February 22, 2009
Original Text :
Even before the $787 billion Economic Stimulus Plan was approved, the country's deficit was approaching 1.2 trillion or 8.3 per cent of the overall economy. President Barack Obama's Economic Stimulus Plan along with other expenses have some analyst saying the annual gap between federal spending and income could approach $2 trillion when the fiscal year ends in September. President Barack Obama plans to cut spending and raise taxes to offset the economic deficit. The withdrawal of troops in Iraq would save about $90 billion a year.
President Barack Obama also proposes to tax the investment income of hedge fund and private equity partners. President Barack Obama also proposes "a fairly aggressive effort on tax enforcement" that would target tax havens and corporate loopholes among other provisions.
The nation's governors welcomed money from President Barack Obama's Economic Stimulus Plan but said that the plight of the economic condition of their states outweighs any federal monies received. The governors at the three-day National Governors Association in Washington focused on President Barack Obama's Economic Stimulus Plan downplaying Republicans criticism. Most of the governors stated that the recovery plan was a "handout" and that their states government is doing the heavy lifting with their state's economy. President Barack Obama's Economic Stimulus Plan will send billions to states for education, health care and transportation.
One governor, Gov. Bobby Jindal, a likely 2010 presidential contender, said that he will reject a portion of the money aimed at expanding state unemployment insurance. Another governor of Mississippi, Gov. Haley Barbour has said that he may reject money from President Barack Obama's Economic Stimulus's Plan as well.
Sarah Palin, the Republican party 2008 presidential nominee criticized the recovery plan as too big and wasteful. Florida's Republican govennor Charlie Crist, also a potential 2012 presidential contender, said that Republican's criticism of the recovery plan was not rooted in politics but that governors just have different perspective on how the law will impact their state.
Group Commentary:
Background and facts:
The President Barack Obama plans to cut spending and raise taxes to offset the economic deficit so as to stimulate the plight condition of the USA’s economic. These plans include withdrawal of troops in Iraq, taxing the investment income of hedge fund and private equity partners and targeting tax havens and corporate loopholes among other provisions. Besides, he will send billions to states for education, health care and transportation these details will be announced later.
The President Barack Obama plans to cut spending and raise taxes to offset the economic deficit so as to stimulate the plight condition of the USA’s economic. These plans include withdrawal of troops in Iraq, taxing the investment income of hedge fund and private equity partners and targeting tax havens and corporate loopholes among other provisions. Besides, he will send billions to states for education, health care and transportation these details will be announced later.
Issues:
1. Obama’s Economic Package Aids towards USA Economic.
2. The influence of global economic crisis to USA.
3. Different opinion from the governor.
1. Obama’s Economic Package Aids towards USA Economic.
2. The influence of global economic crisis to USA.
3. Different opinion from the governor.
Analysis and Opinion:
As the serious influence of the economic crisis in USA, the Obama’s government is trying their best to save the country. In our opinion, many people will welcome the withdrawal of troops in Iraq. For the USA citizen, they will not spend any tax that they pay to ‘waste’ money on the war. For the troops and their families, the troops can back to their home very soon and be with their families. Besides, the troops will not need to worry about their lift and safety. Stopping the wars can also bring peace to the world.
Taxing the investment income of hedge fund can stop the people from buying and investing on the fund. This is one of the most efficient ways to stop the continuous plight of the economic. As people want to avoid from the tax, they may stop investing the fund. If they stop investing the fund, the effects of the shock market onto them will be minimized.
As the serious influence of the economic crisis in USA, the Obama’s government is trying their best to save the country. In our opinion, many people will welcome the withdrawal of troops in Iraq. For the USA citizen, they will not spend any tax that they pay to ‘waste’ money on the war. For the troops and their families, the troops can back to their home very soon and be with their families. Besides, the troops will not need to worry about their lift and safety. Stopping the wars can also bring peace to the world.
Taxing the investment income of hedge fund can stop the people from buying and investing on the fund. This is one of the most efficient ways to stop the continuous plight of the economic. As people want to avoid from the tax, they may stop investing the fund. If they stop investing the fund, the effects of the shock market onto them will be minimized.
