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Candidates and Bloggers Respond To Bush Stimulus Plan

bush_bernanke_080117_ms.jpg 1/18/08 -- Posted by Catherine Morgan

It seems like it was just yesterday that President Bush was trying to convince us that the American economy was on a "solid foundation" (well, he actually said that about two weeks ago). Finally, the Bush administration is ready to admit there may actually be some cracks in that foundation, and today announced plans for an economic stimulus package.

Now the question is - Will this plan to stimulate the economy actually work? Who will this plan benefit the most? Will it benefit the people struggling the most in our country? My first impression of this plan, is that it will just be a band-aid, and one that will be too small to actually stop the bleeding.

I was disappointed (although not surprised) that President Bush didn't go into more detail about his plan...It felt a lot like another one of his "just trying to stay relevant" moments. It sounded like he wanted to let congress know that it will be his plan or no plan. Even though he spoke of bi-partisanship, I didn't get the sense that he actually meant it [I do hope I am wrong about that].

What are some of the candidates saying about the Bush economic stimulus package?

John Edwards released the following statement today on President George Bush's remarks on the economy...
"Now that George Bush has finally joined the call for an economic stimulus package, the time for debate and delay is over. American families cannot wait any longer for swift and decisive action. After years of stagnant wages, the economy may be slipping into a recession and if we don't act now we may make our problems worse."The economic damage done by Bush and Cheney is deep and long-lasting, and the temporary tax cuts he proposes will not solve it alone. Making matters worse, his plan provides little or no help to some 50 million low-income and middle class families.
"To help middle class families get ahead over the long haul, we need to invest in a clean energy infrastructure that will create jobs now and pay economic dividends for decades to come. A helping hand to families facing foreclosure, states in the midst of budget crises, and long-term unemployed workers will cushion the blow to struggling families and prevent further economic damage. We must also guarantee universal and affordable health care and reverse the shift of the tax burden from the wealthy onto middle-class workers."

Here is the statement by Hillary Clinton on the Bush stimulus package...
"Press reports this morning indicate that President Bush is finally releasing an economic stimulus plan. Unfortunately, the Bush plan shortchanges the 50 million Americans who most need an economic shot in the arm.
"I have been calling for bipartisan action on stimulus for over a month and last week laid out a detailed plan to help struggling families and boost our economy. While I believe my plan is the strongest approach, the need for stimulus is urgent and we need a bipartisan package that is temporary and targets those who need help the most.

Sen. Barack Obama, in a written statement...
"After months and months of watching families struggle to get by in this economy, George Bush finally offered a plan that would leave out tens of millions of working Americans and seniors who need help most and are most likely to spend and boost our economy."

Mike Huckabee...
"President Bush's plan will help, and it's an important step. But South Carolina and the rest of the nation need some bigger changes if we are to reverse the trends of the last few years…If we replace the IRS with the Fair Tax, we lift the burden off of the small- and medium-sized businesses who create most of the jobs. Then the only people who we then have to feel sorry for are the legions of Washington lobbyists who manipulate the current complicated code for somebody else."

Rudy Giuliani released the following statement on the American economy...
"President Bush's stimulus package is a positive step toward re-energizing the American economy. In times like this it is important to ease the burden on American families by creating an environment where businesses can thrive and jobs can grow.
"It's the reason why my tax plan to strengthen the economy is the largest tax cut in American history, saving families thousands of dollars a year. I will extend the current tax rates immediately and go even further – calling for lower rates, while also dramatically simplifying the tax code. It's the pro-growth plan that can get our country moving again."

Today, Governor Mitt Romney issued the following statement on the President's remarks concerning an economic stimulus package...
"Today, the President took an important step forward to jumpstarting our economy by laying out his principles for an economic stimulus package. We must immediately cut taxes on both individuals and businesses, and address the housing crisis to help American homeowners. Permanent reductions in both individual and corporate tax rates are vital to strengthening the economy in the long term. Tomorrow, I will offer my ideas on how to most effectively grow this economy in the short term. It is critical for every American that Washington quickly debate, pass and sign into law a pro-growth stimulus package."

John McCain said...
"I believe that together these moves will give the Iraqis and Americans the best chance of success," said McCain, R-Ariz., a leading presidential contender for 2008.
McCain also took a shot at Democrats who say the United States must bring some troops home within four to six months.
"I believe these individuals ... have a responsibility to tell us what they believe are the consequences of withdrawal in Iraq," he said. "If we walk away from Iraq, we'll be back, possibly in the context of a wider war in the world's most volatile region."

I hoped to find a response from Ron Paul, but I was unable too. Just in case, here is a link to Ron Paul's press release page.

Here is how the market reacted to Bush's economic stimulus plans.

A look at what some of the bloggers are blogging on this subject...

Crimes and Corruption

Manifesto Joe's Texas Blues

Wealth Daily

Fire Dog Lake

Shakesville

Beggars Can Be Choosers

The Zoo

17 Comments   add a comment >>
Windy E.
Friday March 21, 2008, 9:22 AM


Thanks Hillary,
But what about the poorest of the poor, such as people who receive SSI due to lifetime disability. Are we too broke to stimulate the economy? I pay rent and bills, buy food and gas, and occasionally manage to purchase my children an outfit or toy by some small miracle. I'm one of the luckier ones. These are our candidates? Oh well, it won't be too long until much of the rest of the country begins to feel the pinch, only they won't be so accustomed to hardship.

