A 2nd stimulus package the answer to economic woes?
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FROM CNN's Jack Cafferty:
The Democrats think it might be time for a second round of rebates to taxpayers, in order to help millions of Americans deal with rising energy prices and unemployment, declining home prices and tight credit.
House Speaker Nancy Pelosi says they'll be working on another stimulus package and hopes it will be a bipartisan effort again.
Democrats say such a package might be about more than just rebate checks, probably including more spending for roads and infrastructure, additional unemployment benefits, help for low-income families to heat their homes and aid for states struggling with deficits.
Former Treasury Secretary Larry Summers calls our current economic situation "serious" and says the government is "in much more danger of responding inefficiently than in responding excessively."
But the Republicans are saying not so fast. President Bush says we should let the first stimulus package run its course. And Federal Reserve chairman Ben Bernanke agrees. Republicans say the best way to boost the economy is to pass legislation to limit home foreclosures and increase production of domestic oil. They would likely push for more tax cuts for businesses if they agree to another stimulus package.
The initial $168 billion package included rebates sent to more than 100 million households, with checks of up to $600 dollars for individuals and $1,200 for couples.
Economists say some stores have seen more business as a result of those checks, but it hasn't meant more hiring by companies or more lending by banks. Some say the only way to solve the financial crisis is by injecting banks with a lot of money.
Here’s my question to you: Is another economic stimulus package the answer to our shaky economy?
Interested to know which ones made it on air?
Al from Dallas writes:
Sure! And they should start planning for a 3rd and a 4th. As the song goes, "There's a hole in daddy's arm where all the money goes..." We're stimulus junkies out here, Jack. We need some more stimulation, come on.
Darryl from Davis, California writes:
Listen to Bernanke on this one: let's give it a little time. A good comprehensive energy solution, including more drilling and access to shale oil, would go a lot further. Just look at what has happened over the last couple of days to oil prices after the mere suggestion that the U.S. would increase domestic production, along with some conservation.
D.J. writes:
Contrary to the way many of our representatives think, the American people are not stupid. Stop trying to buy us off. Do something for once that will really help the country.
Jerry writes:
We don't need more money; we need less spending, less credit and more discipline on the part of the consumer. Why do we need everything we see? No to the stimulus package.
Jonathan from Hartford, Connecticut writes:
Sure, what the hell? I'd sooner see it going to individuals than to bail out corporations. Let's try trickle-down economics in the other direction and see if it works!
Sergio writes:
Why is it that borrowing money from China, buying Chinese-made goods with that money, and sticking our children with the bill is called "economic stimulus"?
Beverly from Fredericksburg, Virginia writes:
Jack, Actually I think this stimulus package would actually work. We'd have to spend the money because God knows we're too afraid to put it in any of the banks now. Please tell the government to make my check out to ‘Cash’!
@jackcafferty on Twitter
did the first one work? reduce the prices of gas,oil, food and really do something that will help the mortgage market as well as people facing foreclosures.
no but i will take the money.
Jack,
First off I want to make this clear. I will take any and all government issued checks Bush wants to issue me. That having been said it would be great if something could be done perminately about gas prices, not just a tax holiday which would help very little and only for a short while. Until the gas prices come down everything else is going to be sky high. It is that simple. I will be checking my mailbox for that check!!!.
Sound economic fundamental policies throughout the government and business are needed. Another $600 or per person nationwide won't replace a sound policy.
Suits me, I'll let my great grand-kids figure out how to pay for it !!!
This is a simple question Jack. Absolutly not. No way.
Yes. For winter heating!! AND the 1,000 dollar tax cut to middle and low income families Obama has proposed.
No. It is obvious that the first one only made things worse. Besides this is only another Democratic ploy to redistribute wealth from the middle class to the poor. The more income the middle class has the smaller the check they got back. Allowing more to be given to those with small incomes. Plus I suspect it to be another attempt by Democrats to give a tax return to the voting illegal immigrants who pay no income tax.
Jack I think another stimulus package wouldn`t hurt. I`d like us to give tax payers the same $300.00 a month we give the people that were killing our troops last year in Iraq. We could even say the surge is working in America too.
Borrowing more money from the Chinese so American consumers can buy more Chinese products at WalMart is not a sound economic policy. Wouldn't it make more sense to spend that money building mass transit or investing in alternative energy to halt the historic transfer of this country's wealth to the Middle East?
Ed Reed
Port Aransas, TX
No way, this is just another loan for future generations to bear.
Are we not in enough debt because of this Administration? how far do you want to go into debt ?
The Chinese and Arabs own us now, there has to be an accounting sometime.
