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By Jason Simpkins
Associate Editor
Money Morning
Obama Stimulus Package Updated Articles – 2/19/09
Obama's New Stimulus Plan May Be the Needle That Pops the Treasury-Bond Bubble
President-elect Barack Obama yesterday (Monday) formally unveiled his economic team, including the nomination of New York Federal Reserve Bank President Timothy F. Geithner as the new administration’s U.S. Treasury secretary. The team’s first challenge will be assembling an economic stimulus package that could be even larger than the $700 billion Troubled Asset Relief Program (TARP) the Bush Administration has deployed.
The nomination of Geithner to succeed current U.S. Treasury Secretary Henry M. Paulson Jr. was leaked over the weekend, and was reported by Money Morning yesterday.
Geithner (pronounced: GITE-ner) obtained a Master of Arts degree in International Economics and East Asian Studies from Johns Hopkins University’s School of Advanced International Studies in 1985. He also has studied Japanese and Chinese and has lived in present-day Zimbabwe, India, Thailand and China.
As the nation’s top financial authority, Geithner will inherit oversight of the Bush administration’s $700 billion bailout for Wall Street and a U.S. economy struggling with recession.
He will be flanked by former Treasury chief Lawrence Summers, who will head Obama’s National Economic Council. Analysts say this appointment puts Summers in line to succeed Ben S. Bernanke as chairman of the U.S. Federal Reserve in 2010.
New Mexico Gov. Bill Richardson, who ran against Obama in the Democratic primary, will take over the Commerce Department, and Congressional Budget Office Director Peter Orszag will head the Office of Management and Budget.
In other key appointments, economist Christina Romer will be the director of his Council of Economic Advisors, which provides economic analysis and advice to the president, and Melody Barnes will be the director of his Domestic Policy Council (DPC). Before being tapped by Obama, Barnes was executive vice president for policy at the Center for American Progress.
“I’ve sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold, new ideas, and most of all who share my fundamental belief that we cannot have a thriving Wall Street without a thriving Main Street,” Obama said at a press conference in Chicago.
Obama’s economic team will be faced with the grand task of restoring confidence to Americas stricken financial sector, and may have to wrestle the U.S. economy out of its worst downturn in decades. President-elect Obama made it clear that the first priority for he and his team will be to pass an economic stimulus package.
“The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class, to get these projects going, to get America working again,” David Axelrod, Obama’s chief campaign strategist, said in an interview with Fox News Sunday. “That’s where we’re going to be focused in January.”
Obama’s 2009 Stimulus
Obama and his aides remain vague on exactly what that package will look like. Over the weekend, however, the incoming president outlined a plan to create or save 2.5 million jobs by 2011.
“It will be a two-year, nationwide effort to jump-start job creation,” Obama said of the plan. “We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels.”
Tax cuts will also be a critical fixture in the stimulus. And they’d be preferable to rebates because they would have a more immediate impact on the economy. Of course, the question is who will receive those tax benefits.
Obama has repeatedly sounded calls for middle-class tax relief, but he also hinted that he might refrain from repealing tax cuts initiated by President George W. Bush that favored the wealthy – those who make more than $250,000 a year.
Other measures that Obama has proposed in the past include:
- Suspending penalties and income tax on early withdrawals from IRA and 401(k) accounts.
- Offering a temporary tax credit of $3,000 to companies for each new full-time employee hired in the United States.
- Extending unemployment benefits by a period of 13 weeks and temporarily suspending income taxes on those benefits.
- Requiring a 90-day moratorium on foreclosures for homeowners.
Clinton Stretch, a tax principal at accounting firm Deloitte & Touche LLP, told Bloomberg that two other Obama tax proposals could be good candidates for inclusion in a stimulus package.
The first is Obama’s “Make Work Pay” tax credit, which would provide a partial Social Security payroll tax holiday for most taxpayers, worth up to $500 for individuals and $1,000 for married couples.
The second would be an extension of the Earned Income Tax Credit, which favors low-income workers.
Of course, the pending stimulus package could include any of these measures, or none at all. The only certainty is that the stimulus will be costly. Sen. Charles Schumer, D-NY, said the amount set aside for a new stimulus package could equal or surpass the $700 billion designated for the TARP fund, more than half of which has been used to shore up U.S. banks and insurer American International Group Inc. (AIG).
Martin Baily, who was the White House’s chief economist under President Bill Clinton, told Bloomberg that the stimulus could exceed $1.2 trillion. That would dwarf the $175 billion package Obama proposed just one month ago, and even the $168 billion tax-break stimulus package President Bush issued earlier this year.
