Obama pleads for $50 billion in state, local aid

Our poor representatives have spending fatigue.  I feel so sorry for them……NOT.  What about the Americans that have recession fatigue?

President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid “massive layoffs of teachers, police and firefighters” and to support the still-fragile economic recovery.

In a letter to congressional leaders, Obama defended last year’s huge economic stimulus package, saying it helped break the economy’s free fall, but argued that more spending is urgent and unavoidable. “We must take these emergency measures,” he wrote in an appeal aimed primarily at members of his own party.

The letter comes as rising concern about the national debt is undermining congressional support for additional spending to bolster the economy. Many economists say more spending could help bring down persistently high unemployment, but with Republicans making an issue of the record deficits run up during the recession, many Democratic lawmakers are eager to turn off the stimulus tap.

“I think there is spending fatigue,” House Majority Leader Steny H. Hoyer (D-Md.) said recently. “It’s tough in both houses to get votes.”

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14 Responses to Obama pleads for $50 billion in state, local aid

  1. AliSilver says:

    Maybe someone should have suffered SPENDING FATIGUE before the over spending put us into a depression……… :)
    Yeah, there’s the ticket.

    LOL sorry but the visual I get is of all the senators at the mall with Orange Julius’ in hand , sitting on the benches by the sunglass shack, with their credit cards in their hands and bags piled all around and saying “”JAMES go get the car, I CANNOT take another step”

    timesr Reply:

    @AliSilver,

    Maybe they should vote themselves a pay cut to help out with the budget deficit. What about reduced retirement benefits?

    AliSilver Reply:

    @timesr, LMAO!
    Did you forget where we live?
    Once elected, they are royalty for life.

  2. AliSilver says:

    I see where BP’s pensioners are picking up the spill tab. I can only assume that means their pensions are history ? Right? That’s what that means?

    timesr Reply:

    @AliSilver,

    I think what that means is that individuals and pension funds holding BP stock won’t be seeing any dividend checks for awhile, nor will they be making money on stock sales.

    Sage Reply:

    It means their pensions are worth less than they were. It has to do with the drop in dividends.

    After a face-to-face showdown with the President at the White House, BP chairman Carl-Henric Svanberg revealed the payment meant the oil giant would be forced to suspend dividends to its shareholders until at least next year.

    Read more: http://www.dailymail.co.uk/news/article-1287222/BP-oil-spill-British-pensioners-pick-BP-compensation-fund.html#ixzz0rE4PI6Mk

    I think the Enron employees would probably say “welcome to our world”.

    I’m sorry about the pensions but somebody has to pick up the tab for the oil spill and if it isn’t BP it will be the U.S. taxpayers.

    timesr Reply:

    @Sage, “I think the Enron employees would probably say “welcome to our world”.

    I’m sorry about the pensions but somebody has to pick up the tab for the oil spill and if it isn’t BP it will be the U.S. taxpayers.”

    Enron employees who were forced to take only stock in the company for their retirement accounts and will get nothing forever while those holding BP stock will take a hit, they won’t lose everything.

    If there is anything we should have learned in the past decade or so, its that the market is risky – people loose. I just hope that the next time some dingbat comes down the road wanting to get rid of Social Security we remember why it was created – as an insurance program so that when all else fails, we’re not left with nothing.

    Sage Reply:

    I agree. Can you imagine what would have happened if the Republicans had been able to privatize social security just before the stock market crash? OMG, it would have been disastrous.

    I bet they try again to do it, though. They act like Social Security is a give me program when in fact people worked years and paid into SS.

    AliSilver Reply:

    @Sage, Well it sux for the pensioners HOWEVER ( bold face ) if you invest in a company, it’s your responsibility to keep tabs on the company , even if just a little. So they probably knew that BP took on high risks. If not that, they DID know they drilled in the o cean and everyone KNEW this kind of thing might happen, even though I think we thought it would not be so bad. So in the grand scheme of things, the stock market is a gamble. Hopefully it’s not their entire pensions, because let’s face it, a lot of those ‘pensioners’ are going to be JOBLESS if BP keeps on the rate they are, they will likely be in bankruptcy and laying off folks, etc. While I’m sorry it happened, better they pick up the bill than the taxpayers here , especially those who are already losing EVERYTHING thanks to the spill.

    AliSilver Reply:

    @, oopss, sorry that was me ^^^^ wasnt signed in

    Sage Reply:

    I fixed it. Interesting…I checked the ISP and it didn’t pull up your name.

    timesr Reply:

    @AliSilver, “Hopefully it’s not their entire pensions, because let’s face it, a lot of those ‘pensioners’ are going to be JOBLESS if BP keeps on the rate they are, they will likely be in bankruptcy and laying off folks, etc.”

    From the article Sage linked above:

    “And the news was a major blow for Britain’s pension funds, which rely on BP’s dividend income to provide £1 in every £6 they receive each year.”

    My guess is that professionally managed pension funds have diversified investments and so will be impacted by BP, but not wiped out. If my math is correct, fund income will be reduced by slightly less than 17%.

  3. AliSilver says:

    I was on my laptop, but in the same house, so it should be same ISP ,right?

    Sage Reply:

    It was. It just didn’t pull up your other posts when I searched for it in the comments. I don’t know why.

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