Chuck Schumer wants a second stimulus package
Camel’s nose under the tent, as I’ve said before. I’m watching Chuckie Schumer on the Senate floor right now heralding Pelosi and Boehner for hammering out the tax rebate agreements for a $150 billion economic stimulus package. That proposal will be announced today at 1:30pm Eastern.
But, of course, it’s not enough.
In addition to $180 million for “Housing Counseling Assistance” that he helped stick into the omnibus spending bill, Schumer wants more money for counseling borrowers who should have known better before buying more house than they could afford.
And he wants a second stimulus package to deal with “infrastructure.” Whatever the hell that means.
They’ve only just begun.
***
Hans Bader at OpenMarket.org points out that Welfare + Discrimination = “Stimulus Package:”
They’re giving out rebates, but if you are a middle-class taxpaying family in a high-living cost region, you’re out of luck. The rebates only go to single people making less than $75,000 per year or married couples making less than $150,000.
For the crime of being married to me, my wife, who made less than $75,000 last year (she recently quit her job to take care of our new baby daughter), will be denied her refund, because our combined household income is just a hair over $150,000. If we lived together “in sin,” she’d get a rebate, but because we’re married, she won’t.
If she weren’t married to me, she’d receive a rebate for our daughter, too! Too bad our daughter wasn’t born out of wedlock. Then we’d qualify.
By contrast, non-taxpayers — people who currently pay no federal income taxes and actually get an earned income tax credit back — will be eligible.
Don’t you love farce?
***
More to come, via the NYT:
Senator Max Baucus, the Montana Democrat who is chairman of the Finance Committee, reiterated his interest in extending unemployment benefits at a hearing on Thursday morning, where he said his committee would mark up a fiscal stimulus bill next week.
“There are reports that a deal may be close on the House side,” Mr. Baucus said. “The Senate will want to speak, as well.”
That announcement of potential action by the Finance Committee could jar Democratic leaders who have been striving for a carefully coordinated effort on the economy. Earlier this week, Mr. Reid announced that the House would take the lead in developing the stimulus package and would conduct the immediate negotiations with the White House and Congressional Republicans.
Noting that tax rebates were one potentially cost-effective method to spur new spending, Mr. Baucus said: “Another example would be expanding unemployment insurance benefits. In recent recessions, Congress has extended the number of weeks that unemployed workers could receive benefits. We could do that again. We could provide a further extension for recipients in high unemployment states. And we could also temporarily increase the dollar amount of benefits to help unemployed workers to pay their bills.”
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It will never be enough! If these “people” really want to avoid problems like the sub-prime market, then they should pass a law requiring every borrower to pass a basic IQ test, before they are allowed to obtain a mortgage. As for the lender, make it a mandatory prison sentence of three years or more for anyone permitting a “low IQ” mortgage to go through.
As far as a stimulus package goes, it needs to have strings attached. Giving tax refunds to non-income tax paying citizens without restrictions on what they can purchase is rediculous. For example; A person on public assistance gets a check from us for $300. Does this person use this money to replace or buy an appliance, or clothing? Probably not. This person will likely “party” with it, buy jewelry, a cell phone, or some other type of electronic device. How does this help their situation, and just what part of the economy will this support? There is no incentive to move off the public feeding trough, because all of their basic needs are met by the Democrat’s public assistance/slavery system. It’s like the energizer bunny…it just keeps going, and going, and going…NO WHERE!!!
This plan stinks. It’s not a stimulus plan, its welfare. The people who pay the taxes don’t get any benefit. That’s fair. Also, beware, Schumer smells pork . . .
Chuckie Schumer, is on the banking committee , I think, should have been on the job instead of knocking people down to get on camera. He is part of the problem not the solution.
“The most ethical congress ever.”
My ass. These people are frickin out of control.
Oh the left smells a chance to give away freebies. Now it is interesting that food stamps & unemployment seemed to have been removed for now. Besides, other than a political prop, the left does NOT want to revive the economy even if they can claim credit. They need pain, doom, and gloom.
