Letters Reveal Eric Cantor Begged for Stimulus Money to Create Jobs

from PoliticusUSA:

During a March 1, 2009 appearance on ABC’s This Week, Rep. Cantor said that the government can’t create jobs, “And what we see in this budget, frankly, is an attempt, again, to try and stimulate the economy through government expenditure. And, you know, at best what that can do is redistribute wealth. It can’t create jobs; it can’t create wealth. We’ve got to get back to focusing on job creation and creating prosperity.”

Newsweek has uncovered letters that show Rep. Cantor requesting hundreds of millions of stimulus dollars for his district at the same time; he was publicly claiming that government can’t create jobs.

Just a month after going on ABC and claiming that the government can’t create jobs, Cantor sent a letter to Transportation Secretary Ray LaHood to request almost $75 million in federal stimulus funds for the I-95 high speed rail project. Cantor along with Rep. Bobby Scott wrote that, “High speed rail provides a sensible and viable solution to our region’s transportation challenges. It is estimated that creating a high speed railway through Virginia will generate as many as 185,500 jobs, as much as $21.2 billion in economic development, and put nearly 6.5 million cars off the road annually.”

Talk about stimulus, I think every dollar you give to a senior citizen gets spent right away. They have to buy food with it. They are not going out perusing a yacht or an airplane they could or could not buy. They need to eat. They go to the corner drugstore; they need to get their medicine. They spend it. Yes, we give money to the poor on the Democratic side and the middle class because it is the right thing to do. It actually happens to be also the smart thing to do for the economy and for jobs.
—  Senator Mary Landrieu

If America has a very, very, very rich 1%, and an underpaid, debt-ridden middle class looking for relief, why shouldn’t the billionaires adopt multiple members of the middle class as … concubines? 

The billionaires’ concubines: the middle class looks for economic ‘recovery’ and doesn’t find it

Photo: Musée du Louvre/R.M.N./H. Lewandowski

On the most basic level, the American Recovery and Reinvestment Act is responsible for saving and creating 2.5 million jobs. The majority of economists agree that it helped the economy grow by as much as 3.8 percent, and kept the unemployment rate from reaching 12 percent.

The stimulus is the reason, in fact, that most Americans are better off than they were four years ago, when the economy was in serious danger of shutting down.

But the stimulus did far more than stimulate: it protected the most vulnerable from the recession’s heavy winds. Of the act’s $840 billion final cost, $1.5 billion went to rent subsidies and emergency housing that kept 1.2 million people under roofs. (That’s why the recession didn’t produce rampant homelessness.) It increased spending on food stamps, unemployment benefits and Medicaid, keeping at least seven million Americans from falling below the poverty line.

… It made crucial investments in neglected economic sectors that are likely to pay off for decades. It jump-started the switch to electronic medical records, which will largely end the use of paper records by 2015. It poured more than $1 billion into comparative-effectiveness research on pharmaceuticals. It extended broadband Internet to thousands of rural communities. And it spent $90 billion on a huge variety of wind, solar and other clean energy projects that revived the industry. Republicans, of course, only want to talk about Solyndra, but most of the green investments have been quite successful, and renewable power output has doubled.

Americans don’t know most of this, and not just because Mitt Romney and his party denigrate the law as a boondoggle every five minutes. Democrats, so battered by the transformation of “stimulus” into a synonym for waste and fraud (of which there was little), have stopped using the word. Only four speakers at the Democratic convention even mentioned the recovery act, none using the word stimulus.

Mr. Obama himself didn’t bring it up at all. One of the biggest accomplishments of his first term — a clear illustration of the beneficial use of government power, in a law 50 percent larger (in constant dollars) than the original New Deal — and its author doesn’t even mention it in his most widely heard re-election speech. Such is the power of Republican misinformation, and Democratic timidity.

… Republicans learned a lesson from the stimulus that Democrats didn’t expect: unwavering opposition, distortion, deceit and ridicule actually work, especially when the opposition doesn’t put up a fight. The lesson for Democrats seems equally clear: when government actually works, let the world know about it.

— 

DAVID FIRESTONE, writing in the Sunday New York Times, "Don’t Tell Anyone, But The Stimulus Worked."

