nnuut
Moderator | TSP Legend
SHOW ME THE MONEY!!!:nuts:
Irwin Kellner
May 26, 2009, 12:02 a.m. EST
Show me the money
Commentary: Little of the federal stimulus funds are making it into the economy
By Irwin Kellner, MarketWatch
PORT WASHINGTON, N.Y. (MarketWatch) -- Three months after the passage of a much ballyhooed stimulus package aimed at resuscitating the economy and creating jobs, precious little federal money has actually been paid out.
Recently, the Congressional Budget Office estimated that only 15% of the $787 billion bill that President Obama signed into law in February would reach the economy this year.
In and of itself, this is too little money to handle the massive job of turning the economy around this year, as Washington had hoped. But it looks as though the amount of federal cash actually reaching state and local governments and the private sector this year may well be even smaller than this measly sum.
Something less than 6%, or $50 billion, in federal funds has hit the economy so far. It appears to be mainly in the form of assistance to states to cover the cost of Medicaid, as well as the one-time checks for $250 that were sent this month to recipients of Social Security benefits.
Even less can be said about the administration's efforts to help troubled homeowners.
February's stimulus package called for the government to spend enough in incentives for mortgage lenders to spare as many as four million homeowners from foreclosure. But the Treasury admits that so far this year, fewer than 55,000 home loans have been modified.
The Obama administration says it will spend 70% of the stimulus money, or $550 billion, not more than two years after passage of the law. But, hopefully, the economy won't need these funds by early 2011 the way it does now. [more]
http://www.marketwatch.com/story/mr-president-show-me-the-money
Irwin Kellner
Show me the money
Commentary: Little of the federal stimulus funds are making it into the economy
By Irwin Kellner, MarketWatch
PORT WASHINGTON, N.Y. (MarketWatch) -- Three months after the passage of a much ballyhooed stimulus package aimed at resuscitating the economy and creating jobs, precious little federal money has actually been paid out.
Recently, the Congressional Budget Office estimated that only 15% of the $787 billion bill that President Obama signed into law in February would reach the economy this year.
In and of itself, this is too little money to handle the massive job of turning the economy around this year, as Washington had hoped. But it looks as though the amount of federal cash actually reaching state and local governments and the private sector this year may well be even smaller than this measly sum.
Something less than 6%, or $50 billion, in federal funds has hit the economy so far. It appears to be mainly in the form of assistance to states to cover the cost of Medicaid, as well as the one-time checks for $250 that were sent this month to recipients of Social Security benefits.
Even less can be said about the administration's efforts to help troubled homeowners.
February's stimulus package called for the government to spend enough in incentives for mortgage lenders to spare as many as four million homeowners from foreclosure. But the Treasury admits that so far this year, fewer than 55,000 home loans have been modified.
The Obama administration says it will spend 70% of the stimulus money, or $550 billion, not more than two years after passage of the law. But, hopefully, the economy won't need these funds by early 2011 the way it does now. [more]
http://www.marketwatch.com/story/mr-president-show-me-the-money
drop your anchor i might need it as a life lin:nuts:e
:blink::laugh:
its a good thing all of it has not sprouted just yeat 