No more "gifts"
No. The first stimulus package should have bee spent on infrastructure. Building bridges and updating roads would have created jobs and kept the money in the U.S. With an election coming up we know a second stimulus will be more of the first and just put the country that much closer to bankruptcy.
Jack,
It will not help stimulate the economy, but will help pay for upcoming heating costs in the Northeast and elsewhere. Last year our heating oil budget was $2200 for the year. Our new budget is over $6000! A lot of folks on fixed incomes will be in a very bad way come this winter. Maybe they can buy $600 worth of blankets.
It would sure help me!
Jack, I'm not one to turn down free cash. However, analyzing the cause and effect value of the first stimulus package I see no benefit. What I would suggest in my most humble manner is to stop borrowing trillions from friendly governments, get the troops out of Iraq, quit the nepotistic payouts to companies that support this administration, and go back to the most basic tenents of Republicanism: FISCAL RESPONSIBILITY!!! I'm tired of W spending tax dollars like a drunken sailor on shore leave. Our Commander-in-Chief may be sixty plus years of age but I really believe he needs adult supervision. Barbara Bush where have you been for the past 7 years?
Jack, Just look how well the first one helped.
Solve? No. Ease the pain? Sure. Prolong the agony? Absolutely. Economic downturns need to play themselves out in the market. And it's going to (does) hurt. Perpetual stimulants prevent this from occuring - in fact, because they add to the national debt, they strongly resemble the refinancing practices that got us into this mess.
No, the answer here is regulate these industries and nationize the gas companies. We need to start regulating oil, healthcare and introduce price controls. Go after price gougers and greedy executives who are profitting off of our collective suffering. Until we start getting tough on Big Business, this will continue to happen.
It's just another band-aid fix. While it'll be nice to give people some short term help, we just can't continue to borrow against the future to subsidize peoples' problems for what amounts to a week or so of bills.
Hey, if China has enough money to lend us for another stimulus package , I say go for it. What's a couple hundred billion dollars here or there.
Nope. No economic stimulus check will be enough. My pockets will be just as empty when I need to go fill my gas tank, or buy groceries, or pay off my credit cards, or my rent, or my loans. So, thanks but no thanks?
Nlo, Jack,.
Our country cannot afford it, although do not think that has
been taken into consideration on anything these last
irresponsible 7 1/2 years.
We cannot continue to print money further devaluating the
dollar.
We cannot continue to borrow from China and other
countries, increasing our already out of control
deficit.
We cannot continue to bury out children etc in debt
for many years to come.
No more "gift"s, Jack, as we are and will be paying
a humongous price for them.
Stimulus packages are nothing but a burden to tax payers down the road. Sure, it sounds great to have an extra couple hundred bucks in your pocket, I know I could use it, but it will only worsen our national debt and decrease funding elsewhere which has been what's lead us to our current economic woes. Stimulus packages don't fix the economy, they prolong the economic problem and burden our children who will have to pay for the stimulus package as they continue to pay back the ever growing national debt.
Jack: A second stimulus package would be an excellent idea. Timing is everything when giving money back to the taxpayers. If the idea is to stimulate the economy give it back in October or November 2009. Just in time for the Christmas Holidays. Retail sales would increase by 20 to 35 % over 2008. People fill like spending during the Christmas Holidays.
John
Alabama
Sending every taxpaying American a couple hundred dollars isn't going to fix a thing. Take all that money (it has to be billions) and spend it on something useful, like subsidizing renewable energy sources. As one person the most I could do is buy some clothes, maybe a DVD player and a tank of gas. wow. As a nation we could make great strides toward making energy renewable and affordable.
Bring it on!
Ray
Lubbock, Texas
We here in the United States continue not to get it. The big problem in this country is that we are overleveraged and in debt. We keep "stimulating" the economy by creating more easy money. That is exactly how we ended up with such a weak dollar and rising inflation. It is time for all of us to tighten our belts and suck it up. You cannot spend your way out of debt.
How about addressing the real issues? We need to end the war and stop throwing our money down the Iraqi rathole. We need to keep jobs in America by closing tax loopholes. We need low cost education and healthcare so the population will have a fighting chance to make a decent living. Just cutting checks won't do the job.
No no no no no no no no no. No. The money never goes back into the economy the way the government wants it to. It goes to pay off credit card bills or to be saved for the future, not to buy the things that would help strengthen the economy. So, no, it won't help.
Jack,
It is the only thing that seems to work somewhat at least. Right now you might as well call us Slim Pickens so anything helps the ones on a fixed income that are retired. Speaking of Pickens so far he seems to be the only one thinking about future energy options.
