Fri
Feb 13 2009
01:14 pm
By: R. Neal
michael kaplan's picture

What is $800 billion?

Divided by the number of taxpayers (138 million) it comes to $5,797 per taxpayer.

Divided by the population of the US (305 million) it comes to $2,623 per person.

Not a lot of money ..

Nobody's picture

Chump change but the $800

Chump change but the $800 billion does not include the TARP fund which has increased to 2 trillion. Wasn't it fiscal irresponsibility that got us into this mess and do we really think more of the same will get us out; regardless of which side of the political isle you are on?

rikki's picture

Wasn't it fiscal

Wasn't it fiscal irresponsibility that got us into this mess

No, it was market irresponsibility.

Nobody's picture

...and who forced the

...and who forced the financial (Freddy & Fanny) community into relaxed lending policies...???...that's right; the United States congress & Company. They are just as irresponsible as the home buyer that knew they could not afford that house if their interest rate went up. There are plenty of parties to point the finger at; my point is stupid spending got us into this mess and more stupid spending will not get us out.

rikki's picture

Your point is incorrect.

Your point is incorrect. Congress did not force the financial community into relaxed lending; an unregulated market in "securitized" credit bonds created an opportunity for unscrupulous lenders to make a quick profit by reselling crap loans and offloading the risk to unsuspecting buyers. Unlike normal insurance, where the insurer must prove they have capital resources to back the risk, the securitization of these bonds was backed by paper assets which vanished as quickly as the debt payments they were allegedly insuring. This was a failure of a market allowed to operate without Congressional oversight.

Nobody's picture

YES…absolutely…!!!...the

YES…absolutely…!!!...the unregulated market…BINGO! And were the markets always unregulated? NO…and who is responsible for regulation? Might that be the same group whose slack oversight allowed Bernie Madoff’s ponzi scheme to bilk investors out of $50 Billion? The same group whose slack maintenance teams to allow the fly ash dam to break? The same folks who have your phone and mine tapped? As I said there are plenty of entities to point the finger at; it boils down to who can get away with what and congress is as guilty as anyone if not more so. Just remember the Washington DC power shift happens every two years so what will the republicans do with a larger government when they retake the driver’s seat?

reform4's picture

Screw it up worse than they have over the last 8 years?

(if that's even possible...)

jbr's picture

25 people to blame for economy crisis

from Time
(link...)

Chet's picture

Wasn't It

Market irresponsibility had nothing to do with it. Congress force banks to make bad mortgage loans and the Fed forced interest rates lower than what the market could tolerate. Now those same people who caused the problem claim to have the solution.

jay's picture

stimulus

stimulus=stupid is as stupid does. great politics, lousy economics. i think having a democratically controlled WH and congress will be as much, if not more, of a disaster as having a republican controlled WH and congress proved to be. both parties are mortally corrupted and controlled by lunatic fringes on the left and right. both parties would also happily conspire to kill any chance of a valid third alternative. in the end we voted the morons in so have no one to blame other then ourselves. we have enough folks now strung out on government candy to ensure no changes occur and their voting can be easily manipulated and predicted.

carlabunga's picture

No, you morons voted them

No, you morons voted them in. Not the rest of us.

carlabunga's picture

So, let me get this

So, let me get this straight, I have to pay 5797 dollars because people were irresponsible and had kids they couldn't afford? They didn't get an education so they could get a job that had benefits? I have had medical benefits in every job I have ever had even straight out of high school. BECAUSE I took classes in high school that would help me in the real world and I finished high school. I even went to college and payed for it all by myself by working 3 jobs.

What ever happened to only spending what you made? That is what is wrong with our politicians, It's not there money, so they don't care. It's like when you have a renter, it's not their house so they don't care to take care of it. where is this money coming from if there is no money? We are in debt to our eyeballs and they just keep spending!
So much for the middle class seeing some help. We just pay all the bills. It';s time to tighten our belts and stop spending. How about taking that 800 million and just paying off the houses for those people who got caught in that mortgage idiocy. They spent more than they could afford too. Adjustable mortgage by A@#. Who would be dumb enough to say okay sure I will allow you to raise my mortgage to whatever you want just so I can get a low rate to get into the house. Idiots.

