cannot long retain it." -- Abraham Lincoln
Thursday, February 19, 2009
Nearly 5 million are getting unemployment benefits
Associated Press
WASHINGTON – The number of laid-off workers receiving unemployment benefits has jumped to an all-time high near 5 million while new jobless claims remain well above 600,000. Both figures were worse than expected and new projections from the Federal Reserve show unemployment rising for the rest of this year.
The Labor Department reported Thursday that the number of people receiving regular unemployment benefits rose 170,000 to 4.99 million for the week ending Feb. 7, marking the fourth straight week those receiving benefits have been at a record level on data going back to 1967.
The continuing claims figure also was significantly above the year-ago level of 2.77 million and underscored the difficulty people are having in this recession finding another job once they are laid off.
An additional 1.5 million people are receiving benefits under an extended unemployment compensation program approved by Congress last year, bringing the total number of people receiving unemployment benefits to 6.54 million for the week ending Feb. 7.
"The labor market is in disarray," said Mark Zandi, chief economist at Moody's Economy.com. It's possible that job losses for all of February could total between 700,000 and 750,000 based on what weekly claims have done so far this month, he added.
Employers slashed a net total of 598,000 jobs in January, the most since 1974.
In other economic news, wholesale inflation surged unexpectedly in January, according to the Labor Department. Wholesale prices jumped 0.8 percent last month, the biggest gain since July and well above the 0.2 percent increase that economists expected.
The acceleration was led by a 3.7 percent surge in energy prices with gasoline prices jumping 15 percent, the biggest gain in 14 months. Even outside the volatile food and energy sectors, wholesale prices showed a bigger-than-expected increase, rising by 0.4 percent.
The New York-based Conference Board said its January index of leading economic indicators rose 0.4 percent, the second straight monthly gain. Economists expected no change in the index, which forecasts economic activity for the next three to six months based on 10 economic components, including stock prices, building permits and initial claims for unemployment benefits.
The Conference Board said the single biggest boost to the index was the real money supply. The government's effort to address the credit crisis has put more money in circulation. Other positive factors were the interest rate spread, an index of consumer expectations, and manufacturing orders for non-defense and consumer goods. Unemployment claims and building permits were among the biggest drags.
On Wall Street, stocks fell in afternoon trading. The Dow Jones industrial average lost more than 30 points, and broader indicators also slid.
New applications for unemployment benefits totaled 627,000 last week, the same as the previous week, according to the department. But that was still more than the 620,000 claims economists expected.
It also remained near the 631,000 claims filed three weeks ago, which was the highest tally since October 1982, when the economy was emerging from a steep recession, though the labor force has grown by about half since then. A year ago, initial claims stood at 342,000.
The four-week average for claims rose to 619,000 last week, up from 608,500 the previous week which was the first time the figure had topped 600,000 during the economic downturn.
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 56 mins ago
The cascade of layoff notices in recent weeks has heightened concerns about the current recession, already the longest in a quarter-century.
Goodyear Tire & Rubber Co., said Wednesday it will cut nearly 5,000 jobs, or almost 7 percent of the biggest U.S. tire maker's work force, this year after it posted a fourth-quarter loss and revenue sank 21 percent. The cuts follow the elimination of about 4,000 jobs in the second half of last year.
General Motors Corp. and Chrysler on Tuesday filed plans with the government more than doubling their request for aid to a total of $39 billion and announced plans for thousands more job cuts. GM alone said it would cut 47,000 jobs globally by the end of the year — 19 percent of its work force, and Chrysler said it will cut 3,000 more jobs.
The Fed released a new economic forecast on Wednesday that reduced its growth forecast for 2009 and increased its unemployment rate projections. The new forecast predicts that unemployment will hit between 8.5 and 8.8 percent this year, up from the current level of 7.6 percent.
"The economy faces obstacles that are likely to work against a strong rebound of growth over the next several quarters," Dennis Lockhart, president of the Federal Reserve Bank of Atlanta and a voting member of the Fed's policymaking arm, said Thursday.
"Those obstacles include credit markets not yet returned to healthy functioning, a housing market still weighed down by an excess supply of homes for sale and low business and household confidence," he said in a speech in Alabama. "None of these is likely to turn around quickly."
President Barack Obama pointed to the deteriorating economy to win quick passage of an $787 billion economic stimulus program which he signed into law this week. On Wednesday, Obama unveiled a $75 billion program aimed at halting the surging level of mortgage foreclosures in the wake of the worst slump in housing in decades.
For the week ending Feb. 7, the states with the largest increases in jobless applications were Kentucky and Arkansas, which blamed the jumps on rising layoffs in the mining, trade and manufacturing industries. The biggest decreases were recorded in California and Tennessee, which reported fewer layoffs in the construction, trade, service and manufacturing industries.
WASHINGTON – The number of laid-off workers receiving unemployment benefits has jumped to an all-time high near 5 million while new jobless claims remain well above 600,000. Both figures were worse than expected and new projections from the Federal Reserve show unemployment rising for the rest of this year.
The Labor Department reported Thursday that the number of people receiving regular unemployment benefits rose 170,000 to 4.99 million for the week ending Feb. 7, marking the fourth straight week those receiving benefits have been at a record level on data going back to 1967.
The continuing claims figure also was significantly above the year-ago level of 2.77 million and underscored the difficulty people are having in this recession finding another job once they are laid off.
An additional 1.5 million people are receiving benefits under an extended unemployment compensation program approved by Congress last year, bringing the total number of people receiving unemployment benefits to 6.54 million for the week ending Feb. 7.
"The labor market is in disarray," said Mark Zandi, chief economist at Moody's Economy.com. It's possible that job losses for all of February could total between 700,000 and 750,000 based on what weekly claims have done so far this month, he added.
Employers slashed a net total of 598,000 jobs in January, the most since 1974.
In other economic news, wholesale inflation surged unexpectedly in January, according to the Labor Department. Wholesale prices jumped 0.8 percent last month, the biggest gain since July and well above the 0.2 percent increase that economists expected.
