I guess $13 billion doesn't mean anything these days. Unfortunately, the more that money doesn't mean anything means the more that money won't mean anything. Beware.
Anyway, despite the White House saying they aren't even contemplating contemplating a new stimulus package, this clearly is a backdoor stimulus.
Nobody cares though, so, whatever. What's $13 billion of wealth transfer among friends anyway? What's mine is your's and what's your's is...well, no, somehow we at TILB always seem to be on the "giving" rather than the "receiving" end. Now, if somehow we can loop that last sentence back into the double entendre from this post's title...
Here's the link to some more excellent reporting by the Wall Street Journal. Highlights from the article follow, but I highly recommend reading the whole thing and supporting the online -WSJ. [emphasis added]
[Hat Tip: LB]
WASHINGTON -- President Barack Obama said he will press Congress to provide $250 payments to 57 million seniors, veterans and people with disabilities next year, a $13 billion effort to offset an expected announcement this week that there will be no cost-of-living increase in Social Security payments.
The proposed $250 payment is equivalent to a 2% increase for the average retiree receiving Social Security benefits, the White House said. Notably, it would act as additional economic stimulus at a time when the government is concerned about rising joblessness.
A decline in the rate of inflation precluded any cost-of-living increase next year.
"These payments will provide aid to more than 50 million people in the coming year, relief that will not only make a difference for them, but for our economy as a whole," Mr. Obama said.
Administration officials said in a briefing that they had no plan to offset the $13 billion cost [TILB - of course not, why would they, just ask The Helicopter to turn those machines back on]
The new proposal comes as the Senate prepares to introduce legislation that would extend existing unemployment insurance benefits by 14 weeks for unemployed people in all 50 states, and by an additional six weeks in the 27 states with three-month unemployment rates running higher than 8.5%. [TILB - hell, that sounds awesome. If I you can clear $21k per year after taxes without working vs. maybe $30k before taxes with working, why work?]
People who receive the $250 payments proposed by Mr. Obama would be prohibited from receiving money from other stimulus-related programs next year. [HA! Fucking laugh line, that one. Drew Carey, is that you?]The White House said the cost of the proposal wouldn't damage the solvency of Social Security or other social insurance programs.[TILB - you can't damage what doesn't exist...]