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Fair ~ High: 82°F ~ Low: 52°F Wednesday, May 16, 2012 |
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Shouldn't We All be Happy Now!Posted Thursday, February 19, 2009, at 7:46 PM
We have had a monumental week, have we not? President Obama signed into law a $787 Billion Stimulus Bill, which in real terms amounts to about $400.00 for individual taxpayers and $800.00 for couples. This package consists of federal spending and tax cuts designed to revive the economy and save millions of jobs.
Victims of this recession are earmarked for increased unemployment benefits, assistance with health care coverage, more food stamps, and job training opportunities. Many states, including Missouri are to receive funding for schools, local governments, and road and bridge construction.
President Obama also infused the floundering housing market with $75 billion to assist homeowners facing foreclosure. According to The New York Times, the plan would allow seven to nine million homeowners to refinance mortgages guaranteed by the government-controlled housing giants Freddie Mac and Fannie Mae.
What about the average wage or above average wage earner who has played by the rules of economy and currently scratches their heads wondering what these people are doing. We will be spared from an income tax increase that would otherwise hit our pocketbooks. Sheila Bair, Chairman of the Federal Deposit Insurance Company (FDIC) appeared on ABC's "Good Morning America," said she understands the resentment of homeowners with safe loans who feel others are being rewarded for risky behavior.
Automakers GM and Chrysler made their deadline to submit for additional funding and individual plan on how they intend to spend their billions of financial assistance. GM submitted a plan to the Treasury Department, indicating it would try to borrow up to $16.6 billion more from the government on top of the $13.4 billion it has received. The plan includes cutting 47,000 more jobs and closing five more U.S. factories. Chrysler said it needed $5 billion more to survive on top of the $4 billion in government loans it received in December. Chrysler said it would cut 3,000 jobs and three vehicle models as part of its restructuring plan. Treasury secretary, Timothy F. Geithner will supervise the billions in loan agreements. The New York Times also reported that one of President Obama's top advisers said the administration had not ruled out a government-backed bankruptcy as a means to overhaul the automakers.
Shouldn't we all be happy now? We have billions of dollars vivaciously floating around. Businesses will start hiring people, workers will start spending their extra $13.00 a paycheck or so on foreign-made products. Welfare recipients can buy that new car, first time homebuyers will get the big $8,000 tax break, so houses will start selling and builders will start building. Certainly appears to me that George Bailey will run through the streets shouting, expressing his joy to be living in a free government run country.
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Karen Mullins was born and raised in Marshall. Her blog focuses on hometown events and happenings or national and regional events that affect Marshall residents. She says, "I would like to highlight working toward making Marshall a more attractive place to work and live for future generations. How do we keep our youth here or to return here
after college?" She is very interested in hearing from readers on these issues.
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Karen your concern regarding the efficacy of the programs now in place to revive our economy are in my opinion, spot on. I do not believe that any one can say with certainty which, if any, will be effective. Let's hope that they all will work to some degree.
I do know that the mood of the people of our nation is the most important element concerning economic recovery. At the moment people seem to be of a mind set that impedes recovery. Most of us are at least beginning to think save, don't buy. That mood is anathema to an economy based on ever increasing consumption which leads to ever increasing production, which leads to ever increasing consumption. That sort of economy can not last forever.
I myself do not see how things are going to turn around at a blazing speed. Like you OK Reader, I hope they all work and gives a big shot in the economic arm. Establishing a new standard of living might be what we all need to realize.
KML
Perhaps we can consider a different standard of living that is both environmentally and economically sustainable, and puts living things first...
I did find it ironic that in order to get more government $$, manufacturers' solutions were to get rid of jobs and factories... kinda defeats the whole purpose doesn't it?
I have just finished reading James K. Galbraith's 'The Predator State', and have realized that Reagan basically started the beginning of the end... we are no longer a democratic republic, but a corporate republic... we have swallowed hook line and sinker the idiotic mantra that 'markets solve everything' and we are now reaping the 'rewards' of unbridled monopolistic, deregulated, corporatistic greed/power and our government is selling us, the people, OUT for the corporatists' private profit...
We have sold our great grandchildren's futures and life on this planet for the profit of a very few corporate 'elites' who don't give a merry **** about anyone or anything but their own wealth... all in the stupid and unfounded belief that 'markets will solve everything' and 'competition is good' and 'government is BAD' crap fed to us by giant monopolies who want COMPLETE CONTROL OF EVERYTHING ...
People do NOT understand that corporations do NOT want competition, they want TOTAL CONTROL...
Until we WAKE UP and understand that government DOES have a place in controlling inequity, planning for the common good of ALL the people, and that it requires active citizen participation on our parts, we have handed our country over to a very small group of corporate fascists. We have been sheep in the name of CHEAP and CONVENIENT.
And we make fun of countries who provide health care, education, maternity, elderly and family benefits, and basic necessities to ALL citizens??? HOW STUPID DOES THAT MAKE US???
I truly hope that this 'stimulus plan' will work, but it is sorely lacking in TEETH, and I am a true cynic - I have faith that if the corporations and the GOP can screw it up for a quick $, they will.... and then blame everyone else - and get away with it...
Bravo NanaDot!
They have shoved our collective noses in the corporate manure for so long that we no longer smell the stench. Now that it has reached the point that we are near asphyxiation I am hopeful that instinctual panic will at this point activate our survival mechanism.
Frank Rich's column in the Times on Sunday offers an intersting take on our situation.
http://www.nytimes.com/2009/02/22/opinio...
As they said on Monty Python, "and now for something completely different".
http://www.theonion.com/content/news/nat...
Back to the bail out....
http://professorsmartass.blogspot.com/20...
I'm sorry, no more tonight.
OK Reader,
I can always count on you to add to my stories. Thanks for those interesting websites. I'm going to pay attention to who I smile at! Crazy.
KML
Thank you Karen. In turn, I can always count on you for interesting topics on your blog.
Sure am glad Obama the King is president. My retirement fund is all but inexistent and everytime he starts a new program to "save" our economy, it loses more. God Save the King!
In listening to Obama introduce Sebelius from Kansas as the new head of HHS, he made one statment that I had to laugh at in irony. He stated she took over as Gov of Kansas and the budget was in deficit. Obama said that she used TAX CUTS to get the state's budget back on track. I wish Obama would follow her example. You all blame capitalism? Are you not ignoring the Dem ran Fannie and Freddie banks that allowed and encouraged this whole mess to start with? Dem leaders, Franks, Dodd, and others were the ones shouting that Fannie and Freddie were fine and called McCain, Bush and other Republicans conspiracy theorists when they said that Fannie and Freddie had problems. (you can find the video of this on U-Tube) Now we are depending on those same Dem leaders and the very left/socialistic leaning Obama to fix our economy? Every one of our depressions and recessions have been fixed by the capitalistic basis of our economy and either war, which equals manufacturing, or tax cuts have solved the economic downturn.
No, mrxray, it wasn't fixed by tax cuts or war - it was fixed by aggressively supporting working class wages, unions, SMALL/local businesses, public works projects, and creation/building infrastructure... it slowed down when FDR listened to the GOP and tried tax cuts, THEN came the war, and we had food, gas, clothing and all manner of RATIONING for the duration... please find something besides FOX to listen to...