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Tuesday, May 06, 2008

Pelosi Wants More Rebate Checks

She says the economy hasn’t been stimulated enough and that Americans need another big, fat check from the government.

WASHINGTON (Reuters) - House Speaker Nancy Pelosi on Tuesday called for a second economic stimulus package and said President George W. Bush is “in denial” about the U.S. economy, drawing a sharp White House response.

Tax rebate checks are in the mail to millions of Americans under a $152 billion economic stimulus package passed by Congress earlier this year and signed into law by Bush.

“It’s clear there is a need for a second stimulus,” Pelosi, a California Democrat, told reporters at a news conference.

“The president has for a long time been in denial on the state of the economy,” she said.

Bush, backed by fellow Republicans in Congress, has indicated he wants to wait and see how the first stimulus package works before looking at another one.

“I don’t think that we have that amount of time,” Pelosi said. “There are indications that this downturn is steeper than it was when we created the first stimulus package.”

I think that last statement from Speaker Pelosi can be translated as “there isn’t enough time before the next election to take credit for another check from the government.”

But what’s interesting is what Pelosi is tacitly admitting here by calling for more rebates in the name of economic stimulus.  If letting Americans keep more of their tax dollars (which is what the rebates do in a round-about, one-time way) is good for the economy why not make the rebates a permanent thing with tax cuts?

If we reduce the rate of federal taxation would that not in effect be a permanent “rebate” in that less money would be going from Americans to the government?  A “rebate” that would actually cost less in that there would be no administration costs associated with collecting it and then redistributing it back to us?

I understand why liberals like Pelosi like the tax rebates because given that the rebates don’t go back to citizens in proportion to the taxes those citizens paid in its really just wealth redistribution, but the idea that more dollars in the hands of the private citizens means more economic activity is a sound one.

Why not expand on that and cut taxes?

I suspect that most Democrats, including Pelosi herself, don’t have a good answer for that.

Comments

Pelosi hasn’t done anything of note for two years. Now that the press is all over anyone’s ideas, it’s like she wants one of what everyone else wants.

Mohair Sam on May 6, 2008 at 02:20 pm

Tax cuts went

back to citizens in proportion to the taxes those citizens paid

That put us in the hole we find ourselves.

Papering over the hole with newly printed dollars will not fill it.

WOOF on May 6, 2008 at 02:56 pm

That put us in the hole we find ourselves.

Letting citizens keep their money is not putting “us” into the hole.

The government we can’t afford is the 70 something percent that’s extra-Constitutional.
Namely, all of your socialist programs.
That’s where the hole is. It’s your spending.

This nation has been high taxed for generations. The successful pay the vast majority of the tax. We’re not in the hole because we’re low taxed.

likwidshoe on May 6, 2008 at 03:14 pm

This nation has been high taxed for generations.

and we prospered.
We got tax cuts.
The world marks down our dollars
now we’re in the hole.

WOOF on May 6, 2008 at 04:00 pm

Where’s my check? I pay plenty in taxes!
Make the tax cuts permanent and remove any doubt about them from those of us in the financial markets.

Kevin on May 6, 2008 at 04:04 pm

Rob,

I’m not going to vote Democrat, so I’ll take another check if it makes Pelosi feel good.

Mickey on May 6, 2008 at 04:29 pm

There are so many things wrong with this:

The checks aren’t out, in fact they won’t all be out until July. 

I guess some who use electronic payment got their rebate.  But even if we all got it now there wouldn’t be any information of the results until mid June.

If the current rebate checks didn’t work then what kind of moron would think that MORE checks would help?


The Debate is over!  Global Whining has been confirmed.


The Whistler's signature
The Whistler on May 6, 2008 at 04:41 pm
Avatar for GregB999

[sarcasm]Hey Ms. Pelosi. I didn’t get enough money in the last check to get an HDTV. Could you make it a higher amount next time. Social Security Disability just doesn’t cut it for buying nice new toys. And I would definitely by a nice brand-new HDTV if you give me more of the taxpayer’s money!![/sarcasm]

Anyways, being on disability, (and going to school after improving so I can get off and make some money) I found it strange that I should be getting a check in the next week or so, but my friend, who did well on the stock market last year, had to pay ~$18,000 extra on April 15 doesn’t get a dime for that tax rebate.

GregB999 on May 6, 2008 at 06:57 pm
Avatar for Nick Moszer

With Pelosi, what ever happened to the “First Hundred Hours” where they were going to pass all these bills and fix everything that was broken back in January of 06. 

I don’t remember them passing any of legislation they promised. 

On the other hand, the contract with America was passed almost 99% wasn’t it? 

Of course she will never be held accountable.

Nick Moszer on May 6, 2008 at 07:20 pm

I think she’s on the same page here as she was with the surge: as soon as we started talking about it, it had already failed in her book.  According to the IRS, payments have been going out for about a week now, and will be continuing over the course of about 2 months for the folks who are getting paper checks rather than direct deposit.  How can we need a second stimulus when the first one has barely started?

That said, I have to agree with Mickey; if the government wants to send me another check, I won’t complain too much.  They’ve still got a good $800 or $900 that they took out of my paychecks last year, so another $600 would put us close to even.


