haha Gotta love hypocrites...

The republican dominated congress in the last 8 years spent like drunks the numbers? Over 30 trillion dollars in deficits...

Then they crow about being fiscally responsible over 400 billion in the latest stimulus package?

I have news for you. When Sweden was in our spot they spent 47% of their gdp on stimulus. Japan? 100%

I saw this and it made me chuckle. My opinion..Republicans voted no not out of any sense of fiscal responsibility but because they are hedging a huge political bet. They are hoping things keep getting worse for working people simply to use that as leverage to regain seats. Pretty disgusting...

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February 12, 2009

BIGGEST. TAX CUT. EVER.... A few weeks ago, when the House approved the economic stimulus bill without any Republican votes, David Weigel noted that he literally couldn't remember "a time when the entire Republican conference in either house voted against tax cuts."

That's true, but let's go a little further. The compromise plan announced last night includes $282 billion in tax cuts over two years. With that in mind, Steven Waldman argues, persuasively, that when the vast majority of congressional Republicans oppose the package, they'll be voting against the biggest tax cut "in history."

According to the Wall Street Journal, Bush's first two years of tax cuts amounted to $174 billion. A second batch in 2004 and 2005 cost $231. And those were thought to be bigger than the tax cuts offered by Reagan, Kennedy or others.

Now, perhaps some new analysis will show that the tax cuts end up not quite being the largest in history by this measure or that. But it's clear they're massive.

I'm ducking the debate on whether this is economically a good or bad -- but surely it ought to be a big story.

True. Waldman also notes that this is also an example of a liberal Democrat delivering early on a tax cut he promised during the campaign, a pledge "few Republican thought he'd keep."

What's more, let's also not forget that Obama's tax-cut plan in the recovery package is not only arguably bigger than previous cuts, but also better targeted. George W. Bush's tax cuts were long-term income-tax rate cuts, which amounted to a generous break for those at the top, since the wealthy pay most income taxes. Obama's tax cuts, meanwhile, are short-term refunds paid directly to working and middle class families (some of which Republicans have denounced as "welfare").

As such, GOP lawmakers are going to reject one of the largest, if not the largest, tax cut ever proposed by a president -- which just so happens to be targeted at the working and middle class families Obama vowed to look out for.

When the economy recovers, I suspect many on the right will argue, "Obama's policy only worked because he passed a quarter-trillion dollars in tax breaks." That will surely make them feel better. But how will those same conservatives respond when it's noted that Republicans stood up to oppose one of the biggest tax-cut plans in American history?
—Steve Benen 1:20 PM

So, because there were some "tax cuts" involved, you wonder why they didn't vote the plan through? The short answer is that the plan involved throwing money at our problems. Basically this is more damaging to us all in the long run. Thing is people don't seem to care about the long run as long as they can keep their 4 family SUV's in their yard.

And as far as Japan was concerned, most economists pretty much conclude that Japan made their "recession" worse with many of their actions. I didn't do a whole lot of reading on this, but Lou Dobbs on CNN seemed to think this were the case. Supposedly every action Japan took that made things worse for them, we are currently taking...

Another funny thing, is most economists, to include the federal reserve chairman, Bernanke, seem to think that a lot of actions we took during the great depression increased it. Funny thing is that we are doing nearly the same thing now.

Some tax cuts?

The tax cuts in this bill represent one of the largest tax cuts in American history.

Accompanied by the largest spending bill in history.

Republicans, are SUPPOSED to be fiscally conservative. Well, the conservatives anyway...

Besides, when you increase spending, and cut taxes all it does it make you look good to the majority. The money has to come from somewhere. If it gets printed, we get inflation, and the lower class gets a tax increase (along with the upper and middle class).

So they aren't being that hipocritical when you think about it... I am convinced, however, this is largely a political move to many republicans. They know the system is crashing, and they want to blame it on the democrats. Others, I truely believe, are doing the right thing.

Republicans just want to lay all of the blame on the current Administration, and and ignore what Bush Jr. has done for his past 2 terms, including getting us into a very EXPENSIVE war in Iraq and doling out corporate welfare, instead of helping the poor and middle class get better wages and a portion of the prosperity that the wealthy enjoy every day of their lives.

