President Bush on Friday urged that an economic stimulus package worth nearly $150 billion be passed immediately to head off a nationwide slump, while expressing confidence that the sagging economy will rebound.In a well-received address, Bush said the package would consist of income tax relief and tax incentives for businesses, but veered away from specifics. He said it should be temporary and geared to restore money quickly to the pockets of consumers, so they can infuse the economy with new dollars as the housing market slump and other factors put it at risk.
"Passing a new growth package is our most pressing economic priority," Bush said. "We can provide a shot in the arm to keep a fundamentally strong economy healthy ... I’m optimistic about our economic future."
Bush said that to be effective, an economic stimulus package would need to roughly represent 1 percent of the gross domestic product — the value of all U.S. goods and services and the best measure of the country's economic standing.
I haven't had a chance to really study his plan though I personally like tax cuts over tax rebates. My buddy, an accountant, tells me the last rebate in 2001, cost the IRS more to deliver than the savings it brought the consumer. Until recently, I have been skeptical of the gloomy outlook for the economy. The last jobs report, the fourth poor one in a row, changed my mind some. I am still not convinced the economy is doing as poorly as some claim. The fed has already lowered rates by a full point. Now, we will have some more stimulus from the fiscal side, as opposed to the fed's monetary side. We may stimulute ourselves right into high inflation, in my opinion.
George Soros has popped up again in a story that I hope to have more detail for next week. It turns out he is linked to a group that is looking to stop a Washington state school district from performing random drug tests on participants of extra curricular activities. This is right up his SP alley.
Has anyone else noticed that the Dem race seems to always either be about class or race? We are all aware of the little racial spat between Hillary and Barack. I don't know what to make of that, however I do know that any Democratic debate will be filled with a heavy dose of the middle class being screwed by the wealthy. Whether the issue is taxes, energy policy, jobs or anything else, it is quite likely a Democratic candidate will engage in class warfare.
Chess champion Bobby Fischer died today at 64.
According to the USA Today, 75% of Baghdad is now secure. That is quite a remarkable turnaround in a year and as I have said, the next major political event will be Petraeus' next appearance on the hill in March.
Some may feel squeamish about eating it, but rabbit has a fan base that grows as cooks discover how easy they are to raise — and how good the meat tastes.
ReplyDelete