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Barack Obama's economic recovery bill has grown to $850 billion after negotiations with his Democratic allies in Congress, who have rewritten some of the president-elect's tax proposals and may drive the price tag even higher. For starters, Capitol Hill Democrats are trying to use the economic recovery bill to extend a tax cut for middle- to upper-income taxpayers despite concerns from Obama's transition team that it won't boost the economy.
The largest components include $85 billion to $90 billion for cash-strapped states to help pay for the Medicaid health care program for the poor and disabled. Another $80 billion or so would go into a block grant to states for education, which Sen. Charles Schumer, D-N.Y., said would prevent cutbacks in school programs, layoffs and property tax increases. There's also about $25 billion to pay for subsidies to help laid-off workers hold onto their health insurance, $35 billion to extend unemployment benefits and a 15 percent increase in food stamp benefits costing $20 billion.
Another $80 billion or so would go into a block grant to states for education, which Sen. Charles Schumer, D-N.Y., said would prevent cutbacks in school programs
I now predict 12% unemployment within 90 days.
Originally posted by jjkenobi
Yes, because throwing MORE money at the school system has done good so far right? You have got to be (*"@#$ me!!
Anyhow it's not a big surprise that Obama (Democrat/Liberalsocialististicism) is going to try to solve every problem with govt intervention and taxpayer money.
In all, the outline called for $550 billion in new spending and $275 billion in tax cuts. And the $825 billion total is virtually certain to grow as the legislation advances through Congress.
Originally posted by David9176
reply to post by sos37
The sad thing is that people think we need this. My supervisor told me "Well they have to do something."
Yeah..they are doing something...ensuring that things will get much worse by continuing to do the same things that won't work.
I can't believe this is all happening in my lifetime. 53 trillion of debt, 160,000 per person....i don't even see how it's possible to pay it back...yet they keep piling more and more on..
I've really just had enough of it...what else is there to say?
But I agree. I've had enough of it, but what can we do but move to another more civilized nation whose government doesn't suck? Any suggestions to which countries that might be?