Posted on 11/07/2009 4:51:05 PM PST by Diana in Wisconsin
Democrats seized on Friday's report that the nation's unemployment rate has reached a 26-year high of 10.2 percent to call for further tax and spending measures to bolster the economy.
House Appropriations Committee Chairman Rep. David Obey (D-Wis.) said the unemployment news was confirmation that the $787 billion fiscal stimulus signed into law in February WAS NOT BIG ENOUGH.
“The bottom line is that additional action is required," Obey said. "An effective short term boost would mean a stronger economy, less unemployment and ultimately lower deficits.”
Liberal Democrats, including Obey, have said for months additional stimulus efforts are needed.
President Barack Obama signed a bill into law on Friday that extends unemployment benefits and a homebuyer tax credit, while also giving a tax break to businesses. The tax break aims to give companies a $33 billion benefit in 2010.
The administration has taken pains to emphasize that the Friday bill does not amount to a second stimulus package. Republicans responded to the economic news by criticizing the Obama administration for pursuing policies in 2009 that they believe have cost jobs.
The administration argues that the stimulus package has directly saved or created 650,000 jobs. Defining the difference between a job saved or created has been a persistent difficulty for the administration. Yet private forecasters have reported that the stimulus package has had a positive benefit on between 800,000 and 1.5 million jobs.
House Democratic Caucus Chairman Rep. John Larson (D-Conn.) on Friday called on lawmakers to support a "comprehensive jobs program" focused on infrastructure investments. House Transportation and Infrastructure Committee Chairman Rep. James Oberstar (D-Minn.) had called for much more money to support infrastructure and highways programs in the original stimulus package.
Oberstar has pushed for a new surface transportation bill that would invest hundreds of billions of dollars into the nation's transportation infrastructure. Lobbyists for general contractors and other large infrastructure interest have pressed lawmakers to pass a new highway bill or to add billions of dollars to a short-term extension of existing policy.
"Now, as our economy has shed jobs, the world has moved ahead and our infrastructure is falling woefully behind," Larson said in response to the unemployment numbers. "We desperately need a transportation plan that provides a vision for the future of American infrastructure and puts the American people back to work realizing that vision."
Congressional Democrats and Obama administration officials have also discussed ways to provide additional relief to state and local budgets. Christina Romer, chairwoman of the president's Council of Economic Advisers, recently said that aid to states has been an effective way to boost the economy.
Larson also said that to pay for additional investments in the economy, lawmakers should levy a tax on financial transactions involving stocks and financial derivatives. Larson said that lawmakers should pay for a new infrastructure program with the funds repaid by firms that participated in the $700 billion financial bailout program.
"The banks and executives who were rescued from the financial crisis should now be on the hook to help Main Street get back on its feet," Larson said.
Sure.
It worked so well the first time...
makes as much sense as “government will create competition”, which is exactly zero.
KEEP UP THE GOOD WORK!
"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus
just keep digging a bigger hole...ughh.
Oh! Thank heavens! I was worried about this debt we have accumulated. Obviously the answer to be able to pay back the Chicoms is to borrow more. Whew! I was afraid we’d quit running up the deficit for my great grandchildren. Why should they be so special?
The “stimulus” money is merely a sop for unionized state workers who are reliable dem voters.
Porkulus FAILED.
More Porkulus will also FAIL.
Porkulus has never worked in history, anywhere, ever.
TAX CUTS spur job growth. Always. Everywhere.
So they are saying basically their own reckless and worthless spending policies have miserably failed, so now we need more.
Somebody wake me up from this NIGHTMARE! Kohl and Feingold are bad enough, but WI gave the US David OBEY as well. As a Wisconsinite I hold my head in shame. There must be something in the water or maybe consanguinity is the problem. Not to mention Tammie Baldwin. We’re just cursed with idiots in WI.
What’s newsworthy about this...the Dems use the sun rising every morning to call for more spending. It’s what they do...it’s their cure for everything; spend, spend, spend, and when the money runs out spend even more.
1) Stop the health care bill
2) Stop cap and tax
3) Make Bush's tax cuts permanent
Businesses can not plan for future expansion without knowing the costs. The huge cost items are freezing businesses in their tracks.
Complete economic illiterates! Let’s see if we put this into terms anyone can understand. You are deeply in debt and out of money then you lose your job. You need a job so the smartest thing to do is spend more money? Not very smart but is America really that stupid to buy that?
That is why it is going to get worse
These clowns have no idea of how the economy works
Shows how stupid DemonRats are. If more of the original Porkulus has been spent on infrastructure, the unemployment picture would not be as bad. Just $20 billion or so in the original went to building roads and such. What they need to do is REDIRECT any of the original Porkulus that hasn’t been spend yet.
If they do it right this time (bipartisan, both parties involved in the decisions), at least we’ll get something useful and productive for the money. Back in the Great Depression, these type of programs did put a lot of people to work and we still enjoy the fruits of their labor, such as Hoover dam, Grand Coulee dam, Golden Gate bridge and many many others.
The following projects might be a good start:
1. Millions of acres of dead forest need to be cleaned up in MT/CO/ID, vast acreages of dead pine forests from bark beetles have created a gigantic fire risk waiting to happen.
2. Major portions of Interstate highways need to be rebuilt as they have reached the end of their useful lives, including I-70, I-80, I-5, I-95 and most of the bridge overpasses as well.
3. A real border fence along the entire southern border.
4. 100 new nuclear power plant start ups.
5. Major investment in desalinization plants along coastal areas of California, to serve as irrigation portals for inland irrigation areas.
“We’re just cursed with idiots in WI.”
We have a few key players in place. I’m looking forward to and working hard to make some changes come 2010.
Scott Walker (for Governor) for starters.
If you’re blue, read this list and this site. There ARE Wisconsinites who care and don’t mind fighting up-hill battles for us! They stop some of the damage the ‘Rats inflict upon our state. Unsung heroes in a lot of cases.
http://www.wisgop.org/county.aspx
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