Question for readers:
1. Do you think that the proposed plans can give a hand to all American?
1. Do you think that the proposed plans can give a hand to all American?
2. What plans and proposals will Obama’s government announce? Can you give a brief prediction on them?
此留言已被作者移除。
回覆刪除I don’t agree the group's view about war to Iraq. First, the purpose of declaring war to Iraq is finding the terrorists. Stopping the traps is not a way to world peace. They cannot ensure the terrorists would not attack US again. Second, it is not waste money. US can get the interest from oil in Middle-East. Besides, declaring war is a way to expand internal consume. It can maintain the productivity of factories in US.
回覆刪除About what Obama will be announce, I think he will save the car manufactures. Because there would be serious unemployment when the car manufactures are closed. Second, he will rescue the financial firms like AIG, Citi Group and BOA. The US must do so if they want to save the US’s economy.
Wong Kai Wing Calvin(50917871)
*Sorry for repeating post. Please delete the above one. Thx!
I agree that most of the US citizens would support the policy of withdrawal of troop from Iraq. It can reduce the tax from the war and the soldiers can back home. However, it is not the most important plan to offset the economic deficit. The group can analyze more about the feasibility of the stimulus plan in US which was approved by president Obama. For the current plan, I believe that it would help the economic adversity of US, but I cannot predict it would be workable or not for the long-term period. By the way, as Obama was voted by the US citizens, I think they would believe him to save the plight condition of US economic. The depression of economic caused the unemployment rate be augmented. I think the plan would provide more occupations for the unemployed. The government may support the entrepreneurs to offer more positions so that more people have a job.
回覆刪除Commented by Alice Lo Tsz Ying (51353407)
I think you can do a little bit more on the opinions part. I would like to hear more new ideas rather than the information we are familiar with.
回覆刪除U.S.A was doing a job publishing and producing money, gain the value from people all over the world because U.S. dollor polocy. The public don't worry about he system because they always believe that U.S. dollor can suffer these burdens follows. However, facts proved not.
The basic problem of United States is the break down of the faith. The faith that people trust consuming would be the effective and efficient way in econmic roles.
Hence, I think all U.S.A is doing are things help U.S people to "stand up" again. Including the basement consturtion, job prodution. They are acting a role to make people to trust, to consume more and to invest more.
The matter behind should be: trustworth. I think.
Background information are good.
Thank you for your sharing.
I agree that the financial plan of Obama may help the recovery of American economy. But I wondered that whether US government is able to deal with the huge deficits just by shrinking expenses and without opening new taxes. The US government claimed that no new taxes and other source of revenues will take effect until the economy recovers. Is it meant that after the economy downturn is gone, the citizen is going to pay for this plan? In my opinion, it’s ok to pay more taxes to help recover the deficits of government, if the financial plan really helps the economy.
回覆刪除I think Obama should try to create job opportunities for US citizens. Due to the closure of companies and cutting of labours, many people lost their jobs. So it’s important to create job opportunities for them, so that they can support their live in the economic crisis.
Commented by Li Wai Man (50931091)
Thank you Group A for the work done!
回覆刪除It is not surprising for all 176 Republicans voted against the revised package in the House. Yet, even 7 Democrats did the same. Although it would be impossible for any policies to gain 100% supporting rate, it would be nice for Mr. Obama to reconsider the view points of the protesters and try to compromise different bills. I do not think it is a good phenomenon for the package or any bills to be approved with the support of either one of the Bipartisan in the nation.
As referred to history, one single country like Canada carried a similar nature plan like “Buy American” before. It was quite successful to stimulate the local demand. Yet, it was in a less provocative manner. But now, it is not the case. The “Buy American” had already caused alarm among US trading partners. It would be dangerous if most of the countries end up restricting trade as they did in 1930’s. The collective dangers could not be beard by any one single country in the world.
By Suki, Yeung Pui Yan(50717572)