Bush Exploring Economic Stimulus Package

Associated Press ^ | Thursday January 3, 2008 | Deb Riechmann

[hedgetrimmer]

WASHINGTON (AP) -- Amid new worries about a possible recession, the housing slump and rising oil prices, President Bush is exploring an economic stimulus package to reinforce the U.S. economy.

White House press secretary Dana Perino said Thursday that Bush is closely monitoring economic trends and is seeking input from his economic advisers on the pros and cons of such a package.

"The president has indicated that he will not make up his mind as to whether or not to lay out a package until the State of the Union," Perino said about the president's speech on Jan. 28. "Our economic policy is like our military policy. It is based on conditions on the ground and the president listens to advice from his economic advisers."

On Friday, Bush will receive an update from a working group on financial markets, an interagency panel that meets regularly to discuss market conditions and regulatory policy. Treasury Secretary Henry Paulson is chairman of the group. The other members are: Federal Reserve Chairman Ben Bernanke; Chris Cox, chairman of the Securities and Exchange Commission; and Walt Lukken, acting director of the Commodity Futures Trading Commission.

The Commerce Department reported Thursday that orders for manufactured goods rose by 1.5 percent in November, the biggest rise since a 3.4 percent surge in July. But the increase reflected higher petroleum prices and was not seen as a sign of renewed strength in the nation's manufacturing sector.

The Federal Reserve cut a key rate three times last year. Many economists predict there will be more rate cuts to come to help energize a weakening economy.

The president says he knows the public is frustrated and restless about the economy, and that his administration is trying to help people deal with their mortgage crises, energy bills and education concerns.

In his end-of-the-year message, Bush said, "The underpinnings of our economy have proven strong, competitive, and resilient enough to overcome the challenges we face."

[hedgetrimmer]

Bush is exploring an economic stimulus package to reinforce the U.S. economy. institute economic central planning thus institutionalizing the "free trade" agenda his administration has followed from the outset..

[Tarpon]

Why not stimulate oil drilling? I know a few sure spots ... ANWR, Destin dome, probably a few more off the coasts.

But I doubt the Dims would go along with it, it’s not in their socialist agenda to help people, improve people’s lives or make America more prosperous, but they are right there with the save the planet nonsense, save us from from freezing.

The good news is when the dims turn down the stimulus package then they own the recession.

[hedgetrimmer]

A consequence of “free trade” PING

[dfwgator]

“We are all Keynesians now.”

[spyone]

The upcoming recession is the result of free trade?

[raybbr]

Why would we need a “stimulus package” if our economy was doing so great as we are endlessly told on this forum? Inflation is low, unemployment is low and there’s money a-plenty. Bush must be turning into a protectionist...

[org.whodat]

Lets see jorge, fuel is nearly 400% higher than when you took office, there's probably 5 million additional illegals sucking up welfare and free housing. Everything I buy costs more, and everything I sell brings less.

You’ve done a bitching job, maybe even out paced your daddy.

[elkfersupper]

An excellent opportunity for across-the-board tax cuts and regulatory relief.

As such, I have no doubt it will be squandered.

[elkfersupper]

An excellent opportunity for across-the-board tax cuts and regulatory relief.

As such, I have no doubt it will be squandered.

[calcowgirl]

“We are all Keynesians now.”

My exact thought upon reading the headline.

[1rudeboy]

What if it’s another tax cut?

[1rudeboy]

Check this out . . . hedgetrimmer has been waiting six years (if not longer) to post comment #1.

[maui_hawaii]

It is not at all to do with free trade. It does have a lot to do with the defunct system we accept in dealing with China though.

[evaporation-plus]

What if it’s another tax cut?

....funded with real budget cuts!
or
....paid for with the old charge card!!

[1rudeboy]

Tax cuts (if properly targeted) do not need to be “funded.”

[spyone]

One thing I know for sure. I wish I was at Napili Bay right now.

[calcowgirl]

What if it’s another tax cut?

You mean a spending reduction? Or just more debt? Yes--there is a difference and it does matter.

[texastoo]

Maybe I am reading this wrong. This article has stated that Manufacturing is up.

Manufacturing shrunk yesterday and was the reasong for the dip in the stock market.

http://www.msnbc.msn.com/id/22472413/

[1rudeboy]

I’m sorry, when I typed “tax cut,” I assumed folks would understand that I meant “tax cut.” Such as a cut in the marginal rate.

[1rudeboy]

That was a different measure. It was the ISM measure falling below 50 that helped cause the sell-off.

[Mase]

....funded with real budget cuts!

or

....paid for with the old charge card!!

A cut in capital gains taxes would have to be funded with budget cuts or paid by a charge card? Is it better for me to have more of my money or should it go to a government that refuses to control their spending? Which is more likely to stimulate the economy?

[ilgipper]

Weird, I am not sure what the President does to cause oil price increases. The economy has grown throughout his entire term once his tax cuts helped us grow out of a recession. Besides the illegal immigration comment, which is quite valid, I am not quite sure why you are directing blame to this president.

[Toddsterpatriot]

Less government interference in trade is a strange way to institute economic central planning. I wonder if she’s blond to go along with stupid?

[org.whodat]

Blame !

All I posted was historical fact. You can like them are not.

[groanup]

institute economic central planning thus institutionalizing the "free trade"

Free trade you equate with central planning? What do you equate free markets with, Proletariat?

[the invisib1e hand]

dude, you really should cut down on the tin foil.

