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David Stanley Ford

A fizzle? Stimulus benefits still elude many

The Oklahoman Editorial    Comments Comment on this article23
Published: October 26, 2009

The White House keeps insisting the $787 billion economic stimulus is working. In fact, last month Vice President Joe Biden said it’s working better than expected, with hundreds of thousands of jobs created or saved. "Instead of talking about the beginning of a depression,” Biden said, "we are talking about the end of a recession.”

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Yet September saw more than 15 million Americans out of work, the highest level in 26 years. And analysts said the true number is higher. A half-million more are no longer looking for work and aren’t included in the official monthly tally.

Sold on billions of borrowed dollars because of the economic emergency, taxpayers couldn’t be blamed for wondering when they’ll actually see this stimulus do some stimulating. They may have to wait a little longer.

Last week Christina Romer, chairwoman of the Council of Economic Advisors and a principal crafter of the stimulus program, told a congressional committee the stimulus already has pretty much done what it’s going to do for economic growth. Although nearly $600 billion is still to be spent, Romer said it would not contribute to significant expansion next year.

Again, not great news for the nearly 10 percent of Americans waiting for the economy to perk up. Romer told Congress unemployment will stay high through the end of 2010, which makes one wonder how much worse joblessness and other indicators would have been without the stimulus — and all the extra debt that came with it.