“We’re out with the dithering, we’re in with a bang,” Austan Goolsbee, a senior Obama economic adviser, said on CBS’ Meet the Press.
News and Related Story Links:
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Money Morning:
How Investors Can Find ‘Obamanomics’ Profit Plays
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CNNMoney:
Obama names his economic team
Tags: Jason Simpkins
I was giving the stimulus package some thought, how exactly does one print money and has nothing to place value on that currency, can you print enough money to get us out of debt I would just enjoyed life a bit more if I understood that concept. as to his a stimulus package out of an already in debt nation
Suspending penalties and income tax on early withdrawals from IRA and 401(k) accounts.
Please tell me this is retro active due to the fact that I just put in for my 401k money for a home dowm payment. KEVIN
The stimulus package for obama is proposing, is the rebate only for the middle and low working class, or is it for all the people, retiree, disabled, and welfare? I only hear the lower and middle class that are working
I was told the only stimulas we are getting is a extra $20 in pay check a week …..come on do you really think this is going to help the economy ……my answer is NO IT WONT. There for we the people who voted for Obama were very decieved. And A small Business which I am because we fall in S corp doesnt help us out one iota …. us small companys that are incorporated which falls under s-corp need help too , we also need a bailout
PLEASE FOR GODS SAKE help seinors and the disabled before the illeagles MEXICANS ARE NOT AMERICANS the people should take back the country its not what lincoln had in mind return to a normal democracy and quit stealing from us disabled help us we didnt ask to be disabled at all and cant work at any level bail us out or end our suffering you wouldnt let a horse or dog go thru life like me that would be cruel yet im denied services and need help to pay my many medical bills healthcare in America is a joke
Hey Bernadette, you realize 20$/paycheck would be $520 over the year right? I guess I'm thankful we get a stimulus at all, what do you expect? Thounsands of dollars for free for no good reason? Come on…
hey, any money at all would be a blessing, some people really need this……..
Actually, $20 a week extra would be double of what you said, per year. Which would come out to $.50 an hour raise, if you work 40 hour weeks.
We are a family of 4, we made just under 20,000 last year.
I go to school full-time, and my husband works. I do not qualify for many scholorships because I'm married to the father of my children. So basically if I went out and had a bunch of illegitament children I would have a free ride. I could really use a stimulus check!
I pity the disabled and seniors, but you guys live off the money I make and many of you or your friends are leeching the system making it unfair to others like you. That's your deal, I can tell you that when I'm ready to retire, there won't be a SSA because it collapsed.
As for students, you have HUGE tax cuts as is… that is, if you had a job. If you're a jobless student, you don't deserve a stimulus check/cheque because that's the working man's money! Get a part time job and then we will talk.
Everyone is looking for a hand out and easy money only to spend it frivolously. Why should I, a renter who just broke $20,000 in annual income this year, pay for any of you?
Best way to cut expenses for you "beggars", cut the cable and contracted cell phones. You can stream free TV shows online at hulu and Virgin Mobile can give you 5 free minutes of airtime a day for watching 5 minutes of ads. Internet can be free if you have a notebook, and don't whine that they're too pricey. I got a NEW Dell mini 9 for under $300. Light, cheap, and gets GREAT wifi signal.
Many people overextend themselves with luxuries and don't want to give them up, so it's easier to demand what you feel is deserved. Sorry to break it to you, sweetie, some people work hard to get where they are instead of whining about how poor they are and how much they deserve a hand out. That's what poor people do, people who spend their life in a double-wide, people who mooch. Urchins, peddlers, pests, trash. That's what you become, a burden on the system.
I work in a Hotel and right now things are tight because it is the slowest of slow season, I'm bringing home a total of $600 this month. If I had the SAME luxuries I had a year ago, I would be in a heap of trouble. But I'm stable and quite content. I have food on the table, milk in the fridge, and power is on. :D
But I digress…
In my opinion, the stimulus should be funneled into jobs and into the working class. The working class is the only class that keeps the economy strong. I don't see Granny Goldenblat buying a new car or television, and I don't see jobless student buying a house or furniture. So come on, make the right choices, this goes for you, for America,and for the US Government.
If we weren't in debt or overextended, we wouldn't need any stimulus.
Reading suggestion: Dave Ramsey's "Total Money Make Over"
Inspiring, motivating, and a great guide. He's also on the radio. Check it out if you really want to help the economy instead of becoming a burden.
