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Bush unveils stimulus plan
Jan. 18 - Bush is calling for a package of tax cuts and other measures totaling around $140 billion to shore up U.S. economy. Amid bleak reports on retail sales and other data suggesting a possible recession, Bush and the Democratic-led Congress are negotiating to see if they can reach common ground on a plan to shore up growth. Deborah Lutterbeck reports.
Length: 56
Rating: 5.00 (5 ratings)
Tags: business_GF Reuters President Bush recession economic stimulus
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Beyond Stimulus
While the President signs into law a $152 billion stimulus package to jumpstart the economy, millions of Americans continue to rack up consumer debt, watch their home values slide, and worry about their futures with little to no savings. In fact, even with stimulus checks on the way to promote consumption, Americans are focusing on the need to rein in their debt and save more. A recent Harris Interactive poll found that when it comes to using the tax rebate, 47 percent say they intend to pay down debt, while another 32 percent report they will save it.
Although very few doubt the need for an economic kick start, more attention is needed to address the lack of savings and debt crisis of today, facilitate savings for the future, and promote economic health and financial stability over the course of a lifetime.
New research, policies, and business strategies are emerging that enable Americans to meet a range of savings needs, from short-term, precautionary savings as an alternative to consumer debt; to adequate savings for mid-life asset purchases; to longer-term default strategies to enable Americans to reach their retirement goals.
Length: 5679
Rating: 0.00 (0 ratings)
Tags: Economy Stimulus Package Assets Savings Debt Housing
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Bush Touts Stimulus Package During KC Visit
President George W. Bush prodded Congress to pass an economic stimulus package Friday, pointing to "troubling signs" in a new report that ended a 52-month streak of national job growth.
Bush was in the nation's heartland pressuring Congress to boost the sagging economy with a plan of tax rebates for millions of people and tax breaks for companies. The White House-backed economic rescue deal in the House has hit roadblocks in the Senate.
"Inflation's low. Productivity's high, but there are certainly some troubling signs, serious signs that the economy is weakening and that we've got to do something about it," said Bush, who spoke just hours after the Labor Department reported that employers cut 17,000 jobs in January.
It was the first such reduction in more than four years and a fresh sign that the economy might be stalling. And it ended Bush's repeated claim -- made most recently in his State of the Union address -- that "America has added jobs for a record 52 straight months."
On Friday, at Hallmark Cards Inc., Bush said, "A serious matter is that for the first time in 52 months we didn't create jobs."
"And so the question is, what do we do about it? ... I do think government has a responsibility. I think government can take decisive action to help us deal with this period of uncertainty."
Bush gave perhaps the gentlest push of his administration, in a shift in rhetoric.
"I appreciate the fact that the Senate is trying to work though this as quickly as possible," he said. "I'm just urging them to get it done -- because the sooner this package makes it to my desk ... the better off our economy is going to be. I believe we can get this package done, but I believe it has to be done quickly."
The president's speech on the economy capped three days of travel to highlight themes in his State of the Union address and raise an estimated $4.7 million for the Republican Party and its candidates in California, Nevada, Colorado and Missouri. After visiting Hallmark, Bush went to raise money for Rep. Sam Graves, R-Mo., who is in a tough re-election race against former Kansas City Mayor Kay Barnes.
There have been numerous signs that the economy is in what the president called a "rough patch."
The Commerce Department reported Thursday that consumer spending was up just 0.2 percent in December, the weakest in six months. Also, the Labor Department reported that the number of laid-off workers filing applications for unemployment benefits increased by 69,000 last week.
And overall, the economy nearly stalled in the fourth quarter of last year with a growth rate of just 0.6 percent, capping its worst year since 2002.
"The fundamentals are strong, we're just in a rough patch," Bush said.
Both the president and Congress are anxious to show some action to a frustrated public.
The House quickly adopted a $161 billion economic stimulus plan this week that would send $600 to $1,200 rebates to more than 100 million Americans in hopes they would spend the money quickly and give the flagging economy a shot in the arm.
Senate Democrats are pushing to add elements to the House plan that they say will add a bigger boost, including smaller rebates that would go to more people such as low-income older Americans, wealthier taxpayers and disabled veterans, plus heating aid for the poor. The Senate plan, estimated to cost $204 billion, also would extend unemployment benefits.
