Obama Provides Analysis Of Economic Plan

Offers Details Of $775 Billion Stimulus Package, Accedes To Some Lawmakers' Criticism Over Tax Credits

(AP)  Facing growing criticism of his economic recovery plan, President-elect Barack Obama made public Saturday a detailed analysis by his economic advisers that estimates the $775 billion plan of tax cuts and new spending would create 3.5 million jobs over the next two years.

But the president-elect's advisers concede in the 14-page report Obama posted on the Internet that their estimates are "subject to significant margins of error," both because of the assumptions that went into their economic models and because no one knows the final outlines of the package that will emerge from Congress.

"These numbers are a stark reminder that we simply cannot continue on our current path," Obama said Saturday in his weekly radio and YouTube broadcast address.

"If nothing is done, economists from across the spectrum tell us that this recession could linger for years and the unemployment rate could reach double digits - and they warn that our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world," he said.

Obama, who previously has provided few details of the massive spending and tax cut plan, released the report one day after the unemployment rate jumped to 7.2 percent, the highest in 16 years. The nation lost 524,000 jobs in December, bringing the total job loss for last year to 2.6 million, the largest since World War II.

If Congress fails to enact a big economic stimulus plan, Obama's advisers estimated that another 3 million to 4 million jobs will disappear before the recession ends.

As lawmaker criticisms of parts of his plan grew during the week, Obama agreed Friday to modest changes in his proposed tax cuts. Democratic congressional officials said his aides came under pressure in closed-door talks to jettison or significantly alter a proposed tax credit for creating jobs, and to include relief for upper middle-class families hit by the alternative minimum tax.

The new report is likely to intensify debate over the economic recovery plan even more, as economists outside the Obama team begin delving into the analysis. The report, for example, estimates that the unemployment rate at the end of 2010 would be 1.8 percentage points lower if the plan is enacted.

Top Democrats on Capitol Hill say there is far more agreement than disagreement on the major parts of the recovery plan: aid to cash-strapped state governments, $500-$1,000 tax cuts for most workers and working couples, and a huge spending package blending old fashioned public works projects with aid to the poor and unemployed and a variety of other initiatives.

The new report provides detailed breakdowns of how many jobs each part of the plan would create, even going so far as to provide estimates that more than 40 percent of the new jobs would go to women and that 90 percent of them would be created in the private sector. It also provides estimates of how many new jobs would be created in each different sector of the economy.

"It's not too late to change course - but only if we take immediate and dramatic action," Obama said. "Our first job is to put people back to work and get our economy working again."

[wardoglrs]

As long as you continue to look to government you will only lose your freedoms and Liberties for the trade off.

Government can only take your money and spend it.

Time to grow up and take responsibility for our selves and the government needs to return to the 3 things it was design to do and that is protect your freedoms protect your rights and protect the borders.

Your just asking for trouble when you look to government besides if you all haven''t figured out that the US government is the terrorist of the world i dont see much hope for the USA any way.

Now that Obama is here he will just be more diplomatic about murdering people in the Middle east
What do expect from a Nazi

[standlee5]

Nice idea. why not a 20% tax only on imports, and SAVE SOME JOBS???

Maybe even bring some jobs back.

Posted by repo_man_08 at 06:56 PM : Jan 11, 2009

Perfect!!! And that eliminates EITC, Earned Income Tax Credit which is nothing more than a giant govt. handout.

[lastdance136]

CBS NEWS : Explain this Advertisement and SOLICITATION for :
S*E*X and PROSTITUTION
Posted by repo_man_08 - (aka txgrouch2008)
____
That''s the SECOND time you''ve mentioned those body parts.
You''re COMING ON to me. Oh, yah. You want me BAD.
Posted by txgrouch2008 at 08:15 PM : Dec 30, 2008

Oh, now you want me to take you to have your ears pierced.
And probably buy you some earrings.
I know what you''re saying. You naughty girl.
Posted by txgrouch2008 at 08:29 PM : Dec 30, 2008

Tell us what REALLY happened. Don''t leave out ANY of the juicy details.
Posted by txgrouch2008 at 08:40 PM : Dec 30, 2008
_____

repo_man_08 - (aka txgrouch2008)
If you want to Advertise and SOLICIT for :
S*E*X and PROSTITUTION
You should do it Elsewhere

This is not the place to : Advertise and SOLICIT for :
S*E*X and PROSTITUTION

[ldvuong]

A lot of "talks," what can he do, only time can tell? (When we are "worshipping" any any man, or creation, instead of the Creator, it is called idolatry.)

