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New Economic Stimulus Package Delayed

Written by Nickel - 13 Comments

Late last week, Congressional Democrats put their plans for another economic stimulus package on hold until after President-elect Obama is sworn into office in January. In the near term, they’ll focus instead on a $6B expansion of unemployment benefits as well as a possible $25B bailout of the auto industry.

According to Senate Majority Leader Harry Reid, the larger plan was slated to include unemployment benefits, auto industry help, aid to states and a large increase in infrastructure spending. The total package would have cost $61B to $150B. There was no mention of a second stimulus check.

Source: Mercury News

Published on November 19th, 2008 - 13 Comments
Filed under: Economy

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13 Responses to “New Economic Stimulus Package Delayed”

  1. 1
    Caleb Says:

    I heard something about this on NPR the other day. Their biggest fear was that January may be too late. I wonder how bad things could really get.

  2. 2
    cheapogroovo Says:

    Folks forget about lessons learned in econ – creative destruction!

  3. 3
    Danielle Says:

    Can’t wait for the rebound!

  4. 4
    Live for Improvement Says:

    I wouldn’t mind getting another check, but won’t count on it until it is in my hand.

  5. 5
    Nick Says:

    I’d rather have the money than giving it away to companies that ‘need’ a bail-out..

  6. 6
    Writer to the World Says:

    The only economic stimulus package that will work is one that gets money flowing again, and in a consumer-driven economy, that means spending.

    Throwing money around is a short-term solution. Money spent on goods turns over five times.

    I’ve written an article that I’m urging every American to read, submit comments on, and improve if possible. It’s designed to ensure the money is actually circulated and minimizes the cost to the treasury. It’s based upon the highly successful cap-and-trade system for emissions that stopped acid rain from developing.

    The URL is:
    http://writertotheworld.com/co.....-stimulus/

    Let me know your thoughts. We have to bring the solution to Washington instead of the other way around.

  7. 7
    Michael Perkins Says:

    I was recently terminated from my job after having a heart attack that left me unable to resume my job. The class act company I worked left us absolutely benifit and penny less. I tapped in what was left of a 401K (after the stock market meltdown) but that is FAST dwindling. With mortgage, utility bills, and two teenagers in the house, ask me again—do we really need another stimulus check?????!!!!!!

  8. 8
    Tim Says:

    @Michael: sorry to hear about your position. It doesn’t sound like you signed up for short or long term disability insurance. Tough to say, but the company didn’t leave you penny less and benefit less, if you didn’t buy into insurance, didn’t save an emergency fund or plan on contingencies for unemployment, then really the burden is on you. The company has no obligation to secure your personal finances. I feel for you though, it is a tough situation. I hope you are drawing unemployment, especially since the govt has extended unemployment benefits.

  9. 9
    Tim Says:

    @Michael: also, did you check the labor laws in your state?

  10. 10
    michael Says:

    Tim-#1-Yes I bought into insurance (through the company-the policy’s got terminated with me–short term disability–long term dis: that was cancelled by my company mid summer, health, vision and dental) all gone unless I pay $1300 a month to continue it. Hell the short term dis wouldn’t have covered that! #2-At $16.25 an hour how much of an emergency fund do you think I could muster? I was building a modest 401k but like I said, after the stock market crapped and after taxes I wasn’t left with much and #3-as far as unemployment-I’m disabled which means not eligable here in Vermont. I realise they were under no legal obligation but that doesn’t make the moral pill go down any easier!!!!

  11. 11
    Writer to the World Says:

    This is a very bad situation; no question about it.

    I really dislike these old ideas being bandied about again. This isn’t the time to think like the 1930s. Our economy is far to interrelated for that, and the nature of our economy has changed.

    I agree we need more infrastructure projects, but that won’t get the economy going again. We’re a consumer-based economy now, and the percentage of people working in infrastructure related industries is very small. Add to that the skimming that states will take off for their own purposes, and you have a very ineffectual “solution.”

    Just out of curiosity, how many of you voted for Bush twice? FYI, he was never in your corner. The coward abandoned us all.

  12. 12
    Tim Says:

    @Writer: I agree. People are high if they think the infrastructure stimulus plan will do much. it is creating a bunch of labor jobs for an educated populous skilled to do everything but labor. there will be some residual gain in things like architecture, lawyers, etc., but you aren’t going to get office management specialists, bank accountants, or even the assembly line guys from detroit paving roads, constructing schools, etc. what you will get is a big influx of illegal aliens again, which receded due to the housing construction bust.

    i think infrastructure should be a part of the stimulus package, but the package shouldn’t solely rely on construction. it should invest in the reality of our workforce, service oriented, investing in next generation technologies, etc.

    @Michael: how long were you out from work? something tells me you didn’t have long term disability insurance. at any rate, what kind of disability benefits does vermont provide?

  13. 13
    michael Says:

    Tim: 3 weeks. No LTD. The “company” ended our long term disability mid summer (08) Long term isn’t the problem. The short term dis is what I needed to get through the waiting period until Social Security came through. And Vermonts version of disability is welfare. I would rather draw on someyhing I have paid into for the past forty years—social security. But I am left with no choice. Not the route I should have to take. So word of caution to all people that think they have a great benefit package at work–it can all go away in a nanosecond at no fault of yours. And all nice and legal I might add.

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