Black People : Bush proposes $75 billion stimulus

Discussion in 'Black People Open Forum' started by shaneak, Oct 4, 2001.

  1. shaneak

    shaneak Well-Known Member MEMBER

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    I want know if the money is adding up.. I personally am not seeing the rational. I have placed some figures and info below for you guys to read on this article.

    This article was written today.. but was also changed today. so.. i had to paste the first article on here and you guys can read the new one that they put up on that same link: http://www.msnbc.com/news/627028.asp

    here is the first article:
    NBC, MSNBC AND NEWS SERVICES
    NEW YORK, Oct. 3 - Saying he will do what it takes to rebuild Americans’ confidence in the economy, President Bush and his top economic adviser urged Congress to approve a stimulus plan Wednesday of $60 billion to $75 billion to avert a recession triggered in part by last month’s terrorist attacks. Democratic leaders acknowledged that the plan would mean a return to deficit spending but said they saw no alternative.
    WE’VE JUST got to be aggressive and make sure we do what we need to do at the federal level to provide a kick-start to give people reason to be confident, and we will do that,” Bush said after meeting with business executives at Federal Hall, a national memorial at the site where George Washington was inaugurated as the first president.
    He told the executives, nearly all of whom were contributors to his presidential campaign, that he and congressional leaders “are coming together on a plan that I believe needs to get passed as quickly as possible.”
    Laid-off workers need extra relief, he said, because the attacks “shocked our economy just like it shocked the conscience of our nation.”
    Bush said he had considered tax rebates for individuals or accelerating the tax cuts approved earlier this year. For businesses, the president said corporate tax cuts and investment tax credits were among the options.

    REQUEST HITS A NERVE
    The business leaders welcomed Bush’s pledge.
    “You have the support of everyone in this room,” Kenneth Chenault, chief executive of American Express Co., told Bush. “We will not succumb to this evil. We believe in the American promise, and we will do everything to build on that promise.”
    Wall Street also appeared enthusiastic, sending stocks on a rally <http://www.msnbc.com/news/534548.asp> after Bush’s comments were reported.

    The Dow Jones average of 30 industrials ended up 173 points and the tech-heavy Nasdaq composite was up 88 points, or 6 percent. The Dow piggy-backed onto a similar gain recorded Tuesday after the Federal Reserve cut interest rates for the ninth time this year to boost the economy.
    NBC News’ Mike Viqueira reported from Washington that Fed Chairman Alan Greenspan endorsed the efforts to stimulate the economy during a closed-door meeting with congressional leaders Wednesday afternoon.
    Two weeks ago, Greenspan told the lawmakers they should wait and see what was needed in the wake of the Sept. 11 attacks. But Wednesday he told them it is time to move forward.
    “Two weeks ago he said stop. Today he said go,” said John Feehery, a spokesman for House Speaker Dennis Hastert, R-Ill.
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    PASSAGE WEEKS AWAY
    Bush’s appeal to business came in tandem with Treasury Secretary Paul O’Neill’s report to Congress that he expected the economy to shrink in the current quarter but that similar poor performance could be avoided in the fourth quarter if consumer confidence quickly returned.
    O’Neill told the Senate Finance Committee that Bush had asked him to work with Congress to develop an additional economic stimulus plan of $60 billion to $75 billion.
    That would bring total stimulus approved by the government since the Sept. 11 attacks to well more than the $100 billion many economists have said was needed. Congress has already passed a $40 billion emergency spending plan and a $15 billion package of aid for airlines.

    Total federal outlays in the current fiscal year are expected to be about $2 trillion.
    Senate Majority Leader Tom Daschle, D-S.D., told reporters Wednesday morning that Senate approval of a stimulus package appeared to be at least a few weeks away, despite the fear of a recession.
    “In the last few days, we’ve been talking about a $50 billion range,” he said. “Senate Democrats generally feel that that’s an appropriate size for an economic stimulus package.”
    Daschle cautioned that “we are borrowing money to provide this stimulus. People ought to know that. This is deficit spending once again, and it’s very disconcerting to many of us, but I don’t know that there’s an alternative. We are in an economic, defense and security emergency that would dictate that we take emergency measures.”
    After conferring with congressional leaders Tuesday morning at the White House, Bush said the ultimate goal of any stimulus was to get Americans back to their free-spending ways of the last few years. “The best way to stimulate demand is to give people some money, so they can spend it,” he told reporters.

    Wednesday, Bush made his case directly to consumers, saying he recognized that the “imagery [of the attacks] is vivid in people’s minds, but nevertheless, Americans must know that their government is doing everything we can to track down every rumor, every hint, every possible evildoer. And therefore, Americans ought to go about their business, and they are beginning to do so.”
    “The average American must not be afraid to travel,” Bush stressed. “We think it’s safe, and people ought to feel comfortable about traveling around our country. They ought to take their kids on vacation; they ought to go to ballgames.”