Part of me wonders why it took The Secretary of Explaining Stuff to lay out all of the Obama administration’s achievements when it could have easily been detailed — and in some cases, bragged about — months, if not years, before the DNC.

The stimulus worked.  Healthcare reform will bring coverage to millions more Americans and has already prompted some states to expand coverage before full implementation is set to begin in 2014.

I could go on, but I won’t.  Because POTUS should.

— inothernews

The Stimulus Myth: Debt Is Not Our Problem

A tale was created for the 2010 elections by Conservatives to create a “tax and spend” myth about Obama. The debt was projected by the CBO well before Obama took office in 2009, but Republicans needed to deflect attention away from the real causes: Bush recession killing the economy, Bush tax cuts killing revenues, Bush bailouts spiking the debt.

The myth manufactured was that a trillion dollars in stimulus spending had somehow caused the huge increase in the deficit in 2009. However, stimulus spending in 2009, was just over 100 billion according to the CBO’s Oct 7, 2009 monthly budget review - not one trillion 

The stimulus was 1/3 tax cuts which left roughly 500 billion in spending that was ‘divided up’ & went out over several years.

Before Obama took office in 2009, the deficit was already projected at 1.186 trillion & spending at 3543 billion. However, after Obama took office, 3518 billion was spent, which was 25 billion less than had been projected under Bush.

The increase in the deficit to 1.413 trillion by the end of the fiscal year 2009 when compared to the projection of 1.186 trillion made by the CBO before Obama took office, was from 252 billion more in lost revenue from the collapse, not additional spending.

Stimulus spending did not cause the large increase in the deficit in 2009 & deficits declined each year after 2009, even with some additional stimulus spending, because stopping the collapse allowed [tax] revenues to recover. 

From death panels, to birth certificates, to deficits - not one single thing the Tea Party protested against was real.

Some facts on our debt:

The interest cost of our debt is 1% of our GDP which is easily managed.

The federal government can borrow for 30 years at less than 4% interest with no collateral.

The Federal Reserve buys our debt and when it does all the interest is refunded to the Treasury.

Given these FACTS, why is our debt a problem? We have been in debt for over 80 straight years and that has NEVER been a problem for us

The Tea Party was never about fiscal responsibility and they were never honest about the stimulus. The fact is, the stimulus worked and should have been bigger to get more people back on their feet.

Millennials were robbed from having a fair shot at starting off due to Republican austerity and “a black President will never tell me what to do” Tea Party racism.

Human Desires

Earlier I posted about the 5 things that your operation needs to do to truly be a business, and that got me flipping through old notes and books looking for other obvious ways that people can easily increase their business or refocus it. 

That’s where human desires come in. 

Depending on what you read, there can be any number of desires that people profess to, but I am going to focus on just 5 and I think like the 5 things your project needs to be a business, these 5 desires can capture everything too. 

1.  To Have:  Everyone wants to have things.  Even those people who claim not to be materialistic desire to own something, even if its a book or a magazine, or even just a glass of a certain vintage wine. 

2.  Closeness:  As humans were are social animals.  That means that we want to be close to other humans. 

3.  Knowledge:  This is especially pertinent now.  Knowledge is power more than ever before.  So use that to your advantage. 

4.  Security:  We are all trying to protect something: our home, ourselves, our possessions. 

5.  Sensory Stimulus:  Feelings.  People want the sensation of excitement, pleasure, etc. 

So these 5 things should hold something you can focus your business on.  Run with them! 

The Summers Memo

In a piece this week on Barack Obama’s shift from idealism to pragmatism, Ryan Lizza describes an important fifty-seven-page document from Lawrence Summers to President-elect Barack Obama dated December 15, 2008:

Marked “Sensitive and Confidential,” the document, which has never been made public, presents Obama with the scale of the crisis. “The economic outlook is grim and deteriorating rapidly,” it said. The U.S. economy had lost two million jobs that year; without a government response, it would lose four million more in the next year. Unemployment would rise above nine per cent unless a significant stimulus plan was passed. The estimates were getting worse by the day.

- Above, the first page of the document. The full document is available on our website: http://nyr.kr/xtOEQl



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