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Here It Comes: Obama Considering Another Fiscal Stimulus
It just never changes:
- OBAMA AIDES SAID TO DISCUSS EMPLOYER PAYROLL TAX BREAK
- PAYROLL TAX BREAK FOR EMPLOYERS AMONG IDEAS TO BOOST HIRING
- ADMINISTRATION CONSIDERING MEASURES AS RECOVERY SLOWS
Bolded bullets aside, good luck passing another fiscal stimulus Dear President when you can't even issue debt without stealing money from government retirees.
From Bloomberg:
President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages amid economic reports suggesting the recovery is slowing, according to people familiar with the matter.
The idea, in preliminary stage of discussion, is among several being debated in the administration with the aim of boosting hiring, the people said on condition of anonymity to discuss internal deliberations. The unemployment rate in April rose to 9.1 percent, the highest level this year, and the economy is a main focus of the political debate in Washington.
The discussion reflects the political constraints the White House is operating under with the Republican majority in the U.S. House pushing to cut federal spending. A hiring stimulus based on a tax break for employers may have an appeal to Republican lawmakers, many of whom have called for measures to help businesses.
A temporary break in payroll taxes also would echo a centerpiece of the deal Obama and congressional Republicans reached in December 2010 to extend tax cuts enacted during the presidency of George W. Bush. That package included a 2- percentage-point reduction in employee contributions to the payroll tax during 2011. The tax finances Social Security and Medicare and is divided between portions paid by employers and employees.
Obama said at the White House yesterday that he’s interested in “exploring” with lawmakers from both parties extending some of the stimulus measures that were part of the tax cut package “to make sure that we get this recovery up and running in a robust way.”
The people familiar with the discussions would not characterize how seriously the idea is being considered or whether it’s moved beyond initial discussions. Other ideas that have been discussed -- and rejected, according to some administration officials -- include a temporary holiday on corporate taxes on repatriated foreign earnings.
And what permawrong Wall Street aparathick lemmings gets quoted? Why the man who had the NFP number off by 300%+ Joe Lavorgna of course:
In an analysis released shortly after the December 2010 tax-cut deal, Deutsche Bank Securities economists Joseph LaVorgna, Carl Riccadonna and Brett Ryan estimated that the employee payroll tax cut would boost gross domestic product this year by an additional 0.7 percentage points.
Enter another speechless moment, especially since it was yesterday that we discussed just how worthless the first $787 billion fiscal stimulus really was:
QE 2 Was A Disaster: Here Is Why US Fiscal "Stimulus" Was A Complete Failure As Well
Two
and a half years ago, Christina Romer, then still employed by the Obama
administration in the position of Chair of the Council of Economic
Advisers penned "The Job Impact of the American Recovery and
Reinvestment Plan" - a report predicting the impact of a fiscal
"stimulus" that took out $787 billion from the pocket of American
Taxpayers (subsequently discovered to cost even more)
and put that money...somewhere. We are not sure where, because
according to a chart now made legendary for its complete failure to
predict the future, it sure did not go into creating jobs. Below we
present the original chart that made the January 10, 2009 presentation,
and superimpose upon it the reality of the past two and a half years. It
is simply stunning. And while we are here, and discussing the abysmal
failure of QE2 (the impending arrival of QE3 notwithstanding), it is
amusing to hear the whimpering of the likes of one Richard Koo, who is
now claiming that all along the money from the Fed's monetary stimulus
should have been invested in the form of a fiscal one. Well, Dick, below is the impact of your fiscal stimulus....AND it also includes the impact of $2 trillion in incremental monetary stimulus. Combined, both
fiscal and monetary stimulus has now missed the worst case projection
for US unemployment for 30 months running. Here is the simple truth:
both monetary and fiscal stimuli are abysmal failures, when the economy
is mean reverting to a state where it was hijacked from courtesy of 30
years of "great moderation" - and there is nothing that can be done to
stop it. Correction: there is one thing - the Fed can destroy the dollar
in its attempt to disprove simple physics. And, ultimately, it will.
From the original ARRA proposal:
And the outcome:
Nuff said.
