Obama on Stimulus?

[DrowArchmage]

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.

[VulcanRider]

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

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...

[Arvon]

Originally Posted by VulcanRider From Yahoo News: Treasury needs record $361B April-June borrowing Just a few snippets: I think we're screwed...

You just figure that out?

[VulcanRider]

Originally Posted by Arvon 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...

[Chewbacca]

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.

[Illumina Drathiran'ar]

Originally Posted by VulcanRider 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...

"May you have an interesting life."

[VulcanRider]

Originally Posted by Illumina Drathiran'ar "May you have an interesting life."

Are you blessing or cursing me?

[Felix The Assassin]

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?

[VulcanRider]

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:

[Illumina Drathiran'ar]

Originally Posted by VulcanRider Are you blessing or cursing me?

Yes.