Today was President George Bush's last State of the Union address and he brought up some very interesting issues here are just a few.
$15oB Stimulus Package:
He called for an immediate passage of the bill, but right now there is a possibility that Congress may add on small constraints and exceptions that will slow down the process of the intended fiscal policy.
Tax Cuts:
He claims that it is imperative to extend the tax cuts his administration put in place after they expire in 2010. After announcing his plans the entire republican delegation gave him a standing ovation (the first of many on the night) with the democratic delegation sitting in silence.
Surplus in 2012?:
The government has to take responsibility for its spending and he and his advisers have completed a plan calling for a surplus in 2012. I personally do not believe this will happen with a democratic Congress and a probably democratic President. Imports from less developed countries will continue to leave the U.S. with high budget deficits.
Here is the link to the video from the White House website (Click on video icon along right side).
http://www.whitehouse.gov/news/releases/2008/01/20080128-13.html
Tuesday, January 29, 2008
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3 comments:
Do people really believe this "gift card" will help cure the economy? Are people really going to spend this money? In my opinion its just an easy cure. The government will be printing new money to do what? Give people a new iphone, some money for a rainy day, a payment in their overdue credit card payment. They will also be making the feds job that much harder as they will have a tougher time dealing with inflation.
What really caused this problem was irresponsible lending by commercial banks to people who they should have realized were not going to be able to make the payments once rates reversed. The problem is in housing not consumer spending. If you want to cure something, cure that. If not, let the market work its self out, the banks will learn to not do this again.
Great article in the New York magazine
http://nymag.com/news/businessfinance/bottomline/43302/
i agree.
Great resources info.
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