Posted on 01/03/2008 6:31:12 PM PST by 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."
I agree.
I expect Bush’s plan will be spend more money on a maxed out charge card, a short term solution for a minor recession but a huge contribution to a long term disaster
around 20% of all our federal tax dollars go to just paying interest on the federal debt, which has increased by several trillion since Bush took office
We shouldn’t sell 777’s to the United Arab Emirates, because we don’t buy any.
Ah C'mon I ain't borrowing money from the grocery store to buy groceries.
No, just pointing out the idiocy of "We buy goods from you, you buy goods from us"
LOL... I guess President Bush forgot about his little conspiracy to destroy the US (sarc) and is trying to play catch-up.
You don't know much about how economics work do you? The economy isn't like a jar of M&Ms where you just take them out, it is more like seeds. If a city wants to best feed a lot of people, they don't take all the corn from the farmer, they let the farmer plant the corn and grow more food.
Spending is a problem, but tax cuts can't be analogized to 'the old charge card'.
When you spend like Bush, they certainly do.
We buy goods from you, you buy goods from us is what trade is all about.
Maybe you call trade swapping jobs, factories and treasuries for consumer goods.
The voters will decide if their economy is benefiting from exporting dollars instead of their work product when they go to the grocery store.
“What if it’s another tax cut?”
Depends on how much additional spending Congress will require (earmarked for each district) in order to pass a tax cut. If it is this we truly cannot “afford” a tax cut.
There is no way it’s ever going to be a straight tax cut, with no other strings attached - but that is the right thing to do, of course.
More than likely it will just be more government spending - big transportation projects, “investing” in government projects.
“Tax cuts (if properly targeted) do not need to be “funded.””
Tax cuts will not be passed without political compromise (increased spending)
The increased revenues from tax cuts will be more than offset by increased spending, if the past is any guide.
I’m not against them, quite the contrary, but the argument that tax cuts add more revenue than they “cost” the government, while true, does not tell the whole story - a tale of woe that always has the same big-spending ending, and the inevitability of big future tax increases.
“I can’t believe the economic ignorance of thinking you have to ‘fund’ tax cuts”
You have to buy congressional votes by increasing spending for their individual pet projects. That money has to come from somewhere - likely it will from future tax increases.
I’m for them, but it’s equally ignorant to ignore the overall increased spending side of the equation.
“Historically, revenue increases when taxes are reduced, even when spending is not reduced or increases.”
More accurate to say that spending has never gone down, regardless of increases or decreases in revenues from taxes and or tax reductions.
No, trade is willing buyers buying from willing sellers. Like you and the grocery store you sell nothing to.
Maybe you call trade swapping jobs, factories and treasuries for consumer goods.
Why would I subscribe to Democrat lying points?
The voters will decide if their economy is benefiting from exporting dollars instead of their work product when they go to the grocery store.
And if enough of the voters are as economically ignorant as you, we'll have at least 4 years or Hillary or Obama.
“Spending is a problem, but tax cuts can’t be analogized to ‘the old charge card’”
I agree with you on tax cuts/charge card analogy.
I believe that in the big picture spending is the ONLY problem. Over the long term, tax rates are what tax rates are, but the only way to ensure low taxes and the freedom that comes with them is to pay attention to the spending side of the equation.
Lower spending means less government. That will drive lower taxes, and all the good things that derive from being a free people.
It's never illegal immigrants cause illegal immigration, spenders cause spending . . . .
“You, and others, need to ask yourself the following questions: if no one ever ever cuts taxes again, will spending increase? If so, why?”
Spending always increases. It has nothing to do with taxes.
I want lower taxes. I know spending will increase. They are unrelated items.
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