Stimulus Passes

President Obama’s economic stimulus plan passed with no Republican support in the House. I can’t decide whether this is bad for Obama, or bad for House Republicans. Given the president’s popularity, I’m guessing the latter.

Here are some reactions from Connecticut House members:

Joe Courtney:

“Every sector of our economy feels the ill of this recession, no industry public or private is immune from this crisis. […] The road to economic recovery will be a long one, but the American Recovery and Reinvestment Act is an ‘all hands on deck’ plan that will spur the creation of millions of meaningful new jobs and build a more competitive workforce for the future.”

Chris Murphy:

“The need in Connecticut for this bold legislation cannot be understated. This is an opportunity to stem the bleeding in our economy, and lay a foundation for future growth, by investing in transportation projects, school improvement, energy efficiency, and tax breaks for families,” said Murphy.

Murphy released the following Connecticut specific numbers from the American Recovery and Reinvestment Act:

Connecticut Numbers at a Glance:

  • 1.2 million Connecticut taxpayers can benefit from the Make Work Pay tax cut, at $500 per person, and $1,000 per couple.
  • Connecticut could receive more than $1.2 billion over the next nine quarters to help states fulfill Medicaid needs.
  • Connecticut could benefit from approximately $584 million for infrastructure investments, with 75% spent in the first 18 months.
  • School districts in Connecticut’s Fifth Congressional District could receive more than $75 million over the next two years. For a district by district breakdown, visit http://edlabor.house.gov/documents/111/pdf/publications/CONNECTICUT2009Stimulus.pdf.
  • Connecticut’s entire delegation in the House supported the bill.

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    14 responses to “Stimulus Passes

    1. I generally like President Obama. And I believe he intends to change Iraq policy. But he ran against “Bush’s failed economic policies.” What economic policies is he changing?

      It’s being reported that he now thinks the $700 billion bailout was insufficient. And this stimulus package is certain to grow beyond $819 billion. A mere six months ago, those numbers were big.

      And who is running economic policy? Instead of Bernanke / Paulson / Geithner… it’s Bernanke / Geithner. That’s quite a change! And BTW, Bernanke and Geithner continue to ignore the FOIs that have been thrown at The Fed and Treasury in the past few months. Those two actively oppose transparent, accountable government.

    2. We do regulation though. I suggest reinstating:

      The Congress shall have Power To… coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standards of Weights and Measures.

      We also should have a national dialogue on fractional reserve banking. I’m pretty sure that’s how money grows on trees.

    3. sorry… meant to say “we do need to increase regulation”

    4. This is like giving a fix to a drug addict… feel great for a moment, but you know what’s going to happen soon thereafter.

    5. This is like giving a fix to a drug addict… feel great for a moment, but you know what’s going to happen soon thereafter.

      It’s downright terrible. Only some $28 billion of this will be spent in 2009, hardly the immediate “shot in the arm” that Obama has been selling. Rather, this is just a package of Democratic pet projects, and it’s doomed to failure. It’s a sham, plain and simple.

      http://online.wsj.com/article/SB123310466514522309.html

    6. This is like giving a fix to a drug addict… feel great for a moment, but you know what’s going to happen soon thereafter.

      Plus the whole thing has no hook on it; there’s nothing here that will drive any labor intense industry, thus there’s no jobs being directly impacted or created.

      Kick over domestic built car sales and the entire economy will take off like a rocket.

      I guess that’s too obvious for the mental giants we’ve collectively elected.

    7. the American Recovery and Reinvestment Act is an ‘all hands on deck’ plan that will spur the creation of millions of meaningful new jobs and build a more competitive workforce for the future.”

      How much exactly is each of these new jobs going to cost us?

      If this stimulus package creates 5 million new jobs, and it costs $800 billion, that works out to $160,000 per new job.

      How much of the stimulus is just shifting money from local to federal?

    8. And what part of the economy is the $4 billion for ACORN going to stimulate?

    9. CrankyYankee71

      The year after this money is given to the states and other entities, we will start hearing the cries that receiving any less than this amount EVERY YEAR HENCEFORTH is a budget cut impacting the the most vulverable of our society. According to the view of our CT representatives, there is no such thing as a temporary or one-time spending package.

      Our representatives are going to push this thing through with no Republication support. In 2 years, when these folks run again and the size of the budget, deficit, and debt is even more out of control than today, we need to hold them accountable.

    10. And what part of the economy is the $4 billion for ACORN going to stimulate?

      Law enforcement, Corrections.

    11. easthartfordtaxpayer

      Kick over domestic built car sales and the entire economy will take off like a rocket.

      Better yet, let the struggling domestic car makers go under so that foreign and smaller domestic competition can buy the US assets and employ more US citizens than ever at market rates building cheaper, better built cars which are more affordable to the average Joe.

    12. Better yet, let the struggling domestic car makers go under so that foreign and smaller domestic competition can buy the US assets and employ more US citizens than ever at market rates building cheaper, better built cars which are more affordable to the average Joe.

      I don’t believe that’s how it works. If any business goes bankrupt, the equipment is just auctioned off or simply scrapped. In the case of an auto manufacturer the only item I can think of that may have any value might be robots.

      The real value of any business is in the IP (intellectual property) or patents. Most of that has probably already been stolen by the Chinese anyway. In fact the company I work for has major electronic sub-assembly that is being cloned by a Chinese manufacturer now. Right down to the last cable tie and lock washer. They only thing they screwed up on was the color of the solder mask on the pc board. Point is, I don’t think there is a lot of IP that a foreign manufacturer has much interest in.

      There isn’t a snowball’s chance in Hell another company is going change the name over the front door of an existing plant and resume business with the current crop of workers. Not with all the baggage they bring.

    13. Better yet, let the struggling domestic car makers go under so that foreign and smaller domestic competition can buy the US assets and employ more US citizens than ever at market rates building cheaper, better built cars which are more affordable to the average Joe.

      Somehow I doubt Japan, Inc. is going to be willing to subsidized “their” manufacturers, here.

      The fact that they do that in Japan, so as to maintain a higher percentage of employment, seems to be lost on most Americans.

      It’s pretty tough to compete with someone who can very literally sell a similar product at a loss indefinitely.

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