"No Sane man will dance.”—Cicero

Daniel on May 6, 2008 at 07:22 pm

Just more usual democratic rhetoric, if there is a problem just throw millions of dollars at it.



A political party cannot be all things to all people. It must represent certain fundamental beliefs which must not be compromised to political expediency, or simply to swell its numbers.

dougee on May 6, 2008 at 08:01 pm

and we prospered.

Woof, didn’t Charlie Gibson on ABC admit in a debate that our country’s economy grew and flourished when taxes were lowered?  How does letting people keep the money they earn hurt our economy?

The reason why we have deficits is because of the endless entitlement programs and pork earmarks that we are paying for.



A political party cannot be all things to all people. It must represent certain fundamental beliefs which must not be compromised to political expediency, or simply to swell its numbers.

dougee on May 6, 2008 at 08:09 pm

This nation has been high taxed for generations.

...and we prospered.  We got tax cuts.  The world marks down our dollars now we’re in the hole.

WOOF,

Wherever did you get the notion that high tax rates cause prosperity, while tax rate cuts cause deficits?

We’ve been down this road before, and there is no substantive or authoritative support for either proposition.

Whatever is afflicting Lestat appears to be contagious.


“Poverty of goods is easily cured; poverty of the mind is irreparable.”

Bat One on May 6, 2008 at 08:32 pm

No. Charlie threw out some short term numbers and lazy eco theory in asking a question to Dem candidates.
He did fervently believe he would be better off paying a lower capital gains tax.

Woof, didn’t Charlie Gibson on ABC admit in a debate that our country’s economy grew and flourished when taxes were lowered? 

WOOF on May 6, 2008 at 08:43 pm

while tax rate cuts cause deficits?

Prosperity of the late 20th and
stagnation of the 21st century.
C v. B

WOOF on May 6, 2008 at 08:48 pm

Woof, lowering the capital gains tax rates actually caused more money to be collected by that tax.  It’s a fact.  Bush’s tax cuts helped our economy greatly and ending them will only hurt and drive our economy into a recession.



A political party cannot be all things to all people. It must represent certain fundamental beliefs which must not be compromised to political expediency, or simply to swell its numbers.

dougee on May 6, 2008 at 09:26 pm

WOOF,

Of course it’s more than a little difficult to sustain a claim that reducing marginal tax rates does NOT increase federal revenues, when, as everyone watching the discussion between Mr. Gibson and Mr. Obama clearly saw, the candidate himself back-handedly acknowledged that each time the capital gains rate has been cut, the revenues from that tax have actually increased… a fact which has been thoroughly documented.

MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

SENATOR OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.

As for that “lazy eco theory” you alluded to, we’ve been over this ground several times in the past few years, and you have yet to offer anything substantive to refute this, this, or this.  Nor have you offered anything to refute the equally important economic stimulus this country experienced after tax rate cuts instituted under Presidents Harding, Coolidge, Kennedy, Ford, Reagan, Clinton, and Bush.

If you have some sort of expert economic analysis that supports the conclusion that raising taxes stimulates economic growth, by all means please post it.


“Poverty of goods is easily cured; poverty of the mind is irreparable.”

Bat One on May 6, 2008 at 09:36 pm
Avatar for Bobby

Pelosi, the best thing you can do for the country is lead the line up to resign with all your cohorts.  Now that is what I would call a stimulating move!

Bobby on May 7, 2008 at 04:43 am

This nation has been high taxed for generations.

and we prospered.
We got tax cuts.
The world marks down our dollars
now we’re in the hole.

WOOF: You’re certainly not so dumb as to suggest a causality there, are you? How long have you been a Cargo Cultist?



Those who think the party or the country, will be “taught a lesson” by handing the levers of power over to the liberals will learn a lesson, but it will be at the expense of our country and her liberties. And there are no guarantees that the party or the country will come out stronger, more conservative or better positioned to win elections against the incumbent liberals.

Proof on May 7, 2008 at 05:09 am

Since the bales washed up on the beach.

How long have you been a Cargo Cultist?

WOOF on May 7, 2008 at 05:28 am

As Democrats push for a more activist government response to the flagging economy, Pelosi hosted a group of like-minded economists and officials, including former Treasury Secretary Lawrence Summers, at a policy forum.

Afterward, standing beside Pelosi, Massachusetts Democratic Rep. Barney Frank said a major package of housing legislation will be brought to the House floor on Wednesday.

“We will pass a bill tomorrow,” said Frank, chairman of the House Financial Services committee. The legislation written by Frank’s committee would authorize the government to finance $300 billion in distressed mortgages to help some 2 million American homeowners hit by the housing crisis.

So now the nation is rewarding failure.


check out Goon’s World

http://ndgoon.blogspot.com/

Goon’s North Dakota Red Neck

http://redneckndgoon.blogspot.com/

goon on May 7, 2008 at 08:59 am

That’s $150,000 per person.  What a fraud!


The Debate is over!  Global Whining has been confirmed.


The Whistler's signature
The Whistler on May 7, 2008 at 09:31 am
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