The acceleration was led by a 3.7 percent surge in energy prices with gasoline prices jumping 15 percent, the biggest gain in 14 months. Even outside the volatile food and energy sectors, wholesale prices showed a bigger-than-expected increase, rising by 0.4 percent.
The New York-based Conference Board said its January index of leading economic indicators rose 0.4 percent, the second straight monthly gain. Economists expected no change in the index, which forecasts economic activity for the next three to six months based on 10 economic components, including stock prices, building permits and initial claims for unemployment benefits.
The Conference Board said the single biggest boost to the index was the real money supply. The government's effort to address the credit crisis has put more money in circulation. Other positive factors were the interest rate spread, an index of consumer expectations, and manufacturing orders for non-defense and consumer goods. Unemployment claims and building permits were among the biggest drags.
On Wall Street, stocks fell in afternoon trading. The Dow Jones industrial average lost more than 30 points, and broader indicators also slid.
New applications for unemployment benefits totaled 627,000 last week, the same as the previous week, according to the department. But that was still more than the 620,000 claims economists expected.
It also remained near the 631,000 claims filed three weeks ago, which was the highest tally since October 1982, when the economy was emerging from a steep recession, though the labor force has grown by about half since then. A year ago, initial claims stood at 342,000.
The four-week average for claims rose to 619,000 last week, up from 608,500 the previous week which was the first time the figure had topped 600,000 during the economic downturn.
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 56 mins ago
The cascade of layoff notices in recent weeks has heightened concerns about the current recession, already the longest in a quarter-century.
Goodyear Tire & Rubber Co., said Wednesday it will cut nearly 5,000 jobs, or almost 7 percent of the biggest U.S. tire maker's work force, this year after it posted a fourth-quarter loss and revenue sank 21 percent. The cuts follow the elimination of about 4,000 jobs in the second half of last year.
General Motors Corp. and Chrysler on Tuesday filed plans with the government more than doubling their request for aid to a total of $39 billion and announced plans for thousands more job cuts. GM alone said it would cut 47,000 jobs globally by the end of the year — 19 percent of its work force, and Chrysler said it will cut 3,000 more jobs.
The Fed released a new economic forecast on Wednesday that reduced its growth forecast for 2009 and increased its unemployment rate projections. The new forecast predicts that unemployment will hit between 8.5 and 8.8 percent this year, up from the current level of 7.6 percent.
"The economy faces obstacles that are likely to work against a strong rebound of growth over the next several quarters," Dennis Lockhart, president of the Federal Reserve Bank of Atlanta and a voting member of the Fed's policymaking arm, said Thursday.
"Those obstacles include credit markets not yet returned to healthy functioning, a housing market still weighed down by an excess supply of homes for sale and low business and household confidence," he said in a speech in Alabama. "None of these is likely to turn around quickly."
President Barack Obama pointed to the deteriorating economy to win quick passage of an $787 billion economic stimulus program which he signed into law this week. On Wednesday, Obama unveiled a $75 billion program aimed at halting the surging level of mortgage foreclosures in the wake of the worst slump in housing in decades.
For the week ending Feb. 7, the states with the largest increases in jobless applications were Kentucky and Arkansas, which blamed the jumps on rising layoffs in the mining, trade and manufacturing industries. The biggest decreases were recorded in California and Tennessee, which reported fewer layoffs in the construction, trade, service and manufacturing industries.
Tuesday, February 17, 2009
Tuesday, February 10, 2009
Friday, February 6, 2009
Hello!? Hear US...Your Constituents!
As many of my regular readers know, I am very much against the "stimulus package", "rescue package", "spending package", or any other name you give what is going on in Washington right now. The whole thing just gives me a stomachache and makes my head feel like it's going to explode!
Is it just me, or has Washington gone completely insane...completely twilight-zone madness! If it was not clear prior to elections that there needs to be a massive overhaul in Washington, it should be completely clear with the current situation.
It seems that each of the "Representatives" and/or "Senators" have some of their own debts to pay-off and they are doing so on the taxpayers dollar. All of these companies they have election connections with are receiving "stimulus" through the current package. They are giving no thought to those who they are supposed to be speaking for. It's just a huge spending orgy! Where is our voice?!!
Obviously, we could shout from the rooftops that we are disgusted with what is going on with the special interest sections of this package (that seem to consume the larger portion of the package), but who would care? Senators? President Obama? Hello?!!
Even if this "pork" is legal, isn't it unethical? In my book, illegal and unethical fall into the exact same category...just plain WRONG!
Why is it that members of Congress get to keep their jobs and even offer themselves a raise when they have not been representing their constituents (which is their job and should be their #1 priority because that is the only reason they have a job in the first place)!?
How hard is it to put rules and regulations on money that is given out in "stimulus" so that we don't wind up losing $78 Billion like we did in the TARP (along with the other portions that went toward company luxuries and salaries, etc.)? What is going on? Is it just me or does it seem like the country has gone mad?!!
First, I had more faith in the people than to think that they would vote for such knuckleheads to begin with...I was wrong. Secondly, I had faith that they must have someone working on TARP that would keep track of the money and make sure it was used in a way that would actually go toward helping the American people. Again, slapped in the face, I was wrong. I am beginning to see that I cannot have faith in the system that is currently in place (or not in place as the case may be).
The question now is, what can we do to save our country?
Is it just me, or has Washington gone completely insane...completely twilight-zone madness! If it was not clear prior to elections that there needs to be a massive overhaul in Washington, it should be completely clear with the current situation.
It seems that each of the "Representatives" and/or "Senators" have some of their own debts to pay-off and they are doing so on the taxpayers dollar. All of these companies they have election connections with are receiving "stimulus" through the current package. They are giving no thought to those who they are supposed to be speaking for. It's just a huge spending orgy! Where is our voice?!!
Obviously, we could shout from the rooftops that we are disgusted with what is going on with the special interest sections of this package (that seem to consume the larger portion of the package), but who would care? Senators? President Obama? Hello?!!
Even if this "pork" is legal, isn't it unethical? In my book, illegal and unethical fall into the exact same category...just plain WRONG!
Why is it that members of Congress get to keep their jobs and even offer themselves a raise when they have not been representing their constituents (which is their job and should be their #1 priority because that is the only reason they have a job in the first place)!?
