« | »

Dems Plan Second ‘Stimulus’ Boondoggle

From the Los Angeles Times:

Democrats work on multibillion-dollar jobs package

Lawmakers say they’re moving fast to get a job-creation bill to Obama by January. It’s unclear how much of the effort would be funded with deficit spending.

By Peter Nicholas

November 27, 2009

Troubled by the rising jobless rate, President Barack Obama and the Democratic majority in Congress are assembling a jobs package that would devote billions of dollars to projects meant to put people back on payrolls in 2010 and keep them working.

Discussions over the scale of the bill are fluid, but lawmakers said the intent was to move swiftly and get a jobs bill to Obama’s desk as early as January.

The renewed push to create jobs is driven by a recognition that the $787 billion stimulus program enacted in February is not a sufficient remedy for an unemployment rate that stands at 10.2 percent. Nearly 16 million people were unemployed as of October, and 3.49 million jobs have been lost since January, according to the Bureau of Labor Statistics.

The stimulus boosted employment but “did it in a way that was not as highly visible as a lot of people would like,” said Rep. Betty Sutton, D-Ohio, one of the House members devising the jobs bill. “It did so in somewhat of a scattershot approach — a job here and a job there, trickled out over time. . . . Far too many Americans are without a job, and far too many more are worried about what tomorrow is going to bring.”

Congressional aides said the new program could cost tens of billions of dollars.

Democratic House members who were disappointed that the stimulus wasn’t larger said they will press for a substantial spending plan this time.

“I hope we don’t play around the edges with this and we do what will work. Invest the money now,” said Rep. Barbara Lee, D-Calif., who chairs the Congressional Black Caucus. “We have to create jobs, and we have to create them right away.”

Lawmakers are considering myriad ways to accelerate job growth. In interviews, they mentioned road projects that can be counted on to employ people right away; loans to small businesses; incentives to companies that agree to manufacture products in the U.S; and special partnerships in which government tries to avert private-sector layoffs by picking up a share of employee wages.

House members also are considering a plan to funnel aid to state and local governments with the assurance the money would be used to preserve jobs. Senate aides said the jobs plan would give priority to labor-intensive “brick-and-mortar” projects.

It is unclear how much of the effort would be financed through deficit spending. Rising deficits are becoming an increasing source of worry; this year, the deficit is projected to be $1.58 trillion.

Faced with so much red ink, lawmakers are exploring various payment mechanisms.

Congressional aides said they might tap money from the fund used to bail out financial institutions. Other approaches include a 25-cent tax on each stock transaction, although Treasury Secretary Timothy Geithner has expressed reservations about that idea.

Even if the plan inflates the deficit in the near term, the White House appears willing to accept that outcome if the payoff is more jobs.

House Speaker Nancy Pelosi, D-Calif., said this week that if the public were given a choice between a job and an uptick in the deficit, the answer would be easy.

The American people have an anger about the growth of the deficit because they’re not getting anything for it,” she said in a conference call…

The Democrats are afraid of loosing their phony-baloney jobs.

And they are willing to spend any amount of taxpayers’ dollars to hold on to them.

It’s unclear how much of the effort would be funded with deficit spending.

Given that all spending now is deficit spending, there is nothing unclear about it at all.

(Thanks to BillK for the heads up.)

This article was posted by Steve on Friday, November 27th, 2009. Comments are currently closed.

10 Responses to “Dems Plan Second ‘Stimulus’ Boondoggle”

  1. BillK says:

    From the fans of Pelosi and Boxer at the Los Angeles Times:

    Democratic lawmakers plan quick push to boost employment

    By Peter Nicholas

    Troubled by the rising jobless rate, President Barack Obama and the Democratic majority in Congress are assembling a jobs package that would devote billions of dollars to projects meant to put people back on payrolls in 2010 and keep them working…

    http://www.denverpost.com/frontpage/ci_13875661

    Oh, that’s why the deficit is bad – because Americans aren’t “getting anything for it.” Sorry, never knew that.

