Lipstick On That Pig

Comments on the stimulus bill

 

Hog futures are looking up.

Did you hear? Apparently, another stimulus bill is being tossed around.

Warren Buffet, supporter of President Obama, highly critical of the first stimulus, stated that a second one was more than likely needed to help boost up the economy. He likened it (the first) to Viagra and candy.

“Our first stimulus bill ... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in ... as if everybody was putting in enough for their own constituent. It doesn't have really quite the wall that might have been anticipated there." …. Warren Buffet

Maybe we should rename it to “We’ve just spent our children’s future” bill instead.

Officially it is called “American Recovery and Reinvestment Act.” Has a nice ring to it doesn’t it?

This tidbit from Buffet is in sharp contrast to President Obama’s statement that “The Recovery Act” has staved off the free fall and done its job.

Really? 

The Recovery Act?  What happened to reinvestment?

How can we say it has done its job with only 21 billion of the original 797 billion has been spent? Another 90.7 billion is in the pipeline, earmarked for approximately 18,000 or so additional projects. That still leaves 697 billion. Now granted that this was set as a two year gig, with most of the spending intended for last quarter of 2010, but with unemployment currently sitting at 9.5% does is make sense to wait a year?  Can Americans afford to remain jobless for another 12 months. Some of it is to extend unemployment and COBRA benefits, but I think that is money down the drain.

In June, supposedly there were going to be tax cuts in our paychecks. If there was one, it was so small, I didn’t notice it.

What about rebate checks?

If tax-paying Americans were to receive a stimulus rebate check, and it would have to be a rebate check, otherwise, you would have to report it as income on your taxes, it will cost $70 million to produce them.  Does this sound like responsible spending?

So when can Americans begin to see the relief promised by the White House when congress is trying to find another Trillion for health care reform?

I don’t think it will be anytime soon.

I also don’t think we can put any more lipstick on that pig and continue to sell it as a stimulus package.

Reviews

[The Rock And Roll Cowbo..]

Unfortunately we are in a tailspin from eight years of Bush and his putting money into destroying other countries then building them back up to line his pockets... what is the solution it is hard to say but it is obvious our leaders don't have it. It didn't help that when they gave that money to bail out companies they used it to pay bonuses... the problem is the rich get greedy and just want more... where ever we go or how we decide to fix it it will take a while to crawl out. it is becoming very scary.

[Janice Ann]

Wow. Educational yet sort of...actually REALLY depressing...but then again it is reality right!?

Good write! And your words and feelings are shared amoung many!

Thanks for sharing!
JA

[Legion]

I never wear lipstick.

As for the rest, time will tell. It all looks bleak, but no one can accurately predict the future. This all has potential if done right, but then we have the human factor to contend with and that always gums up the works.

[Mark Pearce]

There has been a diminution in the awful trajectory that the economy was in during the August through March period. To ignore that is disingenuous.

That the TARP funds were originally targeted for the financial institutions that helped create the problem (and that feel no compunction to lend out the stimulus dollars) seems to me to be bad form essentially caused by haste. I would rather that the organs of government take their time to ensure that the future stimulus funds go into better hands next time. I would expect that to take a few months.

A BIG transition in our economy is called for, and such transitions can't happen quickly.

Read Kevin Phillips "Bad Money" (written before the economic crash). Phillips explains why any society relying upon finance to be the primary economic driver is doomed to fail. I don't mean to infer that Phillips is 100-percent right; and I am assured that a liquid financial market is necessary ...but I feel that Phillips is much closer to the truth than the denizens of the financial industry (and government) are at this point in history.

Yes. We are still in a bad economy. The problem is, half-way saving the economy is not saving the economy at all.

Frankly I'm glad that there are (in JC's accounting) 697 billion additional dollars soon to flow. That ought to continue to help mitigate the problem.

Sorry this is not a review.

[Sheila Kline]

I am going to refer to much of what Lizannae has written in her review, but first of all, I want to commend you JC for posting this write of fiscal awareness and impending doom that is facing our country, as we have already been rocketing towards implosion of our economy!