How hard is it to put rules and regulations on money that is given out in "stimulus" so that we don't wind up losing $78 Billion like we did in the TARP (along with the other portions that went toward company luxuries and salaries, etc.)? What is going on? Is it just me or does it seem like the country has gone mad?!!
First, I had more faith in the people than to think that they would vote for such knuckleheads to begin with...I was wrong. Secondly, I had faith that they must have someone working on TARP that would keep track of the money and make sure it was used in a way that would actually go toward helping the American people. Again, slapped in the face, I was wrong. I am beginning to see that I cannot have faith in the system that is currently in place (or not in place as the case may be).
The question now is, what can we do to save our country?
Thursday, February 5, 2009
$150 Million In Stimulus To The Honeybees?
This is an important letter that was sent to me by Senator John Cornyn, Chairman of the National Republican Senatorial Committee.
"Natasha --
The seriousness of our economic situation is no joking matter.
Which is why Republicans stuck together to block the Senate Democrats from using the Economic Stimulus Plan to pay off their special interest debts and fund wasteful programs.
But we're not in the clear yet. We need your help today to stop the Democrats from trying to force bloated, wasteful spending into a much needed stimulus proposal. Please follow this link to sign our "Stop the Waste" petition.
We need to get the economy going again and create new jobs.
But the $800 billion plan the Democrats brought to the Senate was riddled with wasteful spending and pork-barrel special interest payoffs that would have left a mountain of debt for future generations.
The Democrat plan included $70 million for super computers to research climate change, $50 million for the National Endowment for the Arts, $335 million to prevent sexually transmitted diseases, $150 million to insure honeybee farmers, and $20 million to remove fish barriers in rivers.
We need to make sure the Democrats know that Americans are tired of playing politics with our future -- by signing the "Stop the Waste" petition, you can make your voice heard.
By sticking together and standing for our principles, we've forced the Democrats to come back to the bargaining table and come up with a stimulus plan that is targeted on economic growth and jobs and that won't mortgage our future by piling up pork-barrel spending.
Now, we need to make sure the Democrats actually keep their end of the bargain.
Please help us continue our groundswell of opposition to their ideas of wasteful, bloated proposals by forwarding my email to at least five of your friends and family members.
We need stimulus for our economy, but as a taxpayer, I'm not willing to write a blank check to the Democrats in Congress and hope they'll spend it wisely.
So please help us remind the Democrats that voters are outraged by their wasteful proposals and demand a common-sense stimulus plan with spending targeted only on initiatives that will grow the economy.
The Democrats plan to act soon. Please don't delay in making your voice heard. Click here and sign our pledge today. Thank you.
Sincerely,
Senator John Cornyn
Chairman,
National Republican Senatorial Committee
"Natasha --
The seriousness of our economic situation is no joking matter.
Which is why Republicans stuck together to block the Senate Democrats from using the Economic Stimulus Plan to pay off their special interest debts and fund wasteful programs.
But we're not in the clear yet. We need your help today to stop the Democrats from trying to force bloated, wasteful spending into a much needed stimulus proposal. Please follow this link to sign our "Stop the Waste" petition.
We need to get the economy going again and create new jobs.
But the $800 billion plan the Democrats brought to the Senate was riddled with wasteful spending and pork-barrel special interest payoffs that would have left a mountain of debt for future generations.
The Democrat plan included $70 million for super computers to research climate change, $50 million for the National Endowment for the Arts, $335 million to prevent sexually transmitted diseases, $150 million to insure honeybee farmers, and $20 million to remove fish barriers in rivers.
We need to make sure the Democrats know that Americans are tired of playing politics with our future -- by signing the "Stop the Waste" petition, you can make your voice heard.
By sticking together and standing for our principles, we've forced the Democrats to come back to the bargaining table and come up with a stimulus plan that is targeted on economic growth and jobs and that won't mortgage our future by piling up pork-barrel spending.
Now, we need to make sure the Democrats actually keep their end of the bargain.
Please help us continue our groundswell of opposition to their ideas of wasteful, bloated proposals by forwarding my email to at least five of your friends and family members.
We need stimulus for our economy, but as a taxpayer, I'm not willing to write a blank check to the Democrats in Congress and hope they'll spend it wisely.
So please help us remind the Democrats that voters are outraged by their wasteful proposals and demand a common-sense stimulus plan with spending targeted only on initiatives that will grow the economy.
The Democrats plan to act soon. Please don't delay in making your voice heard. Click here and sign our pledge today. Thank you.
Sincerely,
Senator John Cornyn
Chairman,
National Republican Senatorial Committee
Tuesday, February 3, 2009
Patriotism and Protectionism
With the conflicts being considerable during these days of various stimulus or rescue plans and the economic issues severely affecting the United States of America and virtually every other global economy, it is important to understand the terms being tossed about in media discussion, often times being undefined and misused.
What is protectionism?
"Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies. This policy is closely aligned with anti-globalization, and contrasts with free trade, where government barriers to trade are kept to a minimum." -- Wikipedia
What is patriotism?
"Patriotism is commonly defined as love of and/or devotion to one's country...Among the ancient Greeks, patriotism consisted of notions concerning language, religious traditions, ethics, law and devotion to the common good, rather than pure identification with a nation-state...Scholar J. Peter Euben writes that for the Greek philosopher Socrates, "patriotism does not require one to agree with everything that his country does and would actually promote analytical questioning in a quest to make the country the best it possibly can be."...individual responsibility to fellow citizens is an inherent component of patriotism...Patriotism implies a value preference for a specific civic or political community." -- Wikipedia
Essentially this means that to want to have products and services created by our own country, this amazing United States of America, and to desire to have those jobs available to our citizens is essentially patriotic. We are not necessarily saying that we do not want to have success in other countries or that we do not want to continue to trade with other countries. However, we are saying that we want our own country to thrive and our own citizens to live well, with availability in our economy for their means to be met with honest work on products and services we can be truly proud of.
The desire to promote products and services that are made in the U.S.A. is a patriotic duty, a desire for America to succeed and flourish.
What is protectionism?
"Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies. This policy is closely aligned with anti-globalization, and contrasts with free trade, where government barriers to trade are kept to a minimum." -- Wikipedia
What is patriotism?
"Patriotism is commonly defined as love of and/or devotion to one's country...Among the ancient Greeks, patriotism consisted of notions concerning language, religious traditions, ethics, law and devotion to the common good, rather than pure identification with a nation-state...Scholar J. Peter Euben writes that for the Greek philosopher Socrates, "patriotism does not require one to agree with everything that his country does and would actually promote analytical questioning in a quest to make the country the best it possibly can be."...individual responsibility to fellow citizens is an inherent component of patriotism...Patriotism implies a value preference for a specific civic or political community." -- Wikipedia
Essentially this means that to want to have products and services created by our own country, this amazing United States of America, and to desire to have those jobs available to our citizens is essentially patriotic. We are not necessarily saying that we do not want to have success in other countries or that we do not want to continue to trade with other countries. However, we are saying that we want our own country to thrive and our own citizens to live well, with availability in our economy for their means to be met with honest work on products and services we can be truly proud of.
The desire to promote products and services that are made in the U.S.A. is a patriotic duty, a desire for America to succeed and flourish.
Monday, February 2, 2009
Illinois Wouldn't Receive Stimulus With Blago In Governance
There is an interesting piece of information that I ran upon regarding a link between Blago, impeached Governor of Illinois, and the stimulus/rescue package. Did you know that Illinois would not receive any stimulus money unless Blagojevich was ousted?
"None of the funds provided by this Act may be made available to the State of Illinois, or any agency of the State, unless (1) the use of such funds by the State is approved in legislation enacted by the State after the date of the enactment of this Act, or (2) Rod R. Blagojevich no longer holds the office of Governor of the State of Illinois.The preceding sentence shall not apply to any funds provided directly to a unit of local government (1) by a Federal department or agency, or (2) by an established formula from the State."
Did he receive proper and lawful treatment? I'm not sure.
"None of the funds provided by this Act may be made available to the State of Illinois, or any agency of the State, unless (1) the use of such funds by the State is approved in legislation enacted by the State after the date of the enactment of this Act, or (2) Rod R. Blagojevich no longer holds the office of Governor of the State of Illinois.The preceding sentence shall not apply to any funds provided directly to a unit of local government (1) by a Federal department or agency, or (2) by an established formula from the State."
Did he receive proper and lawful treatment? I'm not sure.
Thursday, January 29, 2009
Obama Administration Pushing "Stimulus" Plan With Excessive Pork Spending
Why is the "Stimulus Package" being so scrutinized?
When the TARP (700 billion dollars) was so unregulated and spent so frivolously, why wouldn't there be closer scrutiny.
"The House measure had been estimated to cost $825 billion, but the Congressional Budget Office updated the bill's price tag to $816 billion after accountants recalculated the cost. That total rose by $3 billion when the House approved on a voice vote a Democratic amendment for mass transit." -- TimesOnLine.co.UK.
With interest, the spending/stimulus plan with be approximately 1 Trillion dollars. How many zeros are in a trillion? 12 zeros!
On Obama's election campaign site, as of January 1, 2009, the following is what he said that the plan would go toward.
"Barack Obama's Plan to Stimulate the Economy and Protect American Families Would:
* Provide an immediate $250 tax cut for workers and their families.
* Provide an immediate, temporary $250 bonus to seniors in their Social Security checks.
* Provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen
* Provide relief to homeowners hit by the housing crisis.
* Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.
* Extend and expand Unemployment Insurance."
With benefits unlisted on the Internet (as far as my research as taken me), those items that have been leaked in the larger media outlets include those that may go to Acorn, NASA climate change research, digital TV converter box coupons, and more. The spending on sod on the National Mall has been reportedly removed, as well as the spending on contraception.
Forwarded from a friend...
When the TARP (700 billion dollars) was so unregulated and spent so frivolously, why wouldn't there be closer scrutiny.
"The House measure had been estimated to cost $825 billion, but the Congressional Budget Office updated the bill's price tag to $816 billion after accountants recalculated the cost. That total rose by $3 billion when the House approved on a voice vote a Democratic amendment for mass transit." -- TimesOnLine.co.UK.
With interest, the spending/stimulus plan with be approximately 1 Trillion dollars. How many zeros are in a trillion? 12 zeros!
On Obama's election campaign site, as of January 1, 2009, the following is what he said that the plan would go toward.
"Barack Obama's Plan to Stimulate the Economy and Protect American Families Would:
* Provide an immediate $250 tax cut for workers and their families.
* Provide an immediate, temporary $250 bonus to seniors in their Social Security checks.
* Provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen
* Provide relief to homeowners hit by the housing crisis.
* Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.
* Extend and expand Unemployment Insurance."
With benefits unlisted on the Internet (as far as my research as taken me), those items that have been leaked in the larger media outlets include those that may go to Acorn, NASA climate change research, digital TV converter box coupons, and more. The spending on sod on the National Mall has been reportedly removed, as well as the spending on contraception.
Forwarded from a friend...
"This year, taxpayers will receive an Economic Stimulus Payment.
This is a very exciting new program that I will explain using the Q and
A format:
Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers.
Q. Where will the government get this money?
A. From taxpayers.
Q. So the government is giving me back my own money?
A. Only a smidgen.
Q. What is the purpose of this payment?
A. The plan is that you will use the money to purchase a high-definition
TV set, thus stimulating the economy.
Q. But isn't that stimulating the economy of China?
A. Shut up.
Below is some helpful advice on how to best help the US economy by
spending your stimulus check wisely:
If you spend that money at Wal-Mart, all the money will go to China.
If you spend it on gasoline it will go to the Arabs.
If you purchase a computer it will go to India.
If you purchase fruit and vegetables it will go to Mexico, Honduras, and
Guatemala (unless you buy organic).
If you buy a car it will go to Japan.
If you purchase useless crap it will go to Taiwan.
And none of it will help the American economy.
We need to keep that money here in America. You can keep the money in
America by spending it at yard sales, going to a baseball game, or spend
it on prostitutes, beer (domestic ONLY), or tattoos, since those are the
only businesses still in the US."
