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So why did they pass the stimulus plan?
From the source below:
"President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.
CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing."
11 Answers
- Anonymous1 decade agoFavorite Answer
the true answer to this question is...these are things the left has wanted for 35 years or more. it doesn't matter 'if' this passes but 'when'. the left has been working on this for the last two years and the american people fell for the rhetoric during this last election. it doesn't matter to most people how this turns out because they have no idea what makes this country what it is, we have been going further to the left at an exponential rate for the last 35 years. just remember...we get what we pay and vote for!!!
- Anonymous4 years ago
The plan that exceeded the home is pathetic. we ought to constantly all be outraged. we are being duped - returned. there is amazingly little that throughout this bill which will do something in any respect to stimulate this financial gadget. i can not believe that Nancy Pelosi tremendously plenty authored this bill - Obama ought to have authored it interior the White living house. What a humiliation. Why ought to government jobs be grown? that's the section that has seen THE smallest quantity of unemployment. they do no longer care approximately us - none of them. Tax cuts artwork - enable us to maintain our income our paychecks (if we are able to get a job), make it alluring for agencies to hire workers, positioned the money in roads and bridges that gets the main bang for the greenback. What the heck does funds for STD's and start administration do to help us all? those human beings in DC must be thrown out - all of them. Even Jim Cramer/CNBC Mad funds (a great Obama supporter) reported the Republicans are proper, proper, proper in this. He reported this replaced right into a comedian tale. there is not any respected economist that believes that's fairly surely worth the paper it fairly is written on. the way that's written will purely advance the GDP via a million% - perhaps 3% on the main - no longer sufficient to do something yet save some jobs for some extra months. we don't need government sticking their palms in our wallet. go searching at each thing they touch - they are able to't do something proper - enable the persons do it. the manhattan cases has written some good articles alongside with Wall highway mag on the subject of this mess.
- Alan GLv 41 decade ago
Here's the problem. Banks are on the verge of insolvency. They are not lending. Good companies that depend on getting loans to replace inventory or cover spreads between sales and payments can't get it. So they lay off. We're losing jobs at a rate of 20,000 per day.
Laid off employees don't spend money. Companies that can't replace inventory don't spend money. Things spiral downward. Would the market eventually self correct? Maybe. But those who have lost their incomes and their homes (2,000,000 so far and counting) don't have time to wait. And as jobs go away, do does tax revenue and the deficit deepens.
So the thought is that government needs to fill the void. By spending on infrastructure and public works it creates jobs for people who will be able to spend again. Right now it's a stop gap program aimed at halting the downward spiral. Eventually, the goal is to create enough jobs and spending so the private economy will kick in and take over.
- kaththea sLv 61 decade ago
Because Obama was willing to kill to pound it through, he needed at least a few Republican fingerprints on it, and because Snowe, Collins and Specter are traitors. And because he had billions to pay back for his illiegal election.
End of story?
We definitely hope not!
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- fantasy galLv 51 decade ago
what stimulus package? i have not seen any stimulus package. where is it? i here people talking about but still have not seen it. where is it hiding? is it between page 200 and 201. it must be hidden in there really good cause i cant find anything in that bill that is going to stimulate $hit much less this economy.
- Anonymous1 decade ago
Because the majority of Congress is run by a bunch of pissies. Don't worry, man. In 2010, we'll take it all back.
- Anonymous1 decade ago
Its a big payback from Obama to all those who helped him get elected. Its realyl easy to spend a shitload of money when its not your money.
- HalstedLv 51 decade ago
Campaign paybacks and buying future Democratic votes is what the stimulus plan is all about.
- 1 decade ago
Actually they only came to a agreement over the package bet tween Republicans and Democrats. The Congress still has approve it!
And for you information the stimulus is a GREAT IDEA! It's a better idea then all of Bush's ideas put together!