Jobs agenda - Congress finally realizes they have no money (unemployment, Barack Obama)
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About time..Congress realizes they have no money to continue their spending spree.
Tap TARP for jobs ? Glad that one got slapped down.
They passed PAYGO so spending bills MUST be funded.
Now we'll see just what Congress is made of...what will they cut so that the jobs agenda can be funded ? People vs Corporates...who will win ?
Obama election-year jobs agenda stalls in Congress - Yahoo! News (http://news.yahoo.com/s/ap/20100411/ap_on_bi_ge/us_congress_jobs - broken link)
"The election-year jobs agenda promised by President Barack Obama and Democrats has stalled seven months before voters determine control of Congress.
Democrats have no money to pay for the program.
..
"You never know in politics when that magic moment comes when things really begin to change, but I believe that it has occurred now," said Arizona Sen. Jon Kyl, the second-ranking Republican. "I think you'll see a much greater commitment now to fiscal responsibility."
This is my plan such as it is. Mint a hole bunch of coins. (This doesn't increase the debt) Deposit these coins in the federal reserve bank. Take the resulting funds available to be spent and give it to everyone in the US. Man woman and child. The amount would be $1k per month for 3~4 months. That workers out to $900 billion to $1.2 trillion. That much money in the consumer spending area should make a big deference. Like less than 5% unemployment this year.
WASHINGTON -- The election-year jobs agenda promised by President Obama and Democrats has stalled seven months before voters determine control of Congress.
Democrats have no money to pay for the program. That's because both Republicans and the Democratic chairman of the Senate Budget Committee objected to taking money left over from the fund that bailed out banks, automakers and insurers and using it for the jobs bill.
If it were that important and would be effective (which we already know it won't be), they could take the remaining money from the Failed Stimulus.
The amount of money that would need to be spent is about $1T extra give or take a bit. That is the amount of extra money that needs to be spent in order for things to turn around. And where it is spent is very important. It needs to be spent in the consumer economy. That is where 70% plus of the economy is based and so that is where the money needs to be spent. There was a paper by Macro Mavens last year that said that the dow was priced for a $800 billion turn around in consumer spending. They said whiplash inducing turn around. You want to see that kind of U turn? Then give every one that kind of money. Extra money.
What we had was $600 extra last year What we needed was $3,000 extra. More than that really.
If it were that important and would be effective (which we already know it won't be), they could take the remaining money from the Failed Stimulus.
I read that is what the dems on congress wanted to do. However it was pointed out to them that the law explicitly says the money has to be returned.
The normal bill process would take effect. Wit pay -as-you-go in place, it will be harder to get this passed.
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