Obama to talk stimulus with Hill leaders

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Obama will first sit down with House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) to discuss the scope and timing of a plan that could cost up to $775 billion, a Democratic source said Thursday.

Obama has made a near trillion-dollar economic stimulus package his incoming administration's top priority. His economic team has been crafting a plan that lawmakers have not seen, even as they've been told to expect to begin considering a stimulus package almost immediately after the new Congress convenes on Tuesday.

Pelosi has said she hopes to have an economic recovery bill on Obama's desk awaiting his signature when he takes office on Jan. 20. But a spokesman for Reid

recently indicated that Senate Democrats are going to need time to gain Republican support to approve the legislation. And the timing on a bill is more likely to be mid-February.

Political opinions aside, what does everybody think of a new stimulus package? I mean, if they want to send me a check, I won't send it back, but won't it just be like last time? You know when people were using their stimulus checks for practical things instead of going out and "stimulating the economy?"

I dunno. What does everybody else think? :confused:

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In my opinion, the last "stimulus" package had exactly the result it was intended for...people used the money to pay bills that they would have otherwise defaulted on. I call it "trickle up economics".

From what I've read, Obama's package won't be checks for everyone...it will be spending on infrastructure and other things that will create jobs. Stuff that will have a lasting effect.

I'm still puzzled by where the government is getting all this money. What are we up to now, 3 trillion? I know the government can just print all they want...I hate to think they're actually borrowing it from someone (China? Saudia Arabia? Kuwait? Russia?)

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I'm still puzzled by where the government is getting all this money. What are we up to now, 3 trillion? I know the government can just print all they want...I hate to think they're actually borrowing it from someone (China? Saudia Arabia? Kuwait? Russia?)

I'm surprised there's still somebody out there actually willing to lend the money to us....:lol:

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One idea I hear kicked about, although I suspect it won't ever see the light of day, since our leaders have no fear of running a deficit higher and higher, CUT all tax rates across the board. Income, corporate, capital gains, you name it to stimulate things.

As I say, on the odds scale, whole snowball surviving a tour through h*ll thingee.

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I think this stimulus is outrageously bad policy. This is not money being pulled from some rainy day fund that we've squirreled away somewhere. Treasury has to sell debt to China to fund this thing. So now we have opened another $700b "credit card" to try to solve a problem caused by debt. It defies all logic. Having a non-producing economy consume more foreign goods does nothing but create more debt and a bigger problem tomorrow. Sure, we may see an "improvement" in the Q2 GDP #s, but its ARTIFICIAL and will dissipate when the pockets are empty in Q3- plus we've added $700b more to the credit card balance.

Somehow its being viewed as stimulative to spend like mad and not pay the bill (ie. accumulate massive revolving debt through foreign payments from Treasury). If anyone understands how NON-stimulative that really is, it should be CIC'ers. Assume you are not doing well financially. You whip out your credit card, buy groceries, gas, and maybe a plasma TV on credit and don't pay the bill for a year. Are you better or worse off the following year? That's what we're doing. And its not free money. It comes at the cost of much needed social programs such as Medicare and Social Security. Resources are finite.

Besides, when I receive my check, it'll just pay down my mortgage by $1000 like the last stimulus check. It stimulated nothing except made me $1000 richer. That's plain stupid. I should not be made richer on the backs of senior citizens who need SS checks to eat in the name of some ridiculous program to boost same store sales at BestBuy and Wal-Mart.

BTW- when the US rolls over many of the short term debt notes this year that they used to fund these stimuli and bailouts, the big fear now is that interest rates are going to shoot to the moon. That adds another real cost to this thing that isn't being considered.

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They're not sending checks. They are giving money to people through a) tax cuts and B) job creation through public works.

But no matter how you slice it, tax cuts = increased spending and these days more into debt.

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There's a joke in here somewhere.


Stimulus? U.S. to buy Chinese condoms, ending Alabama jobs

By Mike McGraw | Kansas City Star

Call it a condom conundrum.

At a time when the federal government is spending billions of stimulus dollars to stem the tide of U.S. layoffs, should that same government put even more Americans out of work by buying cheaper foreign products?

In this case, Chinese condoms.

That's the dilemma for the folks at the U.S. Agency for International Development, which has distributed an estimated 10 billion U.S.-made AIDS-preventing condoms in poor countries around the world.

But not anymore.

In a move expected to cost 300 American jobs, the government is switching to cheaper off-shore condoms, including some made in China.

The switch comes despite implied assurances over the years that the agency would continue to buy American whenever possible.

"Of course, we considered how many U.S. jobs would be affected by this move,” said a USAID official who spoke on the condition that he would not be named. But he said the reasons for the change included lower prices (2 cents versus more than 5 cents for U.S.-made condoms) and the fact that Congress dropped “buy American language” in a recent appropriations bill.

Besides, he said, the sole U.S. supplier — an Alabama company called Alatech — had previous delivery problems under the program.

It's clear that Alatech's problems over the years, which apparently have been resolved, may have driven U.S. officials to seek much less expensive foreign-made condoms in the first place.

But that's cold comfort to Fannie Thomas, who has been making AIDS-preventing condoms in southeastern Alabama for nearly 40 years in the small town of Eufaula.

“We pay taxes down here, too, and with all this stimulus money going to save jobs, it seems to me like they (the U.S. government) should share this contract so they can save jobs here in America,” Thomas said.

Thomas and others at the Alatech plant said there aren’t many alternatives for them if it closes down, which is a likely result of the contracting switch.

In fact, the government is close to accepting condoms from two offshore companies: Unidus Corp., which makes condoms in South Korea, and Qingdao Double Butterfly Group, which makes them in China.

<Read the full story at KansasCity.c

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Who re-vived this? Maybe it should be a sticky---I thought politics was taboo.

Politics are supposed to be taboo but the reason I posted the article was not political. I just wanted to discuss the stimulus package.

I was just messing with ya'll though. Revive away if ya'll want to. Didn't want ya'll thinking I just posted a 3 month old article.....:lol:

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