Republican Immaturity and Some Other Thoughts on the Passage of the Economic Stimulus Bill

As you can plainly see; an individual, or a group of individuals, thought that they needed to include their whiny and uninsightful comments into a large number of YouTube videos. So now some overworked YouTube workers will have to fix the mess that the children made: On the count of three; everybody laugh at the immature rightwingnut pranksters dedication to their own inanity! 1, 2, 3! Ha, Ha, Ha.

The children should be bored by now and they've probably gone off some where safe to start their incessant whining

So it's finally time for the grownups to take some time and seriously discuss a number of political issues surrounding the final passage of the Conference stimulus bill.

The real point is to listen to the remarks of Speaker Pelosi as she summarzed the importance of the passage of the stimulus bill for the American people.

The The LA Times provided a summary of the almost $789-billion committee economic stimulus bill shows that interest will add over $300 billion dollars over a 10 year period. For the purposes of this summary the bill will be divided into two parts; spending and taxes

First a breakdown on spending:

67 billion dollars - Aid to poor and unemployed

8.7 billion dollars - Infrastructure repair and construction

141.3 billion - Healthcare

8.8 billion - state block grants

41.2 billion - Energy

87.3 billion - Education

9.5 million - housing

Finally a breakdown on taxes:

116 billion dollars - New Tax Credit

70 billion dollars - Alternative minimum tax

14 billion - Expanded College Credit

20 billion - Renewable-energy incentives

6.6 billion - Home-buyer credit

1.7 billion - Auto sales

With the passage of the stimulus bill the next question is ow soon, and how much in benefits will Americans receive once the bill is enacted into law. The bill is so large and ambitious, that its effects could be felt in every sector of American society.

The economic stimulus is designed to provide a time-certain release of funds into the American economy. Most Americans will see an immediate effect as tax cuts take effect. On the other hand, money directed at the fundamental inquiries of science and the development and implementation of a green economy could take years,if not decades.

The Congressional Budget Office (CBO) predicts the money released into the economy will have its most substantial benefit on America's GDP by the end of 2009, and then decreasing in 2010 until its overall influence disappears by 2013. The CBO believes that the legislation's greatest effect will be to decrease unemployment as more jobs are created. The CBO estimates that 3.6 million jobs will be created by 2010, with an additional 11.6 million jobs created by 2014 to 2015.

The LA Times predicts: "Workers who make less than $75,000 a year (or married couples who make $150,000 or less) will receive $400 tax credits in 2009 and 2010. Those who make more will receive reduced amounts. But instead of mailing out checks, as the Bush administration did with its stimulus plan last year, the government will withhold a little less -- leaving average workers with perhaps $8 extra per week."

The Times explains that: "Those out of work will see unemployment checks immediately increase by $25, up from the average benefit of $200 a week. And eligibility for benefits will last 46 weeks, up from 26 weeks. That money, too, will go to people who are most likely to spend it quickly."

"First-time home buyers" The Times predicts, "can also reap immediate benefits. In lieu of government cash, they can claim an $8,000 tax credit if they buy a home before the end of year."

In addition: "... those who buy a new car by the end of the year will be able to deduct the cost of the sales tax ... And many parents of college students will be able to deduct more of the cost of tuition on next year's tax return (as long as they are paying it, of course)."

"The federal government," the Times explains: will deliver $54 billion in aid to cash-strapped states, with some of the money available to prop up state budgets, help maintain services and keep employees on the job. A large chunk of funds will be available for upgrading school buildings.Other money could help keep teachers and day-care workers on the payroll. That alone could save or create hundreds of thousands of jobs nationwide."

Additionally, The Times reports: "Counties, cities and municipalities that receive a chunk of stimulus money are expected to green-light so-called shovel-ready projects, using workers and equipment that otherwise might sit idle. The U.S. Conference of Mayors has projected that such projects could yield 1.6 million jobs by the end of next year." And, The Times continues: "A provision to spend $10 billion on weatherization and other energy-efficiency upgrades for homes and federal buildings is aimed at benefiting the economy in the midterm. Longer-term, the legislation calls for $20 billion to upgrade the nation's electric grid and $8 billion for high-speed rail projects. There are also large increases in research and development, including $1 billion for NASA and $3 billion for the National Science Foundation. The National Institutes of Health is a major beneficiary; it will have $10 billion flowing in for biomedical research."