Thanks for last yrs check..Disneyworld got it. Id like another on for the kids to hit Dolywood on uncle Sam.
Amen, Mike in Seattle! God bless you.
hey i want more money back! i am a single father of 4 kids that live with me full time. i made $68,000 this year they took $10,000 away in taxes. Due to having 5 exemptions , 4 kids that qualify for the child taxcut (not credit, it means i get my pain in money back, not free money) (and the taxes back off my 6-7,000 a year i pay in day care).
i get $8,200 of that back every year, so hell even more money would be nice!
oh and i never set my foot in school outside of highschool.
those who are naturally gifted do, those that aren't go to school to learn!
mike
OMG Disneyworld are you kiddin me!! Here we are the middle of an economic crisis and you get to take your kids to disneyworld!! Proof not all people need the stimulus checks,but my family could use it for groceries,utilities,gas,medical but not for "DISNEYWORLD"i promise u that!!!
The declining Future & Outlook For Seniors, the Disabled and the largest group of retirees soon to be Retiring – The Baby boomers!!! The Unforgiving Senior Moment:
Did someone forget about the Seniors, Disabled & Retirees? It seems so because I haven't heard a word how to help many in this same situation, there is no tax relief or any help!
Many people like ourselves who had retired a couple years ago are sinking or stuck.
We tried to do everything right a few years ago, sold the nice car, the boat, the toys and even sold our home. We paid off all loans, most credit cards and moved south to the warmer climate and for my health. We couldn't afford a home over $100,000 so we picked up a fixer, an older Mobile on an owner contract for $82,000 with $20,000 down at 8% interest on a 15 year term. My youngest son came down to help do most the work for us saving labor cost, but out of pocket costs were still about $12,000.
Now two years later we are in the worst position ever with owning a home. Our total investment is about $94,000 plus closing costs, interest, etc., yet our place is worth much less in today's market, possibly not much more than we owe on it. It is not finance-able or re-finance-able because of the age and who’s going to buy it for cash in this market?
It was to be a stepping stone until we could make that move to afford a nicer home. We would love to buy a newer stick built home with no stairs and having a better location. We’ve looked at some foreclosures and found some nice homes that people had lost. Our credit score is over 700 and we have been Pre-Approved for a $100,000 loan which our income could support, however the 20% down payment would have to come from our current equity or lack of now..
Our Problem is we are stuck, perhaps forever in this 1966 doublewide mobile after paying most everything off and sinking our life savings into a place we will never get out of. We support two kids in college with no help from financial aid or any assistance.
What bothers us most about all this is seeing some of these people in foreclosure who have nice boats, luxury cars, toys and everything we had sold to do the right thing, instead they get bailed out or are waiting to have their mortgage adjusted!
We could borrow on our credit line & credit cards to come up with the down payment and let our double wide go into foreclosure as we have heard others doing, but that’s not right. This is not fair to many Seniors or Retirees in our same position, it seems we fall between the cracks of the financial bureaucracy.
The Solution: The Feds spent billions giving to companies so they could pay out bonuses to top executives who then turn around and want more money could maybe come up with a plan to help the hundreds of thousand of seniors & retirees in this same exact position to re-finance an older mobile that no one else will re-finance, I’ll spend money that way to help stimulate the economy!
while pass money out think about low class people too with kids
I think the system needs to be fixed. Stop giving to all the illegals and the sorry people that wont work. I work at a Hospital full time in the Insurance dept, and a Grocery store part time as a manager, I see all these sorry people using medicaid and food stamps that could very well work. Using the working peoples money sit on their butt all day long. I would like to have time to relax on occasion but dont see that happening soon unless they do something about these people that dont want to work. I do feel for those that have lost their job due to shutting down or cutting costs, i dont mind helping those I hate it for them. But i dont want to help the ones that dont care if they work or not, or just have children to mooch.
I believe that the ones that put into the system are the ones that need the help not the moochers.
obama will put all of us and generations to come in the poorhouse! To those of you who voted for him thanks, FOOLS
Mike…You are so right…Obama will put GENERATIONS in the poorhouse…GENERATIONS…
Mike from Seattle…Great suggestion on the Dave Ramsey books…
Too many people want everything that everyone else has w/out working for it! Don't get cable or internet if you cannot pay your mortgage or rent!!! Don't drive that brand new car if you cannot put food on the table! I work in a hospital and the number of people cracked out on assistance is RIDICULOUS! I am paying for these people to 1. Get free insurance 2. Not work 3. Pay for their bills w/ MY MONEY and I am damn tired of it! Go to rehab, get a job and be a productive member of society!