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David Stanley Ford





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Floyd I own my home and know what you are saying about the upkeep. Not only in money but in work and time. But i do have a lot of time on my hands so that is no problem
BERT, HENRYETTA - Oct 26, 2009 at 8:16 pm
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Floyd I realkly have no idea what the oil and gas market will do. I do know from watching what is going on in Washington that the ones in charge at this time would like to see the price gasoline rise to slow usage . Al Gore wanted it to be at least 5 dollars a gallon but he wanted it to go to that price because of a tax on gas. I feel the cash for clunkers was not a smart move or usage of the taxpayers money. the same amout could have converted many cars to natural gas which we have here in the Usa and we could have shut down a lot of imports. I feel that utilities are going to go sky high as coal will be demonized and even if the coal fired plants are not shut down the taxes and fines will drive up the price. I do not see any rhyme or reason in what is happening
BERT, HENRYETTA - Oct 26, 2009 at 8:15 pm
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BERT, Now that oil is back up to around $80 I'm beginning to feel a little less stress but I just read OPEC may increase output by about 25% about Dec. The article said storage tanks are "full to the brim" so I may see my stress level rise again.
I would like to see gas go up to about $6 per mcf though. With a 120 year supply I don't look for very high prices in my lifetime anymore.
Now my wife wants to buy a house as long as there is a $8,000 tax advantage. I tell her I think the houses she may be interested in probably just went up that much. I owned a house for years and don't want to have to have the upkeep anymore. But she says since I would now after a few years having sold, I would qualify as a 1st time buyer.
I hated the house she was renting when we got married but like the one we rent now. She thinks rent is just wasted money.
I showed her financial charts for a 100 year old house compared to the same money invested in the average market and owning a house is not smart investing by it.
Floyd, Oklahoma - Oct 26, 2009 at 8:05 pm
A fizzle because this corrupt administration and President is also incompetent
Ma, Oklahoma City - Oct 26, 2009 at 7:49 pm
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Floyd a 50000 dollar hit was not unusual at that time. i took that and a little more. It has came back somewhat however
BERT, HENRYETTA - Oct 26, 2009 at 7:32 pm
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Don, I remember a Republican Representative from California saying as he flew home from D.C. he had taken a personal $50,000 hit.
Pres. Bush promised in his speech that the big bank execs. would not get a windfall if the economic recovery bill was passed.
Seems like their were some tax guarantees also promised not to be raised.
I know a lot of people give credit or blame for the "rescue" on Obama but it was backed extremely hard by the Chamber of Commerce which represents about 300,000 firms. A 700 point drop in the market in one day was hard to argue with.
Bush said he expected the rescued banks to repay.I saw there have been at least 100 banks to fail since then anyhow and more expected.
Floyd, Oklahoma - Oct 26, 2009 at 7:15 pm
Matt, perhaps it will help to keep evil minds with lots of time on their hands from getting into trouble.....:)
Don, Calion - Oct 26, 2009 at 6:51 pm
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Floyd, the secretary of the Treasury under Bush, I think his name was Pauly, hit the panic button.....at the same time the housing market was in free fall and both sides of the aisle, with their finger prints all over the Fannie Mae & Freddie Mac disaster, wanted cover and they wanted it quickly....to scare the hell out of the American people was the order of the day....banks were going to crumble and the planes loaded with their nuclear bombs were fast approaching, John McCain, the noble one left his campaign that was already in disarray to return to the senate to vote and be a part of this sudden threat to the world. Aren't you so proud of our pols?
Don, Calion - Oct 26, 2009 at 6:48 pm
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So Don, how many new jobs will be created or possibly saved with this? Inquiring minds want to know! :-)
Matt1, OKC - Oct 26, 2009 at 6:43 pm
Was I the only one that heard the Bush bank stimulus plan was voted down until it was announced the Fed. Gov. would have to be shut down if it wasn't passed which is why the Okla. delegation switched sides and voted for it?
Perhaps it was just a short lived rumor to justify the switch. Otherwise, why did they suddenly pass it?
Floyd, Oklahoma - Oct 26, 2009 at 6:37 pm
I forgot to mention that this is part (cell phone & minutes) of the stimulus package.
Don, Calion - Oct 26, 2009 at 6:10 pm
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free cell phones and minutes courtesy of YOU the US tax payer! i'm gonna vote for the guy who's gonna give me the most free stuff! it's the new american way!
Buzz Lightyear, OKC - Oct 26, 2009 at 6:00 pm
Folk, you're not going to believe this.....I didn't believe it either until I went to the trouble to check it out...this little secret is just that, a secret.....perhaps you're aware of this little give away but I was unaware of it until this afternoon....it seems that, for those who qualify, you will be given a free cell phone with 70 minutes of free air time each month. While the offer has not reached all states, including mine (AR) it is on the way....you can see which states that are currently eligible and those that are on the drawing board. To get your free phone and free minutes please go to: https://www.safelinkwireless.com/enrollmentpublic/home.aspx.
Don, Calion - Oct 26, 2009 at 5:55 pm
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Working? heh, yea, right. This week is shaping up to be nasty.
Doug, Midwest City - Oct 26, 2009 at 5:43 pm
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Now, David, quit bitching. We've got the Ten Commandments bein' built on the capitol grounds.
stinkerpants, Oklahoma City - Oct 26, 2009 at 2:47 pm
I am sure I will feel the stimulus when it comes time to pay the money back. Redistribution as promosed! At least Obama didn't lie about this. He said he would spread the wealth!
BILLY, MUSTANG - Oct 26, 2009 at 2:02 pm
Tell you who helped with stim funds. The delusional incompetent anti-gov wingnuts in the Ok ledge got bailed out of their stupidity with the stim funds. State would have been in dire straights with out help from the evil feds. Silly goobers.
David, Norman - Oct 26, 2009 at 11:47 am
i'm not feeling stimulated! and this cracks me up: Obama plays more golf in 9 months than Bush did in nearly three years! now there's change u can believe in! ha ha ha, stupid libs.
Buzz Lightyear, OKC - Oct 26, 2009 at 11:40 am
OREPUBCO likes to tell part of the story. She also said GDP levels would remain higher than they would have without the stimulus. But, Republicans don't like the whole story. Just hack, no solutions ever. OREPUBCO would probably like to see another tax cut for the rich. The last one created 5.5 million jobs at a cost of 800,000 dollars per job.

That's right, 800,000 dollars per job. Does anyone wonder why we are in a Great Recession?
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Milkman, Oklahoma City - Oct 26, 2009 at 11:13 am
My company got non-government cash infusion of 100-million. It was supposed to be spread among our 60 offices across the U.S.A. But instead they chose to spend most of it on the East Coast and we got nothing. But the books officially show that we got around $45,000. But we didn't. They ordered the items using our account numbers and shipped them to NYC to be used there.

Today's corporate jungle, sneaky, weak, and business as usual.
Sparky (Mark), Oklahoma City - Oct 26, 2009 at 11:02 am
Stinker, Speaking of publishers; Did Larry Flynt get the stimulus he asked for to keep his Hustler magazine going?
I read Hugh Hefner wants $24 million for his mansion.
I feel SO sorry for both of them.
Floyd, Oklahoma - Oct 26, 2009 at 10:28 am
The stimulus "eludes" fat cats like the publishers who want all the hoy-palloy to shut up and eat their cake.
stinkerpants, Oklahoma City - Oct 26, 2009 at 10:11 am
Just wait until the summer of 2010. We will see a lot of reposessions of vehicles purchased during cash for clunkers, and mortgage defaults of houses purchased with government assistance.
Mark, Oklahoma City - Oct 26, 2009 at 9:03 am
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