While Democrats wer busy haping the bill for final passage The GOP whined and complained and tried every obsructive tactice in their political playbook. But in the end the Democrats passed the bill they intended to pass all along.

U.S. Climate Action Partnership, Representing a Group of Businesses and Environmentalists Agree to Act on Climate Change

The Washington Post reports that: “An influential group of large U.S. corporations and environmental organizations have forged a detailed blueprint for limiting greenhouse gases in the hope of shaping and pushing forward climate change legislation this year.” Staff writer for the Post, Steven Mufson explains that: “The U.S. Climate Action Partnership says its ability to reach consensus is a crucial step forward since its 32 members include corporate giants such as General Electric, Conoco Phillips, Duke Energy, DuPont and General Motors as well as the Environmental Defense Fund and World Resources Institute. Mufson adds details to the groups intentions: “Their plan for a cap-and-trade system calls for a 42 percent cut in emissions by 2030 from 2005 levels, limits on emissions from petroleum products and natural gas, rich incentives for the first few coal plants to capture and sequester carbon dioxide emissions, and a carbon market board to examine offsets and contain costs.” Mufson adds that: “The plan would also require any coal plant permitted after Jan. 1, 2015, to emit no more than half the carbon dioxide emissions now considered normal and require any newly permitted plant today to have the ability to be retrofitted to meet that standard.” A chief executive for General Electric, Jeffrey R. Immelt, contends that: “The fact that we got this coalition to coalesce around a set of choices I think is impressive... Most businesses prefer to make investments with certainty about what regulations are going to be in place." Critical assessments of legislating climate controls have mostly centered on fears that a weak economy would contribute to the inability of companies to handle more expenses; however, Charles Holliday, Chairman of DuPont supports climate friendly legislation and as Mufson reports, DuPont “would likely boost spending on thin film solar panels and some biofuel projects if a bill established incentives for non-carbon energy sources.” The U.S. Climate Action Partnership had initiated a program of similar intentions in 2007, “but, as Mufson explains: “at that time members could not agree on key specifics. Environmental Defense Fund president, Fred Krupp explained that currently agreed to plan is “more aggressive than what we called for two years ago." Mufson adds that the current plan establishes: “A cap-and-trade system (which) establishes a limit on carbon emissions, then allows companies to buy and sell allowances in order to meet the targets. Climate Action Partnership's proposal would allow companies to offset a limited amount of their own emissions by reducing emissions in developing countries. However,” Mufson explains, “elements of the plan designed to win corporate support will likely face criticism from some supporters of cap-and-trade. Whereas many economists and environmentalists support auctioning all emission allowances, Climate Action Partnership says its blueprint gives a significant number allowances away free to companies currently releasing carbon dioxide. The free allowances would be phased out.” Mufson also believes that: “Some lawmakers might also balk at a proposal to subsidize a limited number of coal plants designed to capture carbon dioxide emissions. The subsidies could cost as much as $540 million a year for a 1,000 megawatt plant.” In describing the U.S.CAP as being broad, Mufson points out that: “many corporate executives and economists remain skeptical. Last week, Exxon Mobil chief executive Rex Tillerson called cap-and-trade a "stealth tax" and instead endorsed a tax on carbon emissions that he said would be more transparent and predictable.” Former Clinton undersecretary of commerce, Rob Shapiro contends that: "Cap and trade introduces enormous volatility in the price of permits,” leading Shapiro to conclude that: "cap and trade is so complex that it allows a lot of mechanisms for gaming the system." Mufson adds that: ...” there is widespread support for a cap-and-trade system among leading Democrats and Obama nominees. House Energy and Commerce Committee Chairman Henry A. Waxman (D-Calif.), who will hold a hearing on the business group's blueprint today, is eager to pass a cap-and-trade bill.” Drew Hamill, speaking on behalf of Nancy Pelosi, The speaker of the House, stated: "We will move forward as fast as we can recognizing that we'll need considerable bipartisan consensus given the size of the issue ... It's a huge issue. It's going to take time to get everyone on the same page." He said Pelosi had not set any target date for the legislation, adding only that "it's not something you start out of the gate with." Mufson reported: “In one sign of the difficulty of keeping a coalition together, the National Wildlife Federation withdrew from Climate Action Partnership rather than endorse its blueprint. In a statement yesterday, the group called Climate Action Partnership "a welcome, strong force for action," but said that it would independently try to "enact a cap-and-invest bill that measures up to what scientists say is needed and makes bold investments in a clean energy economy."