The economic stimulus isn't free you have to pay it back on your 2008 taxes. I would think that everyone should know that but they don't!!!!
I have heard some of the things the stimulus package is earmarked to help,for those of you who feel this isn't just a give away,then you can apply to house some of the prisoner's from gitmo. I haven't herad a mention of any help for disabled Vets.All I can say to all who are for this crap is " Thank's alot FREELOADER"S.
In response to Angry Early 20's comments
Who do you think paid pasid into the Social Security for over 40 years while you where not evben a thought yet. You say that we should give up all our extras , friend I earned every thing I have . I raised 2 children .feed them , clothed them and put a roof over there heads.
Sorry you took a low paying job but sounds like you want a nice big hand out because you couldn't get anything better.
No I provided for family with a 11th. grade education and a lot of hard work .
When you have done what we ,the disabled and retired ,have you come and complain to us .
hi
You don't have pay the economic stimulus back and neither its included in your 2008 income when you file your taxes this yr. All the tax software ask whether you received your 2008 economic stimulus plan because the IRS wants to know whether you received the stimulus or not and incase you received less than what you are supposed to you might get the balance as a recovery rebate this yr.
I read all these comments and I agree with some of them. I am a single mom of two and I work full time, I own my house, I recently had to get a car so I now have a car payment and it makes things tough.
I watch our economy and things are getting worse and worse everyday.
There are so many things that just irritate me. We do so much for people who are poor yet a lot of them could get a job if forced to do so. We do so much for people who make tons of money, with tax breaks and so on but for the middle class everything is difficult. You can't get any help from anywhere because god forbid you make too much money. Well why do you think half the people out there don't want to make anymore because the government helps them on everything….Insurance, Child care, food stamps, everything while if you make a couple bucks over that amount your screwed. Then you have a whole bunch of people who just think its easier to collect unemployment then to try to find a job. Right now it probably is because the only people that are not hurting is the big money makers.
You know we have contractors overseas and they make more money then the military personnel who are protecting our country. Tell me that's not pitiful.
Why dont we just give it all to the banks.that should make the ceos enouph money for there bounses for the next 20 years
i agree emil renkel, this is bull shit, we are giving money to all the companies to quote "SAVE" them, and they are giving the money to the CEO because of there "Contract", i think we need to fire all the fucking CEO in america and make them actually work for money, not just sit by like the guys at gm are doing
How much money would the US people would have gotten if the government chose to bail out the people of the us not the banks. If those people had gotten the money think of the amount of bills they could have paid. House loans car loans, medical bills and child care. What about those bills? IN turn they paid of the bank loans, made it possible for the banks to have the money back so they would not have had to be " Bailed out" by the government.
Here a clue for you take care of your people teach them to use the money more effectively no blowing it on TV's, video games, toys ect. It isn't going to hurt to look hard for the "made in USA " lable. to help support the ecconomey. Everyone wants to scream about the lousy stimulus plan. Those who spent the money on tv's, movies, games ect when it should have been spent on bills.
Bail out your people don't spend it on world hunger how about US hunger, US children who need the help. Not to mention US homeowners, the elderly who are struggeling to make it. Those who cannot make their homes more energy efficient. We need to work on infrastructure, people, education, homes, better fuel efficent cars. There is a lot of things we need to do at home not world wide.
I know when the stim check came into my house we paid bills and got things we needed like clothing and shoes not tv's games ect. my family strugles to make ends meet even with 2 incomes because of the high gas prices, house note, utilities ect. Not because we blow the money we work hard to earn.
Millions below the poverty level don't need to be at this point. Step up and stimulate your people the ecconomy will inporve.
Well, I have read just about every comment on this page and it's amazing. Everyone seems to be geared for the fast fix. It's not going to happen….and unless people stop pointing fingers and trying to put someones head on the block we can pretty much kiss our recovery GOODBYE!!! So, get your heads unstuck and lets get this thing underway. Oh!! and by the way…THIS IS GONNA HURT LIKE THE DICKENS PEOPLE!!! We have 200 years of muck up to undo. At least Obama seems to have the realization that this is what we are facing and seems to have the desire to get the recovery ball rolling….He is NOT going to fix 200 years of muck up in his term or terms. Here's what I think we should do…..take it or leave it…..I think we do need some basic stimulus immediately….leave out all the bull dookie for now and get to the bare bones…..JOBS..&..TIE OVER CASH….for those who need it most…..all the rest of Obama's plan can be discussed over the next several months in open forum…..this country has become too big for its own britches….so….break it down into smaller segments and lets bring back "town hall" the way it was meant to be….we have say 4 nationwide problems….the problems are brought before the "town halls" and THE PEOPLE come up with the possible solutions and the solutions are then voted into action from each town hall………We have the most convenient ways of communicating in mass now adays and we are not making the best use of them…..