Make the tax cuts permanent and watch what happens. That has a lot to do with the nervousness in the markets and business in general.
Call it what is WELFARE
Answer this question…when has the Democrat Party leadership in Congress ever supported spending taxpayer money, when it benefited ALL Americans? The answer is NEVER!!!
I am highly suspicious about the “We care about the economy” stance the Dem’s have suddenly taken, after years of bashing and denial regarding Bush’s domestic policy positions.
Would it surprise anyone if the “real” beneficiaries of the Dem’s contribution to this plan turn out to be Pelosi, Reid, Shummie, et al, OR their financial supporters, and business interests? Not me!!! Beware of liberals bearing cash…! There are always shinanigans going on behind closed doors!
Based on the current CNN post this is just a lousy welfare package. The article says $600 per person, $1200 per couple, ($300 if taxes weren’t paid). Also,
$300 for each additional child, and income above $75,000 no rebate.
I will not vote for any Republican candiate who supports this or votes for this. It is out and out welfare, and again penalizes those who take the time & make sacrifices to develop skills to put them above $75,000. If this is bad, wait until the new taxes later this year for the
.
I still don’t understand why they just do not allow the tax returns for this year to happen and when people get their refunds they will spend it. So much panic and meddling in a process that does not need the government touching it. This is all for politics, that is why both parties are on board so the respective nominees can tout how their party saved America from recession.
You have so many tax laws, no one knows them all. You have so many business regulations you need a group of lawyers to figure them all out. Congress keeps piling more and more “fix-it” bills into the pot; the only thing most people get is screwed. Even Congress doesn’t know, anymore, what’s going on, if anything!
Here’s an idea. A tax rebate ONLY for people making $75k or more a year… enough to bring their effective income tax rate down to that of someone making $75k a year. If someone made $175k, they should get $9,766 back, to bring their effective tax rate down to the 18.45% that someone making $75k pays instead of the 24.03% they currently pay.
SECOND LOOK AT A MORE STIMULATING STIMULUS!
How does it make you all feel to know that most of us are not “deserving” Americans? We obey the laws, pay our taxes, support our troops, show compassion for the less fortunate, give more money to charities than Democrat Party supporters (and more than any other nation, for that matter), yet, we do not deserve to get a little back.
No, those MOST deserving are those who take the most already, and contribute the least.
Just read an article form the AP.
http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus
It reads, “Workers who make at least $3,000 but don’t pay taxes would get $300 rebates,” and goes on to state, “Conservative Republicans, meanwhile, were likely to be restless over tax rebates going to those without income tax liability.”
The AP has spun it yet again… YOU CANNOT RECEIVE A REBATE FOR SOMETHING YOU HAVE NOT PAID!!!!
Let’s call that what it is, a welfare handout. It is not a rebate. To call it one is, well, simply a lie.
Thank you all for helping to pay for my wedding.
As I always say whenever the democrats sign onto a Republican idea:
READ THE FINE PRINT.
Well, at least it lets businesses write off captial improvements. Of course, that should have been done anyway.
We should be thankful that that amnesty didn’t pass, otherwise the illegals would be getting welfare too.
These people need a serious course on economics. And I’m not talking about the phony Paul Krugman inept economic theory either.
Umm…they’re already getting that, remember? In CA they get free education, free healthcare, and oh yeah…pay no income taxes either.
That’s welfare.
…by welfare I mean rebate checks.
It’s gonna to know that we can continue to help out the Chinese economy by spending taking out loans from them and spending it on their goods. I mean seriously, it’s almost as if we want them to become the next superpower.
Since I rarely understand anything Chuckie says.I would hope by “infrastucture”he means such things as repairing and building bridges,roadways,dams,levees etc.I think the 150 billion would be much better spent on these neccesary projects,than in give-aways to people who are probably going to waste the money(myself included).Although I realize such things are often just make-work projects,they are naccesary,and will put some of the un-,and under-employed to work,making a living instead of living off of the taxpayers.Gee then some of them could become tax-payers ,too.It might even have the effect of giving some Washington beaurocrats something to do,to earn there keep.
