Credit markets have worsened for several days after the bill passed the Congress. The stock market also plummeted to nearly ten-year lows.
Alexander Thursday Jan 29th, 8: Socialists nationwide are rejecting this new call for deficit spending and are calling for programs that will meet the short and long term needs of the nation and create immediate employment for the millions of working people that are unemployed or under-employed.
The massive spending proposals that are now in the Senate and House will cut taxes while offering limited benefits to veterans, seniors and colleges students; and the proposals will offer some relief for the millions that are now unemployed.
Other provisions in the stimulus plan would provide limited aid to the poor and unemployed.
At a time when hundred of thousands are joining the ranks of the unemployed monthly, much more will be needed by Congress to put the nation back to work. Addressing the health care needs of 49 million working people, that are now uninsured, and more than million Americans that find health insurance unaffordable, is an item at the top of the socialist agenda.
Socialists are calling for a single-payer health care system that will provide coverage for everyone; a system that will provide useful, long term employment for working people. President Obama has introduced various programs that will possibly produce long term results for the capitalists ruling elite; however, these programs will not put food on the table for the millions of working people that are now unemployed or under-employed today.
Those program include building and repairing bridges, increasing the production of alternative energy, modernizing federal buildings, computerizing medical recording within the next five years, and investing in science, research and technology.
The need of the largest capitalist firms to wipe out competition has already led to the centralization of economic power, but in the form of private ownership of an unaccountable ruling class of professional speculators, not of working people.
Even if such funding were available, socialists believe a socialist transformation of society is necessary; this will require radical demands on the existing system, demands that challenge the basic assumption of a capitalist market economy while pointing the way to a new society.
For more information search the Web for:The article relates on how an intensive International Franchise Association (IFA) grassroots lobbying campaign brought crucial momentum to the U.S.
House of Representatives' passage of a $ billion economic stability package and paved the way for U.S. President George W. Bush's official signature.
Boy is my face red. Last weekend I submitted a post that included reactions from candidates running against members of the U.S. House of Representatives regarding the $ billion bailout plan.
Steve Alesch of Warrenville is the Green Party candidate running in the 13th Congressional District.
Democratic lawmakers speculated over the weekend that the price tag could reach $ billion over two years as the nation struggles to emerge from a recession compounded by a credit crunch.
Tax revenues cratered while the government spent heavily trying to stave off economic collapse, including George W. Bush's $ billion bank bailout, known as TARP, and Barack Obama's $ billion.
$ Billion Economic Stimulus Bailout Package Essay - If Shakespeare were alive and had recently met Henry Paulson, the question that he might have posed would have been – To $ Billion or not to $ Billion.
President Bush signed the $ billion bank bailout bill on October 3, The official name was the Emergency Economic Stabilization Act of Treasury Secretary Henry Paulson had asked Congress to approve a $ billion bailout to buy mortgage-backed securities that were in danger of defaulting.