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StumbleSUN EDITORIAL:
A shot in the arm
New stimulus bill should bring a boost to Nevadans on many fronts
Sunday, Nov. 8, 2009 | 2:07 a.m.
A $24 billion economic stimulus bill signed Friday by President Barack Obama should bring much-needed relief to Nevadans who are out of work or interested in purchasing a new residence. Struggling businesses also stand to benefit.
That legislation, coupled with last week’s announcement of a new program by mortgage giant Fannie Mae to allow people to temporarily avoid eviction from homes they can no longer afford, could not have come at a better time for Nevada.
One form of relief, an extension of an individual’s unemployment benefits for up to 20 weeks, should help Nevadans who continue to face difficulty landing jobs in a state with a double-digit unemployment rate.
Senate Majority Leader Harry Reid, D-Nev., noted this will “allow Nevadans looking for work to pay the bills, support their families, and put food on the table.”
Southern Nevada’s ailing housing market also should get a boost with the extension of $8,000 tax credits for first-time homebuyers through June, along with a $6,500 credit for certain homeowners who buy a new residence.
Businesses may also be able to rebound sooner, thanks to bigger tax refund checks, because they will be able to deduct a greater amount of losses from profits.
Fannie Mae’s new Deed for Lease program gives qualified homeowners who face foreclosure the option of temporarily leasing those residences at market rents so they are not simply tossed out onto the streets. This is a humane way to treat people who can no longer pay off their mortgages, a problem that is widespread throughout the Las Vegas Valley.
Many Nevadans, though, will continue to struggle even when these programs take full effect.
That is why the Obama administration and Congress should continue to work hard to help create jobs and stimulate consumer spending, a major driver of the American economy. Obama’s announcement that he will consider additional investments in the nation’s roads and bridges, more tax cuts for businesses to create jobs, and more aggressive promotion of American exports, shows he is on the right track.
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In hindsight, why is it a good idea to build 800 houses out at Nellis, when there are so many vacant houses in the surrounding community? Where would military people be safer? Concentrated at a base or spread out in the community?
Actually the unemployment is lower than 14% because the people building the secret internment camps in the Nevada desert are not being counted, just ask Glen Beck.
This is the same old same old tired worn stimulus.
It will not generate jobs
We need jobs.
The facts continue to come in that the Bush era financial system intervention rather than the Obama era jobless stimulus bill has brought us out of the recession.
We need an honest assessment of what worked per Nancy Pelosi's test that the stimulus bill be timely, targeted and temporary.
Why -- because Obama wants to spend another $200 billion doing what has already failed to produce jobs. Obama used the stimulus to payback political supporters like union teachers, healthcare workers, government workers, and autoworkers - and corporations like General Electric and Goldman Sachs
What is known is the trajectory of the rate of job losses had already changed from a peak in December 2008 -January 2009 -- before Obama took office and passed the stimulus. Every month since January 2009 the job losses have been less and the economy GDP went positive in May of 2009. The only appropriate part about the stimulus was money to ameliorate the pain of unemployment like extended benefits as is done for every recession.
The NY Times says the main reason that the unemployment rate has soared is the hiring rate has plummeted. While the loss rate has slow there is still a LOSS so there is an increase in unemployed -- 10.2% in October - and under employed every month. Nearly 16 million people are now unemployed. In all, more than one out of every six workers -- 17.5 percent -- were unemployed or underemployed in October. The peak layoff rate this year was the same as it was during the 2001 recession, which was a fairly mild downturn.
http://www.nytimes.com/2009/11/07/busine...
While hiring short term government positions - What Obama has not done is created an environment for private sector Small Business to hire.
If Obama wants to increase jobs Obama has to start to support U.S. Small Businesses.
Obama has taken his Laser Eyes off the JOBS ball -- 3 million lost under Obama. Obama has spent all his time since February on Trillions in Taxing and Spending programs like Cap and Trade and the $1.2 trillion Health Insurance cram back.
$24 billion in a $13.8 trillion economy is .001% of the US ecomony.
Thank God......Obama and Reid has saved us!!!!!!!!!
Fellow Idiots: We are close to not being idiots anymore as our President heads away from the eight years of CriminalBush, maiming and killings, illegal Wall Street crooks, outing of our agents, lies, wars based on lies and so many insane and stupid decisions they cannot possiblly be mentioned in less than 3000 pages of fine font typing. Pray hard little brother Jeb loses his upcoming run. Now, Lets all hope if we have to stay in Afghanistan that we declare it a U S Territory and send in a complete diplomatic corps to mann the entire country outing the entire government now there. AmericanAfghanistan, period. Its all ours. Six major military bases with nuclear weapons would be established and Red Cross stations throughout the country to provide the residents with food and medical, education and health care. Any neighboring country objecting to it will be shown a nice demonstration of our nuclear weapons. Over, no more Afghanistan, period. Also no more apparel like they wear now, only western clothing so bombers can be outed. Otherwise, we must declare victory and get out and in Iraq, too. Bring all our troops home completely, now, and provide them with the finest treatment available for their recovery and plenty of money for those incapacitated. Finally, CriminalBush and his tools of destruction and murder must be put on trial, yes, all of them. We must show the world that we are a part of it, not above it. Thank you.
fosimmons reminds me of a biting sow my great grandfather back in Kansas had many years ago.
