Monday, October 13, 2008

Obama's middle-class economic rescue plan

Obama's economic speech today, as prepared for delivery is here.

Lots of specifics, suggests a new economic rescue package - but for the middle class - to be passed by Congress ASAP (including the sending out checks for the "tax cuts for 95% of American workers and families" now). Sure, it involves a lot of government spending, but for the deficit hawks, I have one question: Where the f*** were you the past eight years?

Ideally, I'd rather not have a fiscal deficit. But if there's gonna be deficit spending, I'd rather the government spend that money on boosting the economy than on more wars with the Russians over freakin' Georgia and Ukraine, thank you very much.

Video here:

Some details of the costs.  $60 billion for the steps proposed today, $175 billion for Obama's complete economic stimulus package.  The previous $115 billion includes $50 billion for infrastructure projects, and the rest is the cost of a second round of tax rebates.  Businesses hiring new full-time employees will get a $3000 tax credit, costing $40 billion.  $10 billion to extend unemployment benefits; small business loans from the SBA's disaster funds $5 billion; and $4 billion for additional loan guarantees to the auto industry ($50 billion instead of $25 billion earlier, I think in the bailout package passed by Congress earlier).

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