Paul
Texas
It does no harm and maybe makes some folks feel better. Other than that, our economic problems go way beyond stimulus packages. It has taken George Bush and the Republicans over seven years to get us into this predicament . It will take much more than a stimulus package or two or three to get out. We might as well sit back and get ready. The Party just started.
Yes, yes and yes ! we need a 'stimulus-package' every pay-period, to cover for inflation!
President Barack Obama and a Democratic majority in Congress are the answer to our dying economy.
China isn't going to pick up the tab for Bush's stupidity forever.
The answer to economic woes is a balanced trade policy with foreign governments, a President with the nations best interest in mind and not corporate profit and Americans being asked to sacfrice. No one wants to struggle and its up to the next President to articulate a message to the American people that there will be a period of sacrifice that will demand that we cut our spending.
It won't solve any problems but will sure help with the ones we have (high gas and food prices.)
Why Jack, because the first one worked so well. Basically our government is ready to take out a third mortgage from the international bank of China in hopes that Americans will go shopping. Only they fail to see the example set by thousands of Americans facing forclosure because they kept borrowing. We are truly a nation run by idiots.
I don't thnk it will help our overall shaky economy that much, though it would help a bit with mine. In four words Jack: "show me the money".
Mr. Cafferty, While many of us will greatly appreciate the extra coin, fixing our economy is going to take more than this. If we are to get out of this recession, serious budgeting must be done. That means pulling out troops, stop sending jobs overseas, and – dare I say it? – raising taxes in certain areas. I'm not talking about higher income tax and the like, I'm talking about a nation wide tax on things that we buy but don't need, like PS3s and stuff like that. It's going to be a nationwide effort to save our economy, and everyone knows it.
Instead of giving Americans a second stimulus package, someone needs to "stimulate the economy." All these stimulus packages accomplish is to pass currency from hand to hand until it finally disappears.
Jack
Sure send me another check I used the first one to put gas in my ten year old chevy, I have since used up all the money and gas so my chevy sits idle ,another check would enable me to put gas in it once more.
Oh why not. Lets keep adding to the deficit with buy outs on the backs of the American people. The open bank accountof G. W Bush needs to be slammed shut.
Another stimulus check? Sure, I could use the money, who couldn't, but I would rather see the billions used to pay down the debt, help the elderly, or possibly even used to take care of the illegal immigrant issue we have in this country once and for all.
Since the first round of "Let them eat cake" checks didn't work, I doubt if "Let them eat cake again" will work either. A true economic stimulus would be to completely restructure the tax code to a more fair, flat tax system, and abolish the monstrous IRS as we know it.
Printing more checks and devaluing the U.S. dollar is pure folly.
Sure. The first one worked so well, the second one will work better and the third will work even better than that. So what do I do with the money this time? Do I fill my tank with Saudi Arabian gas, or head over to Walmart to buy some more toxic toys from China, or run over to the market to pick up some food that'll be recalled tomorow?
No. You don't cure a budget shortfall by drawing down more against what you already don't have.
It will help me deal with my shaky "mental recession" and improve my economy.........sure......show me the money.
No another round of checks from the government will just be another chance for the government to enable the people to continue not facing reality. We are not just financially shaky we are sinking fast and barely able to tread water. Better for the american people to learn how to swim now than sink in another month or two. It is time for us to grow up and to be responsible for our own fortunes or follies, whatever the case may be. It is time for us to live with in our means........... you know if you only have $20.00 you only spend $20.00.
Judie
St. Augustine, Fl
Yep, we need to buy a gun to protect ourselves, go to a non-profit organization and make a donation that will probably end up in some crooks pocket like the Red Cross does and hopefully have enough money left to buy a copy of your book. Then wait until November to vote for a Democrat since the republicans can't buy my vote.
Absolutely not. End the War, Significantly reduce spending, do not raise taxes, increase the minimum wage, lower taxes on the lower middle class and poor, Add a national sales tax, so all people who are here legal, illegal, employed, unemployed, or otherwise; everyone with a national sales tax they will all pay a fair share. Did I mention reduce spending.
Sure we can go to our global pawn shop (China) and hock more of our children's future for more "feel good" money in our pockets.
Jack: Another band-aid on a hemorrhage doesn't change the hemorrhage.....and these band-aids are being dispensed even before we can before we can pay for them.
The only stimulus I would like to see would be encouragement to capture all of those crooks who benefited from the Mortgage scams that caused this problem. We could recover the funds they stole and perhaps that would at least give us mental satisfaction.
The stimulus package isn't anything more than the AUCTION of the USA to the lowest bidder!
Just create a better economy in America rather than selling it off!
