"A future of hope and opportunity begins with a growing economy – and that is what we have. … This economy is on the move, and our job is to keep it that way, not with more government, but with more enterprise.."– President George W. Bush, State Of The Union Address, 1/23/07
Nice words...but the Bureau of Labor Statistics newly released jobs figures for January show that the after 52 straight months of job growth, the longest period on record, employment decreased by 17,000 jobs.
There is no dispute, we are in a period of economic uncertainty. As the cost of gas, food and health care increase, the financial markets plunge and the housing sector remains stagnant; the economy is on the verge of a recession. While not meeting the official definition of a recession -- it sure feels like we are already in one for a lot of people.
President Bush and the U.S. House have proposed a $145 billion economic stimulus package designed to jump start the economy. They are urging the Senate to quickly pass the legislation with no changes. The plan is based on the idea that the economy needs a strong but temporary shot in the arm to increase spending and encourage job creation. Eligible taxpayers would get rebates of up to $600 for individuals and $1,200 for couples, with a minimum of $300 per person and $600 per couple. It also contains business investment incentives.
However, you can count on the Senate to "fine tune" the legislation. But, in this case they have the opportunity to make this legislation better.
While I will do my patriotic duty and promptly spend the money -- I am not sold on the idea of rebates because the economy needs more comprehensive economic reform. I think Congress would be wise to spend more time to craft a program that will more fully achieve the economic goals that the proposed stimulus is intended to accomplish. In the current political environment Congress has to provide some immediate assistance. But you have to consider the merits of spending more time on this issue since it will take probably 90 to 150 days before checks can be cut. Shouldn't we use the time to do this right.
I like some of the ideas being considered by the Senate. Lets make sure low and moderate income families get sizable rebates, make sure the rebates don't negatively affect financial assistance programs such as food stamps and other benefits, extend the rebate to low and moderate income seniors who receive Social Security but do not have earnings, and provide rebates to higher income families. Since this would increase the overall size of the proposal, some households would have to get slightly smaller checks.
The key to the stimulus is to get the money into the hands of the people who will spend it and the Senate plan does a better job. Senator Barack Obama's economic stimulus plan as well as Sen. Hillary Clinton's plan goes much further than the proposal advanced by Bush and the House.
Saturday, February 2, 2008
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This section highlights key legislation and links for you to contact your elected officials.
Health care reform is front and center on the nation's agenda. The group Sojourners has an interesting "Christian Health Care Creed" that can be sent to Congress. It in part says:
"I believe that Christians should seek to bring health and well-being (shalom) to the society into which God has placed us, for a healthy society benefits all members (Jeremiah 29:7).
I believe in a time when all will live long and healthy lives, from infancy to old age (Isaiah 65:20), and "mourning and crying and pain will be no more" (Revelation 21:4). My heart breaks for my brothers and sisters who watch their loved ones suffer, or who suffer themselves, because they cannot afford a trip to the doctor. I stand with them in their suffering."
Health care reform is front and center on the nation's agenda. The group Sojourners has an interesting "Christian Health Care Creed" that can be sent to Congress. It in part says:
"I believe that Christians should seek to bring health and well-being (shalom) to the society into which God has placed us, for a healthy society benefits all members (Jeremiah 29:7).
I believe in a time when all will live long and healthy lives, from infancy to old age (Isaiah 65:20), and "mourning and crying and pain will be no more" (Revelation 21:4). My heart breaks for my brothers and sisters who watch their loved ones suffer, or who suffer themselves, because they cannot afford a trip to the doctor. I stand with them in their suffering."
A Little This..A Little That...
06/20/08
Gallup Poll: Currently, 79% of Americans hold negative views about the economy, while 13% hold mixed views, and only 5% hold positive views. In comparison, 61% of Americans held a negative view at the begining of the year, 21% held a mixed view and 16% were positive.
04/19/08
Gallup Daily: Hillary Clinton now receives 46% of the support of Democrats nationally, compared to 45% for Barack Obama, marking the first time Obama has not led in Gallup's daily tracking since March 18-20.
04/06/08...The Milwaukee Brewers are starting the 2008 Season where they belong atop the NL Central. Ben Sheets was dazzling Sunday as he helped the club sweep the Giants with a 7-0 victory.
