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The economy was losing around 800,000 jobs a month, companies going broke, record unemployment, mortgage defaults. Remember all the criticism for deficit spending and the damage to the budget. Whether you agree with the premise or not the Recovery Act was done for a reason and was for 10 years.
Yet here we are going into debt for $1.5T because our corporations are not competitive globally and our economy needs a supply side boost. It just doesn't seem to warrant this type of drastic action, no one has been able to credibly explain that this fits the definition of an emergency. The average effective tax rate for companies is around 23%, low interest rate and close to maximum employment so why do we need this at this time.
Article by Jeffrey Sachs an economist from Columbia University, critical of both the Stimulus Bill and this tax bill.
Well it depends on what each state did with their funds. At the time I took a cross country trip to Denver. States like Missouri, Kansas and Kentucky were redoing I-40 using those funds. Here in NC the Governor used the funds to do the Yadkin River Bridge project and set aside funds for the widening of I-85, which is still going on. So that was a good idea for stimulus and the repeal of the Bush tax cuts on the top earners worked just fine.
Other projects occurred with funds being spread across many projects.
Of course the GOP required that the funding not be advertised so that their trolls could attack the plan, as bad and a failure.
Come on now. Didn't you see all those beautiful signs? Paid for by the Stimulus? That sign company made a mint. Then there was the 540 million dollar gift to a certain color company that went bankrupt shortly after getting all that cash. The cash for clunkers program. The Chevy Volt. The $33,000.00 wonder with a 50 mile range. There are so many more success stories of how we wasted tax payer money.
9 trillion last EIGHT year and liberals argued FOR the deficit and Keynesian economics where liberals argue that debt is good... 1.5 trillion in TEN years and the sky is falling.... idiots...
9 trillion last EIGHT year and liberals argued FOR the deficit and Keynesian economics where liberals argue that debt is good... 1.5 trillion in TEN years and the sky is falling.... idiots...
The problem with this nonsense of course is the GOP will not limit themselves to that 1.5. When the Tax bill was signed by the POTUS, he also signed a 7 b EO for Pentagon funding. No that number of 1.5 is gone already.
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