NEW YORK (CNNMoney.com) – In a final push before the House votes on an economic stimulus package, President Obama said Wednesday that the country needs immediate action to solve rampant job loss.
Obama spoke after meeting with a dozen CEOs including Sam Palmisano of IBM and Dave Cote of Honeywell.
"The businesses that are shedding jobs to stay afloat ... and all those who live in fear that theirs will be the next job cut - they need help now," Obama said from the White House. "They are looking to Washington for action - bold and swift."
We do have time to spare. Just like the $700 billion bail out that was ill thoughout and spawned – the $825 billion stimulus is another stupid and short-sighted idea. The so-called stimulus is filled with billions in pork. The situation is not so dire that we need to start blindly throwing darts at a moving target.
Much of the "stimulus" is spread out over years and not months. No one is considering the long-term consequences of this action. Sometimes doing nothing is better than rushing head long into the unknown. History is replete with examples of government meddling prolonging the agony and filled with examples when government stepped aside let the chips fall where they may and everything turned around quicker.
The people in D.C. need to be seen as doing something, but so far all they have done is waste trillions of dollars that my children are now on the hook for. I say no thanks to the next $350 billion bail out and no thanks to the $825 billion pork bill. Might as well shove the money where the sun don't shine because that is about as effecitve as this spending spree will be.
Cutting earmakrs and pork isn't a modern solution, it's not 1980. We have a different set of problems that require different solutions, I mean, I wish we didn't have to spend so much but unfortunetly that's the state of the country right now and if nothing is done now, we'll have no choice but to pass something twice as big down the road. The job losses are very real, I have two friends who have lost their jobs this week and the company(Target) I work for cut 1500 yesterday, 600 being in my department. Not doing anything will put us into a depression, not this stimulus package.
If you mean by doing what George Bush would have done makes things better than you're wrong. Why are tax breaks needed and more important ly who will be getting them. I say let the unpatriotic wimps take thier business to another shore. Let them show their conservative, true blooded American, evangelical values. Then the small business people can get a chance to go ahead and provide the country with goods and services. DO NOT SUPPORT COMPANIES LEAVING THE UNION FOR PERSONAL GAIN. They are traitors.
BREAKING NEWS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This just in, the CBO ( Congressional Budget Office ) which is controlled by Democrats has stated that 88% of this stimulus package is PURE PORK while only 12% of it has some chance of stimulating the economy. They also stated that only 25% of that 12% ( in other words 3% ) is due to be implemented before 2011.
Now how is that going to help the economy????
All this is, is one BIG Democratic SPENDING package.
Don't you feel like you are being DEFRAUDED by Obama??? I do.
CNN please do your job and POST everything that is in this FRADULENT bill. I dare you.
The House is making things difficult for the passage of the Stimulus
Bill. The President has reached out to the Reps. The $825 Billion
does not all have to be spent up front. President Obama is looking
for things to start working for the people soon. Workers take home paychecks can be increased with the stroke of a pen. Jobs for small
businesses can be rejuvinated much easier than rebuilding roads;
and health programs can be initiated quicker than infrastructuire. All of
us have to realize that easy spending did not help our economy, and
printing money and borrowing is not the quick fix for our economy.
The Stimulus Plan can be managed much better in staged priorities.
'We don't have a moment to spare' = "Pass this now before anyone gets wise to us."
I'm very much in favor of infrastracture improvements, BUT squandering the emergency stimulus money while noone is looking is NOT the way to fund these things.
To CAL and Vic of New York
I do have a brain and I use it, what is YOUR excuse????
Check out my latest post on what the democratically led CBO published.
I do my home work , why don't you.
This bill is not stimulus. It is more pork than could be shoveled into any other normal bill.
So easy to blame the republicans when the democrats controlled the house and senate when the last bail out bill was voted for. The democrats complained that the republicans were not supporting the bail out more. And yes, Bush did want the bail out.
What really got me was that the majority of people (something like more than 80%) calling their senators and representatives urged their elected representatives to kill the bail out bill. But did they listen to us? NO.
And you are wrong again. There was language added to the stimulus that non-profit organizations would be eligible for part of the $4.19 billion for "neighborhood stabilization activities." The money was previously limited to state and local governments, but democrats now want part of it to be available to non-profit entities which includes ACORN.
There is also money for the arts – not sure how that will stimulate the economy. This bill is nothing more than a spending spree of campaign promises and congress's wish list fulfillment.
Our country is on the verge of a meltdown – just wait and see.
We're also very vunerable to attacks from those that want us to fail.