[windmaster12]

Economists credit Roosevelt''s massive deficit spending
through the WPA projects with bringing the country
Out of The Great Depression.

Obama has a giant mess to fix ----
Any program needs to address

1) The incredible trade deficit
We cannot continue to allow trillions
Of US dollars to leave the country
Buying commodities and other products
without paying a disastrous economic price.
The Solution -- A modest import duty say 5-8%

2)Change and simplify the tax structure
To a flat tax of say 12% for all income
Coupled with a Modest 5% consumer tax

3) Lower capital gains to 15% across the board

4)Spend money moving the Economy with
Solid Public Works projects that have long term benefits.

5) Give the President line item veto and
Ban Lobbying from Washington

6) Appoint Comptroller General and staff
To oversee and monitor all Gov''t Agencies and spending.

7) Limit Campaigns to 3 months, and all spending to a set Maximum amount.

8) Put the Country ahead of your party.

[marshmy]

OH BOY....a cat fight. Watch out nanc12, I think youre opponent is in Stage Two rabies.



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Posted by marshmy at 01:54 PM : Jan

Hi there, Slownewsbitch, you outdo your two minute record for creating new nic names...

You da champ, man, you da champ!


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Posted by TexHillGirl at 02:18 PM : Jan 11, 2009



AWWW...you guessed. BUT, you guessed wrong. I am not now..nor have I ever been..Slownews anything. The moniker I have is the only one used.

[McHineguy]

So Bush gets $700B to give to Wall Street but "only" uses $350 of it. Now Obama wants $850B. Obama is asking for $150B more than Bush got because he is smart enough to put a "little" in there to keep the public happy. Think about it, that $500 check he plans to send us will cost about $100B. So, bottom line, Bush gave Wall Street $700B (only $350B so far) and Obama will give government $750 B. Repubs = Big business. Dems = Big Government. Neither one does much for you and me. But Obama is smart enough to distract many with that $500 check.

Who do I vote for that wants a free American society without government meddling? Government has never done anything very well.

[marshmy]

BUMP! THE TRUTH JUST SUCKS DOESN''''''''''''''''''''''''''''''''T IT?
Posted by TexHillGirl

You wouldn''''''''''''''''t know the truth if it bit you on your azz. Marshmy''''''''''''''''s post IS the truth.


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Posted by nanc12 at 12:40 PM : Jan 11, 2009


What a pea brain dumbazzzzz attack bichhhhh...

You don''''t have any better shots than that?

What happened to your Saturday Night Live Skits...couldn''''t you lift something out of there to post, like "You can see Pluto from your front porch?"


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Posted by TexHillGirl at 01:34 PM : Jan 11, 2009

OH BOY....a cat fight. Watch out nanc12, I think youre opponent is in Stage Two rabies.

[marshmy]

BUMP! THE TRUTH JUST SUCKS DOESN''''''''T IT?
Posted by TexHillGirl

You wouldn''''t know the truth if it bit you on your azz. Marshmy''''s post IS the truth.


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Posted by nanc12 at 12:40 PM : Jan 11, 2009

Thanx, nanc12.

There are others on the list such as a Local fee:

Dog license tax

What happened to the TexHillGirl posting?

How could the censors remove a posting from such an obivous bastion of Truth, Fairness and exhaustive research. Not to mention ladylike deportment and defender of the American Way.

[garyoakcreek]

If our government would give the american people about $ 25000.00 each, we could fix the problem for them. P.S. best idea yet....

[dzemog1]

"I''''m a registered Democrat and Democrat at heart, but I''''m an American first and Obama is not what we need. I voted for a Republican the first time since 1988.

American First."