Put more money into people's hands and they will buy the goods and services that businesses of all sizes want to sell them.

The economy is in the doldrums because most people now have little cash they can spend on the extras.

Some of the same businesses that supported Bush Jr. are the ones complaining that no one's buying anything, that's why they're cutting staff and holding going out of business sales.

Kinda what i was saying hiker... Many want to pin some blame. At least some are trying to do the right thing.

I've been doing a lot of research and you know what i found? This depression we are heading towards has very little to do with Bush's actions.

You have to do a lot of digging to find out exactly how our economic system works, but if we are pointing fingers Bush has done very little to damage us economically.

Fingers point to Carter, Nixon, and especially Woodrow Wilson.

Nixon, for took us off the gold standard, Carter pressured banks to give out riskier loans, and most importantly Wilson for giving us a central bank. A central bank automatically means all currency entering our system must be paid back with interest.

Our economy with a central bank is not a permanent one. But over the years, instead of dealing with the problem directly, you have people just trying to make a system work just a little longer.

This is where the Fractional Reserve System comes in. Basically debt became our currency, not money. This means that the expensive war Bush started actually helped us economically. Kinda ludicrous isn't it?

This also means that it doesn't matter where or how we spend this stimulus, just that we take out big loans and spend it. The stimulus would only get us through another year or two, once again, making it harder for us in the long run.

I never liked Bush. He is crooked as hell. But to say that, even most of, our problems were caused in the last 8 years is an incorrect diagnosis. The media is giving us tunnel vision...

Funny thing is, that if democrats weren't just as crooked as republicans, they wouldn't be trying to pack this bill full of pork. And they wouldn't be trying to attack the republicans for being conservative. They would also give people a chance to read the 800 page document instead of pulling a G.W. and trying to shove it down people's throats before the plan can be thought through.

Instead you would see a simplified document that states a clear cut plan, no pork added, and here's the kicker, IT WOULD MAKE SENSE!

At least this is my opinion....

I didn't think the Democratic Congress handled the situation with the banks well.

They shouldn't have given them money with no strings attached.

That was the one G.W. rammed through.

But seriously, how many people are going to read an 800 page document?

Is there an abridged version?

One question: how is it a week later this is being talked about? coulsn't be that there isn't a soul on planet earth that could have read that monstrosity between the time it was released and the time it was signed into law.. No one knew what was in this thing.. what was the big fat hurry?

This is where we ask questions.. Who wrote this plan? And who does it benefit?

I truely believe this is evidence that this administration is as corrupt as the previous one.

Not pinning the blame on Obama, chances are he's just a pawn, at least fo now.

To anyone who wishes to be educationed: Passing a trillion dollar "stimulus" bill while giving "tax cuts" is a total sham. A lie. This should raise suspicion against the administration and congress. The reason for thisis mathmatics.

The money has to come from somewhere.

#1. from your taxes

or

#2. Print and Borrow from the FED (this is the very definition of inflation, this will temporarily make some people richer, and products permanently more expensive) This is a tax for all classes, lower, middle, and upper. Principal + interest needs to be returned, which brings us back to number 1.

#3. We borrow from overseas banks. (Where we wont have the inflation problem prividing the money isn't printed, we still have to pay back principal + interest, which brings us back to number one.

Chinese ones

We can borrow and default.

Lynann is correct they are hypocrits. Spending like crazy the last 8 years, even giving handouts to the American people which is what they say they are against at all cost.

As for the stimulus, the experts said that the economy needed to be flushed with cash, tax cuts would help to coat the average citizen with more money and the spending is what the experts said to do. Financil experts have said this is what is needed, not Obama, not Biden, not Democrats, the financial experts.

Ok, stop picking sides and open your eyes.

How is it hipocritical when there were no tax cuts?

Read my earlier post about where the money for this stimulus comes from then get back to me please.

Yup

It truely baffles me that people think there is a way around taxes. It's like having your cake and eating it too. Don't work.
This is the government's greates trick.

I laugh at, and call B.S. on the tax cuts.