Wise up people and support our president and our country – things are desperate and getting worse every week.
remember when we didn't have a moment to spare and had to rush through the bailout plan for the banks? remember when the purpose was to buy bad assets from the bank's balance sheet? remember after it was rushed through congress that weekend? remember after is was signed into law that paulson changed the plan and just gave the money to the banks? remember how the $350 billion passed out has done absolutely nothing to help resolve the financial crisis? remember how there has been absolutely no transparency on where that money went and how it was spent? do you remember all of that? well, here we are again but this time we don't have a moment to spare for a $900 billion plan. it's going to create the jobs we need? which one of the ceo's picturered is going to be operating the asphalt spreader for the new roads? let's get washington to stop and think of exactly what they think this "stimulus package" is really going to accomplish. where is the money coming from? after we have flooded the economy with all of this cash, will there by hyper inflation on the other end? let's get washington to take a deep breath and really think this out. we have been in the recession for a year so another couple of weeks isn't going to change anything. let's stop making the same mistakes. if the president is really about change, this is nothing new ,so let's work together to find a new workable solution.
With everyone yelling about more tax cuts here and there,what is going to happen to future revenues needed to run a country?
I'm sick of this.
A Stimulus bill with strings. There is no concern for the average American in Washington...they are wanting to push their political agendas (money for international abortions is important to the stimulus of our economy, PLEASE don't insult my intelligence!!!!). So they have removed that part...great, now remove the rest of the junk and do what needs to be done: no federal tax anymore, and make it retroactive for 2008, so all Americans can get the money back we paid to Washington last year. Afterall, Washington and big business can't handle what they have to manage anyway.
Dont Blame Me
You're forgetting that the republicans in the house voted AGAINST the original bailout until $100 billion in pork was added!
True to form, the Republicans show where their interest lie.
This stimulus package is a shell game, and Obama wants to hurry and pass it before the public get wise.
cnnnewser – I agree
I'm losing my job in june due to outsourcing. My thought is that obama needs to go after these CEO's that are taking an easy way out by outsourcing jobs. Obama need to make these CEO's get paid no more than $100,000 a year not millions. Just a thought.
what good is a tax cut when I do not have a job???
Republicans just want a tax cut, tax cut , tax cut for their corporate buddies!!! Bush gave us 8 years of tax cuts and look where the middle class ended up.
the Republican need to wise up and suggest ideas that will work or they will never win to the White House for s long time.
we are in this together....like it or not!!!
SO why is it taking so long for you to decide what to do? After all, during the election cycle, you had all the answers. The economy should have been fixed already, according to what you said during the campaign. Gee, Obama and the media misled us. What a shock!!
First $160M for $500 rebate checks last spring, then $700B (that's a big B folks) to bailout Wall Street, now a $825B (another B) "stimulus" package from the house and what is shaping up to be a $900B (yet another B) package from the Senate. Once they get to conference, we are looking at a $1T + (now we are up to the T's as in TRILLION) spending package.
America, our Government is going to spend over $2 TRILLION dollars in a very short period of time and hopefully it will do some good since what we have so far spent has not helped our economy in any significant way.
$2 TRILLION dollars, folks that roughly $5,400 for every single American citizen of all ages, even illiegal immigrants. Want to stimulate the economy, thus growing jobs – give that money back to the American people. How about waiving ALL Federal Income Tax for 2009 for all wage earners under $500K? Seems to me that would put money in the American public's pocket so they can go out and spend it, thus creating jobs.
I personally wish President Obama the best of luck and hope he suceeds and has a very positive presidency. But no matter who is President, Congress spends our money and 99 times out of 100, they waste it foolishly. Please remember, Congress writes our laws and spends our money.
My heart goes out to all seeking employment, in particular the smart, young, recent college grads. Now, what will the class of '09 do and how will they pay off their student loans? Help!!!!!
I wonder how happy the 72,000 people that lost their jobs earlier this week are with the republican stall tactics and political posturing. My guess is not much.
I could probably go along with a true stimulus bill, but this thing is nothing of the sort. Something like over 75% wouldn't be spent for several YEARS. This is a spending bill, not a stimulus bill.
If you want more jobs, then stimulate those who provide jobs– small business especially, with tax cuts and regulatory relief.
The top 5% of income earners pay something like 60% or more of income taxes now. And how does taking their money put more money into the pockets of lower wage earners?
Does anyone in here really believe that government knows how to spend money properly, or how to run a business?
There is a panic to get that sod sent to the Washington mall so the contractors can hire illegal aliens to lay it down. You can almost count on the fact that most of those to be employed in the infrastructure work will also be from south of the border and we will still be unemployed.