Obama: Give economy $50 billion boost

Now here's a liberal for you. When in doubt, throw money at the problem. The problem with the economy isn't going to be helped in the long run by dumping $50 billion into it (the fiscal stimulus package that just happened didn't jump start the economy). The problem will take hard decisions and hard sacrifices to solve. There is no such thing as a quick fix.

NEW YORK (CNNMoney.com) -- On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday that lawmakers should inject another $50 billion immediately into the sluggish U.S. economy.

The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures.

"Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, N.C.

He said that he supports the expansion and extension of unemployment benefits, as well as a second round of tax rebate checks.

Full Story

How about a better suggestion. How about stop sending jobs overseas to China? How about forcing companies to hire American citizens and not illegal immigrants? How about bringing down the price of gas by drilling in ANWR and Off Shore? All these would stimulate the economy very well. But instead we see Obama calling for the old liberal cry: Throw money at the problem.

Obama didn't offer details about how much money could go toward rebates and how much would be used to pay for benefits extensions. But the $50 billion in total stimulus that he's calling for represents less than a third of the $170 billion earmarked for the first stimulus package, the bulk of which is being spent on rebates. And the jury is still out on how successful those rebates will be stimulating the economy.

Just like everything else he says, there are no details. If you look at his platform you will not find any substance, only platitudes. I don't buy into hype, I want to see the whole thing before I make a purchase. And all I'm getting is hype.

Obama is not even consistent in his hype.

Obama in his speech criticized his Republican rival, John McCain, for proposing to extend all of President Bush's 2001 and 2003 tax cuts.

But look what he's proposing himself:

Obama has pledged to keep the tax cuts in place for everyone except those making roughly $250,000 and up. He has also made proposals to cut taxes further for the middle class, some of which he reiterated in his speech: exempt seniors making less than $50,000 from having to pay income tax; give a tax credit worth up to $500 per working person ($1,000 per family) to offset the Social Security tax on the first $8,100 of earnings; and expand the earned income tax credit.

To boost retirement savings, he has also proposed a 50% federal match on the first $1,000 of savings for families that earn under $75,000.

For Obama's supporters it will be swallowed whole as if it was Manna from G-d. Sounds like something George W. Bush has proposed all along, doesn't it. And that was after criticizing President Bush's policies for the last 6 months. Which makes this a joke and Obama a hypocrite!