--------------------------------------------------

That''s sad, especially considering who those Republicans were. I don''t know how much ANY new President can do quickly to dig the country out of the incredible mess it''s in, but I''ll tell you this. I''d rather have someone really smart and who has the good sense to listen to views from all sides, than a "maverick" whose admitted he doesn''t know anything about the economy and another "maverick" named Palin whose record in her own state is seriously questionnable and who can''t even string 2 sentences together. My guess is that McCain is thanking God right now that he didn''t win. Not only would he have to try to look credible on the economy, he''d have to make it look like he cares about it. He is a military guy who couldn''t give a rat''s *** about the economy. AND he has a better idea now of what it would be like to be stuck for 4 yrs with Palin by his side, winking at the press and trying to make the VP job look "cute". I''m an Independent and have voted both ways in my life, but this GOP ticket wasn''t even a brief temptation for me. Thank God we have men and women with brains and integrity trying their best to guide us thru this mess.

[nanc12]

BUMP! THE TRUTH JUST SUCKS DOESN''''T IT?
Posted by TexHillGirl

You wouldn''t know the truth if it bit you on your azz. Marshmy''s post IS the truth.

[marshmy]

Here are some more details of Obama''''s plan:
increase all of the following:

Posted by oftencensord at 10:25 AM : Jan 11, 2009

Impressive list.. Please provide source you copied and pasted from.

A number are not Federal but State taxes and or fees and at least one is neither.

Example.. my state does not have..

Personal Property Tax
Privilege Tax
State Income Tax

Others are under the control of the individual States..

Hunting License Tax
Inventory Tax
Marriage License Tax
Real Estate Tax
Road Usage Tax
Recreational Vehicle Tax
School Tax

Some are neither Federal or State such as the...

Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax

Which are really not taxes but charges made by the carrier.

BY THE WAY.. found your source ..

http://www.dailypaul.com/node/76420

[ramos937]

These are my two cents in reducing the deficit and I hope someone brings them to the attention of the new administration:

NASA - NASA should immediately lease all of its assets to the five or six (maybe more) private companies that are now in commercial space development. These would include the major centers such as Cape Caneveral. NASA would then serve a role akin to the FAA does to airlines.

FOREIGN BRAC COMMISSION - Ron Paul stated that we have hundreds of installations in other countries and he is right. We need a "BRA" commission to eliminate/reduce/align these locations.

US STATE DEPARTMENT - There are numerous embassies, consulates, etc with excess space to their needs. Why not share facilities with friendly governments. The UK, French, Dutch, etc governments might be willing to share facilities with us under a proper arranagement.

There are only three suggestions but if implemented right, they could save us billions annually.

God Bless

[oreobama]

The rightwing just keeps showing why they lost so badly. And they just keep shooting themselves in the foot.
-------------------------------
Posted by trillion1

The Republicans lost so badly in this past election because of the poor performance of the Bush administration and the welfare recipients voted in mass to elect the candidate that promised the world. Now p-lease get off of the message sand let the adults discuss real issues TROLL.

[trillion1]

The rightwing just keeps showing why they lost so badly. And they just keep shooting themselves in the foot.

[stloubill]

Bush and McCain seem to think everything is just dandy. That''s why the American people kicked their butts out of office. At least Obama is trying to clean up their mess.

[eclecticman1]

If Obama is allowed to match his deeds to his words, we will get through all of this and come out stronger at the end. One think I really like about Obama is that he is a pragmatist. We now have practicality rather than ideolgy as the driving force.

[specialty8]

If this plan is so good why didn''t Obama try this with Blago in Illinois? This was about the first state to go under and Chicago is a mess. This came about under Blago and Obamas guard so what makes him think he can run another 57 states?

[irmcvet971]

Bush spent money like a lib on meth. Obama''''s cure is to spend more. This is like getting a wino off wine by giving him rum.

Posted by downsteamJm at 09:19 AM : Jan 11, 2009

Hey ANOTHER fascist, HATE any AMERICAN who wouldn''t go along with the "Party", LOSER! So Wack job can YOU give us ONE MONTH when Trickle Down actually WORKED?? YOU fascist are SO good at throwing trash at your fellow citizens, calling them names, belittling them, blaming them because the Fuhrer isn''t successful, you SHOULD be able to name at least ONE MONTH!! ROFLMAO SIEG HEIL Y''all.