Voter Political Blog

OK, before reading this, let’s comprehend just how much 780 billion dollars is.  All these values seem to be lost in translation these days because the government throws around millions, billions, and now trillions of dollars in everyday lingo.  So how much is 780 billion?

First off, after “ancillary” expenses to manage the 780 billion, this is easily going to cost taxpayers 1 trillion dollars.  1 trillion doesn’t really sound that much different from 1 million does it?  Well, let’s assume for a minute we all have really long life spans, and really grand spending habits.  If we spent 1 million dollars every single day, 365 days a year,  on our lavish spending habit, every day since the day Jesus was born, we still would not have spent 1 trillion dollars.  We would have to continue spending 1 million dollars per day until the year 2737 to finally spend the 1 trillion dollars.

Another example, for perspective.  A million seconds is about 11½ days. A billion seconds is about 32 years, and a trillion seconds is 32,000 years.

So how does the government come up with 1 trillion dollars to “stimulate” the economy?  If you are thinking “out of thin air”, you are precisely correct.  More on this later…

— on to the article —

US senators reached agreement on a financial stimulus plan totaling about $US780 billion, Democratic lawmakers said.

Massachusetts Democrat John Kerry, emerging from a meeting of Senate Democrats at the Capitol tonight, called the agreement an important step and said senators hope to vote on it tonight.

“This is our best chance,”Senators have reached a tentative agreement on a financial stimulus plan of about $US780 billion, Massachusetts Democrat John Kerry said.

White House Chief of Staff Rahm Emanuel attended a meeting with Senate Democrats and left, smiling, without speaking to reporters. Jennifer Burita, an aide to Maine Republican Senator Susan Collins, said the agreement would be announced on the Senate floor.

Kerry called the agreement an “important step” and said the Senate hopes to vote on it tonight.

Before the meeting, Senator Kent Conrad of North Dakota said the plan being discussed doesn’t include about $US50 billion in funds for autos and homebuyers. Those were part of the $US900 billion-plus package debated in the Senate this week.

More

Chicago—President-elect Barack Obama used his weekly radio address to drum up bi-partisan support for his nearly trillion dollar economic plan, which calls for pouring money into the nation’s infrastructure, building new schools and giving a tax cut to the middle class. Obama, who will move with his family to Washington this weekend, is scheduled to meet with leaders from both parties to discuss his proposal, which he has promised will save or create 3 million jobs over the next three years.

“For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won’t have the same opportunities they had,” he said. “However we got here, the problems we face today are not Democratic problems or Republican problems. The dreams of putting a child through college, or staying in your home, or retiring with dignity and security know no boundaries of party or ideology.”

Obama has faced push back from Republicans concerned about the ballooning cost of the plan — it now stands at $775 billion — and leaders have called for public hearings and said the plan should be free of special interest earmarks.

“This is taxpayers’ money, and they deserve to know their hard-earned tax dollars aren’t being wasted,” said John Boehner (R-OH) in a statement.

Republicans have put forward a plan of their own which is largely based on reforming tax laws that they say would create one million jobs.

Obama said his plan will provide jobs in the short-term and long-term economic growth, by upgrading classroom technology and “greening” buildings and reforming the health care system.

“This plan must be designed in a new way - we can’t just fall into the old Washington habit of throwing money at the problem. We must make strategic investments that will serve as a down payment on our long-term economic future,” he said. “We must demand vigorous oversight and strict accountability for achieving results. And we must restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down.”

Source