On "This Week" President Obama's top economics adviser Larry Summers said the Obama administration will unveil its bank bailout plan on Tuesday of this week. He also discussed how education will come into play for this plan. What were the main plans in store for this stimulus package? Give me three specifics that will help our economy and your opinion on whether they will be successful. BE SPECIFIC.
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Throughout the show Larry Summers stresses severeal times that the first plan for this stimulus package that will help the economy is the creation of a program that will create about 3 million jobs. They also want to eliminate any programs that have not been beneficial. Another part of the plan is to isure bank losses and provide foreclosure relief for homeowners as well. The government will also be responsible to "act aggressively" against any foreclosures that may be avoided. Summers emphasizes that the objective of the plan is to "increase credit flow".
Unlike Mitch McConnell, who believes Obama is only "repeating the mistakes of the past", I believe that this stimulus package will help our economy. I think that with the creation of jobs the economy will start up again. With people out and working, money will be spent and those foreclosed homes will be able to be purchased again.
If the stimulus package doesn't come into effect, Larry Summers says that education would be that one effected the most. One of the purpose of having a stimulus package is to create 3 million to 4 million jobs. The other plan is that in hope the product of the stimulus plan is forming a bipartisan coalition to support the bill. Summer said and I quote: "The focus is going to be on increasing the flow of credit and doing it with transparency, with accountability for those who receive support, and with a kind of consistency" He also says the with the stimulus package there will be support for the banks so that they will be stable.
"There are certain priorities -- education, health care, infrastructure investment -- that the president is certainly not going to want to lose sight of" said by Summers. Our government doesn't have much money to pass around so hopefully for one, the stimulus package would provide jobs, which will boost up the economy. Plus allowing banks to loan out money would give people a chase to make wise investments. And if a Bipartisan was form then bills would pass quickly though Congress. However as I said before there will be some areas that we would be able to cover.
During the round table, George Will said that we are running blind. Robert Reich agree that we do need to do something, but with out the stimulus the economy would be worst but it won't kick in. Newt Gingrich is being pessimistic but truthful , "change that you can't count on what you have is the fourth act of Bush-Obama administration." I honestly do feel that this stimulus package is not specific. Plus when Stephanopoulos ask Summer would they be asking for more money, Summers simply replies we'll see. That really "insures" me that this package will work.
On This Week George Stephanopoulous spoke with one of top economic adviser's Larry Summers. Larry Summers informed the viewers that the overall mission President Obama is trying to do is get a plan across for the economy. The United States needs to once again come together, and make productive investments. Stephanopoulous stated that we need to make programs that are worth having or they too will be canceled. We need a program that will enable the four million people that are unemployed. The president is opened to good ideas from both the House and Senate. What the government has to do is go strong and try to prevent the loss for the money that is going for education. The main priorities that the president has is the economy, education, and health care. The presidents priority is improving the economy for the sake of everyone.
As Larry explained, we need to keep focus on the economic crisis no matter what. The presidents bottom line is too only keep productive programs for jobs to improve the economy. And even though we are not in a Great Depression, we are in a very bad situation since the World War II, and that is why all the points that Obama is making we should take them as aggressively as we can. For the bank bailout plan George explained the strategies that should be taking demand, Insuring bank losses, Purchase some toxic assets, increase lending be federal reserve, foreclosure relief for homeowners. What Larry said that the main objective should be to increase credit. The president will assemble a program that will make certain that we consist on a stability system. They are beginning a process to repair. We need to make sure we are ahead of the problem.
I, too, believe that me need a major solution to keep the four million people that are unemployed, employed. We do need to work together or else nothing will come together. America cannot expected the President to do much if no one is giving him the support. We do have to go after the support for education because without having money for education, less opportunities will come about. But overall I agree, the priories the president should not loose sight on has to be on economy, health care, and education. There should not be an overlap.
On "This Week" President Obama's top economics adviser Larry Summers said the Obama administration will unveil its bank bailout plan on Tuesday of this week. Summers talked about the plans that are in store for this stimulus package and how it will help our economy. He said that this plan will help produce about 3 to 4 million jobs around the country. He also mentioned that the main point is to increase the flow of credit by supporting the banks so that they remain stable and in a position to lend. Also by providing "support and pressure that assures that these needless foreclosures are avoided." Some of the things Summers said that the president is not willing to cut money for his priorities which are education, healthcare, infrastucture investments, and he wishes there to be no earmarks and no wasteful programs.
