Steny Hoyer: House to pass Jobs Bill by Dec 18th, to include further unemployment extension, COBRA addition and infrastructure & Is Obama planning a 3 trillion dollar tax increase?, plus the rationing begins, women first

(We are combining posts for time under the light blog schedule for the Holidays)

Job Creation Bill:


House Majority Leader Steny Hoyer Tuesday said that Democrats want to pass a jobs creation bill in the House by December 18, the day he hopes Congress will adjourn for the year.At his weekly briefing, Hoyer said House Democrats are now reviewing “a lot of options” to boost job creation, including infrastructure spending, a highway bill, business tax credits for job creation, another extension of unemployment insurance, an adjustment to COBRA and assistance to state governments.

Hoyer said he “would not characterize” the package that is being developed as the second stimulus bill of 2009. Congress passed a $787 billion fiscal stimulus bill in February. The measure, he said, would be “targeted on jobs.” “We’re moving ahead,” he said.

The House Majority Leader said the package will be devised to boost job creation in the short-term, suggesting that any offsets would occur later after the economy picks up speed. The bill, he said, would spend funds early and then “flatten out” our expenditures as the economy grows.

He said the overall size of the package has not been determined. “I don’t have a figure,” he said, when asked about the cost of the bill. Hoyer said that unless the American economy begins to create jobs “we will not have the kind of recovery we want.”…

Continues after the break:

China pushes back on US deficit, taxes coming:

The best thing they could do is put the healthcare bill on hold until 2011 at the earliest. If they did that I truly believe markets and capital investment would rally like crazy and we would expand expand expand. As an added plus that would mean no new taxes on we poor broken backed middle class consumers in 2010 to keep China happy (Orszag got a speaking to by China about the health care bill and the deficit and subsequently announced plans for ‘revenue raising’ ie tax hikes to cut the deficit next year. Basically throwing the middle class tax promises under the bus for our bankers overseas, for debt the people DO NOT WANT TO RUN UP these toolz will raise our taxes).

Guess what? It turns out the Chinese are kind of curious about how President Barack Obama’s healthcare reform plans would impact America’s huge fiscal deficit. Government officials are using his Asian trip as an opportunity to ask the White House questions. Detailed questions.

Andy Busch:

Over the weekend, China’s chief banking regulator sharply criticized the US Federal Reserve and the monetary policy of the United States. Liu Mingkan said that the U.S. Federal Reserve’s promise to keep U.S. interest rates at extraordinarily low levels for an extended period “has already led to a massive U.S. dollar carry trade and massive speculation.”He said that the weak U.S. dollar and low U.S. interest rates are creating “unavoidable risks for the recovery of the global economy, especially emerging economies” and that the situation is “seriously impacting global asset prices and encouraging speculation in stock and property markets” according to the WSJ.

…As you may have read, the Chinese grilled OMB director Peter Orzag on the impact that the health care bill would have on the US fiscal position….

But since they are too thick-headed, obtuse, willfully blind, politically corrupt, insane, or ignorant (pick your poison) they are instead responding to the failure of the trillion in ‘stimulus’ spending to create jobs by throwing more money at the wall hoping something sticks.

They are engaged in behavior that is counter-productive to job growth on practically every level and they do not WANT to understand that it is THEIR actions killing jobs. The recession ended. The double-dip we will get, and we will get it, as we have said for almost a year now, will come about purely because of government intervention into the market forces or the economic cycle IMO. They are overspending, overegulating, over entitlement giving, lol, and soon will be over taxing as a result, killing the consumer recovery.

Click Image for Tax Foundation and bigger image of map

And now the REALLY bad news, a rumoured 3 TRILLION dollar tax hike:

…Over at a Wall Street Journal conference, Christina Romer, chairman of President Obama’s Council of Economic Advisers had this to say about deficit reduction:

But the chairman of the president’s Council of Economic Advisers admitted that health reform and a growing economy isn’t enough to bring down the deficit. She did mention one other place that revenue could come from: letting the Bush tax cuts expire.