Well Jeez theives thanks for giving me my money back and oh by the way couldn’t you have least kept some of my money away from those who pay for nothing already? Good God you damn politicians make my head want to explode with your Robin Hood act.
The more the lying crapweasels in DC keep running their mouths on this so called “stimulus package” the worse it looks. This really is an exercise in wealth distribution punishing those that produce over those that don’t. Time of fire up the torches and grab the pitchforks. It seems to be the only thing to get these lowlifes attention.
This plan will stimulate a national bowel movement, crapweasels behaving like A$$es.
I think chuckie is just glad that Hillary is out of the room.
This is stimulating me into cancelling the checks I wrote to the Fed and CA State franchise board last week…..oh wait, those were cashed within 24 hours of me sending them. Funny how that works.
Karl Marx, or Hillary or any of the democraps.
This will not stimulate anything but some non-food [booze - drugs] items and adult toys from China.
And naturally Pelosi had to throw in that this plan is better than the one Bush proposed because 35 million families are being helped who wouldn’t have been under Bush’s plan.
Can she ever just do something without taking a shot at Bush?
and then the democrap presidential candidates can blame a republican in the White House for deficit spending. Brilliant!
I find it hard to get that worked up over a family making $150,000+ not getting another $600 back. I agree that marriage penalties aren’t ideal but they’ve always been a part of the system. I can’t think of a better alternative other within a progressive tax code (which I’m sure many of you oppose but it’s we’ve got and what we’ll always have).
I don’t know what I’ll do with my $600. I’m supposed to spend it but that’s just not my style. Maybe put most in the ol’ saving account with just enough left over to buy a Playstation 3 game and a really fancy six pack of beer. I’m thinking of Bell’s Two Hearted Ale but I’m open to suggestions. Maybe a fine whiskey?
So some New York single parents could have their kids qualify for SCHIP… but are too poor for stimulus: Class warfarce leads to the same ironies as identity politics. Alas, I too vote my race and gender when it comes to president. So far it works, 100% white males.
Well, you could just endorse it back to the Treasury Department, seeing as how you don’t really need it. Maybe you could lead by example, and show those less fortunate than you (who can’t afford a savings account) some compassion.
Who are we BORROWING FROM to give out this money? It is a bandaid which encourages MORE SPENDING that people and USA cannot afford…….STUCK ON STUPID once again,GEORGE Bush proves Americans only worth is as CONSUMERS!!
What’s really brazen about this is that they are doing it in an election year, and apparently believe there will be no consequences. If they are right (both Dems and Republicans) and there are no repercussions, then we’ll really have to hold on to our wallets after the election. This is nothing compared with what will be coming.
So, I take it none of you will be cashing your checks?
When you hit bottom, just keep on diggin’, Chuckie! $180bil to teach common sense. We are a nation that is doomed to reach complete IDIOCRACY.
Raw-wallet Lyrics
Spendin’ Spendin ‘ Spendin ‘
Keep Spendin’ , Spendin ‘, Spendin ‘,
Though they’re disapprovin’,
Keep that doggies Spendin ‘ Raw-wallet!
Don’t try to understand ‘em,
Just rope and dupe and grab ‘em,
Soon we’ll be living high and broke.
Boy my heart’s calculatin’
My true love will be Spendin ‘, be Spendin at the end of the line.
spend ‘em on, spend ‘em up,
spend ‘em up, spend ‘em out,
spend ‘em on, spend ‘em out Raw-wallet!
spend ‘em out, spend ‘em in
spend ‘em in, spend ‘em out,
Cut ‘em out, spend ‘em in Raw-wallet.
Full Lyrics
Spendin’, Spendin ‘, Spendin ‘
Rollin’, rollin’, rollin’
Spendin ‘, Spendin ‘, Spendin ‘
Rollin’, rollin’, rollin’
Rawwallet!