    WIDE RANGE OF OPTIONS
    Beyond the tentative agreement to move forward, numerous options were being floated.
    “Everybody has a different take on it,” Sen. Jon Kyl, R-Ariz., said Tuesday after a closed-door meeting of the Finance Committee.
    Many Democrats and some Republicans favor another round of tax rebates, expanded to include the 30 million or so Americans whose wages are so low that they did not qualify for the checks mailed out earlier in the year. Virtually all wage-earners pay Social Security payroll taxes, and tax rebates could be based on those levies.
    Democrats have made it clear that they are mainly interested in providing tax cuts to this group of lower-paid workers and less determined to extend the tax breaks to those who have already received checks.
    But Rep. Bill Thomas, R-Calif., chairman of the Ways and Means Committee, said rebates would not deal with the primary economic problem - lack of business investment and huge inventories.
    “Consumers have not been the problem,” Thomas said.
    New spending on national infrastructure is attractive to lawmakers on both sides of the aisle. Senate Democrats were lining up this week behind a huge spending package focused on highways, bridges, water projects, hospitals and power grids that was also likely to appeal to congressional Republicans as a meaningful response to the terrorist threat.
    But Bush’s warning that excessive spending could spark inflation and drive up long-term interest rates was echoed by Senate Budget Committee Chairman Kent Conrad, D-N.D.
    “Despite repeated Fed rate cuts, long-term interest rates have not come down,” Conrad said Tuesday. “The last thing we should do is to worsen our long-term budget outlook with permanent tax or spending measures.”

    MENU OF TAX BREAKS, AID FOR JOBLESS
    On Bush’s side, a senior aide said the president wanted three components in a stimulus plan:
    Tax breaks to help businesses, such as accelerating depreciation and boosting write-offs for equipment expenses, eliminating the alternative minimum tax paid by some companies and possibly cutting corporate tax rates.
    Incentives to help individuals, such as providing a new round of tax rebates or hastening some of the tax cuts Bush pushed through Congress this year.
    Aid for displaced workers, such as an extension of unemployment benefits at least 13 weeks beyond the 26-week maximum, help for people struggling to pay for health insurance and an increase of more than twice the $200 million-a-year Labor Department emergency grant program.

    MSNBC.com’s Tom Curry and Alex Johnson, NBC’s Mike Viqueira, The Associated Press and Reuters contributed to this report.
     
  2. shaneak

    shaneak Well-Known Member MEMBER

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    Now.. I did some figures...

    or shall i say a few articles gave me some figures:

    Congress has already passed a $40 billion emergency plan. A $15 billion package age for airlines. And Bush approved $25 million through the goverment for afghan refugees. We are currently borrowing this money to provide this stimulus for our economy. Bush wants $60-75 billion more.

    Our Nation alone Contributed over $500 million to the relief fund.
    American Red Cross: $467 million
    Salvation Army: $25 million
    Catholic Charities: l million
    Corporations and Foundations: $128 million pledge in grants
    Pentagon: $4 million

    $320 million of the our nation money contributed to the relief fund for different issues will be given to afghan through the United Nations, American Red Cross and non-governmental Associations.
    find more info in the link below:
    http://www.msnbc.com/news/634281.asp

    Now you guys add that up.

    Currently $500 billion in U.S. currency is now in existence, with roughly half of it in the hand of foreigners. some 90% of $100 bills are in the hands of foreigners. find more info in the link below...
    http://www.msnbc.com/news/633212.asp?0dm=N2AQV
     
  3. shaneak

    shaneak Well-Known Member MEMBER

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    Now my two cents...

    Personally i'm with congress... we only need about $50 billion.. take of what you think you may need with that.. build off it and then give out more.. What does Bush need with all that money? Thats what i would like to know. Maybe i need to be talking to his accountants...

    But i must say.. i'm looking at this in a whole. Their is no question that we are going to war. The Taliban has enough weapons to fight for a little while. they are already setting up to do battle. Me.. i look at i like this.. I'm just being honest.. $6000 in the least... already dead... What i have read about the area of afghanistan think on the war.. our men and women going out their.. in the land of no where.. with holes everywhere.. and they're not the ones hiding in them. I guess atleast in this war.. $500 of our people will die.. over seas. I haven't read much on the security of our country.. and i don't mean just in the air. I'm talking land wise also. There is a possibilty of another attack on us.. and we don't know how many will die that way. This could turn out to be massacre.. our population could very well drop.. His motivation for giving this money is to get Americans back into their free spending ways. Well personally.. we shouldn't have been so **** free with our money in the first place. We as the people don't need to spending on unnecessary things.. we as the people need to be preserving and a preparing for what is about to come. To me he made it sound like while that take care of whatever over their.. everything will be all honky dory over here.. I find that hard to believe... for our country is still vulnverable.. they can attack us in so many different ways... Raiding placeing.. bombs, guns.. computer virus.. can you imagine the set back of a company if one their servers crashed due to a virus they put out.. i know nimda virus kept me from doing my job for about 2 days.. that sept my company back a week. Why.. because most of our work is done on the server.. oh and destee.. don't forget to put service packets on your server.. because the nimda virus attacks through the internet.. attaching a peace of code to every defualt browser.. which they are usually set at index.htm or html and default.htm or html. Excuse me guys for getting a little techinicaly.. but the was for Destee's FYI in case she needed it.:x:

    To some it... i just don't see the rational.. And this soon....
     
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