Wednesday, January 28, 2009
Stimulus Defined.
With the argument of the definition of what "stimulus" means, here are various definitions. You judge for yourself if these definitions equal the package that government is actually attempting to pass at this very moment.
1. A stimulant.
2. An action, condition, or person that provokes a response, especially a conditioned response.
3. any stimulating information or event; acts to arouse action [syn: stimulation]
4. A goad; hence, something that rouses the mind or spirits; an incentive; as, the hope of gain is a powerful stimulus to labor and action.
5. Something causing or regarded as causing a response.
6. An agent, action, or condition that elicits or accelerates a physiological or psychological activity or response.
7. Something that incites or rouses to action; an incentive
8. something that incites to action or exertion or quickens action, feeling, thought, etc.: The approval of others is a potent stimulus.
1. A stimulant.
2. An action, condition, or person that provokes a response, especially a conditioned response.
3. any stimulating information or event; acts to arouse action [syn: stimulation]
4. A goad; hence, something that rouses the mind or spirits; an incentive; as, the hope of gain is a powerful stimulus to labor and action.
5. Something causing or regarded as causing a response.
6. An agent, action, or condition that elicits or accelerates a physiological or psychological activity or response.
7. Something that incites or rouses to action; an incentive
8. something that incites to action or exertion or quickens action, feeling, thought, etc.: The approval of others is a potent stimulus.
Wednesday, December 17, 2008
Citizen Stimulus and Bailout Committee
"Stimulus", "bailout", whatever they call it, it is going to cost us a pretty penny (plus interest). Wouldn't we have a wise and "transparent" government if they were to incorporate a committee of citizens in various industries across the country to audit and evaluate who and how regarding stimulus and bailout? After all, it is the taxpayers' money.
In the circumstance of the auto bailout, wouldn't it be prudent that they incorporate an actual audit of those companies receiving consideration for the money? Or are they just going to take the executives at their word.
The actual $700 billion bailout (TARP) was supposed to receive an audit of sorts in early December. But, no matter where or how I searched, I could not find any specifics on the actual grade, review, audit, or otherwise. So, what has become of that money? Shouldn't we be privy to that information, since it is our money (plus the interest of at least 5% that we will owe some foreign country, most likely China)?
Without and audit, how does Congress expect to know how much total taxpayer money will be needed to help General Motors Corp. and Chrysler LLC. to actually survive. After all, they are telling Congress that they need "a total of $14 billion to $15 billion to survive through early 2009". What happens after that?
Sure, they should make sacrifices, but what do they mean by "show they're willing to sacrifice"? Does that mean that they have to take business class airfare? Or does that mean that they have to drive themselves in their own brand of car instead of taking a limo? When you are talking about executives that "haven't adapted well to changing conditions", what are they going to consider change and sacrifice, versus what actually needs to be accomplished in our reality.
When there is a Washington machine committee put together to evaluate this issue of "concessions" and "sacrifice", are they really living in reality enough to evaluate the issue? Or would it be more prudent to have some actual citizens involved in this process...people who are in various working industries and conditions around the country? After all, it is our (the taxpayers') money.
If you are not worried about future ramifications of all of these "stimuli", you should be. If it were as easy as just printing more money, that would be easy and we would not have these recessionary, depressionary, devaluationary, deflationary concerns. However, in the end, the buck stops with you and I...literally. In the end, since the money is coming from you and I, wouldn't you rather see a committee of folks who are a part of the various working industries around the country, and not just those who are a part of the Washington D.C. system?
In the circumstance of the auto bailout, wouldn't it be prudent that they incorporate an actual audit of those companies receiving consideration for the money? Or are they just going to take the executives at their word.
The actual $700 billion bailout (TARP) was supposed to receive an audit of sorts in early December. But, no matter where or how I searched, I could not find any specifics on the actual grade, review, audit, or otherwise. So, what has become of that money? Shouldn't we be privy to that information, since it is our money (plus the interest of at least 5% that we will owe some foreign country, most likely China)?
"House Speaker Nancy Pelosi touted the notion of a 'car czar' to supervise an auto industry bailout, saying Tuesday that Big Three executives haven't adapted well to changing conditions." -- December 9, 2008, Associated Press
Without and audit, how does Congress expect to know how much total taxpayer money will be needed to help General Motors Corp. and Chrysler LLC. to actually survive. After all, they are telling Congress that they need "a total of $14 billion to $15 billion to survive through early 2009". What happens after that?
"Dec. 16 (UPI) -- Stakeholders in the U.S. auto industry must show they're willing to sacrifice if assistance funds are to be allotted, a White House spokeswoman said Tuesday." -- UPI.com, Business News, December 16, 2008
Sure, they should make sacrifices, but what do they mean by "show they're willing to sacrifice"? Does that mean that they have to take business class airfare? Or does that mean that they have to drive themselves in their own brand of car instead of taking a limo? When you are talking about executives that "haven't adapted well to changing conditions", what are they going to consider change and sacrifice, versus what actually needs to be accomplished in our reality.
"(If) we're going to use taxpayer financing to assist the automakers, all stakeholders are going to have to come to the table and be willing to show that they are capable and willing to make really tough decisions about the way forward," spokeswoman Dana Perino said. "(We) need them to become viable, competitive firms in the future, and in order to do that, concessions are going to have to be made by stakeholders." -- UPA.com, Business News, December 16, 2008
When there is a Washington machine committee put together to evaluate this issue of "concessions" and "sacrifice", are they really living in reality enough to evaluate the issue? Or would it be more prudent to have some actual citizens involved in this process...people who are in various working industries and conditions around the country? After all, it is our (the taxpayers') money.
"House Speaker Nancy Pelosi says Democrats are preparing a massive economic recovery bill in the range of $600 billion.
It would blend immediate steps to counter the slumping economy with longer term federal spending on infrastructure like energy efficiency projects.
The California Democrat told reporters that economist Mark Zandi has recommended to Democrats an economic stimulus in that range -- including $400 billion in infrastructure and $200 billion for tax cuts.