Getting George Bush out of the White House is the answer to this country's economic and military woes.
it would only a small part to our economy fix. we have major problems in our economy and we do not have the leadership to correct them. we can not bail out every business that fails nor can we keep going in debt with out failure of our country. we can not have free trade in the world when big business will sell us out at the flip of a dime.
A second stimulus would be great but it is not going to stimulant anything but the gas tank and the gas companies pockets.
Georgia
It's funny how this government spending is digging such deep hole, that if it gets any deeper, we may just end up in China. Well, at least it would make it much easier for us to borrow more from them.
NO.
another "economic stimulus package" with money from just running the Federal printing press just increases inflation and further devalues the US dollar. the ONLY things that will turn our economy is the reindustrialization of America with industries that build the alternate energy equipment and vehicles that allow us to get off of foreign oil. IF the only jobs available for working Americans are flipping burgers at McDonalds or working at WalMart, the economy will continue to decline.
I think it's a great way to "buy" votes but it's bad for the economy and the future generations that will have to pay back the money that we borrowed. What are these people thinking?
When are we ever going to learn? Spending money on credit got us into these messes. Why are we continuing to make things worse?
If we're going to spend money on credit, let's make investments in things like alternative energy, infrastructure, healthcare, etc.
Things we really need... Or use the money to help bail out the truly needy who got crushed by the mortgage crisis.
Sure, why not? The Chinese already own us. What's wrong with piling on a little more debt so we can go out and buy more electronics made in China and Taiwan.
How about a new stimulus every month? It's not like we have any intention of ever paying off the national debt.
Absolutely. I say bring it on while it's still worth something. I used the first stimulus to pay my bankruptcy attorney, I suppose with another government check, I again can participate in the Great Amereican Spending Spree for as long as it lasts, actually buying stuff like groceries, gas and something for pain.
It would feel good for a few minutes, but would do nothing to cure what ails us.
Jack,
A 2nd stimulus package, in my opion is not the answer, i will most certainly take it rather than see it go to that money pit they call Iraq.
Carl in Illinois
Nope won't help our country being more in debt. But if the government wants to send me some of my money back who am I to complain.
Yes I certainly think it would help. Hope it passes because I need help paying my additional tax liability. We need a new trend of change in this country emphasizing the government thinking of the needs of average Americans first instead of spilling all our money into Iraq which is ruining our economy. People are suffering out there, Jack.
Stimulous checks are kind of like having two credit cards and at the end of each month transferring the balance owing from one to the other without effecting any solution to the debt.
On the other hand extending more tax breaks to the wealthy and corporations didn't work in the instance of the first Bush tax cuts so going farther down the same road will likely have the same result with the Rich getting Richer and the Poor getting Poorer.
These "stimulus packages" are a joke. The key words here are "Up to". NOT across the board. Good luck getting your $600 or $1200, and of course it's all borrowed money that we'll have to pay interest on. The only answer to our shaky economy is leaving Iraq and directing the billions saved toward the home front.
Listen to Bernanke on this one, let's give it a little time. A good comprehensive energy solution – including more drilling and access to shale oil – would go a lot further. Just look at what has happened over the last couple of days to oil prices after the mere suggestion that the US would increase domestic production, along with some conservation. If this "do nothing" Congress can't repeal the law forbidding off shore drilling then maybe they should try to repeal the law of supply and demand.
Jack
If we want a stimulus package, we should look to FDR.
What we need is another New Deal. That's what a real stimulus package looks like!
If we are going to do a spot of deficit spending then lets get something out of it besides a bag of groceries and half a tank of gas.
Pablo in Arlington, Tejas
Jack, the last thing we need is another stimulus package. More long-term debt for short-term gain jeopardizes our national security, as we go further into hock to the Chinese. Instead of passing out money like a bad game show, we should invest that money in infrastructure improvements. This provides jobs, needed improvements, and more importantly, a sense of accomplishment—something sorely lacking in today’s America.
Jack, the answers simple...if the first round didn't work, then why should the second round work? If the first round of these useless things did anything, all it did was make our problems worse than they already are. So sure...let's do it again so that we have even bigger problems in the end. There is one way to solve our economics problem...wait until we have a President and an administration with common sense.
Absolutely, but I need about twelve grand this time!
Let's see if I understand this. Our federal deficit requires us to print money and to borrow from the Chinese, Saudi's etc. The value of our dollar declines and inflation soars. So to correct the situation we will mail out cash to consumers so that they will increase spending. We'll borrow the money from the Chinese, and our dollar will lose additional value. Wouldn't it be smarter to increase savings rather than increase spending?
Fergie in Bluffton, SC
The Iraq Prime Minister was handing out money in the streets the other day. I think that the US should insist that for every dollar of US taxpayers that is given to Iraq citizens, a matching dollar should be given to us. If we are going to break the bank, then we should at least reap some of the reward.