No matter how well you treated or fed that old sow, something would set her off and she would try to bit you just because she could. Us kids always carried a two by four or ball bat when we went near that old sow. Because if the old sow ever got a hold of you, you better have a two by four to wack her along side the head to get her to turn loose.
fosimmons is kind of like that old sow when he hears the word "Bush." Fosimmons goes on a rampage, foaming at the mouth, biting at everything that moves and getting all worked up to the point of blowing a fuse. And for what? Nobody really cares about Bush anymore...
LarryVegas said....
" Nobody really cares about Bush anymore..."
Hmmmmm........the old out of sight, out of mind approach that the right-wingers love to use when the name of the clueless man from Texas is brought into a discussion. Why am I not surprised?
Of course, this same approach is NEVER used when the name Carter & Clinton are brought into a discussion...A logical person would find that very strange but one must alwys consider the source....
Who ever claimed that those who sleep over on the right are logical in both thought and action?
Hey Wolfy...
Who is Bush, Clinton and Carter? Are they players in today's world?
Haven't you heard? It's Obama's world. He's the savior...
LarryVegas said....
"Who is Bush, Clinton and Carter? Are they players in today's world?
Haven't you heard? It's Obama's world. He's the savior...
Hmmmmmm....I guess this means I can hold you to your above statement.....right? It's good to see that you have finally awakened from your nap and discovered that we have a new and outstanding leader living at 1600 Pennsylvania Ave. No more clueless George....Wow! You have made my day!
Obama is outstanding all right. He's outstanding in a corn field somewhere when he should be in the White House making a decision on Afghanistan. I wonder if he gets frequent flier miles for all the flying time he's put on Air Force One... That 747 will be worn out by the time Obama is out of office in three years...
LarryVegas.....
Keep trying and sooner or later you will actually make a valid point concerning Obama. Even a blind dog in a meat house gets lucky sooner or later and finds a bone....
My understanding is your "hero," George W. Bush, broke Ronnie "Raygun's" record for taking the most vacation days as president......
I wonder how many frequent flier miles GWB and Laura earned during their 8 years in the White House?
Hey Wolfy...
I believe you are trying to remember the "Old Mother Hubbard" story. And you are right, that dog did to old mother Hubbard what Obama is doing to us.
Quit being hard on Obama....he only has held/gone to 23 fundraising events in his first 9 months (way much higher than Bush did).
He is the Fundraiser-in-Chief....he has his priorities....that help create private sector jobs thingy will just have to wait.
LarryVegas....
Nope, I wasn't thinking of the "ole Mother Hubbard" story when I was talking about the blind dog in the meat house..... I was talking about your never ending but failed attempt to discredit Obama.
I understand where you're coming from....you and your buddies really took a hit on a daily basis when George was in office.
I'm sure it was hard for you to handle despite the fact that George deserved each and every hit that was sent his way...
Some times the truth can be a load, or at least that's what I've been told....
George was such an easy target....his clueless behavior was hard to pass up! Obama gives fewer opportunites to go down that road...
George Bush's clueless behavior led to victory in Iraq.
Barak Obama's clueless behavior is leading to defeat in Afghanistan.
Oh, and Wolfy, as you should remember, I am not a big fan of George Bush. But I have a tendency to stand up for someone when they repeatably get abused by those who have lesser stature.
A quote from this ridiculous editorial - "That is why the Obama administration and Congress should continue to work hard to help create jobs and stimulate consumer spending,"
How in the world do you justify using the word "continue?" The current administration has done absolutely nothing to create jobs. Have you seen the trend in unemployment since Obama took office? This man has no clue what he's doing - evidenced by his need for dozens of czars, accountable to no one but Obama.
Impeachment is inevitable.
LarryVegas said:
"I not a big fan of George Bush..."
Wow! Sure could have fooled me. For not being a "big fan of George," you sure go out of your way to defend him.
I guess it's nice that you do this because you feel he is getting abused and those who are doing the abusing are of "lesser stature." Hmmmmmm....of lesser stature?
Wow! That enforces the belief held by many on the right that we're all equal in this country, but some people are more equal than others....
Hmmmmm....are you saying that George is something close to royalty? If that is the case, then that throws out the image of the presidency held by George Washington, Harry Truman, and Ben Franklin....But what did they know?
Maybe I should apologize for my continous unsavory treatment of GWB. After all, it really doesn't take much effort or talent to beat up on a defenseless man....
George, in growing up, was burdened by several handicaps. Poor guy!........Two handicaps that come quickly to mind are: He was born into a family of wealth and power and was handed every opportunity that was available.... I guess that can be quite a burden!
Gosh, I'm sorry George! Please forgive me....
George Gobel also forgives you there Wolfy.
I'd like to know why Brian Greenspun's editorial here on giving Harry Reid credit for saving jobs was not opened up for comments?