Schumer: Expand those helped by stimulus

[Swimmy]

Schumer: Expand those helped by stimulus

I can't believe there is even a debate about this. As much as I disagree with Schumer's politics, I have to admit he's right on this one!

[concerned]

This is exactly what I have been saying. The rebate should include all those who pay into social security and medicaire...even if they are collecting benitfit's only.

Looks like this so called deal will be held up in the senate.. at least I hope.

I'm still waiting for Rep Arcuri to reply with my email about this a week agao and I think Schumer has stolen my basic idea.

[frankcor]

I can live with creating an entitlement for lower income families, but that's IF[/i] they don't add to the total size of the package. Namely, the $600 rebate would have to be made smaller.

I base my objection to increasing the package on my belief that the current size--$150--billion is about the right size to give a significant boost to the economy without risking inflation; they're going to pay for this by printing more money. Inflation is a far worse danger to low- and middle-income folks than is recession.

I forget who the economist is among us but I recall them saying on the other forum that $150 billion is about 1% of our GNP. With GNP growing 3% or 4% a year, an additional 1% is a good kick in pants. Any more and I believe things could get scary. Remember, the other half of this package is the Fed will be cutting interest rates to avoid recession. Over-correct and all of us could take a double-digit hit next year.

[concerned]

The Feds did a correction. I don't think we should not include the poor and low income based on an over-correct mode of economic stimulation just so WE don't take a double-diget hiit next year. Try tell that to an elderly 80+ something person on food stamps with a social security income of $ 850./month, a rent of 120/month a outragous electric /heating bill even though living in a HUD senior housing, also paying $92./month for a medicaide spenddown. By the way she only qualifies for 50.00/month in food stamps. She does have other bills like a credit card used for some of the nice things she deserves in life Now magnify all this by several million and I think they deserve a rebate not linked to federal tax. Would you refuse a sip of water for a thirsty lady. Things are already scary for her and millions more.

[frankcor]

Concerned, how will your 80-something feel when the buying power of her $850 SSI check shrinks to $765 in just one year of 10% inflation?

I'll repeat, as bad as a recession might feel, inflation hurts people a lot more. I am NOT opposed to helping the poor more in this stimulus package. Just don't make it any bigger. And don't call it a tax rebate.

[Swimmy]

Inflation is not the only concern, or at least it should not be. The weakening of the USD should be of major concern, along with the credit and lending industries. With those three unchecked, we're looking at something that will make Black Tuesday seem like child's play!

[frankcor]

swimmy, on that we can agree. The stimulus package address the credit/debt issues. Most folks will use their check to pay bills or reduce their debt. It will, on the other hand, exacerbate the weakness of the dollar because we're simply going to print more of them to in order to pay for the package.

When the dollar was in demand, foreign borrowing worked okay for us because we could always print more. As the Euro replaces the dollar as the international currency of choice, we'll have to actually produce or innovate in order to borrow them.

[Swimmy]

You mean we'll have to re-invigorate American Innovation that literally drove the world for 50+ years?

While I agree we need to start producing more and overtake the import/export gap, it won't happen while big business out sources most of its "grunt work" to cheaper places and our education system focuses on educating foreigners first. I remember when I was in undergrad. Over half the foreign students (not American citizens) in my Computer Science classes received full rides from the school! Several of my teammates from foreign nations had free rides thanks to the school's grants and, if I remember correctly, the state and federal government gave them grants. Most all that is available to U.S. students are loans. Something is seriously wrong when your own country is willing to fund a non-citizen's education but require you to take out massive loans to pay for your own education.

The problem is that many Americans choose subjects that are easier than your typical engineering, math, and science courses. Which reflects from American society's turn toward the path of least resistance but with the quickest gratification. You need a whole reform of the education system including the non-official mantra. My former social studies teacher, Mr. Bottini, and my mother, who has been teaching for 32 years, are better equipped to explain what I cannot eloquently articulate here.

Until a massive overhaul of our current education system occurs, I don't foresee anything changing, especially while our politicians of late only care about political points rather than what is good and necessary for the American public.

I'm not going to single out any specific majors as being "easy" compared to Computer Science (which itself is easier than any engineering major, though not by much).

[frankcor]

You and I are in complete agreement on both your points (non-citizen grants and the need for reform). Anything I say would be redundant. I'd like to sit down and listen to Mr. Bottini and your mother some day. I'm on a personal quest and I'm sure they'd give me lots to consider. Heck, I'd even pay for lunch.

With regards to hard and easy majors, any major will be hard if taught correctly. Consider that most kids graduating today will have as many as 5 careers in their lifetimes. I believe the most important thing you have to learn at the undergraduate level is how to learn. Many people find very soon after starting their first job after graduation that most of the specific knowledge they use on the job, they learned by doing the job, not in school. Learning to learn is the important lesson.