CHICAGO – President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details.
Obama said Congress should pass an American Recovery and Reinvestment Plan designed to create 3 million jobs. The Democratic president-elect hasn't announced a final price tag on it, but aides said the cost could be as high as $775 billion.
"For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won't have the same opportunities they had," Obama said in an address taped Friday and distributed on radio and posted on YouTube Saturday morning.
The nation's economy remains the top challenge facing Obama when he takes office on Jan. 20. The Federal Reserve estimated that lenders were on track to initiate 2.25 million foreclosures this year, more than doubling the annual pace before the crisis set in. One in 10 U.S. homeowners is delinquent on mortgage payments or in foreclosure.
I'm not just posting this to pick on Obama because he's soon to be your president, he just is the latest to run his mouth on this. Obama isn't the only one to blame for this way of thinking, and not just democrats are to blame here either. Many republicans fall into this trap as well when it comes to "stimulus" packages. Bush had his share of them as well, and I didn't like it then either.
Obama's quote is this and it deserves a 2nd mention. ""For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won't have the same opportunities they had,"
What is a government big spending "stimulus" package going to do to help them? Nothing! This is like saying the Detroit Lions need better management, and in respose they fire Millen and promote Millen's assistants instead of cleaning house. Government stimulus packings is nothing more than government spending more money on its pet projects, and saying that it is to help the economy. I wonder how many bridges to nowhere are in this thing.
If government wants to really have a real stimulus package, there is an easy and simple way. Just as this Trillion dollar Bush/Boehner/Obama/Reid/McCain/Pelosi bailout did a crappy job for the economy, this 775 billion dollar proposal won't give a real jolt to the economy.
If you want a $775 billion dollar bailout, divide it up among the number of taxpayers and send a check. If you take the entire population of the US, about 300 million - including non-taxpayers, and send a check, it will come out to a $2600 check to everybody. I think it would be up around to $6000 if it went to only income tax taxpayers.
What would be better for stimulating the economy, letting taxpayers pay for some of their debts, or big government spending on its own pet projects? Their spending on pet projects doesn't pay my bills, or your bills unless you work for the government.
If Obama or Bush pushed for that, they would be heroes.