Me (Jimmy P.) : Since Obama already wants to get rid of the income and capital gains tax cuts for wealthier Americans that expire at the end of 2010, clearly what Romer is referring to is the rest of the 2001 and 2003 Bush tax cuts. Letting all the 2001 cuts — rate reductions, child tax credit marriage penalty relief — expire would raise tax revenues by $2.5 trillion through 2019. (These CBO numbers assume no negative economic feedback impact from higher taxes.) And letting the 2003 tax cuts on capital gains and dividends expire would be tantamount to a $350 billion tax increase through 2019. And none of this includes possible plans for a VAT that could raise $400 billion a year more to close the huge projected gap — maybe 7 percentage points — between spending as a percentage of GDP and revenues as a percentage of GDP.

Let the ranting begin!

I found out recently that people using food stamps are not paying sales tax. I understand why, but think about the fact that over 34 million families are on food stamps now, many many middle class families that used to support their local tax base with those grocery purchases. This is not good. This is a revenue drop that means increases in local and state taxes waiting to hit us just when the state stimulus drug runs out at the same time the Feds come bigfooting down on us with the taxes and fines for health care (which is NOT an emergency! JOBS are an emergency!!) PLUS Reid is talking about things that will kill the market recovery with a trading fee/tax/transaction payment.

Willfully ignoring all the history of how things went in the Great Depression. All those letters after their names and economists are ignoring the fact that credit has dried up for the consumer, we are still bleeding jobs, we are afraid of all the government intervention and spending and regulation. We are 70% of GDP! Why are they being so blind?

The Rationing Begins: Women unda da bus first, as usual:

Did everyone see the DEATH iMAC Comparative Effectiveness panel is already cutting PREVENTATIVE CARE FOR WOMEN?? MAMMOGRAMS?!! And they haven’t even gotten their grubby bureucratic hands on the power yet. For those who may not know, the insurers and Medicare/Medicaid use these government guidelines to determine what services they reimburse. So millions of American women who previously had the highest rate of breast cancer surival IN THE WORLD, will now have those rates reduced because the government is too cheap to pay for screening. After all their BS about preventative care.  Susan G Komen Foundation has words of wisdom on why it is SO IMPORTANT TO GET ROUTINE MAMMOGRAMS YEARLY AFTER AGE 40:

We are concerned about a new study that may tempt women not to undergo their regular screening mammograms. The following is a longer version of a letter to the editor we’ve written after the study’s publication last week: “To raise new questions, new possibilities, to regard old problems from a new angle, requires creative imagination and marks real advance in science.

Albert Einstein could have been talking about the debate that has churned from a Norwegian breast cancer study published in the Archives of Internal Medicine. It found women who had regular screening mammograms had 22 % more breast cancers diagnosed than women who only had one mammogram during a six-year period.

The study has raised the question whether certain breast tumors actually disappear without ever being treated. First, more studies will have to be conducted to replicate these results. Secondly, at this point in our understanding of the disease, we have no idea which tumors might be the ones most likely to regress.

We have a large body of scientific study showing the benefits of regular screening mammography. The screening tests have been shown to lower your risk of dying from breast cancer by 20 to 35 percent (depending on the study you’re looking at) if you’re 50 or older; and by up to 20 percent if you’re between 40 and 50.

The results of the Norwegian study does, I think, illustrate the need for more research in the area of breast tumors – specifically, about breast cancer in its early stages. We must remember that breast cancer is not just one disease. And obviously, studies like this latest one show just how much we don’t know about a cancer that kills a woman every 75 seconds worldwide.

It’s imperative to remind women that years of research and a multitude of studies have shown regular screening mammograms are the best line of defense in catching breast cancer early. And detecting this cancer, as is the case with many other types, as early as possible is critical to improving your odds of living.

The Norwegian study should not be ignored. To be sure, it raises intriguing, even somewhat troubling questions about breast tumors and how best to spot and treat them.

But to radically shift away from screening mammography as a course of action that repeatedly has been proven to save lives on the weight of a single study would do science …and us…a grave disservice.

Diana Rowden
Vice President

November 17, 2009. Tags: , , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St.

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