Tuesday, February 17, 2009

Obama signs "most sweeping economic recovery package"

Promising that more federal help would be necessary - but that long term fiscal responsibility was critical - President Barack Obama signed a $787 billion economic rescue plan into law moments ago.

"We have begun today the essential work of keeping the American dream alive in our time,"Obama said in a superlative-filled speech in Denver that laid out some of the broad policy goals he hopes to accomplish.

The bill, which is designed to spur consumer spending and create millions of jobs, is "the most sweeping economic recovery package in our history," he said, noting that it also marked the "largest investment in education in our nation's history," as well as "the biggest investment in research funding," with tax benefits that are "the most progressive in our history."

All of which, said the president, was necessary in these dire economic times. "Today marks the beginning of the end..." he said. "The beginning of the first steps to set our economy on a firmer foundation."

To Republican lawmakers, who largely balked at scope of the package, Obama noted that the plan was a balance of tax cuts and investments. Regardless, it drew no GOP votes in the House and only three in the Senate.

Another concern: Many private economists are forecasting that the budget deficit for the current year will hit $1.6 trillion, including the stimulus spending. That's about three times last year's shortfall, and such year-to-year deficits contribute toward a mounting national debt.

"We need to begin restoring financial discipline and taming our deficit in the long term," Obama said.

Obama promised that bill would come with transparency to taxpayers. To that end, the White House went live today with a Web site, www.recovery.gov, that will allow people to track where the money is being spent.

The bill provides a $400 tax break for most individual workers and $800 for couples, including those who do not earn enough to pay income taxes. It dishes out tens of billions of dollars to states so they can head off deep cuts and layoffs. It provides financial incentives for people to start buying again, from first homes to new cars.

And it provides help to poor people and laid-off workers, with increased unemployment benefits and food stamps, and subsides for health insurance. It also pumps money into infrastructure projects, health care, renewable energy development and conservation, with twin goals of short-term job production and longer-term economic viability.

Obama chose the Denver Museum of Nature & Science for his speech, underscoring the investments the new law will make in “green” energy-related jobs. Introducing him was Blake Jones, CEO of Newmaste Solar Electric, who said the bill would allow his company to increase its workforce by 10 percent this year and 40 percent by 2010.

Tomorrow, in Arizona, Obama will unveil the next part of his rescue effort – a plan to help millions of homeowners avoid foreclosure.

19 comments:

Anonymous said...

This is the biggest mistake Obama could have made. It will fail miserably. Look to California as the example. California has doubled the size of it's government in the last 9 years. And look what happened....$42 billion in the hole. That's what will happen to us under this "stimulus" plan. Every senator who voted for this should be ousted in the next election. Every American should be angry about this. Government never has and never will solve economic problems.

Anonymous said...

dear anonymous
the sky is falling
go back under your rock

sasquatch said...

most sweeping welfare plan

Anonymous said...

I would gladly go back under my rock but under Obama's plan, I will have to "share" my rock with others.

Anonymous said...

This is a tremendous farce. Much of this bill is not "stimulus" at all. Harvard economist Robert Barro called it "garbage" and said "I don't think it will expand the economy." Refer to the YouTube video of Nancy Pelosi's stammering reply to the question of how $1B for STD prevention will stimulate the economy. She should've been honest and said "It won't." Anyone who believes the bulk of this bill will stimulate is turning a blind eye to economic reality. Money for STD research, $2B for voter fraud organization ACORN, money for welfare expansion, drug and alcohol rehab programs on reservations, etc. etc. WILL NOT STIMULATE THE ECONOMY. PERIOD. The huge bulk of this is just a liberal wish list of wasteful social spending.

Anonymous said...

I'm glad he used 20,000 gallons of fuel to fly roundtrip to Denver to sign the bill in a "green" place. I love Obama's photo-op sessions.
So...states get money to avoid government layoffs but layoffs in the private sector continue to happen. If that's not typical of government for you, I don't know what is.

Anonymous said...

Whewww.....I'm glad the stock market soared today since this is the answer to all of our problems.

