Ironworks Gaming Forum - Obama on Stimulus?

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Obama on Stimulus?

What is the world coming to?
I've heard a few things about this package, and not a lot of people have very nice things to say about it.

I'd like to know what all you Ironworkers think about this, whether from the U.S. or not.

Re: Obama on Stimulus?

From Yahoo News:
Treasury needs record $361B April-June borrowing
Just a few snippets:

Quote:

WASHINGTON – The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period.

It's the third straight quarter the government's borrowing needs have set records for those periods.

Treasury also estimated it will need to borrow $515 billion in the July-September quarter, down slightly from the $530 billion borrowed during the year-ago period. The all-time high of $569 billion was set in the October-December period.

The huge borrowing needs reflect the soaring costs of the $700 billion financial rescue program and the recession, which is nearing a record as the longest in the post World War II period.

...

The administration is projecting the federal deficit for the entire budget year ending Sept. 30, will total a record $1.75 trillion. A deficit at that level would nearly quadruple the previous record of $454.8 billion set last year.

To cover the government's heavy borrowing needs, Congress in February boosted the limit for the national debt to $12.1 trillion as part of the legislation that enacted President Barack Obama's $787 billion economic stimulus program. The national debt now stands at $11.1 trillion.

...

The $361 billion estimate for borrowing this quarter compared with borrowing needs of just $13 billion in the year-ago period. Normally the government's borrowing needs shrink sharply in the April-June quarter because of all the tax revenue being collected.

I think we're screwed...

Re: Obama on Stimulus?

Quote:

Originally Posted by VulcanRider (Post 1229607)

From Yahoo News:
Treasury needs record $361B April-June borrowing
Just a few snippets:

I think we're screwed...

You just figure that out?

Re: Obama on Stimulus?

Quote:

Originally Posted by Arvon (Post 1229608)

You just figure that out?

Nope. I got that feeling when President Bush signed his bailout package. That's when I became convinced we're too far gone to recover -- we're just gonna keep digging deeper & deeper.

I think there's a Chinese curse that says "May you live in interesting times." These are interesting times...

Re: Obama on Stimulus?

I think we are past the worst and it could have been worse.

Vulcanrider, I've heard that saying can equally be either curse or a blessing, maybe even both. :D

Re: Obama on Stimulus?

Quote:

Originally Posted by VulcanRider (Post 1229609)

"May you have an interesting life."

Re: Obama on Stimulus?

Quote:

Originally Posted by Illumina Drathiran'ar (Post 1229617)

"May you have an interesting life."

Are you blessing or cursing me? :whoknows:

Re: Obama on Stimulus?

Interesting indeed. Especially after begging the spousal unit to invest $8575 dollars into Ford stock when it was $0.84 a share two weeks past! By the way, it closed at $5.45 today!

In other stimulus related news, has anybody noticed their decrease in federal taxes and increase in take home dollars?

Re: Obama on Stimulus?

Way to go Felix !!! But I expect the government to look for new/increased taxes to pay for their spending spree - I hope you don't get hit too hard when you cash 'em out...

EDIT: BTW, did anybody watch the President's news conference tonight? I sat down to watch & promptly fell asleep sitting up on the couch... :sleep3:

Re: Obama on Stimulus?

Quote:

Originally Posted by VulcanRider (Post 1229625)

Are you blessing or cursing me? :whoknows:

Yes.