The first economic stimulus was just a way for both political parties to throw the voters a bone prior to the election. This week's horrific economic news makes it clear the "stimulus" accomplished nothing noticable. I take that back–it was noted inflation hasn't been this bad for 26 years.
Bush says we should let the first stimulus package run its course. Just how long does it take $300 to run its course. I'd say a week's worth of groceries and a tank of gas.
A band-aid on the weak economy does not solve the problem.
It would make more sense if this Administration would work on our critical issues instead of ignoring them. Another stimulus just puts this country further in debt.
Do we really want to borrow any more money from the Chinese so that our children and grandchildren have to pay it back? We need real help. I'm frightened just thinking about how many people will freeze to death this coming winter when they can no longer afford to heat their homes. One little stimulus package will not do it. Decrease the amount we have to pay for oil by releasing some of the Federal Reserves. Clinton did that and it helped. It may get us through the winter. Bush is not very creative.
Patricia F.
Pine Plains, NY
If they were to pass legislation matching savings of 500.00 for middle income singles and 1,000.00 for couples provided the money all stays in the bank or in bonds for at least 12 months it would help alot more. It would loosen the credit market by infusing cash to lenders and hopefully help stem the tide of consumerism that is dooming our country long-term.
Jack, yes it would help families that are having a difficult time with food and energy cost, when it hits our homes it would be cold and the middle of the winter. That would benefit the majority with expected high winter heating bills. This is something that helps everyone, good question thanks.
There are no quick-fix answers to the economic mess we've created for ourselves, but another stimulus check would provide some much-needed help for the household budget. Every single day before breakfast we borrow $2 billion. We've put the entire war on a credit card. So borrowing more to put some change in Americans' pockets sounds rather benign. We're already the world's biggest debtor nation - does a little more on the mountain matter?
I'll take it rather than see it go elsewhere, ie Iraq, bailing out big business, paying lobbyists
No way are the republicans and the current president going to go along with any stimulus package the Democrats could take credit for. Election Year Politics at work. Oh, more borrowing is a bad idea anyways and I don't need the government to decide when I need to take out a loan.
No. Although I would like the extra cash, giving a child more cotton candy while telling them that excess sugar is bad for their cavities isn't doing anyone a favor.
If Congress is going to put together a bi-partisan effort to help American's in this financial crisis (which it is), then they already know where to look and what to do... it's just that they're all too arrogant to suck it up and negotiate in the sectors that actually matter.
Yes Jack,
Show me the money... Times are hard..!
We all could use the cash, but a second round of stimulus checks doesn't fix the actual flaws in the economy. The problem is that investing in fixing the economy is a long term process, and most politicians would rather have short-term friends than long term solutions. I'd rather these leadership and change than get paid off by either party.
Nope, it won't help us... It just increases our debt to Communist China. Keep that in mind America, we are in debt to Communist China. If you don't want to see the flag of Communist China flying over the White House & the Capital Dome, deal with the idea that we are going to raise taxes to pay that debt off no matter who is President.
I'm not counting on it Jack!
At the rate our economy is going, I'd be afraid the rebate check would bounce!
It's not "the" answer, but maybe part of an answer. It seems interesting that the Republicans could only go along with it if it included more goodies for oil companies and corporations. It never ends. On his last day in office next January, GW will be trying to give more of our money to some oil or energy company, or create a last minute tax dodge for his "base". They represent one percent of the country, yet still manage a twenty-eight percent approval rating. What are those other twenty-seven percent thinking?
Our children and grandchildren can not afford us to have another stimulus check. Instead of another check, congress should start drilling for oil.
Jack, the economy is in the tank because Bush reduced government income with a tax cut and a simplistic tax refund, while waging an increasingly expensive war effort. The resulting deficit is the source of our economic woes, pure and simple. Adding to that deficit with any so-called stimulus program would only exacerbate the problem in the long run.
No thanks Jack. But for a $50 million government grant, I'll take care of any Al Queda staging areas in my back yard.
Jack, it take some of the sting out of the price of gas for a while and is much better than the McCain gas tax holiday.
Yes! Send me another check! I still have not spent my first check, but why shouldn't the congress give out money to the citizens of this country instead of doing their job. They should be figuring out how to aleviate the housing crisis, work on creating alternative energy sources that could fuel our cars(which would cut the cost of shipping food and thereby reducing the cost of food), create incentives for big coporporations to keep jobs in this country as opposed to shipping them overseas and try to sure up the banking industry. All of these things would help the economy. If they send out the checks, instead of creating real policy, the money they are printing will not be worth the paper it is printed on.