Oh wait, I just realized the DOW went down 300 points today. Hmmm...I wonder why?

Anonymous said...

I wonder how people who CONSTANTLY bash their president, condemn everything he does, and speak negatively about everything expect this economy to get any better. I didn't vote for Obama, but I decided long ago to stand behind MY president in the hopes I can be a small part of fixing the problems that we all know weren't caused by Obama. C'mon folks, stop complaining and start helping.

Anonymous said...

I too hoped Obama would be successful but think about what you are saying. Our OWN President is using words like CATASTROPHE to describe the economy. He is also predicting it will take a long time to show signs of recovery. Why? To set himself up to look better when this all fails. Wake up people. Obama himself is the negative person.

Anonymous said...

This President spends more on fuel costs flying all over the nation because he has this fascination that everything that he does has to be done on a certain date, and a certain place. Why did we waste all that $$ in fuel for Biden to travel to the Middle East. Isn't that the job of the Secretary of State. Is Obama trying to KEEP Biden out of his way so he doesn't say or do something stupid? This bill is a joke. He is spending my grandchildren's money - and I don't even have grandchildren yet! How much more money will he be GRANTED (of course, the Demo's will give ALL he wants - no debate! How do you read over 1k pages of a bill and then sign it before ANYONE see's it! If this is the beginning of the end, it's the end of his Presidency. If you want to do something GOOD for the country, REQUIRE all the companies to quit outsourcing - bring the jobs back where they belong - AMERICA! We have states that can't pay the taxpayer MONEY the STATE owes them! You think we will get OUR $$ back from the auto industry, this SPENDING bill? HE!L NO! He is in Disney Land if he thinks this SPENDING bill is going to produce 3-4 MILLION jobs. Where? How? He can't even fill his Cabinet! I predict a new President in 2012! If this all fails - it's on HIS HEAD!

Anonymous said...

Keep the change Barack if this is what you call change. Obama lied about having transparency. Can you imagine if Bush directed Karl Rove to take over the responsibility for the census? But Obama puts it in the hands of his Chicago wise guys. We're supposed to believe that Obama has a grip on the country, he doesn't even have his own party. He's going to be lost trying to pull his fellow lefties to the center. I've heard the cries of the sky is falling. Where was this during the campaign that talked all about vision. Now we see none of the leadership everyone expected. All we see if something worse than W. I didn't think that was possible but it only took four weeks for the true color to show and it isn't black, its all red baby.

Anonymous said...

I agree about standing with our President. If he would stand still and stop shuffling so much to the left it would be much easier.

Anonymous said...

He needs to cut out all the gloom and doom. Hurry up and vote on the stimulus before its too late.....then wait four days for me to fly to Denver to sign it....UGH

Anonymous said...

In response to the person that wants to stop outsourcing. If you stopped outsourcing, every US company would be in the ditch and not competitive with our global competitors. The same people that complain about outsourcing are the same ones who complain about high prices. Tactical outsourcing is a way of life now and you may as well get used to it. Instead of whining about it, get skills to manage it and make our US companies stronger.

Anonymous said...

What a crock.

Anonymous said...

i hope he fails too just so the people who ignorantly voted for him will see who and what he is really all about . The country will bounce back under a new more knowledgeable president one who wants to protect the constitution and american values and protect and preserve our capitalistice society that rose to greatness under our forefathers and now will have to suffer under the current administration

Anonymous said...

Whenever I read these posts it makes me yearn for another life . One far away from the ignorance of the South. But with this economy I must sit still for awhile until our leaders pull us out of the mess all of you Republican's got us into in the first place.

Don't bother lashing out in retaliation either. It's worn out and anyone that knows anything is not listening to your song and dance. You lost, the parties over. Once we put the country back on it's feet the GOP will be forever obliterated.

Anonymous said...

Jimmy Carter on speed...

Anonymous said...

why did the stock market fall, then rise...it fell so it could rise upon the passing of the stimulus bill, so the general public could falsely justify that the stimulus pkg is already doing something positive...based on the fact that the dow rose...deceit, deceit, deceit...stimulus pkg=economic failure