Obama: Give economy $50 billion boost

[Dos Equis]

Obama: Give economy $50 billion boost

By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: June 9, 2008: 3:59 PM EDT

NEW YORK (CNNMoney.com) -- On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday that lawmakers should inject another $50 billion immediately into the sluggish U.S. economy.

The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures.

"Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, N.C.

He said that he supports the expansion and extension of unemployment benefits, as well as a second round of tax rebate checks.

Last week, Democratic leaders on Capitol Hill said that the latest unemployment rate shows that Congress and the Bush administration need to do more to help workers and the unemployed. And they called for a second round of fiscal stimulus.

An economic stimulus package that passed in early February featured tax rebates that are now being sent to more than 130 million Americans. On Friday, the Treasury Department reported that so far it has sent out nearly 67 million stimulus payments worth approximately $57 billion.

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

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

. . .

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

[youandme]

IMPOSSIBLE

Where does this money come from....talk bad about the spending in Iraq, now this.

What better way to appeal for votes than to give away money

[Bindare_Dundat]

IMPOSSIBLE

Where does this money come from....talk bad about the spending in Iraq, now this.

What better way to appeal for votes than to give away money

Out of thin air and then ultimately, your pocket.

[24KT]

IMPOSSIBLE

Where does this money come from....talk bad about the spending in Iraq, now this.

What better way to appeal for votes than to give away money

Perhaps some of it could come from the trillions currently being pissed away overseas?  ...just a thought. 

[Bindare_Dundat]

Perhaps some of it could come from the trillions currently being pissed away overseas?  ...just a thought. 

 the military cannot account for 25 percent of what it spends.

"According to some estimates we cannot track $2.3 trillion in transactions," Rumsfeld admitted.

$2.3 trillion — that's $8,000 for every man, woman and child in America.

[24KT]

 the military cannot account for 25 percent of what it spends.

"According to some estimates we cannot track $2.3 trillion in transactions," Rumsfeld admitted.

$2.3 trillion — that's $8,000 for every man, woman and child in America.

Well most didn't hear that news because the next day a couple of skyscrapers in NYC got all the press!

Coincidence.... <cue twilight zone music>

[youandme]

Out of thin air and then ultimately, your pocket.

This was discussed on Dobbs and he said it point blank, "It's not going to come from the top 1% pocket, so that leaves the middle class to pick this burden up"

Right on.

[Decker]

This was discussed on Dobbs and he said it point blank, "It's not going to come from the top 1% pocket, so that leaves the middle class to pick this burden up"

Right on.

That would conflict with his proposed middle class tax cut.  I think he will end up raising taxes on those earning $350,000/year.

[headhuntersix]

Which should effect everybody here at getbig

[Decker]

Which should effect everybody here at getbig

hahaha

[youandme]

That would conflict with his proposed middle class tax cut.  I think he will end up raising taxes on those earning $350,000/year.

Yeah I know that, all of his proposed plans are coming into "conflict"

[shootfighter1]

Decker, the # I've heard several times now is $150,000.

This idea does not make sense.  Rebates don't fix the problem.  Its a bandaid.  Poor logic.  Fix gas prices and strengthen the American dollar and most other problems will fall in line.  That is a reality.

[headhuntersix]

I'd love to know what everybody did with their cash.

[shootfighter1]

I paid bills, like most others.  It did not work and obama asking for more stimulus checks will not change our current economical situation.  Ignorant & selfish people were really happy about the checks without recognizing that it doesn't do jack shit to improve our economic situation.
We must strengthen the dollar, cut expendatures in Iraq and deal with the oil crisis.  Everything else is of secondary importance.  This is what Ron Paul tried to tell us...but the media is more interested in sensationalism and our leaders are more interested in winning insignificant battles to look good and keep our gov running bloated & inefficiently.
Wake up people.

[Decker]

Decker, the # I've heard several times now is $150,000.

This idea does not make sense.  Rebates don't fix the problem.  Its a bandaid.  Poor logic.  Fix gas prices and strengthen the American dollar and most other problems will fall in line.  That is a reality.

I looked at his economic platform at his web site and I found no reference to any tax hike.  I think that's a mistake.  Targeted tax hikes and tax cuts worked for Bill Clinton and they can work for Obama.

Obama does some things that I just don't like.

[Decker]

I'd love to know what everybody did with their cash.

Paid my mom's property taxes.

[MB]

This is a ridiculous cycle of taxation and overspending.  Printing more money is exactly what we don't need.  We should be strengthening the dollar by keeping government spending to a minimum; just the bare essentials to run government.  No frivilous spending on wars, social programs, foreign aid, etc.  Also, raise interest rates to deter borrowing.  Both the government and its citizens should be living within their means.