The people of this country are issue illiterate….and under educated about foreign policy and issues that are facing us at this moment and what could be facing us in the future….we need to organize….educate….town hall…..put solutions into action……
The problem is not the lack of experience the our newly elected President has…..its that our government has become and unruly mess….that interferes with solutions on an hourly basis….If we do not take this to the town hall level and put this back into the hands of the public…..rather than the government……the government will drag its perverbial lead ass until we are all in the poorhouse…..
To be honest with you, Obama needs us to help get this back under control……because the rest of the government that surrounds his position will choke the crap out of any attempt on his part to re-organize it….stream line it…….and cut out the FAT…..
so, question is how do we….as the American public do this??? I dont think calling your congressman will do it….you can write blogs til you turn blue…..ANY SUGGESTIONS???? Would love to hear them.
It seems everyone wants free money from our Government. I work for the Government and have to take random urinalysis tests multiple times a year. The way I see it, if you want free money from our Governemnt then you should have to be tested and pass. At the very least, for those who mooch off our welfair system. I'm sure by doing this, it would free up alot more money to be spent elsewhere.
So when are we getting the stimulus package?????
Thank you number 34 SL on Feb 11. You seem to be to one of the very, very few educated people on this site. People need to become more involved with the issues that not only affect the US on a federal level, but also on their local one. Most people just pick a side and never fully care if that person is truly qualified for the position they are being elected to.
I was talking to a neighbor of mine around election time and he said that you don't need to be educated to run the country you only need to love it!???!! Are you kidding me? Their is a different in being educated and having an education. Sarah Palin had an education. Hillary Clinton was educated. If you think I need to clairify the comparison I just made, then you yourself at the very most just have an education. We have elected a lot of people to our congress and local offices that have at the most have an education. Until we learn to the differnce, our country will never live up to its full potiental.
Ok folks, I am one of those Disabled Senior Citizens that you folks are talking about. First off I worked from the time I was 14 years old until I fell down a hill and severed my spinal cord. I am confined to a wheelchair and can't walk, so far it has taken me 27 minutes just to type this little bit. I used to type 85 wpm. Secondly, I paid Taxes just like you do now, I paid into someone else's security. I did not ask to be this way and I'm quite sure that 97% of the TRUELY disabled would gladly work if they could. I live on $657.00 a month, my rent is $500.00 a month, my Gas is running $230.00 a month (set on 65), my Elec. is $58-75.00 a month. Now, you tell me, if the disabled Seniors need help or not. No frills in this house and I still can't buy my medications.
I believe alot of people do want frre hand outs and that just giving people money does not help it cause people is not going to go out there to spend like they want you to do people is going to pay off bills. now i am one of food stamp people and medical person but i feel like i have the right to recieve it. i worked since i was 15 old and i am now 30. i feel i paid some dues to get a little help so i dont feel bad when i slide that card and even though my type of work is slow i am not proud and i cont to look for work. not all people who get gov aid are lazy!! we do have a big imigrant problem and we have alot of work to fix and its going to take alot of time. its true cause before my work was slow i was barely making it and the gov would not help me out with childcare, food stamps, or even medical but as soon as my worked stopped they gave me everything fast and people feel the less i have the more help i can get and they sit on it till they think they are going to get a high ass paying job and thats sad!!!
For those of you who feel that disabled and wounded veterans should not get a stimulus package I have a few words to say.
We worked all of our lives and it is totally ludicrous that we should not get one this year. We live on a fixed income and our bills are more than our SSI. How do you expect us to eat, get our prescriptions, pay our bills, keep our vehicle in running condition without some help. Do you know what it's like to go hungry for days because there just isn't any money??? And then there are medical costs that have sky rocketed, we have no place to go for help.
Seniors and disabled people should get more than a couple of hundred dollars before anyone else gets anything. We are in a
situation where we have no choice but to cut back on our grocery bills, prescriptions and go absolutely no where.
We worked and paid in social security all of our lives, why should we be the lowest on the list of getting help.
One day you will be a senior and then you'll realize just how difficult it is to live with the prices going higher every day.
It is a hard thing to live like this and not at all right. We need help and we need it now.