Rollin’, rollin’, rollin’
Though the banks are swollen
Keep them dogies spendin’
Raw-wallet!
Rain and wind and stimulus
Hell-bent for the poor-house
Wishin’ my money was by my side.
All the things I’m missin’,
Good vittles, money, and a check’,
Got me waiting at the end of the line.
CHORUS
spend ‘em on, spend ‘em up,
spend ‘em up, spend ‘em out,
spend ‘em on, spend ‘em out Raw-wallet!
spend ‘em out, spend ‘em in
spend ‘em in, spend ‘em out,
Cut ‘em out, spend ‘em in Raw-wallet.
Keep spendin’, spendin’, spendi’
Though they’re disapprovin’
Keep them dogies spendin’
Raw-wallet!
Don’t try to understand ‘em
Just rope, dupe, and brand ‘em
Soon we’ll be living high and broke.
My hearts calculatin’
My true love will be spendin’,
Be spendin’ at the end of the line.
Raw-wallet!
Raw-wallet!
Hey MM, it’s times like these you wish you weren’t married, eh?
So let me get this straight…
The dollar is at historic lows against most foreign currencies. So Bill Bernacke has decided to crank up the money printing machine by lowering interest rates drastically, making credit cheap and the dollar worth even less.
Good idea.
So our brilliant populace will use that cheap credit to pay off their debts at lower interest rates, and become responsible… Oh, I’m sorry, I must have been on crack there for a second because what will really happen is that our populace will buy more foreign made sneakers, pocketbooks, appliances, and cars - with dollars they haven’t actually earned, and that are worth less and less.
That’s another good move. Nice thinking, Ben.
In the midst of this stupidity by the Federal Reserve, we have the Executive and Legislative branches doing what? Oh, right, printing money. Paper checks being sent out to people, backed by… nothing. Since we’re not lowering government spending at all, the government is borrowing money (from the Chinese) to give us “our” money back.
Brilliant.
Rolling it all up into one nice tangle of disaster: Bernacke is lowering US interest rates at the same time that Dubya and Chuckie are driving foreign interest rates up by borrowing ever more from the Chinese, further depressing the dollar and simultaneously making the national debt even more expensive to service.
That sounds like sound fiscal policy. I’m sure glad we have “the first president with an MBA” at the helm.
Chuckie’s a pig, and you shouldn’t be surprised to find him at the trough. It’s the rest of the RINO’s that disgust me.
When the lookout calls “Iceberg Ahead!” the correct response isn’t “All ahead flank!”
Aye carumba…
I am getting pretty steamed at these RINOS allowing this crap to pass.
My pockets only go so deep and at the moment are empty. I want to know how I am going to afford to pay for this great stimulas package they have brainstormed.
The democrats, once again, play “champion” to the working class and poor. Promises come and people believe, but all they get are “scraps” from the table. “See what I’ve done? I’m your hero.” “Oh, thank you, master, thank you!” And the cycle continues.
right_on said:
Excuse me, but you can’t fail an IQ test. This has nothing to do with IQ. It has to do with greed.
Make no mistake, this is a progressive tax, pure and simple. And I don’t want to hear any of these clowns screaming about the national debt in the next election cycle. I have one daughter and son-in-law who just bought a house with a thirty year mortgage that they can afford…not a sub-prime freebie adjustible rate mortgage, and another daughter and son-in-law who are renting and saving to buy a house. Neither couple is getting a rebate and they both have children. What is wrong with this picture?
If the government is willing to give upwards of $200B back to American taxpayers, then why did they take the money in the first place? it is obvious that this is the worse kind of socialist manipulation - and equally obvious that it is a direct reflection of the failures of the Democrats in Congress as they have been pushing the most punitive of tax increases for the past year. I am disgusted with the politicians of both parties who have so thoroughly abused the American people and continue to reward individual failure under the guise of help the victim. We are looking more and more like Europe everyday.
The secret is that they are not giving it back to the people they took it from!
