January 23, 2008
THANKS TO THATCHER, VOLCKER AND REAGAN...
Bush, Lawmakers Are Close to Deal on Stimulus Package (Peter Baker and Jonathan Weisman, 1/23/08, Washington Post)
Treasury Secretary Henry M. Paulson Jr.] plans to open formal talks on the details of the package this morning, and Senate leaders agreed to defer to House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader John A. Boehner (R-Ohio) as chief negotiators. But officials said they were close to the framework of a roughly $145 billion plan. About two-thirds of the money would go for tax breaks for individuals, plus extended unemployment and food stamp benefits, while the other third would be for business tax breaks. Individuals would get rebates of as much as $800, and married couples as much as $1,600.
Democrats on Trail Rip Stimulus Talks With Bush (Jonathan Weisman and Michael D. Shear, 1/23/08, Washington Post)
In Washington, as anxious eyes were fixed on the stock markets, President Bush and Democratic leaders settled into a detente yesterday, cautiously moving toward agreement on an economic stimulus package.But presidential campaign seasons are not conducive to bipartisanship, and Democratic candidates laid into Bush. Some even questioned why their congressional leaders were sitting down with the man they have made their common enemy.
When economic growth slows to 2% of GDP we get even more tax money back. Your economic crises ain't like your Old Man's.
N.B.: So much for Barack Obama being the post-partisan bridge between the parties, eh?
Posted by Orrin Judd at January 23, 2008 8:31 AMExtended unemployment benefits? Shouldn't we wait until there's extended involuntary unemployment?
Posted by: Patrick H at January 23, 2008 11:01 AMObama doesn't even pretend to be a bridge between parties. All he ever says is, "if we can work together, we can accomplish all the traditional goals of Democratic politicians". The only people who find that inspiring are already going to vote for Democrats.
Posted by: Brandon at January 23, 2008 11:09 AMSpeaking of Volcker, can you think of anyone, outside of W, who would be as willing to stick with him as Reagan was? That took a pair of brass ones to let him do his work, no matter how poisonous it was to the economy.
There's quite a bit of silly talk out there of Bernanke not getting renominated in 2010.
Posted by: Brad S at January 23, 2008 1:25 PMAll of this is just a short term fix. And truth be told, it has been happening over past 3 decades. Reagan and Clinton have just as much blame as the current administration. This is an interesting perspective on this(the midas touch)
Posted by: rawdawgbuffalo at January 24, 2008 2:30 PM