Jack, I really don't know, but I'll take the money!
How about refunding all our taxes deducted so far this year for everyone making under $100K. By that I mean, refund everything we have paid in so far this year and don't collect any more the rest of the year. We keep our whole paycheck, less Social Security. Isn't that how the Bush high rollers and corporations do it? If it's good enough for the top cats, we at the bottom of the food chain deserve the same break. We wouldn't even have to file a return and that could save the IRS millions more.
The only thing that is going to help the economy is to get rid of Bush/McSame.
Congress is responsible for the postal routes. Government economic stimulation comes from government works projects which aid industry.
The United States seems to export little but violence and currency.
The problems all started when the government stopped being the people... party?
Don't know...that's for the "BIG WIGS" to figure out. BUT...it sure would help me and many other Americans.
I just got my first one and they shorted me. It isn’t even enough to pay a quarter of next year’s taxes, or even just the increase on my real estate tax, or the sales taxes I pay. Unless they send something into the high five figures, it ain’t gonna do a thing for me. It was spent months before I got it and I didn’t even notice it.
No, it would be just another gimmick like the first one and like the
suspension of the gas tax would have been.
Energy is one of the major sources of our woes and
the irresponsible behavior of the bank executives is another.
Punish the bad behavior and install an aggressive national energy
program. If oil companies are not really making that much profit
why did I just see the biggest percentage increase in my Exxon Dividend
in the 30 years that I've owned the stock?
No – one should never try to borrow their way out of debt. I know that's too big of a concept for our 'Representatives' in Washington to grasp, but you're smarter than that, aren't you Jack?
Teri
Palm Coast, FL
And where does the government get the money for it? Borrow a few hundred more billion from China?
It won't help any more than the last quick fix helped, but I'll gladly take it. I have kittens to fix, although unlike George W. Bush, my kittens aren't broken.
Hey, I’m just the middleman. The check should be made out directly to Exxon/Mobil. Just as soon be left out of the loop.
Jack, Not only a second stimulas package, but a quarterly...make it monthly stimulas package,could be the answer to economic woes. It would be kind of like "trickle-down."
Jerry N/Tulsa
Jack,
No another stimulus pack will not help the American Economy. If they want to help figure out a way to lower gas prices. Bring back jobs and troops to the United States, because we have enough problems here we need to deal with.
It won't likely have any real benefit but it is a much better idea than off shore drilling. Throwing around money isn't the answer and it took stupidity and greed to get you this far so just maybe someone should try a small dose of common sense. So far Obama seems to be the only one with the latter commodity and it isn't likely John is going to get any smarter with age.
Yea sure, why not run the charges up on the old credit card. We will never have to pay . The great grands will be around to pick up the tab as they curse the ground we lie in.
It would be a great help. Especially for someone like the woman on Larry King that is living in her car, but I cannot say it would do much for our economy.
Jack,
Its going to take more than a couple of hundred dollars to fix our economy. Another round of stimulus checks are welcomed, but I doubt seriously if it would help this economy. It's like trying to solve a complex college math equation, using first grade math.
You bet. May I suggest a MILLION DOLLAR rebate per citizen this time around? I promise to spend lots and lots.
Not sure about the country's economic woes, but seeing as how I'm going to be a father at the end of November or early December, it sure would help ease MY economic woes.
Jack, with a 10 TRILLION dollar debt, I believe the stimulus idea is insane!! The 'car' needs an overhaul not a new paint job!!
Instead of spending future tax dollars now (going into debt) on rebate checks, we should provide more incentives for fuel efficient vehicles or energy-efficiency home improvements (solar panels, efficient appliances, insulation, new windows...) This will ensure that the pot of money is used to get us out of this situation permanently, while still spurring the local economy.
If we're going to spend money we don't have, it should be for smart investments in the energy future of our country and not left to the whims of people like me.
It might not be a bad idea, it would create a bridge for millions of financially suffering U. S. Americans, and advance much needed improvements in cities and communities. House Speaker Pelosi performs her job very well.
Obama and his team have more knowledge about economics than McCain and his team, maybe you should ask them.
I do not have faith in anything G. W. Bush says (the non-participation of the Kyoto Protocal said it all for me). I also do not approve of off shore drilling for many legitimate reasons.
Also, some of us U. S. Americans have got to learn to change some bad habits and be less wasteful with energy. That will help everyone. As you are reading Jack's blog and comments, I hope you don't have a TV running in another room and lights on in rooms that are not in use. Get the picture?
Yeah, but this time send it to the people that need it. Send it to the seniors that are trapped in their fixed income hell. The government rapes us every year on the COLA increase. This year will be no different.