Oh yes,
Expanding unemployment benefits, so they can sit longer on their dead asses before looking for work, will INDEED spark the economy.
yes, indeedy
Wonder how close we’re tracking on the mistakes made in Japan that put their economy on lifesupport for about the last 20 years?
They had fraudulent bankers and a real estate boom…
Could someone do a LexisNexis® search and count the number of instances that the term camel’s nose appear within 25 words of Chuck Schumer?
Any rebate I get (HAHA), I have a feeling will be nothing more than a loan…to be collected next year, in the form of “tax cut repeals” and higher taxes on the “rich”. Put the rebate check in the bank, earn a little interest on it, and return back to the government when they come calling. “See what we did? We helped the poor!” Yeah, thanks..wonderful…you must think I’m a total idiot.
The tax payer’s blood is in the water and the shark’s are circling. Nothing but a wealth distribution plan.
This coming from the jerk who used Michael Steele’s ss# to check his credit report illegally then - in usual Dem fasion, (see Craig Livingstone) - let his minions take the fall.
Rush has pointed out a number of times this week that the mortgage crisis was caused by Congress to begin with. Apparently, Congress required lenders to approve loans to people who couldn’t afford them, thereby causing the problems we see now. So not only does Congress not fix their own problem, they go ahead and make it worse.
The gov’t is broken. We need to get rid of the lot of them, and put new people in place. The only problem I see is that good, decent people who would make better public servants would never want to experience the unending and invasive scrutiny that everyone must go through from the media. From Congress to the president, everyone should abide by Washington’s example of 2 terms and done. No more Teddy Kennedys, no more Harry Reids, no more John McCains, no more Dave Obeys, no more 30+ year Washington pols. We have elected a ruling elite in this country. We need to fix that.
mattymatt10 #53 BINGO, thet are allso the one that gave us HMO’S a big part of medical cost !
Mattymatt, it was the Community Reinvestment Act of ‘77. An act that required lenders to invest in people who weren’t “up to par” in credit worthiness. I believe it was updated by Clinton in ‘92. Now you can see that effect of government interference.
You’re right! My bad. I should have said that a minimum score of 100 (average IQ) points was necessary to qualify for a mortgage. I don’t think greed played as big a part in this debacle, as did fantasy, lack of common sense, and the ability to comprehend what you read, hence, my point!
If there was so much lying and cheating to defraud poor little old home buyers, why is there no lawsuit yet?
Because there was no fraud. The people were just greedy.
This is as bad as the time when drunken louts overran the White House when Jackson was inaugurated. Bush and the Dems are appealing to the mob.
Interesting. Thanks for that info. I’m not a homeowner, and won’t be for a while yet, so I’m not familiar with the whole home-buying, mortgage deal. But I do know about debt, and about interest rates, and how important it is to know exactly what one is getting into.
And we still need to get rid of our ruling class.
Hmmmm, $600… should I buy gold or Euros?
I agree with all the “don’t do this” frenzy, but I wanted to point out that the 150K (or 75K) limit isn’t a hard-stop. There’s a prorated depreciation going up to 174K, I think around 5% every 1000.00 over 150K AGI. I think it turns out to be around 60.00/couple less per 1000.00 over. So, it’s not *so* sinister as to whack anyone making 150,000.01/year or more.
How come giving people government money stimulates the economy but cutting taxes and letting them keep that money in the first place doesn’t?
Having a politician hand out “cash in hand” gathers more votes than just saying that “I’m going to save you money”. Remember Boss Tweed and Tammany Hall? Those democrats were famous for that. Through withholding, people don’t really see how much is being taken by the government. When they file their returns, they don’t see how much in taxes they’re paying, only what the refund will be. Some of us do know how much we pay, but, I believe, most don’t. If you ask them, they will tell you exactly what their refund will be, but ask them how much in taxes were paid, and they will probably shrug their shoulders. Want votes? Pass out money! By the way, I think withholding was only supposed to be temporary anyway, during WW2. It passed with a promise to nulify it after the war…but, of course, it wasn’t.
Schumer loves playing Robin Hood - with other people’s money.