Obama stimulus plan: Will it work?
September 7th, 2011
03:04 PM ET
3 years ago

Obama stimulus plan: Will it work?

New York (CNNMoney) – The economy is in the dumps. Growth is slowing. The housing market remains depressed. Job creation has stopped.

Can a stimulus package of roughly $300 billion in spending and tax cuts get things back on track?

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Filed under: Jobs • President Obama • Stimulus
soundoff (13 Responses)
  1. Sniffit

    "$120 billion would be spent to extend the payroll tax cut that has boosted the size of workers' paychecks this year. And $50 billion would be spent on unemployment insurance.
    The expiration of those programs could slow the economy. But at the same time, their extension will not provide any additional stimulus.
    "You don't get any extra kick from those things. It just means you avoid the drag of their expiration," Gault said. "That's not going to jumpstart anything." "

    And now we can all understand precisely why the GOP will block even that $120B: they WANT the drag created by the expiration of the payroll tax cut. They WANT to see the numbers go down again. The only reason what Obama is proposing is too small is because

    (a) Nobody is going to listen to the experts and get behind Obama proposing anything bigger, because the MSM will provide free, perveasive dissemination of the GOP's demagoguery without any rebuttal or critical analysis...again...just like it did when the first time, when the GOP demagogued the first stimulus package and forced it to be smaller than all the economists were saying it should be, all so they could call it a failure and blame Obama for a floundering recovery; and

    (b) It's guaranteed not to pass anyway because the GOP won't let ANYTHING pass through the House that might be helpful to the economy prior to 2012, so why propose $800B and hand the GOP an enormous number to fling back in your face and demagogue at the American public as part of their campaign rhetoric? Pointless.

    If you haven't figured it out yet, the only point to the speech, since the GOP House majority has pre-emptively declared it DOA is to present the ideas to the public so we know what the GOP is not allowing us to have...so we can hear what they are blocking and obstructing and preventing from being enacted that would otherwise help the middle-class, all in their quest to gain complete control over the WH and Congress in 2012.

    September 7, 2011 03:19 pm at 3:19 pm |
  2. Rick McDaniel

    Absolutely not........the only thing it will do is squander 300 billion dollars.

    September 7, 2011 03:33 pm at 3:33 pm |
  3. The Greedy Old Pigs have declared class war on US!

    It's a start, though I predict zero cooperation from the GOBPbaggers in Congress, along with lots of general teatard lies, fearmongering and obstruction.

    September 7, 2011 03:34 pm at 3:34 pm |
  4. vic , nashville ,tn

    Say its work but we will say it didn’t work it wont work it’s not working because he is in the white house
    Do I talking like tea bag

    September 7, 2011 03:37 pm at 3:37 pm |
  5. Brenda

    Unfortunately $300 billion is too small to do much good, and there should be tax increases instead of tax breaks. I wish Obama well, but the republicans won't let anything pass that will help the country.

    September 7, 2011 03:41 pm at 3:41 pm |
  6. Four and The Door

    It's obvious that this is more a chance for Obama to go on Prime Time and try and LOOK like he's doing something rather than actually expecting this to make any difference in the economy or on Main Street. He knows as well as anyone that there's nothing new here and nothing here that has made a bit of a difference when it was tried before.

    It's basically a $300 billion campaign stop and just another $0.3 trillion more debt for the American sucker... I mean taxpayer.

    September 7, 2011 03:46 pm at 3:46 pm |
  7. A Kickin' Donkey

    I dunno CNN. Why don't you DEFINE what "WORK" means?

    Of course it will WORK – money spent building NECESSARY infrastructure is money well spent and it will put some number of people back to work and will enable them to buy other necessary things like food, clothes, cars, energy, etc. Dollars will circulate in the America economy and they won't originate from frivilous expenditures. It is silly to suggest that a stimulus "didn't work".

    I want to know how many jobs this $300B represents and for how longthey will last before I comment on HOW WELL it will WORK.

    If one assumes it's for 1,000,000 jobs that pay $60,000 a year; then that's 5 years worth of extra EMPLOYMENT. OK, not bad.

    September 7, 2011 03:53 pm at 3:53 pm |
  8. ConservaFASCISTS/TEAliban/TEAhadists

    Sniffit hit the nail on the head once again. We know 300 billion isn't big enough. But we also know if the President ask for ANYTHING to get this economy rolling, the TEAhadists will be opposed to it.

    September 7, 2011 04:01 pm at 4:01 pm |
  9. Randy

    How about giving all the folks on unemployment a job to do to get thier benefits. Sweep streets, pick up trash in ditches, bring back elevator operators. They have prisoner's out picking up trash by the highway, why can't the unemployed do it. Find some menial task to fill up their day. Have them work at places that uses volunteers. Make them work 6 hours days so they can still be out looking for their preferred profession. Better than sitting around doing nothing and getting a check.

    September 7, 2011 04:09 pm at 4:09 pm |
  10. Hammerer

    I finally found what obama does in his spare time. He masquerades on this site as Sniffit and spreads his BS.

    September 7, 2011 04:13 pm at 4:13 pm |
  11. Four and The Door

    A Kickin' Donkey
    Of course it will WORK – money spent building NECESSARY infrastructure is money well spent and it will put some number of people back to work and will enable them to buy other necessary things like food, clothes, cars, energy, etc. Dollars will circulate in the America economy and they won't originate from frivilous expenditures. It is silly to suggest that a stimulus "didn't work".
    ___________________________________________________________________________________________________
    These dollars came from taxes the government grabbed out of the American economy in the first place, making American products more expensive and American companies less competitive in the global economy. They weren't just laying around doing nothing. In fact, they are borrowed and America has to pay interest on them. They had better be very effective and get a huge payback to justify going into debt to be able to spend. Nothing silly about that.

    September 7, 2011 04:15 pm at 4:15 pm |
  12. maf

    President Obama hasn't even given the speech???? How does everyone know there is a $300 billion proposal???
    All the GObTP negatives are in already. There will be NO support from the Party of NO.
    Again Sniffit is RIGHT! The Republicans are painting themselves into such a small corner, it will be impossible for them to campaign on anything other than "Cut Spending". They are not listening to any sensible equation on deficit reduction, they are set on a single issue platform that will surely come back to bite them. Soon to become the Party of NOTHING!

    September 7, 2011 04:20 pm at 4:20 pm |
  13. MTATL67

    It will work if this "DO NOTHING" Congress and the fiscal terrorist members of Congress abandon the "NO to Everything" Policy. There could be so many jobs to put Americans back to work. The floods of Missouri and the upper Mississippi, fires of Texas to the storm damaged New England. If this "DO NOTHING" Congress would work with the President there would be plenty to do. People could rebuild this areas and could fix the infrastructure that was built by FDR . Opposition to Roosevelt's New Deal came from many corners including the Republican Party, prominent leaders and the Supreme Court….I guess they were WRONG.

    September 7, 2011 04:30 pm at 4:30 pm |