Send it to single parents that are doing the impossible. Send it to people on SSI.
These are the people that will spend it, not pay off credit cards.
That is not going too happen. I don't want it. We are going too be taxed with that.
I personally am grateful to receive money from the government, but when you look at the big picture, that last stimulus check helped out on those gas prices and foreclosures, right? The stimulus was only a glue bottle fix to the problem, so adding more sticky glue to the problem will only make a bigger mess. We need to get the wet cement out and find a better, permanent solution to our economic problems.
More pork for the public? Sounds like doomed incumbent bribery to me. Keep mine and use it for the new name plaques on the desks in congress.
Hi Jack:
No!!! We are a country of spenders. The reason for the foreclosure mess is people bought because the money was so available without thinking of the consequences. What we are seeing today is a result of deregulation.
Ron San Diego
NO, we need to stop employing illegals and too many guest workers, while we have over 6 million Americans (including legal immigrants). actively looking for work. The majority of jobs will be done by Americans if given the chance!!!!!!!!!
Mary Steele
Yorktown VA
So much for stimulation, a moment of bliss, a lifetime of sorrow. Let's pass on this one and seek some real solutions.
What did I hear?- inflation hit 5% this month....I would be willing to bet that the stimulus package does not evenequal the 5% inflation. Of course I wouldn't know since I didn't get a stimulus check.
We should put money into infrastructure - roads, bridges, books for schools, computers for schools, mass transit (Bus and train) etc. Not only does it help create jobs, it has a long term benefit in the form of stronger economic growth.
No! How is spending money we don't have going to fix anything?
It would help if congress just reinstate the taxes that bush did away with when he took office. We need more money coming in not going out.
Are first stimulus check went to filling up our tank with heating oil. If I got another one I would use it for gas and stocking up food. I know they say that will not help our economy but it would help to put my mind at ease at lease for the winter months.
I am still waiting for the first one!!!
Actually it makes sense. Your effectively getting 2008 dollars and essentially giving a bill to your children that will be repaid in 2028 dollars. Of course, the $300 will have to be repaid as 3 THOUSAND dollars, but do these yahoos even care?
That is of course unless China calls in the note, after which our grandchildren will all be eating rice three times a day.
The best stimulus package we, as Americans, could get would be to get Bush and Cheney out of office and give us some hope. I don't mean the kind of hope McBush is offering, but a chance to re-direct America and the world to something better than what corporate America is trying to force-feed the average blue-collar American.
Jack:
I would love another stimulus check!!!!
I live in New England and winter is fast approaching. Heating oil is at record highs. Also, every time I go into the grocery store my total is at least $10-$20 higher.
I will take all the help I can get. My paycheck alone isn't covering what it used to.
Jack,
THE answer? Of course not. But it could help some folks. Send it to the ones who really need it, not the well off.
Jack, the first check went towards the mortgage payment, but that was no fun. I'll take the money and "Let The Good Times Roll." Just don't open up any new accounts at Indymac bank and NO it will not help the economy in the long run.
Kevin
Warren, MI
NO NO, Its not the answer!! If ol dumb "W" wants to send it " I will spend it !!!! Just ask my husband... It will just drive us further into debt that my Grandsons will have to pay..
Of course it would fuel inflation but it is already going nuts give the people as much money as Bush is going to give the big, big banks. The $ has lost ½ of its Global buying power in 6 years, what’s another 20 or 30% I’m not worried, let me spend it. China is the one that should be worried!
A second stimulus check will certainly help the economy but this is not the only answer to the economic problems. And if its feasible, the earlier they are processed, the better. People have long been suffering as a result of tight credit and the money is needed to propel economic and financial activities.
You get the boys/girls out of Iraq and stop sending them money and you could afford several rounds of Walmart cheques.
Of course not! If most people are doing what my family has done with their stimulus checks, they'll either be paying off credit card debts or putting away in savings, provided they have a bank that's not going under.
It won't fix the economy, but we can all use the money.
Well the check will get to me quicker than drilling offshore...
No, because it probably will not worth much when we get it, given the declining value of the dollar. I am yet to receive the first one.
No, it's not. It's a temporary bone to distract the public who suffer economic pain much deeper than $600 or $1200 can address.
And those who don't get to file taxes because they can't find a job or can't drive to interviews won't even get that.
I'm looking for Obama to come into office like FDR and bring us the New Deal to develop jobs around infrastructure and alternative energy... jobs that cannot be outsourced. THAT is an answer!
Casey | Missouri
Jack
We need solutions not more band aids.