02/06/08...A bit of old news, but the casual dining chains continue to struggle as folks like me have to look twice at our spending habits due to the high price of gas, groceries and a slumping housing market. As you know, IHOP bought Applebee's last November -- a deal that I for one questioned. Applebee's sales continue to decline and that does not bode well for the future of the chain. The management strategy for IHOP is the franchise model so the company-owned Applebee's may be on their way out faster than you can say "baby back." With the debt of the purchase, you can imagine they're under pressure to turn things around or else. Look for IHOP to make a deal with a private equity firm to take the stores off their books. The National Restaurant Association recently issued the following release: Restaurant Performance Index Declined for the Fourth Consecutive Month in December
01/26/08...The Civil Rights Project at UCLA published astyd discussing the resegregation of the public schools. The report finds that segregation of African Americans is back to what it was in the late 1960s. The only kinds of communities with high levels of school integration are the nation’s rural areas and towns, once the center of the most intense resistance. By contrast, extreme segregation is concentrated in the largest metropolitan areas. Read the report: The Last Have Become First; Rural and Small Town America Lead the Way on Desegregation
01/04/08...Federal efforts to eliminate racial and ethnic disparities in health care are underfunded and indicate a lack of seriousness about accomplishing the goal, according to former U.S. Surgeon General David Satcher. You can view Dr. Satcher discussing health disparities and current federal legislative efforts and the factors that may influence the outcome of these efforts.
12/31/07...The U.S. Census Bureau says that on this New Year's Eve, morethan 303 million Americans of all ages are ready to greet the year 2008. Fifty years ago, the U.S. population was just over 171 million. A centuryago, it was 87 million. To show how fast the nation is growing, by thistime tomorrow, there will be some 7,800 new babies on hand to welcome the new year.
12/28/07...Sales of new one-family houses in November 2007 were 9.0 percent below the revised October rate and is 34.4 percent below the November 2006 rate. The median sales price of new houses sold in November 2007 was $239,100; the average sales price was $293,300, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The outlook for the restaurant industry continued to weaken in November. Forty-four percent of operators reported a same-store sales decline in November, up from 36 percent who reported similarly in October, according to the National Restaurant Association's comprehensive index of restaurant activity. The index fell to its lowest level in more than four years. FYI...News Report on the Casual Dining Sector
Gallup Poll: Currently, 79% of Americans hold negative views about the economy, while 13% hold mixed views, and only 5% hold positive views. In comparison, 61% of Americans held a negative view at the begining of the year, 21% held a mixed view and 16% were positive.
04/19/08
Gallup Daily: Hillary Clinton now receives 46% of the support of Democrats nationally, compared to 45% for Barack Obama, marking the first time Obama has not led in Gallup's daily tracking since March 18-20.
04/06/08...The Milwaukee Brewers are starting the 2008 Season where they belong atop the NL Central. Ben Sheets was dazzling Sunday as he helped the club sweep the Giants with a 7-0 victory.
02/06/08...A bit of old news, but the casual dining chains continue to struggle as folks like me have to look twice at our spending habits due to the high price of gas, groceries and a slumping housing market. As you know, IHOP bought Applebee's last November -- a deal that I for one questioned. Applebee's sales continue to decline and that does not bode well for the future of the chain. The management strategy for IHOP is the franchise model so the company-owned Applebee's may be on their way out faster than you can say "baby back." With the debt of the purchase, you can imagine they're under pressure to turn things around or else. Look for IHOP to make a deal with a private equity firm to take the stores off their books. The National Restaurant Association recently issued the following release: Restaurant Performance Index Declined for the Fourth Consecutive Month in December
01/26/08...The Civil Rights Project at UCLA published astyd discussing the resegregation of the public schools. The report finds that segregation of African Americans is back to what it was in the late 1960s. The only kinds of communities with high levels of school integration are the nation’s rural areas and towns, once the center of the most intense resistance. By contrast, extreme segregation is concentrated in the largest metropolitan areas. Read the report: The Last Have Become First; Rural and Small Town America Lead the Way on Desegregation
01/04/08...Federal efforts to eliminate racial and ethnic disparities in health care are underfunded and indicate a lack of seriousness about accomplishing the goal, according to former U.S. Surgeon General David Satcher. You can view Dr. Satcher discussing health disparities and current federal legislative efforts and the factors that may influence the outcome of these efforts.
12/31/07...The U.S. Census Bureau says that on this New Year's Eve, morethan 303 million Americans of all ages are ready to greet the year 2008. Fifty years ago, the U.S. population was just over 171 million. A centuryago, it was 87 million. To show how fast the nation is growing, by thistime tomorrow, there will be some 7,800 new babies on hand to welcome the new year.
12/28/07...Sales of new one-family houses in November 2007 were 9.0 percent below the revised October rate and is 34.4 percent below the November 2006 rate. The median sales price of new houses sold in November 2007 was $239,100; the average sales price was $293,300, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The outlook for the restaurant industry continued to weaken in November. Forty-four percent of operators reported a same-store sales decline in November, up from 36 percent who reported similarly in October, according to the National Restaurant Association's comprehensive index of restaurant activity. The index fell to its lowest level in more than four years. FYI...News Report on the Casual Dining Sector