Obama and Congressional Democrats Contemplate Expanding Help to Jobless Americans

JACKIE CALMES and CARL HULSE report in the New York Times that: “President-elect Barack Obama and Congressional Democrats are considering major expansions of government-assisted health care insurance and unemployment compensation as they begin intensive work this week on a two-year economic recovery package. One proposal, as described by Democratic advisers, would extend unemployment compensation to part-time workers, an idea that Congressional Republicans have blocked in the past. Other policy changes would subsidize employers’ expenses for temporarily continuing health insurance coverage to laid-off and retired workers and their dependents, as mandated under a 22-year-old federal law known as Cobra, and allow workers who lose jobs that did not come with insurance benefits to be eligible, for the first time, to apply for Medicaid coverage.” In his weekly YouTube and radio address on Saturday Obama explained the need for swift action. “Economists from across the political spectrum agree that if we don’t act swiftly and boldly,” Mr. Obama said, “we could see a much deeper economic downturn that could lead to double digit unemployment and the American dream slipping further and further out of reach.” In describing his economic plan, Obama said he intends to use government spending and tax incentives to increase renewable energy production; prioritize energy efficient government buildings; make infrastructure repairs and improvements; and bring modernized methods to health care and he pledged to “put people back to work today and reduce our dependence on foreign oil tomorrow.” Obama also intends to “reshape the economy, especially for the good of low-wage and middle-class workers.” One of Obama’s goals is “that he would seek money to develop a national energy grid to harness and distribute power from wind, water and other local alternative energy sources.” Congressional Democrats plan to be very aggressive in keeping “...the emerging legislation free of the pork-barrel projects that could invite criticism from Republicans and foster public skepticism.” House leadership has pledged that: “Every dollar will have to be justified as to whether it is targeted to our economy,” Speaker Nancy Pelosi, Democrat of California, said last week. “This is not a bill that will be an excuse to put things in that otherwise might not be justified.” Democrats are under extreme pressure to produce meaningful results without overspending. “...officials said the size of the proposed two-year stimulus, equivalent to nearly a year of federal discretionary spending, had tested imaginations both in Congress and the Obama camp. Aides and advisers are struggling to identify enough projects that would meet Mr. Obama’s criteria that they be truly stimulative, create jobs and not be open to being branded as pork. This has really forced people to think outside the box,” one aide on the House Appropriations Committee said, “because this is more money than anybody expected to be spending.” There have also been: “Tensions on the opposite side involve demands from fiscally conservative Blue Dog Democrats in the House and from some Senate Democrats — notably the Senate Budget Committee chairman, Kent Conrad of North Dakota — for provisions imposing budgetary controls on future spending and tax cuts for the long-term health of the economy. According to both sides, Obama officials have assured the fiscal conservatives that Mr. Obama would propose long-term controls in his first five-year budget, which is due by late February.” Conservative democrats “support deficit spending to jump-start the economy” but they also make the case that proper planning must be in place to retire the creation of increased debt. An idea that is making its way among Democrats is the creation of “a bipartisan commission to propose limits on future benefits for Social Security, Medicare and Medicaid, the entitlement programs whose projected future costs would squeeze out all other spending; a nonpartisan entity to designate infrastructure projects, like roads and public buildings, based on merit, and federal pay-as-you-go rules requiring offsetting savings for spending increases and new tax cuts.”

New Congress to Lean Heavily on Californians for Legislative Direction

Lyndsey Layton reports in the Washington Post that: Nancy Pelosi, Rep. Henry A. Waxman, and Senator Barbara Boxer are some of several "California Democrats (who) will assume pivotal roles in the new Congress and White House, giving the state an outsize influence over federal policy and increasing the likelihood that its culture of activist regulation will be imported to Washington. In Congress, Democrats from the Golden State are in key positions to write laws to mitigate global warming, promote "green" industries and alternative energy, and crack down on toxic chemicals..."California has always valued protecting the environment and health and safety of our people," Boxer said in a telephone interview.. Boxer predicts "a renewed effort to enforce existing consumer protection and workplace safety rules and environmental laws." Yet: "Environmentalists and industry expect Waxman, Boxer, Pelosi, Sutley and the others to take on the oil and gas companies."