We need them to come up with some fiscal policies that will address the falling dollar. We need them to find real solutions both immediate and long term to address energy costs which do not include more drilling. We need them to find real solutions to the liquidity problems of our banking systems.
This economic situation did come from a scrape to the knee so why would you think a band aid will help?
This economic situation came from long term neglect and incompetence by the Bush administration and his policies that favored letting the inmates run the asylum and putting in non qualified cronies to do their bidding instead of doing their job for the American people.
How do you fix that? With competence, strong leadership and sacrifice to be made from more than the lower and middle class. Our government needs to sacrifice (cut spending and deficits), our leaders need to be replaced due to incompetence, business leaders need to put America first again and sacrifice their need for greed a bit and the American people need to wake up, be accountable to themselves and hold their leaders to a higher standard.
John
Carlsbad, CA
I think they should hold this money until the war is over, then-----give all Americans One Million Dollars each. If they can afford 10 Billion a month over there, why not share it with us poor working class people instead??
Jack,
Who do you suggest that we borrow the money from this time? Maybe if we took all the ceo's of the banking and morgage insitutions to court and find them...we could use that money
Gwinn
Jack - I wasn't eligible for the first one and I doubt I would meet those requirements for a xecond one. It's doesn't matter anyway as I purchased a big screen tv with the inititial one. I'll buy a bicycle with the second I won't receive. El-Tee from the lower right hand corner of ND.
All it is doing is helping the rich corporations–their products get sold–they make money–it is not really for the people but for corporations period!! Corporations do not sell their product they make no money!!
Americans are now feeling the pain of this unjust war at home! America is crumbling and the ripple effect is now here strong like Obama was telling us in his Foreign Policy speech it goes into the next country and then into the next country it effects everyone. Also this ecnomoy problem in America is rippling into other countries also! Will be felt around the world. That is why now Bush is talking to Iran–because of Bush terrorist fear tactics and the world is not making any investments!
This housing crisis did not the government know? Are there not laws they have to follow and be accountable for these morgage companys?
Obama said if just some simple laws would of been in place this would of never happened--–
Well Jack, you know what they say.
"If at first you don't succeed, try, try again."
No, we should not get a 2nd stimilus check. LIke the first, it is nothing more than a political scheme by both political parties to make us feel better about ourselves. Why should we want our grandchildren paying for something that we were not disciplined in doing in the first place. I got a better plan, why don't polticians let the American Taxpayers keep more of their own money by eliminating the Income Tax. This would not only stimulate the economy, but it may allow Americans to pay for their own Health Care.
Not hardly. People need real jobs, not hand outs. I think the unemployment situation in this country is much worse than people know. When you consider the number of people who are working jobs below their abilities just to make ends meet, the true employment situation is much worse than the government numbers.
With respect to the economy, George Bush, Nancy Pelosi, and virtually every other politician couldn't pour horse pee out of a boot ... even with instructions printed on the bottom. They all think in terms of 'short-term' fixes, so they can stand in front of a microphone and say 'we did something,' when in truth they did nothing but extend the damage long-term.
Give me a politician who thinks in terms of 'investment' rather than 'spending,' and I'll take time off work to secure his election. We need to make real investments in alternate energy, job retraining and education, and upgrading deteriorating infrastructure. But these things often take time to gestate, and that's outside the box of today's politician.
Jack,
I definitely think we should wait for a time before we decide whether or not a second stimulus package is necessary. Enough time has not passed since the first stimulus checks were mailed out to allow us to fairly pass judgment on their effectiveness–it takes a while for capital to circulate. I sure hope the checks do something. I am skeptical of the other short term solutions the candidates have espoused thus far. It seems to me that the gas tax holiday McCain supports would only cause us to drive more, increasing the strain on supply. I also feel that the winfall profits tax Obama supports would be innefectual, if not harmful, as, while you can tax the profits of the oil companies, you cannot tax their avarice. In the event that that tax were imposed, the greedy oil companies would just restrict supply, causing oil prices to rise further.
I loved getting the last one, I used it just to have some dollars in my checking account for a change, would love to have it again, but more than that, I would like to see my mother not suffer so much. She gets a little over $500 a month in SS and $35 in food stamps. Give her more dollars, the poor thing can barely go anywhere or have anything nice. For that matter, neither can I, but I am more fortunate, I live in a place where we entertain ourselves and there are enough of us to always have company. Our country would fare so much better to help the ones of us that really need the help and quit giving to other countries and to those here who want to take a trip, go out to eat, buy a new ipod. etc.
Also wanted to say that it irritates me to no end when I hear of our jobs going to some other country, especially when I get a call and cannot understand the person on the other end. What could help our country more than having those jobs brought home. What idiot allowed that to happen in the first place?