Pelosi saysCapitol Hill Democratsare already "hard at work" writing a stimulus measure to pass next month. It's expected to combine tools like tax cuts and help to states suffering from big budget deficits with infrastructure projects like road and bridge repairs." -- The Associated Press, December 16, 2008 (note: italics added)
If you are not worried about future ramifications of all of these "stimuli", you should be. If it were as easy as just printing more money, that would be easy and we would not have these recessionary, depressionary, devaluationary, deflationary concerns. However, in the end, the buck stops with you and I...literally. In the end, since the money is coming from you and I, wouldn't you rather see a committee of folks who are a part of the various working industries around the country, and not just those who are a part of the Washington D.C. system?
Wednesday, March 12, 2008
Stimulus Package Details. American Dream?
Where are you going to spend your rebate check?
Facts regarding the controversial economic stimulus package as found on the IRS Internet site at www.irs.gov are summarized here.
Stimulus checks begin being mailed in May, 2008.
To qualify, you must file your 2007 tax return.
Checks will be available via direct deposit if that is the option provided on your 2007 income tax return.
Eligibility.
"In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
...Low-income workers who have earned income above $3,000 but do not have a regular filing requirement must file a 2007 tax return to receive the minimum stimulus payment. Similarly, Social Security recipients, certain Railroad retirees, and those who receive the veterans’ benefits mentioned above must file a 2007 return in order to notify the IRS of their qualifying income."
"Parents and anyone else eligible for a stimulus payment will also receive an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number."
Note: Limited to those with Social Security Numbers only! Please read all exclusions.
Once U.S. citizens receive the package rebate checks, instead of paying off debt, they are reportedly going to turn around and spend most of it at places like Wal-Mart.
What is wrong with shopping at Wal-Mart, you ask? For some, it remains their only option. This is understood.
However, the money spent at Wal-Mart will most likely go straight to China.
Here is the reason that the rebates may most likely go straight to China if spent at Wal-Mart. Click Here For Link To Article
"China is Wal-Mart's most important supplier in the world. The overseas procurement home office in Shenzhen, a city of South China's Guangdong Province, has played a key role in the firm's global purchasing business.
Wal-Mart shifted its overseas procurement centre from Hong Kong to Shenzhen in February 2002 to better serve the purchasing and exporting business.
"If Wal-Mart were an individual economy, it would rank as China's eighth-biggest trading partner, ahead of Russia, Australia and Canada," Xu said."
The word is getting out about our free trade issues, however. More Americans are realizing that our trade issues are directly affecting our economy. For instance, the jobs that are now at stake regarding the $40 billion contract for Air Force aerial refueling tankers that has been awarded to a partnership between Northrop Grumman and the European parent of Airbus, instead of the American manufacturer, the Boeing Company (refer to this link to The New York Times article.
An article on CNN.com relates the feelings of the American population quite eloquently. Click Here For Link To Article
"We are a nation crawling into a fetal position, cramped by fear that America has lost control of its destiny in a fiercely competitive global economy. The fear is mostly about jobs lost overseas and wages capped by foreign competition."
"Median household income in 2006, at $48,201, was barely ahead of where it was eight years earlier. So the prospect of a recession has made the anxious middle class even more so. Coming in a presidential election season, the approaching storm clouds have turned the economy into the No. 1 issue on the campaign trail. Fear is a potent force in American politics, and Democratic Party leaders have astutely tapped into rising voter unease about globalization."
"No matter which candidate or which party takes control of the White House one year from now, free trade will - in the words of Hillary Clinton - take a "time-out." That's because Congress - which will most likely remain in the hands of the Democrats regardless of who wins the White House in November - took away President Bush's ability to negotiate trade deals by quietly letting so-called fast-track authority lapse last summer. And lawmakers won't hand that power back to any new President - Democrat or Republican - without major new federal programs (and new trade rules) designed to ease the stress of globalization on U.S. workers."
What do you and I do in a time like this?
For one, we stop borrowing money. Additionally, we remain aware of the economy, the trade, and the large companies that are involved. We make wise choices regarding our spending so that the money can actually bolster the U.S. economy, instead of a foreign economy.
On the Glenn Beck show on CNN, he has addressing this issue head-on. Click Here for Transcript Page
"Once again, our politicians have shown that needlessly spending billions more of your tax dollars has a bipartisan appeal. They can come together on spending your cash."
"For once, I really wish our do-nothing Congress would have actually lived up to their name. Your children’s future is much, much worse off tonight...."
"...does anyone know what values these parties stand for anymore? I used to think that Republicans stood for smaller government and free markets, but that’s almost laughable now. Under this package, the people who paid no income tax will get full, as they like to call them, rebates. My grandfather would have called them what they really are, handouts."
"...it allows government-chartered lenders like Freddie Mac and Fannie Mae to double the size, or almost, of the loans they’re allowed to buy. Never mind that those companies may have over $16 billion in bad loans already on their books, which are your books."
"Deficit, deficit. Where I have heard that deficit? Oh, I remember it was from the Congressional Budget Office, which just announced...the 2008 deficit is expected to grow to $250 billion, and that is without the stimulus package or a recession factored in."
"Free markets create wealth. Governments destroy it. Look around the world if you want proof. Twenty percent of the countries that have the most economic freedom have five times more wealth per person than the bottom 20 percent."
"STEPHEN MOORE, SENIOR ECONOMIC WRITER, "THE WALL STREET JOURNAL: ... We haven’t talked about the housing component. It’s, you know, I call this Uncle Sam subprime lender. Because what we’re going to do in this package, now that all the banks have finally smartened up and said, you know, "Maybe we shouldn’t be making these -- these loans to people who can’t repay them, who don’t have good credit ratings, who can’t make a down payment...
And now under this package what’s going to happen is the Federal Housing Administration, which is insured by you and me, Glenn, and Amity, we’re now going to be the subprime lenders. And you’re going to have another catastrophe in housing. But now, it’s not going to be the banks that are going to be losing money; it’s going to be the U.S. taxpayer."
"BECK: Yes. Stephen, I don’t know if you saw in "The New York Times," but Hillary Clinton revealed herself today as a spooky socialist, where she was talking about all the things that she wants to do, and she wants massive control on the markets and bigger, stronger government."