Nobody's picture

stimulus

It is truly a sad day in America, or I mean a sad day for my children in America.

Nobody's picture

Not a lot of money, MK? I am

Not a lot of money, MK? I am a taxpayer. How about sending me $5,797? I'll put it into the economy by the end of the week.

jbr's picture

Some pretty encouraging

Some pretty encouraging stimulus news for rail. Maybe Georgia will look at the Chattanooga->Atlanta connection.

Tennessee made a rail plan a few years ago. Maybe we can dust it off. Either Nashville/Chattanooga, Knoxville/Nooga or Nashville/Knoxville would be a good start.

High-speed and inner-city rail: Went from $300 million in House bill to $2.25 billion in Senate to $8 billion in final version. There also is a $6.9 billion provision for public transit.

Amtrak: Picked up $500 million from both House and Senate versions to total $1.3 billion. The bill stipulates that no more than 60 percent can go to the Northeast Corridor.

CNN article...
(link...)

R. Neal's picture

I saw somewhere that a

I saw somewhere that a Georgia Senate committee just recently (yesterday?) advanced the Chattanooga high-speed rail line.

jbr's picture

Some more rail

Some more rail assistance

National Railroad passenger corporation capital grants $850,000,000

National Railroad passenger corporation capital grants for security $450,000,000

jbr's picture

Compelling evidence for rail investment

This Washington Monthly article is an excellent read regarding rail in the US. Worth the read. Some interesting information on I-81.

From the print version of the article...

"A recent study suggests $250 to $500 billion invested in electrified rail infrastructure would get 83 percent of long-haul trucks off the road, reduce greenhouse emissions by 39 percent, and grow the economy by 10 percent"

a study sponsored by the Virginia DOT finds that a cumulative investment over ten to twelve years of less than $8 billion would divert 30 percent of the growing truck traffic on I-81 to rail. That would be far more bang for the state’s buck than the $11 billion it would take to add more lanes to the highway, especially since it would bring many other public benefits, from reduced highway accidents and lower repair costs to enormous improvements in fuel efficiency and pollution reduction. Today, a single train can move as many containers as 280 trucks while using one-third as much energy—and that’s before any improvements to rail infrastructure

The article...

(link...)

Ceci's picture

What Can Low to Middle Class Tax Payers Get with $13/Week Tax Cu

A LOT! According to the economic stimulus plan, an individual will get a $400 tax credit, which is an extra $13 a week per paycheck, starting in June. I am ecstatic at the prospect of $52 extra a month in my paycheck. For married people, that amounts to an extra $104 in the household. For those who have experienced struggling from paycheck to paycheck, this extra money can help pay a couple of monthly bills. This is better than a pay raise in some jobs. What’s even better, how can it not stimulate the economy if tax payers are using it to buy necessary items or to treat their families to a night at the movies or out to eat? Way to go President Obama and Congress.
What can $52 a month get you? Take your pick:
 Gas money
 Lunch money
 Bus or taxi fare
 $15 copayment for an office visit, $25 copayment for a specialist, and $10 generic prescription
 $50 copayment for an ER visit
 Cable bill
 Phone bill
 10 gallons of milk or 17 loaves of bread
 1 winter coat
 Dinner for two
 1 pair of prescription eyeglasses
 2 to 3 pairs of quality denim jeans
 2 good pair of shoes
 5 pullover shirts
 8 packs of socks
 8 packs of underwear
 Internet bill
 5 3-lb bags quick frozen chicken breasts
 18 lbs ground turkey
 Oil change
 3 movie tickets, 2 large popcorns, 2 large drinks
 5 hair cuts or 1 relaxer
 1 printer ink cartridge or other office supplies
 100 packs of notebook paper or other school supplies
 4 music CDs or 2 DVDs

bizgrrl's picture

Point well made, Ceci.

