Back before the checks were in the mail (you know, those stimulus checks we got last summer), the “deficit” was at $273 billion (+/-). The cost of all those checks added $200 billion, which then gave us a deficit of $473 billion.
Yes, G.W. did ask for those checks, but the bill that put them in our mailboxes was created and passed in the House of Representatives. Because the House of Representatives is where spending bills originate. And when G.W. asked for those checks and the House created and passed the bill that put those checks in our mailboxes, the House was controlled by the Democrats. You know, those Democrats who keep saying G.W. spent too much money. Well, guess what? They could have said no to the stimulus check idea. They didn’t and it passed both the House and Senate.
All hell breaks loose last September so the Federal Reserve, along with the US Treasury, go have a meeting and scare the hell out of everyone and claim they need at least $700 billion to save us from chaos and utter financial meltdown. What happened next is that $550 billion electronically flew out of the US in about an hour; the Federal Reserve saw the run on the banks and shut down the “Money Market” accounts. Of course, the question of who was taking this money out of their accounts and where it went hasn’t yet been explained….
But no, not a plan, not even an idea. Nope; big focus is on heath care and that useless “stimulus” package that was done up in the House by Pelosi and does absolutely NOTHING to actually fix the problem and stabilize the markets. Yes, folks, the markets need to be stabilized; 50% of the population of the USA have a personal interest in the markets and the ones who don’t instinctively know that when the stock market drops, like it has, things are bad and they QUIT SPENDING MONEY and that further depresses the markets. When the President says, and I’m paraphrasing this a bit, that he doesn’t pay much attention to the markets because they are like a political poll that bounces around, we are in deep, serious shit. Sorry for the language, but we are.
I’m solid middle class, my other half works in a factory, and we both were absolutely appalled at that statement! Either Mr. Wonderful was trying to be upbeat (didn’t work), or he really has not one clue about how the economy works. I’m really betting it is the latter since so far his only goal has been to spend more money and tax folks more. The guys with the real money have it tucked away safe and the way things are going the middle rich won’t be so who do you think will foot the bill? The same people who always have – the solid middle class.
A little P.S. NYC is in deep trouble, tax-wise, since those evil Wall Street guys and their evil bonuses paid the city’s bills.