[hedgetrimmer]

The recession of 2001 never ended, and all the central planning that has been implemented by the "free traders" has only plunged the domestic economy into deeper trouble. Like communism, centrally planned economies NEVER WORK.

Bush vows to win war against recession (2003) Tucked into President Bush's first State of the Union address last night, nearly lost in the talk of war and terrorism, were words Connie Correll had been waiting to hear.

"Investment" and "free trade."

Dry as they may seem, those words represented new policies Correll, executive vice president of the high-tech trade group TechNet, has been seeking for months.

Bush called on Congress last night to give him greater authority to negotiate free-trade agreements. And he pushed for passage of his economic stimulus plan, part of which would allow companies to write off a higher percentage of the money they invest in new equipment. After a year of weak sales, the Silicon Valley companies TechNet represents badly need their customers to start buying again.

[Toddsterpatriot]

That dude is a chick.

[dufekin]

It’s only politic to consider drilling on 3 per cent of American soil, the overwhelming majority of which is already saturated with oil wells or bereft of oil resources. Drill into a vast oil reserve under the frozen tundra? That’s terminally impolitic and increasingly so. Think about the alleged damage to the mating habits of the highly endangered common biting mosquito cloud. And then there’s global warming.

I propose a 45% across-the-board flat income tax with no exemptions, adjustments, deductions, credits, or other reductions. Such tax would displace both payroll and income taxes. Okay, perhaps we might allow some common deductions, allowing perhaps $10,000 tax-free earned income, $10,000 tax-free investment income, and $25,000 tax-free entrepreneurial income per person so as not to hurt the poor. No loopholes—the system works because it’s simple and predictable, not because it’s cheap and corrupt. If Congress balances the federal budget and pays back one-tenth of the debt, then we can lower the rate, further stimulating the economy. If the Congress spends more money than revenues flow into the treasury, then the rate increases automatically.

[evaporation-plus]

Is it better for me to have more of my money or should it go to a government that refuses to control their spending?

So your in favor of the charge card!!

I guess it's still way too early in the game to think outside the box!!

wash-rinse-repeat, wash-rinse-repeat.........

[the invisib1e hand]

didn’t Aerosmith have a song something like that?

[hedgetrimmer]

Weird, I am not sure what the President does to cause oil price increases

It does if you allow a vertical monopoly via oil cartel to operate. It does if your 'investment partners' are countries like UAE and Saudi Arabia.

[Toddsterpatriot]

Yeah. So did Austin Powers.

[Perdogg]

No he’s handing the GOP an issue to run on since they don’t a freaking clue that free markets and low taxes win elections, not this Pat Buchanist neo-mercantilistic garbage.

[hedgetrimmer]

Bush said “free trade” would end the recession in 2003. Apparently it didn’t.

[hedgetrimmer]

Tax cuts aren’t going to help the domestic economy... we have too many foreign corporations and governments looting it now, and tax cuts won’t stop them.

[maui_hawaii]

Ha! What are you? Snowed in or something? LOL!

I know what you mean.

Hawaii is definitely an interesting place.

I am actually not in Hawaii now... I am in another tropical desitination far far away. None of it compares to Hawaii though.

[italianquaker]

Maybe its me but my portfolio and home have skyrocketed.
Fortunately I dont feel the pain so I guess Go Dubya for my family

[hedgetrimmer]

Maybe its me but my portfolio and home have skyrocketed.

Invested in China?

[jiggyboy]

Two weeks ago I had already reserved a spot for it, I was off by a week though...

[jiggyboy]

It wouldn’t be an economic thread without somebody from The Kindergarten Economic Group making an ad hominem attack now would it.

[hedgetrimmer]

Maybe its me but my portfolio and home have skyrocketed.

Invested in China?

[hedgetrimmer]

Maybe its me but my portfolio and home have skyrocketed.

Invested in China?

[RichInOC]

Sacrifice a Democrat presidential candidate on the South Lawn every week until the economy improves. Failing that, start on the more marginal GOP candidates.

[italianquaker]

As long as they show me the money

[montag813]

Why not stimulate oil drilling? I know a few sure spots ... ANWR, Destin dome, probably a few more off the coasts.

Bush could have pushed ANWR et al through in 2002, when he had 90% ratings and the Congress. He blew it. And he can't do squat now. Every RAT candidate is crowing about "eliminating dependence on oil" which is a complete fantasy. We are simply screwed for at least a decade or more.

[the invisib1e hand]

Bush said “free trade” would end the recession in 2003.

What recession?

[1rudeboy]

It wouldn’t be an economic thread without somebody from The Kindergarten Economic Group making an ad hominem attack now would it.

Kindergarden Economic Group. Cute. I noticed you used a "t" instead of a "d." Are you some sort of furriner?

This thread was designed and posted specifically for the purpose of trolling. Grow a thicker skin, or go elsewhere.

[1rudeboy]

I propose a 45% across-the-board flat income tax with no exemptions, adjustments, deductions, credits, or other reductions.

1. You are engaging in "central planning."
2. You are institutionalizing "free trade."
3. You don't have the money to "pay" for it.
4. Your charge card is "maxed."
5. You are doomed.

[hedgetrimmer]

1. You are Bush is engaging in "central planning."

2. You areBush is institutionalizing "free trade."

3. You don't have Bush prints the money to "pay" for it.

4. Your America's charge card is "maxed."

5. You are doomed. corrected.