Point well made, Ceci. Thanks!

carlabunga's picture

Why don't you try putting it

Why don't you try putting it in the bank and making some interest off of it instead of letting it burn a hole in your pocket. No wonder you live paycheck to paycheck.

Somebody that didn't get it yet's picture

What's for me?. I am

What's for me?. I am disable, get a check every month, get food stamps. Apply for government housing, 2 years waiting list. I probably be dead by then. I am also a veteran. I read to some of the stimulus, I couldn't find anything that applies to me personaly. As far as I am concerned is good on papers for me.

carlabunga's picture

Right you are - And I thank

Right you are - And I thank you for your service to help preserve our freedom so the idiots in Washington can do what they do and cheat you out of more health care, better housing and some spending money. I would be happy to give you, our veterans. who have sacrificed so much that $13 a week where it could make a difference, hell, you should get my neighbors too.

R. Neal's picture

Just off the top of my head

Just off the top of my head without checking, if you are on food stamps I believe you will get an increased allowance. If you are on SSI disability, I seem to recall that you are supposed to get a one time $250 additional payment. I think there is increased funding for government housing, which may or may not help in your case. The VA is getting some increased and long overdue funding, which may or may not ultimately benefit you.

carlabunga's picture

Why don't they just give us

Why don't they just give us back our 5797 and keep their 400. Sounds like a much better deal.

Nelle's picture

What's with the troll outbreak?

Can someone inject a shot of penicillin into this thread?

Nobody's picture

789 billion for the bill, 28

789 billion for the bill, 28 billion for construction projects and you liberals call that job creation. Are you everyone that damn stupid?

Andy Axel's picture

Are you everyone that damn

Are you everyone that damn stupid?

Um.... if you're going to call people out for being stupid, at a bare minimum, you might want to try being literate. I mean, if you want to be taken seriously.

____________________________

Dirty deeds done dirt cheap! Special holidays, Sundays and rates!

Factchecker's picture

Happy now?

789 billion for the bill, 28 billion for construction projects and you liberals call that job creation.

You're right. There should be more construction projects.

R. Neal's picture

I'm still confused about

I'm still confused about where all the federal money goes when it gets spent? People work for free burning it or something?

redmondkr's picture

WVLT-TV displayed an

WVLT-TV displayed an interesting banner this evening while reporting the signing ceremony:

East Tennesseeans Have High Hopes
How the New Law May Affect You

Apparently East Tennesseeans' mouthpieces in Congress didn't know we were hopeful.


Visit us at

The Home

KC's picture

Apparently East

Apparently East Tennesseeans' mouthpieces in Congress didn't know we were hopeful.

Tennessee is a federal taxes/spending surplus state, meaning that for every $1 we give in federal taxes, the feds spend about $1.23 here (last time I checked).

I hope our representatives realize that a Republican president is no longer in the White House, and those federal dollars might not keep flowing into Oak Ridge (Nanoscience and the Spallation Neutron Center to name two) like it has recently.

Maybe Congressmen Wamp and Duncan think all those scientists can't be relocated, or at least, that's what they'd better be praying.

Eric Pearson, for Congress's picture

Meanwhile our middle-class

Meanwhile our middle-class families are looking for more than empty promises. They want to go back to work. And they want our Democratic Party representatives who run Washington to stop pursuing a big government, big spending agenda that includes a government takeover of health care, stimulus bills, a new national energy tax and taxpayer-funded bailouts.

Looking back, most voters still consider the bailouts of both the finance and auto industries to be a bad idea. By a 2-to-1 margin, voters believe the bailouts hurt the economy in the long run.

In spite of everything our Democratic Party representatives in Washington will borrow $1.6 trillion this year, or about $15,000 for every household in the country. Over the next 10 years our federal government is expected to borrow an additional $8.5 trillion, and this is on top of the 12 trillion we currently owe. These figures are beyond being enormous, especially since we already pay one in seven dollars in interest.

Eric Pearson, Democratic Party candidate for US Congress in the 5th district, Tennessee.

Site: (link...)

jbr's picture

Anderson County looks to be

Anderson County projects look to be getting ~$820 million in stimulus money...

(link...)

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