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February 06, 2009

Dianne Feinstein: "I Reserve the Right at the End of the Day to Vote Against the Package That I Don't Think Puts These Jobs Out There"
Update: She Doesn't Like the Tax Cuts in the Spendulus
Update: Dem Congressman: Spendulus Is 80% Waste

The Jewish bankers got to her, too.

Worth every dime we're paying them they're stealing from us.

But see "Feinstein Update" far below.

She's part of the "bipartisan group" trying to cut some spending out of the bill to make it more palatable. However, she seems to be announcing that the bill has to change quite a bit -- those "major changes" the Gallup poll found that 37% of the public (and rising) wanted -- or she won't vote for it. A shot across the bow of the Pelosi-Obama-Reid faction which is determined to simply win, baby, win with a crap bill, just to show they can.


On the Other Hand... Three Republicans have already cut a deal? And a fourth may vote for it too? Or more?

"So What?" So what, indeed.


CBO: Seriously, The Spendulus Will Reduce Long-Term Prosperity: There was some question about whether the Washington Times read the CBO's letter correctly. It seems they got it right. From the letter:

At your request, the Congressional Budget Office (CBO) has conducted an analysis of the macroeconomic impact of the Inouye-Baucus amendment in the nature of a substitute to H.R. 1. CBO estimates that this Senate legislation would raise output and lower unemployment for several years, with effects broadly similar to those of H.R. 1 as introduced. In the longer run, the legislation would result in a slight decrease in gross domestic product (GDP) compared with CBO’s baseline economic forecast. …

Most of the budgetary effects of the Senate legislation occur over the next few years. Even if the fiscal stimulus persisted, however, the short-run effects on output that operate by increasing demand for goods and services would eventually fade away. In the long run, the economy produces close to its potential output on average, and that potential level is determined by the stock of productive capital, the supply of labor, and productivity. Short-run stimulative policies can affect long-run output by influencing those three factors, although such effects would generally be smaller than the short-run impact of those policies on demand.

In contrast to its positive near-term macroeconomic effects, the Senate legislation would reduce output slightly in the long run, CBO estimates, as would other similar proposals. The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth as government bonds rather than in a form that can be used to finance private investment, the increased debt would tend to reduce the stock of productive capital. In economic parlance, the debt would “crowd out” private investment.

Yes, if people are holding a pile of government debt, that's money that's not going towards investing in companies.

Duh.

Feinstein Update: A fuller quote:

“What in my view a stimulus is, is not candidly speaking a tax package,” she said. “I do not believe in this economy tax cuts are simulative… I worry about this economy. The point of this package is to get jobs out to the people. So I reserve the right at the end of the day to vote against a package that does put those jobs out there.”

Damn FoxNews pisses me off sometimes. That was an important part of the quote.

Then again, the "tax cuts" in the spendulus aren't really tax cuts, by and large, but simple wealth distribution to those who don't pay taxes in the first place. I'm not in favor of such "tax cuts" myself.

80% Waste: A freshman Blue Dog from NJ who voted against the spendulus says it's 80% waste, and has offered his own alternative without waste, he says, and money that will be spent in a timely fashion.

His alternative's price tag? 174 billion.







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