I wish it were simple to explain, but when one studies this in depth it is but part of a well formulated plan that has been in place for many years. We are just seeing more of the fruit from the rotten seeds that were sown many years ago!

I study political and fiscal issues, and am somewhat of a conspiracy theorist, so this is not new to me. There is too much to reveal here in this review, but we as Americans have much to fear in what is on the horizon for us!

And, each administration is to blame, so we cannot single out a Republican or Democratic party, as it is so very much deeper than that of a group...look at Skull and Bones, look at The Bilderburg Group/Plan, look at postings that are abundant on the internet, go back to The Illuminati...there is much truth, and unless we examine it and embrace it, we shall be headed to doom as a nation, and perhaps as a world! The lipstick on the pig covers many continents! Personally, I think it is already too deeply ingrained to see much change - London Bridge is already crumbling...Humpty Dumpty has already fallen off the wall, and the cow is jumping over the moon of soured milk!

As Lizanne said....WAKE UP PEOPLE....but, best to wake up to a plan of survival!! Store food, have your house in order, survival plans....most have no idea of what is to come!!

Kudos to you...excellent write!!
...the prophets have spoken!

[Twilight]

As I am not American, it is rather hard for me to review this in terms of factual content. However, a number of your sentences do not include enough commas (for example). Also, it is better not to repeat words unnecessarily in the same sentence (as I was taught in school). Now, in my country, we have also been subjected to a so-called "stimulus package". These days, people seem to have such short memories (or perhaps our media does), that many seem to have stopped talking about this specific issue!

Obviously, plenty of people in my country, are worrying and talking about our economic crisis, but relatively little is said about the real effects of our stimulus package. Your line, "We've just spent our children's future", rings true in my ears! A while ago, many political rivals were pointing out, that future generations are going to have to pay back rather a great deal of money!

Even now (in my country), our Government is extremely reluctant to admit that there are going to have to be massive cuts in expenditure on public services, in the not too distant future. Are we children, too helpless or stupid, to be told the blunt truth? Worse still, it is the future children of our country, who will inevitably suffer as well (also through no fault of their own). I have not heard of COBRA benefits or Buffett, by the way. If any of you could enlighten me in this regard, feel free to!

An honest and comprehensive submission to my Group, "Twilight's Disciples"! Thankyou very much, JC! Who will be the next writer, to add a piece of writing to my Group? Could it be YOU, I wonder?

[Creepy Swine Guy]

Well ... I'm going to assume that since you quoted Buffett here you watched the entire Buffett interview, that you understand that Buffett, one of the greatest financial minds of our time endorsed the stimulus package withe the caveat that he did not believe it was far-reaching enough. I further assume that you know that Buffett openly supported Barack Obama in the 08 election. So you must then, understand and accept that President Obama is doing exactly the right thing. I am happy to see that you are finally coming around.

You must be furious with the Bush Administration for having driven us into this fiscal disaster and forced this intelligent new President to have to initiate this (these) necessary bill(s).

[Lizanne]

I just wish they would tell us when we are to attend the next board meetings of the companies they bailed out of trouble. We the citizens are now stockholders. Yeah...right! Has anyone received their dividend check. Wouldn't your children love to be touring the world at taxpayers expense. We all probably have a remote place that was our families original land of birth. Hummmm. We have reverted to a Monarchy and our King is going to send us to the proverbial poorhouse. Did you know those existed in the US for many years. Look it up. You will be shocked at what you read and the government is just about ready to implement things that will probably make that exixtence seem easy. When your extension on unemployment runs out and there are no jobs, what happens then? JC loan me that tube of lipstick I want to draw a target on that pigs big fat behind. By the way we NOW have the highest unemployment rate in 26 years. Lets see, they said it would go down to 10% in June of 2010. They will not have to worry about selling weight reducing plans. Look out weight watchers and Jenny Craig you will be out of business. America will be a land of walking skeletons. WAKE UP PEOPLE!!! This is not our government. Sorry to do a rant on you JC and thank you for having the brass to speak your words.