"MOORE: Yes. And this is my point. I mean, Hillary Clinton, this wasn’t yesterday, but a few months ago, she said America can’t afford all my ideas. And finally, she said something truthful."
Now that the question of the economy (which was in trouble before Bush came into office) is now in play, who do we vote for during these Presidential Elections? This is a seriously, thought provoking, mind-bending, brain-teasing, keep-you-awake-at-night question. The candidates certainly haven't lessened the stress. Instead of thinking of what will sound good coming out of their mouths, they may want to start thinking about what will actually function on paper going through the U.S. Congress to make changes once they are in office.
Sources:
www.irs.gov
www.chinadaily.com.cn
CNN.com
www.nytimes.com
The Glenn Beck Show on CNN
www.glennbeck.com
Tuesday, January 29, 2008
Made In The USA, Stimulus Package continued...
Stimulus for U.S. or for China continued...
February 2007, The Christian Science Monitor printed an article by Peter Navarro regarding China's brand of mercantilism. They had foresight that the government still has yet to pick up on.
"Watch your flanks! That's a sound piece of advice US politicians have ignored as they remain mesmerized by the train wreck called Iraq. Meanwhile, a ruthlessly mercantilist China is running a flanking maneuver so effective that it now threatens America's economic, financial, and political independence.
America is addicted to a daily "fix" of Chinese capital that floods in to purchase US government bonds – and thereby fund the US budget and trade deficits."
Click Here For The Full Article
An issue with all of the manufacturing outsourced to China from the U.S.? A new bill that will increase operating costs by 25-30% this year...for companies operating in China. Doesn't that mean that the goods will also include a cost increase? Why not manufacture them in America, offering jobs to the increasingly unemployed population?
"China’s National People’s Congress passed the Law of Employment Contracts on June 29, 2007. It formalizes workers’ rights concerning overtime hours, pensions, layoffs, employment contracts and the role of trade unions. Considered one of the strictest in the world, it is stirring apprehensions most in the ranks of Taiwan’s China-based small and medium enterprises - operations that are usually too small to support a professional human resource management framework.
Among other mandates, the law requires employers to sign written contracts with every employee. Also, after two contract renewals, workers automatically earn the right to work for the employer indefinitely. Employees can only be let go for clear cause and would still receive a pension. In the expanded role for trade unions, employers will be required to consult with them before making rules and regulations, concluding employment contracts or implementing economic dismissals.
The bill was the first major national law in China circulated in advance to gauge public reaction. As a result more than 191,800 separate comments were received via the Internet, newspapers, periodicals, and letters soon after the Standing Committee of the National People’s Congress launched the plan.
Hsiao Hsin-yung, a human resource consultant specializing in China’s labor regulations, suggested that complying with the law could increase the operating costs of Taiwanese manufacturers by some 30%, creating a heavy burden for already struggling enterprises."
Asia Times Article
With businesses already discussing moving away from China to more favorable locations because of cost, how will this affect the U.S. economy?
"China on Tuesday introduced a labor law that enhances rights for mainland workers, including open-ended work contracts and severance pay."
"Higher costs may drive manufacturers with low margins out of China, damping investment in factories that helped push inflation to a 10-year high. Olympus, one of the world's largest digital camera makers, and Yue Yuen Industrial, the biggest maker of shoes for brands like Nike, are among companies shifting some production to Vietnam to cut costs."
International Herald Tribune
So, when you receive your rebate check, that is if the Stimulus Package ever gets passed through the Senate without so many changes that the President vetoes it, where are you going to spend your money?
If you did not read my original post regarding the Stimulus Package, here is the link. Just food for thought. MADE IN THE USA! Click Here For Stimulus Pkg Post Link
Sources:
www.csmonitor.com (The Christian Science Monitor)
www.atimes.com (Asia Times)
www.iht.com (International Herald Tribune)
February 2007, The Christian Science Monitor printed an article by Peter Navarro regarding China's brand of mercantilism. They had foresight that the government still has yet to pick up on.
"Watch your flanks! That's a sound piece of advice US politicians have ignored as they remain mesmerized by the train wreck called Iraq. Meanwhile, a ruthlessly mercantilist China is running a flanking maneuver so effective that it now threatens America's economic, financial, and political independence.
America is addicted to a daily "fix" of Chinese capital that floods in to purchase US government bonds – and thereby fund the US budget and trade deficits."
Click Here For The Full Article
An issue with all of the manufacturing outsourced to China from the U.S.? A new bill that will increase operating costs by 25-30% this year...for companies operating in China. Doesn't that mean that the goods will also include a cost increase? Why not manufacture them in America, offering jobs to the increasingly unemployed population?
"China’s National People’s Congress passed the Law of Employment Contracts on June 29, 2007. It formalizes workers’ rights concerning overtime hours, pensions, layoffs, employment contracts and the role of trade unions. Considered one of the strictest in the world, it is stirring apprehensions most in the ranks of Taiwan’s China-based small and medium enterprises - operations that are usually too small to support a professional human resource management framework.
Among other mandates, the law requires employers to sign written contracts with every employee. Also, after two contract renewals, workers automatically earn the right to work for the employer indefinitely. Employees can only be let go for clear cause and would still receive a pension. In the expanded role for trade unions, employers will be required to consult with them before making rules and regulations, concluding employment contracts or implementing economic dismissals.
The bill was the first major national law in China circulated in advance to gauge public reaction. As a result more than 191,800 separate comments were received via the Internet, newspapers, periodicals, and letters soon after the Standing Committee of the National People’s Congress launched the plan.
Hsiao Hsin-yung, a human resource consultant specializing in China’s labor regulations, suggested that complying with the law could increase the operating costs of Taiwanese manufacturers by some 30%, creating a heavy burden for already struggling enterprises."
Asia Times Article
With businesses already discussing moving away from China to more favorable locations because of cost, how will this affect the U.S. economy?
"China on Tuesday introduced a labor law that enhances rights for mainland workers, including open-ended work contracts and severance pay."
