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Democrats propose $50B for jobs-boosting projects
WASHINGTON (AP) -- Responding to calls among rank-and-file Democrats for more infrastructure spending, House leaders Tuesday unveiled a plan to add almost $50 billion in spending on highways, housing and school repair as part of a year-end plan to create jobs.
Q: If we borrow $50 billion to create jobs for all of our country's 15.4 million unemployed and each new job pays a generous $3,250 per month ($39,000 annual salary), then how many months could we keep them fully employed?
A: One month (15.4 million x $3,250 = $50 billion).
Friday: No Major Economic Releases
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[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Friday:
• At 10:00 AM ET, *University of Michig...
6 hours ago
7 comments:
Stag,
A: One month (15.4 million x $3,250 = $50 billion).
One month is pitiful. I propose that we borrow $50 trillion! That would give us 1000 months (83 years)!
I see no good reason why the future shouldn't pay for the present. That's the beauty of a faith based credit system - as long as their IS an exponentially bigger future, you really don't have to deny yourself much of anything in the present. And since the future is unknown, we can size it as needed to suit our present wants.
Besides:
A man is worth what he can borrow. - Paraphrased from the Donald Trump
mab,
I can't/won't borrow anything. I'm 100% worthless. That's fantastic news. I've hit rock bottom. It's only up from here!
The CPI came out a bit hot today. It was all energy though. Is that really the kind of inflation Bernanke wants?
Next stop... Christmas.
Stag,
I can't/won't borrow anything. I'm 100% worthless.
You're a banker's worst nightmare. Not only won't you borrow, but in order to lend, you require a Government fraud filter. In addition, you require only the safest filter available, one with inflation protection.
In a debt saturated, bonus driven, extend and pretend financial system, I'd say you're in the cat bird seat. The count is 3 & 0 and the pitcher hasn't thrown a strike in over a decade. It's hard enough to hit a good pitch let alone a bad one. In any event, why take the chance.
One more thought. Quitting while you are ahead is NOT the same as quitting.
Stag,
The CPI came out a bit hot today. It was all energy though.
It was all energy. And the next few months have easy yoy energy comparisons but the month over month energy comparisons are a different story. I'm not alarmed by today's hot CPI as some are.
Importantly, core inflation is trending down. I think that trend continues as shelter prices are negative over the past 6 months and trending lower.
As a home owner, I get no help from higher energy costs and lower shelter (rent) costs. The CPI is working against me, but I'm not at all surprised. I've gotten a nice break on the monthly mortgage expense due to lower rates, but that savings is more than offset by the lost bubble housing wealth. I expect this reversion to continue until the free lunch I've experienced as a homeowner vs a home renter is eaten.
Is that really the kind of inflation Bernanke wants?
No doubt Bernanke would prefer housing inflation, but he'll take what he can get. It's pain city for all but the banksters.
Mark,
50B kind of like pocket change these days:-)
That isn't even enough to bailout an insolvent mid sized bank.
Kevin
I think Paul Krugman would call for 50 trillion in this case. Crazy old fox!
mab, Kevin, & GYSC,
Speaking of non-core inflation...
"Food at home" prices have not risen on a seasonally adjusted basis since January.
That said, milk prices just went up at Sam's Club. Not sure what to make of that.
N.J. dairy farmers suffer with low milk prices
http://www.nj.com/news/index.ssf/2009/12/nj_dairy_farmers_suffer_from_l.html
The report said the 40 percent decline in milk prices since the recession started in 2007 is based on over supply and not enough demand.
Too much supply. Too little demand. You'd think milk was sold in kiosks at the mall.
Maybe $50 billion/trillion could be spent convincing dairy cows to produce less milk?
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