When I get my stimulus check, I'm sending it back. Maybe Geitner can use it to buy shoe polish to shine Obama's shoes.
I feel very lucky. I'm married with 2 incomes but no children to support as we married in our mid to late thirties and we've decided to love and support homeless animals. But having said that, when I heard we may get an extra few bucks in our paychecks each week, I was thrilled. All my life I've had to budget and never had the luxury of…well…luxuries and I see $8 to $14 a paycheck as 1/4 to 1/2 a tank of gas (well, at todays prices anyway…) or being able to continue to purchase a well balanced diet for one of my sickly dogs. I'm trying to be thankful for what we have.
It breaks my heart that the elderly, retireees and disabled feel they have to defend themselves to some of the people who have commented on this blog. Yes, there are those who, without a doubt, take advantage of the systems in place and I'll be the first to want to kick those people in the ass and say they should be ashamed of themselves…but we are all going to be elderly and retired some day and there is always the possibility that we may become disabled ourselves someday, God forbid. What we all need to do is stop complaining and help our neighbors when we can (even if we are struggling ourselves, little things mean a lot to someone who is struggling themselves).
I'm no Pollyanna, I don't see the good in all…I often say "I hate people" or "people suck" when I hear what humans do to each other and to helpless animals, but Obama is diving into the difficult job of trying to fix our terrible economy as best he can and we should try to see the good in that at least.
One thing that frustrates the hell out of me is that people who "have" feel they should have more. Watch HGTV and see the houses people think they need. What family of 4 (a Houses Hunters episode) HAS to have 4.5 baths?…unless they have some serious irritable bowl problems in that family, wouldn't 2 baths or even 2.5 baths be plenty…come on people, stop being so greedy.
Watch an episode of HGTV's House Hunters and see if you become as frustrated as I do…the elderly are cold and hungry, the (truly) disabled are not getting the assistance they need, people are losing their jobs (and homes) left and right…but a recent family of 4 on that show NEEDED 4.5 bathrooms in the new home they were looking for. Some serious irritable bowel syndrome in that family?…or serious greed. I say the latter…but hoping the former :). Some people should be ashamed with how they live and wasting away (no pun intended) what another person would be so thankful for. Our government has problems, but the greed in our country is out of control. Live comfortably and enjoy life…but help your neigbor when you can.
Our
Bailouts
Are
Mere
Atrocities
OBAMA
I am on disability and only because I WORKED!! Earning the money and PAYING into the system for over 25 years. What you people don't understand is that I would not be receiving disability had I not worked and paid into the system that now supports me. I wish life didn't happen and I could again be the self supporting society contributor I once was but I am currently unable. It took me years to obtain disability statis, even though I was unable to support myself during this 'waiting' period. If you think about it, everybody needs to eat – and – everybody needs to wipe!!! Rich or poor!!! By the way, a gallon of Mountain Dew is much much cheaper than a gallon of milk – think about it!!!
This is gonna be the worst thing yet.
I figures out what the Shovel Ready jobs are all about. We're digging our own graves. I know why the retirement age has gone up to 70. We have to buy more SHOVELS.
This is definitely needed to help the US, but I think they made a mistake by giving $700,000 to create Kid Rock beer. It may bring some jobs, but I can't see them staying in business long lol. I think they need to focus on Grant Reviews to put money back in the economy.
How much would it cost the government to distribute a 'stimulus' check to every 'legal' citizen in the US, in the amount of – wait for it – $1,000,000? Those of us who 'need' would 'spend' on food, clothes and would buy a safe and dependable car with enough $ to actually legalize and insure the vehicle to drive on the streets. We may even buy our own roof to put over our heads. Seems to me this would be far cheaper than lining the pockets of the CEO's that keep taking the money even though they don't "NEED" the money. What would this cost? 300-400 Million maybe?
I am so tired of the billionaires sucking the money off the backs of those who have paid leaving them nothing in their retirement funds. I have been poor all of my life and grieve for those who have lost everything they have worked for to the CEO's of the companies that have failed. Companies that have failed yet still distribute billion dollar bonuses. Seems like an oxy-moran to me.
I do not however, grieve for those who chose to live like they have money, but don't. It seems the 20 year olds of today want to continue living in the custom of their parents, not realizing it took there parents 20 plus years to achieve. I am also perplexed as to why those who have struggled to pay their mortage receive no compensation, while those who chose to get in over their heads get a free pass. Again, it just seems to be an oxy-moran to me. But then I am a poor and struggling nobody.