In my opinion these plans sound good for the economy even thought it migh be a large amount of money some one has to be the one who stimulates the economy because as of right now the american people are not spending money and business are closing down so they need to do something to stop this. I think that icreasing the credit flow will have a good impact in the country to a certain extent because if the banks start lending money to everybody like they were before we are going to go back to the same problem.
Tax cuts would be a major beneficiary to helping our economy. The more money that the people have in their pockets the more money people have to spend. Each state has their own sales tax so eventually it will boost up the state economy and each state will benefit off of the money that corporations are making. If each state makes a major profit through the revenue of its corporations then the more money that can go towards the government and help in government aide.
K-12 and college construction doesn't seem like it would benefit in a positive way. Sure it would offer job opportunities but there is no money to pay for the employees of the construction or the teaching staff. What we need is to have more teachers in the schools we already have instead of building more schools when we are already short on teachers throughout the country.
Government Aide is very important but it is risky. The more money that we put towards the government, the more opportunities we give the government to spend even more money that we don't even have. Although, if the government can gain our trust then the more money we can put forth towards beneficial projects and grants. Government Aide, with the past of having presidents spending money we don't have, is something that our nation will have to participate in.
On "This Week" Larry Summer talked about the different stimulus plans being proposed by both Senate and the House. The main plans in both stimulus proposals were tax cuts, state government aid, K-12/College construction, and payments to individuals. Although there are various other aspects involved in both plans, Mr. Summer assured that President Obama is going to work very closely with both House and Senate to comprise a single effective bill using strong points from both bills.
Tax cuts are a good way to help our economy not only because it will make the public happier, but also because the less money the government takes away from the American people, then the more money they will have in their pockets to waste. The more money we waste, the more help we provide towards bettering our economy. Although we need money for bigger and better educational facilities, we need the money more towards our education such as the teachers, school supplies, and school equipment; not towards the buildings themselves. I think that both the Senate and the House have the right intentions while proposing their bills but they have to keep in mind that the stimulus plan not only has to benefit the older generation, but it needs to help the younger generation as well, since we are the future of this nation.
re: debbie
i agree with debbie. i believe this stimulus package will help our economy. I feel like theres so much negativity in everything he does, and with the president being who he is i feel like somebodys going to find something wrong with everything he does. We need to think positive if we want positive results!
re: ryan
i agree with the fact that k-12 schools wouldnt get much of a positive affect from all this. Teaching staff is crucial and they are already underpaid as it is. To build more schools causes the problem of finding and paying for more teachers. i agree with the fact we should get more teachers in the schools we already have!
I agree with you when you said the stimulus package will help our economy. Hopefully more jobs become availabe so Americans will be employed and the economy will not look as down as it is now. If the government does not create millions of jobs, America will be hurting.
Debbie:
I agree with you when you said the stimulus package will help our economy. It will create more jobs making more citizens employed to potentially start buying materials like they once did before. If the government does not help us by lending us money we will not get out of the misfortune we are in now. We must act now and act fast.
Ryan:
I agree with you when you said that tax cutting would be a good beneficiary for the economy right now. The government has to make sure they spend the right amount of money in the right programs. For the schooling we need to hire teachers that are smart and that will give us better disipline.
Re: Jessica Santana
I liked the last sentence of your second paragraph, specifically the last part, "...but it needs to help the younger generation as well, since we are the future of this nation."
Our generation is preparing to enter the "real world." Not everyone our age has a job yet, and many of us still rely on our parents and family for support; however, the time is nearing where we are going to be the ones paying taxes for governmental funds and such.
Re: Everyone
All your ideas are great, but things are easily said than done. We need to give a little to get a little, but also we need to set our priorities and things will need to be sacrificed to get things accomplished.
re: Jessica S.
The stimulus package will not only help the older generation by giving them money into their pockets, and it will help the younger because is it giving more money to the school which would better education.In a whole students would learn a have a career as a doctor which as a result, may become a doctor for the elders
Re: Debbie
I agree that having new jobs would help tremendously, but where are the jobs going to come from? When Mitch McConnell said "repeating the mistakes of the past" he was being wary of this plan even working. During the round table segment, most of them agree that this stimulus package may not work, but America needs it. This stimulus package hopefully will make the economy better. If not we will just have to try something else.
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