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Saturday, February 07, 2009

Just Holding Their Noses And Signing ....

Out of fear of being labelled one of the causes of a new Crash, the Senators in their usual 'never met a tax I didn't like' fashion have agreed on a stimulus bill.

On the bright side, it will cost about $100 billion less than the Democrats originally wanted.
On the darker side, here are a few things most people don't know because they either aren't paying attention or don't care ....

From "Bulls & Bears" on FoxNews:

11 million Americans out of work (no mention as to how long these people have been out of work, which means some of them could be from before the recession began)

Jobless rate jumped 7.6% in January;
Employment rate 92.4%, down from 92.8% (of working Americans)
Average work week in January: 33.3 hours/wk (statistic effected by part-time work)
Hourly earnings up 0.3% in January; $18.46/hr.

Bill will keep government & union workers in jobs, does very little for "average" American

Jobs created are only temporary, as projects are finished the workers will be unemployed again

President has said that he wants any government work to go to UNION workers

only 12% of bill will be spent on roads/bridges/schools

Construction spending down 3.6% in December (hello, its winter and construction is seasonal work)

the "shovel ready" projects proposed are far off because of the time it takes to open bids and gather product (the 35W bridge was an very large exception).

Dow Down 6% this year, but still up 3.5% this week, down 41.5% from all-time high, up 376% since 1987 crash,

Nasdaq up 7.8% this week, up 1% this year, down 44% from 10/2007 high, up 342% since 1987 crash,

S&P up 5.2% this week, down 4% this year, down 44.5% from all-time high, up 286% since 1987 crash,

Bill is 42% tax break, 58% spending

Consumer spending down 6th month in a row; personal income down 3rd month in a row
Personal savings rose 3.6% in January

will make a TRILLION dollar deficate.

Feinstein (D-CA) was going to vote against the bill, but over night and after calls from Obama and Pelosi, she now says she will vote for the bill.

Reid (D-NV) says bill isn't perfect but its the best they can do

McConnell (R-KY) says in long run bill will be same size as House bill but will leave debt for our grandchildren

Coburn (R-OK) says its the largest 'generational' theft bill in history (it will take generations to pay it off)

McCain (R-AZ) - remember him, he wanted to do this during the campaign and Obama said he was panicking?? says if this bill passes it will be a bad day for America

little money will go companies who will create jobs

does nothing to help with drop off in tax collection (since there are fewer businesses to pay taxes, less income to be taxed)

No mention of what this will do for the homeowner, but here are some facts:

Number of Home Sale contracts up 6.3% in December
Homes most affordable since 1970!!!
30-yr fixed mortgage rate: 5.25% , down from 5.67% one yr ago

Car sales down in January, lowest in 26 years

So why is this going to pass?

1. no one wants to look like they didn't care - that might lose a vote

2. no one wants to look like they stood up against Obama - they are afraid of being labelled a 'racist' (just look at the BS during the campaign to see why they would think that)

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