    It’s all OK if Americans get their goodies, right?

    Unfortunately, far, far too many Americans agree. Gimme free health care, gimme a make work union job.

    Who cares if even China will soon reach their limit of financing our debt.

    Not to mention that, as was the case with FDR’s CCC, when the Government spending ends, so do these jobs.

    I guess Democrats will just need to keep passing multi-billion dollar jobs programs forever.

    That’s how they get reelected, and Americans will do so, lest their freebies end.

    • Liberals Demise says:

      Tens of Billions of dollars for what? Twenty eight jobs if we goes by past performances by Ali Bama and his Den of Thieves!
      Clueless beaches!

    • Rusty Shackleford says:

      It would be funny if it wasn’t so pathetic.

    • Gila Monster says:

      “The renewed push to create jobs is driven by a recognition that the $787 billion stimulus program enacted in February is not a sufficient remedy for an unemployment rate that stands at 10.2 percent.”

      What..!! The LA Slimes reporting that Barack Hussein’s oft vaunted “stimulus program” really isn’t working..?? Say it ain’t so..!!
      Yes Virginia, there is a Santa Claus and I believe a pig just flew by my window…….

  2. joeblough says:

    One would expect that the Democrats were adequately stimulated by now.

  3. proreason says:

    When one bullet isn’t enough…………..

  4. Rusty Shackleford says:

    Troubled by the rising jobless rate,

    But not “troubled” for the same reasons that you or I would be troubled. No. He is troubled because of the potential for further plummeting approval ratings and the resultant expulsion of his lame ass out of office.

    “I hope we don’t play around the edges with this and we do what will work. Invest the money now,” said Rep. Barbara Lee, D-Calif., who chairs the Congressional Black Caucus. “We have to create jobs, and we have to create them right away.”

    This is perhaps the most laughable statement in the whole thing. Wave a magic wand and *poof*, new jobs where none were before.

    In order for there to be jobs, there has to be a market that has a demand. If the demand is not met, then more jobs are needed to fill the void. At least, in a free-market economy, that’s how it works. Unless of course, you live in Califawwwnya where 40% of the population already works for the government and they are going to 4 day workweeks and laying people off.

    So this “throw money at it” to create jobs is perhaps the most telling statement from the black perspective I could ever read. Blacks seem to know how to spend money but not so much on where it comes from, how it is made, why wealth even exists and how it can be destroyed. I shake my head in the sadness of it all.

  5. Chuckk says:

    “It’s unclear how much of the effort would be funded with deficit spending.”

    I had to read that line three times so see what I must be missing. It turns out I missed nothing.

  6. pdsand says:

    “Lawmakers are considering myriad ways to accelerate job growth. In interviews, they mentioned road projects that can be counted on to employ people right away; loans to small businesses; incentives to companies that agree to manufacture products in the U.S; and special partnerships in which government tries to avert private-sector layoffs by picking up a share of employee wages.”

    Isn’t this all exactly what the first stimulus bill did/didn’t do?

    Except for this new little wrinkle:

    “and special partnerships in which government tries to avert private-sector layoffs by picking up a share of employee wages”

    Number 1, scary.
    Number 2, there’s no potential for fraud/favoritism there.
    Number 3, I thought the problem was that private sector employees were earning too much wages, shouldn’t they all be taking pay cuts? Problem solved.
    Number 4, just as soon as night follows day, if the government is paying part of our wages, they will want to set them, just the same as they did with the TARP funds.
    Number 5, they really will not stop until the government has taken over every aspect of our lives.

    “Other approaches include a 25-cent tax on each stock transaction”

    They really do think this is the age of the robber barons don’t they? That there’s some fat, evil, white men smoking cigars in a little room making billions of dollars in the stock market and wiping their butts with poor people. Stock transactions are now done principally by all of us. By our retirement funds and mutual funds, by our pension funds and other institutional investors. If you punish stock transactions you are punishing widows and orphans.


« Front Page | To Top
« | »