Bush spoke after taking a tour of Hallmark, which is based in Kansas City. He stepped in a veritable kids' dream - an interactive playhouse filled with art supplies and colorful props. The president seemed to love it.
As kindergartners buzzed from station to station, Bush patted the kids on their heads and leaned way over so he could talk to them face to face. When he sat down to make his own card with a red marker, Bush looked at reporters and asked, "Who deserves a valentine?"
Later, when Bush took the podium, he appeared to have a little glitter on his face, the product of his visit to the children's center. "I am still trying to recover from the kindergarten experience," Bush said. "You talk about sapping your energy."
Length: 159
Rating: 5.00 (1 ratings)
Tags: KMBC Kansas city President Bush visit Hallmark economic speech
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BUSH SIGNS STIMULUS BILL INTO LAW - (MSNBC)
Wednesday, February 13, 2008
WASHINGTON — President Bush signed legislation on Wednesday to send $300 to $1,200 rebate checks to millions of Americans as a "booster shot" for the economy.
Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment.
"I know a lot of Americans are concerned about our economic future," Bush said. "Our overall economy has grown for six straight years, but that growth has clearly slowed."
Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed a bill to fend off a possible recession. He said the stimulus package was achieved after he talked with leaders of Congress in January about "whether or not we could come together to provide a booster shot for our economy — a package that is robust, temporary, and puts money back into the hands of American workers and businesses."
Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples from the Internal Revenue Service, with an additional $300 per child. People earning at least $3,000 and those who owe little or no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates — $50 less per $1,000 they make over those thresholds.
"Americans struggling with the high cost of energy, groceries and health care will soon receive relief, and our economy will get a timely, targeted, and temporary boost — thanks to our bipartisan stimulus package," Pelosi said. "This package gets money into the hands of Americans struggling to make ends meet, helps families with children, cuts taxes for small businesses that will create new jobs and stimulates our slowing economy."
Economic analysts generally believe the $168 billion package Bush signed will help prevent the current downturn from ballooning into a crisis. But if the rebates don't spur a consumer spending spree strong enough to cure what ails the economy, Congress is ready to throw more money at the problem. Bush said the measure was "large enough to have an impact."
Democrats and Republicans who put aside deep differences to craft the plan and rush it to enactment joined the president at the White House for the signing ceremony in the East Room. The package is designed in part to inoculate lawmakers from voter blame should the economy continue to lag as the November elections bear down.
Congressional leaders already are considering more economic rescue measures that could include transportation spending, unemployment aid and measures to address the housing crunch that's at the root of the current economic doldrums.
In the meantime, economists are debating how effective the rebates will be, with critics arguing that debt-burdened consumers will use the money to pay bills rather than spending the checks and spurring growth.
An Associated Press-Ipsos poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.
The last time the government sent out rebates, in 2003, recipients spent a little less than a third in the first six months, and about two-thirds within the first year, according to findings by the University of Michigan Survey of Consumers, cited by congressional tax analysts.
After rebates were sent out in 2001, just 22 percent said they would mostly spend them — rather than saving the money or using it to pay off debt — and only one-third of the rebate was spent in the short run, according to the same study.
Length: 487
Rating: 3.50 (6 ratings)
Tags: news video blog federal government local state popular media stimulus bush politics msnbc economy
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ALMIGHTY STIMULUS CHECK!!!
I recorded this video On July 10th! This is the first part of two. I just wanted to share with ya'll the stuff that i got! If anybody has any requests just ask and you shall recieve!!! and remember: the squeaky wheel gets the oil! don't ask...
Yeah, so, Thanks ya'll for watching my videos! Comment, Rate, and/or Subscribe! Ya'll are awesome!!!
OH! and I forgot to say thanks to Jesse's Girl Cosmetics for sending me the free Eyeshadow Transformer!!! It was very thoughtful! I appreciate it very much!
Length: 410
Rating: 5.00 (2 ratings)
Tags: Brands Check Coastal ColtsGirl86 Cosmetics Drugstore Girl Haul Jesse's Makeup Scents Stimulus Ulta Wal-Mart
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