Cramer: The Obama stimulus bill won't do a damn thing

[w¡n9Nµ7 §£@¥€r 123]

Between Election 2008 and the early moments of the Obama administration, it was assumed a new New Deal was coming complete with massive infrastructure projects. But, now the stimulus package is so full of other things even some of the most unlikely news outlets have noticed.

Despite having passed by the House of Representatives on Jan. 28 by a 244-188 margin, without a single Republican vote, CNBC “Mad Money” host Jim Cramer and MSNBC “Hardball” host Chris Matthews questioned the meager tax cuts and infrastructure spending in the plan during “Hardball” that night.

Matthews asked Cramer if the $168 billion in tax cuts included in the House version of the stimulus bill would be “enough boost” for the economy.

“No, not with this economy,” Cramer said. “I mean, this is an economy where every single headline of every company is then about how many thousands of people they lay off. I mean, this is the quotient of the number of people being laid off versus the number of people who can benefit from that and the amount. No Chris – not nearly enough. Not even a fraction.”

Cramer also brought up the tiny amount of spending on infrastructure projects, which he said would not create enough jobs.

“[L]et’s just take the infrastructure number – do you know that it‘s $30 billion for infrastructure for bridges?” Cramer asked. “The ‘Big Dig’ cost $22 billion. I mean, on one thing and it only put 5,000 to work. This is small-time think. All the companies I deal with, the steel companies, all the companies involved in manufacturing – they cannot believe how small this is. It’s not gonna put a lot of people to work.”

Cramer echoed a similar sentiment that the office of Sen. Jeff Sessions, R-Ala., echoed – that such a small portion of it was going to infrastructure spending, debunking a myth frequently heard in the media.

“I don’t want to get over your head here, but why in the world aren’t we doing what they said they were going to do – build bridges, factory jobs, replace the smell of decay with the smell of construction, the cranes out, the trucks out?” Matthews said to Cramer. “Why don’t they spend all the money either on tax cuts for people who need the money and/or building stuff? Why is it all going into the cats-and-dogs programs?”

http://www.businessandmedia.org/articles/2...0129092420.aspx

[one...two...tree 2,762]

Only 30 billion for infrastructure??? That's crazy!

[Trompe le Monde 1,107]

Since Cramer had that insane breakdown before the vote on the bank bailout I don't know that I view him as credible commenter on the Economy

[w¡n9Nµ7 §£@¥€r 123]

Only 30 billion for infrastructure??? That's crazy!

Congressional Democrats hard at work!

[one...two...tree 2,762]

Only 30 billion for infrastructure??? That's crazy!

Congressional Democrats hard at work!

Do you have a breakdown of approved bill? I can't believe that only 30 billion is going to infrastructure. What the hell???

[w¡n9Nµ7 §£@¥€r 123]

I'll see what I can find but the article posted in the original post says 30b for bridges, not for infra. as a whole.

[w¡n9Nµ7 §£@¥€r 123]

From the Boston Globe:

The bill passed by the House yesterday dedicates only about 5 percent of the $819 billion measure to highway, mass transit, and rail projects, analysts said. That has prompted even some Democratic supporters to complain that the transportation spending was gutted by Republicans who insisted on more tax cuts - none of whom voted for the measure anyway - and by Obama advisers who shifted priorities to advance policy goals.

...

Representative Michael Capuano, a Somerville Democrat on the House Committee on Transportation and Infrastructure, said he has watched with frustration as spending for rapid transit and rail dropped during negotiations over the bill. For example, after an initial burst of enthusiasm for inter-city rail projects, the amount was reduced to $5 billion and then to $1.1 billion, he said.

...

The bill has $30 billion for roads and bridges and $12 billion for rapid transit, with decisions on specific projects to be made by state and local officials. But that's far less than originally sought by some Democrats, and could make it more difficult to fund some Massachusetts projects, such as work on roads, bridges, and the MBTA system, or a proposed extension of the commuter rail line from Lowell to Manchester, N.H.

...

Capuano ... compared $1.1 billion for rail projects with $145 billion to provide $500-per-taxpayer rebates.

