National / World Politics 23 Dec 2007 11:42 am
It’s the Economy?
Just wow.
… he wants Congress to come up with as much as $100 billion to prepare for a potential economic slowdown….
… He didn’t propose how to pay for the plan, saying it’s his first policy proposal where he hasn’t come up with a detailed plan for funding. “It’s a one time thing and it’s paid for by growing the economy,” he said….
Huh? The economy is fine. The issue is simply that Americans live with too much debt, and it has been made much worse by the irresponsible lending practices of the last 15 years. Most of those lending practices have been masked by housing going up, adding equity to a home owners investment. When that equity disappears, as it has recently – too many people are “upside down” on their mortgage. The resulting credit squeeze (which never should have been necessary if lenders were less greedy) is going to affect the economy in a bad way, but how much is not yet certain.
It has been a concern of mine for years that Americans in general aren’t creating as much wealth as they did in the past. Creating wealth is what America was about in the 20th century.
Mr. Edward’s policies will fix nothing. Mr. Edward’s policies will continue the trend of citizens relying on government to “bail them out”, but where will the money come from? It is those who create wealth that remain in America who continue to have the upper hand. But to tax them more is crazy. They have the choice to remove their wealth from this country by foreign investments and moving their companies out of the country. Then what do you do then? As Mr. Chavez in Venezuela.
Ask yourself this question. Are wise Americans moving some of their wealth OUT of America for the first time in history? If you say yes, you are watching the news. Government bailing people out of bad lending practices solves nothing. This will be painful but needs to be a wake up call.
This is indeed a scary time for Americans. Do we want to wake up and build a better future together or continue with the development of a nanny state?
It’s your time to decide. Vote for Rudy, who will make government accountable for what it spends.
December 23, 2007
Edwards proposes $100 billion economy bailout
Edwards is calling on Congress to loosen the purse strings for an ailing economy.”
LISBON, Iowa (AP) — Presidential candidate John Edwards on Saturday said the country can’t simply wait for the economy to turn around, and he wants Congress to come up with as much as $100 billion to prepare for a potential economic slowdown.
The Democrat and former North Carolina senator suggested an initial investment of $25 billion for job creation and other aid, and asked lawmakers to be prepared to come up with the rest if the economy slides into a recession.
Edwards said the economy is struggling because of the housing crisis and stagnant wages. Housing, energy and health care costs have increased, while the median income for working-age families dropped $2,400 between 2000 and 2006, he said.
“I’ve been concerned for some time that the economic growth in this country is completely concentrated in the top with big corporations and the richest Americans, and middle class families are struggling,” Edwards said at a news conference after a stop in eastern Iowa “We need to stimulate the part of the economy that helps working families.”
He didn’t propose how to pay for the plan, saying it’s his first policy proposal where he hasn’t come up with a detailed plan for funding. “It’s a one time thing and it’s paid for by growing the economy,” he said.
Edwards’ plan also calls for Congress to update the nation’s unemployment system, which he said now leaves workers unprepared for hard times. He called on Congress to help states cover 500,000 additional workers each year, and set aside resources now to keep workers from having to wait for benefits if the unemployment rate rises.
Aid to states also would be boosted under the plan to keep them from having to increase property taxes or cut programs such as Medicaid in order to balance their budgets.
To combat the housing crisis, Edwards wants lawmakers to create a home rescue fund to help families get counseling, loans or other financial aid to avoid foreclosure. He also believes that families facing bankruptcy should be allowed to rewrite terms of their mortgage, and write off debt that exceeds the value of their home.
To keep such a crisis from happening again, Edwards said Congress should pass stronger laws against predatory lending and create a federal regulator to oversee financial services products.
Edwards wants Congress to make a major investment in clean energy that he contends would both fight global warming and create jobs to spark economic activity.
Several of Edwards’ economic proposals, including some of his energy and housing proposals, have been included in other policy plans he has offered over the course of the presidential campaign.
However, his proposal that Congress act now to shore up the economy rather than waiting for a new president to be elected is new, his campaign said.
While addressing a crowd of more than 100 at a school in Lisbon, Edwards was told by a woman in the audience that he comes off like a “very angry man with a mission,” although she said that reminds her of the 1960s leaders “in a good way.” But, she wanted to know where he’s willing to be cooperate to get things done.
Edwards assured her that his anger is reserved for special interests and greedy corporations, and that there are “many arenas I would be diplomatic.”
“This fight that I’m talking about is not with politicians.” But, he added: “If you don’t have a president who has the toughness and strength to stand up and fight, then nothing is going to change.”
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