Russ Lawless
Saturday January 26, 2008, 11:10 AM


Bush's tax rebate checks are nothing but B.S. Why not help the poor retirees and the disabled.The SOB had rather give the money to a black burger clerk with 4-7 bastard kids to buy crack.Where is a James Earle Ray or a Lee Harvey Oswald, when this country is going the route of Rhodesia!!

Russ Lawless
Saturday January 26, 2008, 10:58 AM


THE TAX REBATE CHECKS ARE B.S. WHY NOT HELP THE POOR RETIREES AND THE DISABLED INSTEAD OF PAYING A BLACK BURGER CLERK WITH 7 BASTARD KIDS??

Donna C.
Friday January 25, 2008, 8:56 PM


Typical of BushEconomics, he is totally out of touch with reality. Not only will the poorest among us not get anything, but the poor and middle class will be stuck with the bill because the rich will have tax shelters to keep from paying it.

A better plan would be to do something to fix the foundering infrastructure of bridges, parks, roads of this country, and give the people who need it decent paying jobs fixing things up. We're spending a fortune getting our soldiers killed in Iraq where we are not wanted and have no business being to begin with. We could be spending that fortune paying for universal health care and the failing infrastructure of the U S and working to find alternative energy sources to help stem global warming.

We have the ability to right these wrongs. Where are our heads? Where are our current leaders' hearts?


JJ Lambert
Thursday January 24, 2008, 7:27 PM


Lets try to help those who are poor enough not to pay income tax and can not possibly benefit from a tax refund. The last one didn't even benefit my daughter who earns enough to pay taxes but not enough to get the $300 refund that Bush gave out several years ago. There are many of us living hand to mouth who don't have enough income to pay income tax and would love to buy oil for heat and food to eat except that we are totally forgotten or perhaps this is just expecting the old and poor to die off and not mess up the working poor who could use lots of attention and help.

William Boune
Thursday January 24, 2008, 10:42 AM


I remember Ross Perot talking about the need to lift the hood and tinker with the economic engine to make things run better, or something to that effect.

Well now times a so dire, being on the edge of total economic and environmental collapse, that we must pull the hood off, remove the petrol burning engine and replace it with a renewable energy driven electric motor. In other words a total replacement of the way we power and motivate our way of life.

Fannie Mae and Freddie Mac should produced a new class of longer term loans, 40 and perhaps 50 year terms, to bring the monthly payments down so that average and lower level wage earners can afford our overpriced housing. Instruct lenders to offer these new longer term instruments to those who are in foreclosure and to those already foreclosed upon, provided than can qualify or these new packages. This approach should gives us a breather, from total collapse, while we build a better, renewable and sustainable economic future with local production and control of energy resources.

Richard F.
Wednesday January 23, 2008, 10:55 AM


The first step is to establish a usury law that fixes all current and future credit card interest rates at 4.5 per cent and sets late fees at $2.00 per month and a 5 day grace period on the payment due date. This usury law should sunset in 2015 giving Americans a 7 year period to get control of their credit card debt. There should be no hidden charges. Retailers who accept credit card payments should require a photo ID from any customer using a credit card. On line and phone purchases should be done through a secure third party. Retailers should be responsible for all fraud on the use of cards not checked with a photo ID.

The second step is to establish a usury law which sets a 4.5 per cent cap on all current and future home mortgage loans that apply to the principal residence of a taxpayer. All mortgages would have a set $15 late fee and a 5 day grace period on the payment due date.

All tax refunds/rebates should be earmarked to pay down on home mortgages first and credit card debts second. The IRS could make them payable to any Credit Card Company that is carrying more than $1500 in credit for more than two billing cycles for the refund recipient. If this does not apply to the recipient, the refund should be made payable toward the principal on any home mortgage. If this is not applicable, the refund/rebate check should go to the recipient.

Kelcie Quiel
Wednesday January 23, 2008, 6:59 AM


It's about time the president does something about our spiraling economy. I definitly agree that this is a good move, get the rebates out and make them count! The middle class needs the most help! However now he also needs to come up with some ways to keep the economy going up instead of down, besides just a rebate. He needs to look at the prices of gasoline at the pumps. Regulate the prices more. Once the price of gas goes down the economy will be in a better place! Why is it that I can drive 10 miles and pay another $0.10 more in gas??? This NEEDS TO CHANGE! And NOW!!

peggy l.
Wednesday January 23, 2008, 4:58 AM


Yea who is going to pay this free money back???

peggy l.
Wednesday January 23, 2008, 4:52 AM


Another one of bushes thingy to help the rich, The poor never gets any thing from the republiciansm NEVER, Never have, Never will!! They hate the poor. Last hand out I was struggling to raise a child and te tax man said that my income was not enough to get the extra check on my taxes, my son and his family were to poor to recieve the help tho they were the working struggling also but now my dau made more and she got the extra help, GO FIGURE! This time I am disabled and on Socal Security so I haven't a snow ball's chance unles Hilary can get them to listen. Oh well the poor gets poor while the rich gets richer! Hell is gonna be hot!


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