...

The American Society of Civil Engineers said in a report released yesterday - ahead of schedule to try to influence the stimulus debate - that the nation's infrastructure is so degraded that it gets a grade of "D." The report urged $2.2 trillion in spending, not including money for high-speed rail, which Obama and his vice president, Joe Biden, have said is a priority.

[spookyturtle 9,466]

I knew we should have voted for McCain. Even Palin would allocate more than 30 billion.

[w¡n9Nµ7 §£@¥€r 123]

According to the Boston Globe article, 30b is for roads and bridges. Infrastructure spending as a whole is just over 40b.

Still pathetic, of course.

[one...two...tree 2,762]

From the Boston Globe:

The bill passed by the House yesterday dedicates only about 5 percent of the $819 billion measure to highway, mass transit, and rail projects, analysts said. That has prompted even some Democratic supporters to complain that the transportation spending was gutted by Republicans who insisted on more tax cuts - none of whom voted for the measure anyway - and by Obama advisers who shifted priorities to advance policy goals.

...

Representative Michael Capuano, a Somerville Democrat on the House Committee on Transportation and Infrastructure, said he has watched with frustration as spending for rapid transit and rail dropped during negotiations over the bill. For example, after an initial burst of enthusiasm for inter-city rail projects, the amount was reduced to $5 billion and then to $1.1 billion, he said.

...

The bill has $30 billion for roads and bridges and $12 billion for rapid transit, with decisions on specific projects to be made by state and local officials. But that's far less than originally sought by some Democrats, and could make it more difficult to fund some Massachusetts projects, such as work on roads, bridges, and the MBTA system, or a proposed extension of the commuter rail line from Lowell to Manchester, N.H.

...

Capuano ... compared $1.1 billion for rail projects with $145 billion to provide $500-per-taxpayer rebates.

...

The American Society of Civil Engineers said in a report released yesterday - ahead of schedule to try to influence the stimulus debate - that the nation's infrastructure is so degraded that it gets a grade of "D." The report urged $2.2 trillion in spending, not including money for high-speed rail, which Obama and his vice president, Joe Biden, have said is a priority.

See...so why are you openly blaming the Congressional Democrats???

I posted an article the other day that essentially said, "Screw the House Republicans," if they don't want to work with the President's proposal. Seriously, the Dems have enough support to make this solely there's and the President's plan. Let the Republicans hang themselves. The stupidity of the Dems in Congress, IMO, seems to be that they made too many consessions to appease the Republicans and in the end, what happened? Not a single Republican voted for the bill. Dammit...this is frustrating! We don't have time to play politics. The Dems are in charge....time to grow some balls and let the girlish Republicans go cry in the corner. #######!!!!!

[w¡n9Nµ7 §£@¥€r 123]

See...so why are you openly blaming the Congressional Democrats???

All the non-stimulus pork was put in there by .... guess who?

[spookyturtle 9,466]

Not a single Republican voted for the bill. Dammit...this is frustrating! We don't have time to play politics.

That is pathetic. And that is what the Republican party will be for the near future, pathetic. Unfortunate, but true.

[one...two...tree 2,762]

See...so why are you openly blaming the Congressional Democrats???

All the non-stimulus pork was put in there by .... guess who?

It depends on who you ask, whether something is pork or not. Some (others outside of congressional Dems) that money going to programs for the poor directly affect the economy. I haven't looked into all the details of the proposals and I'm sure there are some that are questionable, but calling infrastructure spending pork is the Republicans answer to every thing. There's middle ground somewhere.

[w¡n9Nµ7 §£@¥€r 123]

40 B out of the 819 B is infrastructure.

That isn't spin.

[one...two...tree 2,762]

40 B out of the 819 B is infrastructure.

That isn't spin.

The whole thing is mesmerizing....like how do they figure out a dollar amount? Also, why is there money going into job training? Job training??? People aren't out of work because they don't have the necessary skills!!!

Good God, I'm going to bust a blood vessel! I hope the Senate will revise the whole bloody bill.