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The GOP will not win in 2012 because the corporatists on Wall Street LOVE Barack Obama. They will do everything they can to insure his re-election, because he is the perfect Fascist with the smiling face.
Why do you think the GOP field is so weak?
Anyone who embraces the D vs R, liberal v conservative meme has no chance of seeing the real political world.
Wake up.
"Anyone who embraces the D vs R, liberal v conservative meme has no chance of seeing the real political world."
And so you contradict your own point...
It's not about Obama. It's about whoever that can install into office who will best forward their agenda. Next will be Sarah Palin. They had her move to the 33rd north parallel and are backing her (non-) candidacy to the hilt. Do you seriously think the woman is smart enough to have figured all this out on her own?
It may be Their downfall in the plan because she was chosen and groomed for the name and the sex and the look. Unfortunately for Them, she is not the brightest bulb in the drawer.
Palingensia, bitches!
http://en.wikipedia.org/wiki/Palingenesis
Wordplay opportunities abound for the right persona non grata
This is just going to go on ad nausium.
I cannot even believe they're already talking about more, how desperate is that! Wait, yes I can believe it, they're idiots.
More fun every day.
Just for starters, how about some states start re-imposing usury laws on these cocksucker banks, like the max you can charge for ANY kind of loan is 12% per annum. I'd prefer 6%, but anything under 18 would be a good start. A little more change in people's pockets, even if it is still credit they're trying to pay down.
And after that, kick some oil CEOs squarely in the nads about 4000 times. Maybe he'll understand that the world isn't all about his company's profits.
Then, stop paying for stupid heathcare. Just fucking stop. If you get sick go find a doctor and pay him n cash. Or fucking suffer and die.
Next, stop voting. Tell all public officals to hit the road and if they want tax money from you tell them there's courts for that. Fuck me, fuck you, fuck all this. This country is fucked beyond repair. Prepare accordingly.
Hey Obama Bin Lyin'
I got your stimulus shovel ready project right here!
Fill in that big fucking hole you dug, moron...
anyone ON THE (no bozo trade? sarc on
tHE lIBERAL jUNSTERS ARE Crawling out of their shells.
"holiday on corporate taxes on repatriated foreign earnings."
bring it home.. buy treasuries ..no tax..
then fed buys it back a few weeks later
at cost, plus a few points.
wash rinse repeat..
Yeah, fiscal stimulus: It's like playing with the clitorus of a prostitute
Y'know... I want... Ponies!
...
Or Llamas. Cute funny looking things.
Please. Pretty please!
BTW, did you know that llamas have fangs?
Dali Lama too....improving the world through fangs and wishful thinking
I haven't been bit by a fang. They have teeth like goats. And they are the most gentle damned things I've met, other than the young bucks that want to play.
Yeah, that's exactly what they want you to think! Smart animals Llamas. Not only do they have fangs, they have 3 pairs, not just 2:
http://www.vivo.colostate.edu/hbooks/pathphys/digestion/pregastric/llama...
And when Llamas do attack, they fight dirty:
http://www.bendbulletin.com/article/20070913/NEWS0107/709130446/
My mistake, I was thinking Alpacas. For some reason the word Llama was read as Alpaca. (I hate getting old!)
Here is a revolutionary suggestion. Stop taxing human labour. Tax energy consumption instead. D'ya see the economic disincentives there?
Oh wait, we have a tax code, banking sector and government beaurocracy to grow.
The Lib Tards are out in Force!
@ 6:09 Jim Rogers Reuters 2011 Investment Summit
The bit coin may already be compromised. This is the age of cyberwarfare...
Fibonacci Time Relation to Fear Factor predicts Drop on July 4th
Could be just a coincidence. After 2 years of being pounded, even bears are looking for the bullish case.
But this Fibo time prediction is at least curious, it is using the Fear
Factor to predict a spike in Fear on July 4th, that would not a bottom
but the start of a rapid decline. Drop a comment or even your own
chart.
http://oahutrading.blogspot.com/
Sorry, didn't read all the comments. Who TF is Obama to do this? Ben must be s**ting himself. And the election is still 17 months away.
TBTPT Too big to pay taxes.