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Stimulus Package Unveiled
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Details of the $825 billion stimulus plan. Renewable energy does well under the plan including production tax credit for renewables, with $32 billion for a "smart" electrical grid for which GE makes components and lobbied for. Renewable energy producers win an extension of production tax credits now convertible into cash for companies whose losses leave them unable to use the credits. Transportation infrastructure green projects did not do so well, with $32 billion for transportation projects and only $10 billion for mass transit projects.The Natural Resources Defense Council had compiled a list of more than 80 environmentally friendly infrastructure and transportation projects worth about $405 billion. Only a small number of these projects made it. What is in the stimulus to create jobs and stimulate capital investment? Businesses get bonus depreciation, which speeds up depreciation deductions for companies that invest in plant and equipment. The stimulus doubles the amount small businesses can immediately write off for capital investments and purchasing new eqipment, and gives incentives for businesses to invest in renewable energy. States get help with $90 billion going to increase the federal share of Medicaid payments, and an additional $79 billion to help states avoid cutbacks in education and other services. And there is a "Make Work Pay" tax credit for $500 per worer and $1000 per couple. Experts say the effects of the stimulus will be felt in the latter part of 2009 and into 2010. Which is one reason the view of economists that there would be a second half recovery does not reflect conditions on the ground. Goldman has revised its view to 2010 and even that may be optimistic. One example of what has happened in the stimulus in this respect is that the earlier optimistic view of largeinvestments in science and technology, broadband networks, and transportation projects for fast rail and transit have all been trimmed down. Part of the reason may be that the bill for the nation's banking system revival may be larger than realized as an additional amount of $15-20 billion is being negotiated for Bank of America and more money will go to Citigroup. $6 billion is shown for highspeed internet access for rural and underserved areas. Science facilities get $10 billion. Repair of public infrastructure (read roads and bridges) gets $31 billion. School modernization gets $21 billion. And modernization of health information technology systems gets $20 billion which its hoped will provide equivalent or higher returns to pay for some of the universal health care costs, and preventative care gets $4 billion. There is a tax credit for R&D work on energy innovations and renewable energy production of $20 billion, and $32 billion for a "smart electricity grid." These are the proactive parts of the stimulus that create something new and make improvements. They add up to $144 billion. So much money goes to shore up the existing services and supplement incomes, and to relieve stresses on the banking system, and other ways to shore up the system, that the proactive expenditures are only a small fraction or 17% of the $825 billion stimulus. And all the time the federal deficit and debt increases with these huge outlays just to shore up the system. The Heritage Foundation Data Analysis Director Mr. Beach told Congressmen at a discussion chaired by Congressman Cantor (R), on January 16, 2009, that the federal debt would reach 92% of the nation's GDP in 2009 from 58 billion or 70% in 2008, with the $825 billion for stimulus. The federal deficit would go up to $1.31 trillion or 9.2% of GDP up from $541 billion in 2008. See the research paper on the Heritage website.
How the Obama Stimulus and Tax Cuts are being fashioned to get the most punch- 2008-2009
11/25/2008
The tax cuts of $300 billion to business and individuals will form part of the stimulus spending of some $800 billion. The idea is to get the money where its needed to help unemployment and the middle class without wasteful spending.
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The CBO projection was made in 2001 and showed a surplus of $2.3 trillion for 2011. Two wars, higher defense spending added about $2 trillion. The Stimulus about $700 billion. Figures from the analysis done by the Pew Fiscal Analysis Initiative using CBO numbers.
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The 2008-2009 U.S. Stimulus and solar energy projects
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Solyndra employees: Company suffered from mismanagement, heavy spending - The Washington Post
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The U.S. debt, short term financing, interest rates and future tax increases- implications of current policy
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The implications of a loose monetary policy by the U.S. Federal Reserve and about 52% of debt being of short term maturities of less than 3 years at low interest rates- an average of 2.24% on U.S. Treasury debt of over $11 trillion in Jan. 2012. If interest rates were to rise in 2014-2017 as predicted by the CBO, interest rates of 5-6% could mean significantly higher interest payments on the debt- doubling or tripling current interest payments on debt of $225 billion- and calls for tax increases such as the value addded taxes in Europe.
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Alan Simpson on the August 2 Debt Ceiling and Deficit legislation of August 2, 2011
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Alan Simpson of the Simpson-Bowles Commission talks about the debt panel or super-committee's task in coming up with $1.2 trillion in savings by the end of 2011. Simpson says the work of that committe will be similiar to the work he and Bowles engaged in. An enormous effort will go into clearing misperceptions and preconceived notions. He says there are only so many ways of coming up with savings and everything has to be touched to get to the goal, given that the U.S. borrows 39 cents of every dollar it spends.
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How only $144 billion of the $825 billion U.S. 2008-2009 Stimulus adds value to the economy, the rest increases U.S. Debt
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As much as the Stimulus was needed a lot goes to stabilize the economy and shore up the banking system, only a small portion 17% goes into productivity increasing improvements. The rest increases the nation's debt which has implications for the future in terms of austerity measures to reduce debt to GDP ratios. These future costs are all part of the costs of the bubble and financial crisis.
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The Obama White House and the investigation into the half a billion dollar loan to Silicon Valley solar company Solyndra
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Solyndra collapsed in mid 2011. U.S. taxpayers will bear losses on the loan supported by the Obama White House. The cost of jobs created in the U.S. with Stimulus money.
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Obama administration e-mails: Giving more taxpayer money to Solyndra was risky - The Washington Post
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Unemployment in Europe, Japan and the USA. Stimulus measures in the U.S. and safety nets in Japan and Europe: 2008-2010
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How safety nets in Japan and Europe do what the stimulus helps to do in the USA. Coping with high unemployment.
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The U.S. economy and difficult choices in 2012-2013 as seen in Congressional Budget Office (CBO) projections
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The U.S. faces difficult choices in 2012-2013- efforts to close the deficit by letting the Bush tax cuts and payroll tax cuts expire and making spending reductions will lead to low growth. Not doing this will lead to growth with much higher deficits and unsustainable debt levels.
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The U.S. Debt Ceiling and Deficit Reduction Deal of August 2, 2011
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The deal finally put together by Vice President Biden and Senate minority leader Mitch McConnell on August 2, 2011. The deal requires the setting up of a debt panel to come up with additional savings.
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Details of the Obama Stimulus package that is emerging and the need to create spending that is effective.
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Avoiding wasteful spending and balancing government initiative with efforts to get private investment and initiative through tax cuts and incentives to companies.
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