Tell Congress "STOP THE BAILOUT!" Socialism isn't the answer. More government isn't the answer. An astoundingly high national debt isn't the answer. Why should taxpayers pay for the folly of government and Wall Street? STOP THE BAILOUT!
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Alert: The United States should be planning for a possible second round of fiscal stimulus to further prop up the economy after the $787 billion rescue package launched in February, an adviser to President Barack Obama said.
"We should be planning on a contingency basis for a second round of stimulus," Laura D'Andrea Tyson, a member of the panel advising President Barack Obama on tackling the economic crisis. said on Tuesday.
Addressing a seminar in Singapore, Tyson said she felt the first round of stimulus aimed to prop up the economy had been slightly smaller than she would have liked and that a possible second round should be directed at infrastructure investment.
"The stimulus is performing close to expectations but not in timing," Tyson said, referring to the slow pace at which the first round of stimulus had been spent on the economy.
Tyson, who is a dean of the Haas School of Business at University of California, Berkeley and was also a White House economic adviser to former President Bill Clinton, said an additional factor affecting the stimulus was that the economy was in a far worse shape than the administration had estimated.
INFLATION NOT A CONCERN
Tyson dispelled concerns about the ballooning U.S. fiscal deficit that is estimated to hit nearly 10 percent of gross domestic product, and its possible inflationary consequences.
"The Federal Reserve is not going to allow the U.S. to inflate away its debt," she said.
Asked about the value of the dollar, Tyson said the market was wrong to be concerned about inflation in the U.S. economy, given the amount of slack in most industries.
"It is almost in no one's interest to have a sharply spiraling downward dollar," she said. The dollar ought to decline in the longer term on a trade-weighted basis but she did not anticipate a sharp and sudden decline.
Turning to the Federal Reserve's near-zero rates policy and credit easing, Tyson said inflationary expectations remained "well-grounded", giving policymakers room to pursue these expansionary policies.
She said she was also not worried about whether the Fed can exit such a policy. "The Federal Reserve has the ability to make rapid adjustments in its balance-sheet as necessary."
But Tyson said the combination of near-zero interest rates and heavy debt issuance would keep the U.S. yield curve steep. And, while the rate at which the economy was contracting had fallen, the latest jobs data showed the economy was still not stabilizing.
A Rasmussen Reports poll reveals that only 27 percent of voters support another economic stimulus package this year, while 60 percent oppose it.
"Public opposition to a second stimulus plan is explained in part by the mixed feelings voters have about the first plan: 31 percent say it has helped the economy, and 30 percent say it has hurt," Rasmussen said.
In another survey, pollster Doug Schoen found that 56 percent of respondents are opposed to the notion that government should spend money to stimulate the national economy even if it means increasing the budget deficit. Only 37 percent support that position.
These polls show that voters are deeply concerned about higher budget deficits created by government stimulus, Politico observes.
But several unions, including the AFL-CIO and the Service Employees International Union, plan to begin pressuring legislators for a jobs bill, saying the $787 billion stimulus package approved earlier this year wasn't large enough.
Calls for a new stimulus plan are being fueled by rising unemployment, which hit 9.5 percent in June, The Hill newspaper reported. Obama administration officials predicted in January that the unemployment rate would peak at 8 percent if a stimulus plan was passed.
House Minority Whip Eric Cantor, R-Va., who voted against the stimulus package, said Republicans could work with Democrats on a new stimulus plan if it includes significant tax cuts, in particular cuts targeted at small businesses and their employees.
But Vice President Joe Biden said on Sunday that the current stimulus plan needs more time to work. He told ABC News: "We misread just how bad the economy was, but we are now only about 120 days into the recovery package."
Nevertheless, 68 percent of likely voters surveyed by Rasmussen believe that Congress and the president will try to pass another stimulus package this year, while only 20 percent believe they will not, and 12 percent are not sure. (Newsmax)
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9 comments:
Obama said, "No second stimulus."
So your news about an adviser is meaningless and late.
Little late to stop inflation don't you think! The only thing that hasn't went up is the price of my house.
THey can stop the bailouts as soon as they bail me out. They have bailed out only rich people at this point. When will they bail out the working people?
I think they are working on a stimulous for small business, if the business fails or goes belly up the goverment is going to cover 90% of the laon to that business.
The American people have consistently made their voice heard. We have voted to change the members of Congress over the past several election cycles. We have consistently said we want OUT of the IRAQ war, and we DO NOT WANT SPYING on our privacy, and we do NOT WANT DEFICIT SPENDING. What has been the outcome? The people who are given the privilege of going to Washington DC to "serve their constituents" have consistently FAILED to do so. The have not ended the war, have not stopped spending, have not held anyone accountable for our financial demise, and have destroyed the value of our savings and the dollar itself.
It is not clear to me how emailing or text voting our wishes will affect any change the likes of which we will enjoy.
The President rejected this opinion. It is nice to have a President that can think for imself instead of one that is a puppet for Haliburton
1:31
I agree with you. The people in Washington just dont care anymore. Once they serve 1 term they are set. They will continue to collect a paycheck if they are elected again or not. Not to mention they still get to keep their health benefits. If we stop this, that is how we can save millions of dollars. What company do you know that you can go to work for them for 4 years and get paid the rest of your life and keep your benefits? Of course this will never happen, they will never cut anything that benefits them. No wonder they keep upping tobacoo tax yet the tax on alcohol never seems to go up.
so far there has been NO stimulation to anyone except the banks & unions at the car companies. the average person's stimulus check will not pay for ONE house payment or electric bill! I'm sure most have spent it for frivilous, rather than, necessary things.
if our reps in both houses of congress had to PAY FOR THEIR OWN everything we'd see some changes.
that goes for everything from morning coffee to health care and all that's in between.
by the time WE oust them, IF we do, it will be TOO LATE.
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