"Higher costs may drive manufacturers with low margins out of China, damping investment in factories that helped push inflation to a 10-year high. Olympus, one of the world's largest digital camera makers, and Yue Yuen Industrial, the biggest maker of shoes for brands like Nike, are among companies shifting some production to Vietnam to cut costs."
International Herald Tribune
So, when you receive your rebate check, that is if the Stimulus Package ever gets passed through the Senate without so many changes that the President vetoes it, where are you going to spend your money?
If you did not read my original post regarding the Stimulus Package, here is the link. Just food for thought. MADE IN THE USA! Click Here For Stimulus Pkg Post Link
Sources:
www.csmonitor.com (The Christian Science Monitor)
www.atimes.com (Asia Times)
www.iht.com (International Herald Tribune)
Friday, January 25, 2008
Stimulus for U.S. or for China?
Watching the news today, I had to almost laugh at the decision that our government is making as a "stimulus" for the economy. Why laugh? Because if I didn't laugh, I'd probably scream.
There is already controversy surrounding the package. Once U.S. citizens receive the package rebate checks, they are reportedly going to turn around and spend most of it at places like Walmart. What is wrong with that, you ask? Because the money spent at Walmart will most likely go straight to China.
Here is the reason that the rebates may most likely go straight to China if spent at Walmart. Click Here For Link To Article
"China is Wal-Mart's most important supplier in the world. The overseas procurement home office in Shenzhen, a city of South China's Guangdong Province, has played a key role in the firm's global purchasing business.
Wal-Mart shifted its overseas procurement centre from Hong Kong to Shenzhen in February 2002 to better serve the purchasing and exporting business.
"If Wal-Mart were an individual economy, it would rank as China's eighth-biggest trading partner, ahead of Russia, Australia and Canada," Xu said."
The word is getting out about our free trade issues, however. More Americans are realizing that our trade issues are directly affecting our economy.
An article on CNN.com relates the feelings of the American population quite eloquently. Click Here For Link To Article
"We are a nation crawling into a fetal position, cramped by fear that America has lost control of its destiny in a fiercely competitive global economy. The fear is mostly about jobs lost overseas and wages capped by foreign competition."
"Median household income in 2006, at $48,201, was barely ahead of where it was eight years earlier. So the prospect of a recession has made the anxious middle class even more so. Coming in a presidential election season, the approaching storm clouds have turned the economy into the No. 1 issue on the campaign trail. Fear is a potent force in American politics, and Democratic Party leaders have astutely tapped into rising voter unease about globalization."
"No matter which candidate or which party takes control of the White House one year from now, free trade will - in the words of Hillary Clinton - take a "time-out." That's because Congress - which will most likely remain in the hands of the Democrats regardless of who wins the White House in November - took away President Bush's ability to negotiate trade deals by quietly letting so-called fast-track authority lapse last summer. And lawmakers won't hand that power back to any new President - Democrat or Republican - without major new federal programs (and new trade rules) designed to ease the stress of globalization on U.S. workers."
What do you and I do in a time like this? For one, we stop borrowing money. Another choice is we stay aware of the economy, the trade, and the large companies that are involved. We make wise choices regarding our spending so that the money can actually bolster the U.S. economy, instead of a foreign economy.
On the Glenn Beck show on CNN, he has addressing this issue head-on. Click Here For Transcript Page
"Once again, our politicians have shown that needlessly spending billions more of your tax dollars has a bipartisan appeal. They can come together on spending your cash."
"Congressional leaders in the House compromised today on an economic stimulus package that includes $100 billion in tax rebates, if you make less than $75,000 a year. Other than that, you`re rich. Along with $50 billion in temporary business tax write-offs."
"For once, I really wish our do-nothing Congress would have actually lived up to their name. Your children`s future is much, much worse off tonight...."
"...does anyone know what values these parties stand for anymore? I used to think that Republicans stood for smaller government and free markets, but that`s almost laughable now. Under this package, the people who paid no income tax will get full, as they like to call them, rebates. My grandfather would have called them what they really are, handouts."
"...it allows government-chartered lenders like Freddie Mac and Fannie Mae to double the size, or almost, of the loans they`re allowed to buy. Never mind that those companies may have over $16 billion in bad loans already on their books, which are your books."
"Deficit, deficit. Where I have heard that deficit? Oh, I remember it was from the Congressional Budget Office, which just announced yesterday that the 2008 deficit is expected to grow to $250 billion, and that is without the stimulus package or a recession factored in."
"Free markets create wealth. Governments destroy it. Look around the world if you want proof. Twenty percent of the countries that have the most economic freedom have five times more wealth per person than the bottom 20 percent."
"STEPHEN MOORE, SENIOR ECONOMIC WRITER, "THE WALL STREET JOURNAL: ... We haven`t talked about the housing component. It`s, you know, I call this Uncle Sam subprime lender. Because what we`re going to do in this package, now that all the banks have finally smartened up and said, you know, "Maybe we shouldn`t be making these -- these loans to people who can`t repay them, who don`t have good credit ratings, who can`t make a down payment...
And now under this package what`s going to happen is the Federal Housing Administration, which is insured by you and me, Glenn, and Amity, we`re now going to be the subprime lenders. And you`re going to have another catastrophe in housing. But now, it`s not going to be the banks that are going to be losing money; it`s going to be the U.S. taxpayer."
"BECK: Yes. Stephen, I don`t know if you saw in "The New York Times," but Hillary Clinton revealed herself today as a spooky socialist, where she was talking about all the things that she wants to do, and she wants massive control on the markets and bigger, stronger government."
"MOORE: Yes. And this is my point. I mean, Hillary Clinton, this wasn`t yesterday, but a few months ago, she said America can`t afford all my ideas. And finally, she said something truthful."
Now that the question of the economy (which was in trouble before Bush came into office) is now in play, who do we vote for during these Presidential Elections? This is a seriously, thought provoking, mind-bending, brain-teasing, keep-you-awake-at-night question. The candidates certainly haven't lessened the stress. Instead of thinking of what will sound good coming out of their mouths, they may want to start thinking about what will actually look good on paper going through the U.S. Congress to make changes once they are in office.
Sources:
www.chinadaily.com.cn
CNN.com
The Glenn Beck Show on CNN
www.glennbeck.com
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