Edwards proposes $100 billion economy bailout

[BeyondGeography]

LISBON, Iowa (AP) — Presidential candidate John Edwards on Saturday said the country can't simply wait for the economy to turn around, and he wants Congress to come up with as much as $100 billion to prepare for a potential economic slowdown. The Democrat and former North Carolina senator suggested an initial investment of $25 billion for job creation and other aid, and asked lawmakers to be prepared to come up with the rest if the economy slides into a recession.

Edwards said the economy is struggling because of the housing crisis and stagnant wages. Housing, energy and health care costs have increased, while the median income for working-age families dropped $2,400 between 2000 and 2006, he said.

"I've been concerned for some time that the economic growth in this country is completely concentrated in the top with big corporations and the richest Americans, and middle class families are struggling," Edwards said at a news conference after a stop in eastern Iowa "We need to stimulate the part of the economy that helps working families."

He didn't propose how to pay for the plan, saying it's his first policy proposal where he hasn't come up with a detailed plan for funding. "It's a one time thing and it's paid for by growing the economy," he said.

...Several of Edwards' economic proposals, including some of his energy and housing proposals, have been included in other policy plans he has offered over the course of the presidential campaign.

However, his proposal that Congress act now to shore up the economy rather than waiting for a new president to be elected is new, his campaign said.

http://politicalticker.blogs.cnn.com/2007/12/22/edwards-proposes-100-billion-economy-bailout/

Sounds a little over-the-top. He probably should have stopped at the $25 billion for job creation.

[madrchsod]

1. it`s a bad plan and it`s not what we need

where to get the money? where`s that 70 billion going next year? that`s a huge amount of money that could be a start in a multi billion public works projects to rebuild our country from the ground up. we have the workers and we know how to start tomorrow morning at 7o`clock....so were do we sign up?

[JDPriestly]

3. He will pull the troops out of Iraq and spend the money

going into Iraq on economic development. Investment in jobs here in our country will generate tax revenue. Here in California, the headline of the L.A. Times today stated that the state has to cut back funds to schools and other things because of the economic slowdown.

[cali]

5. except he wants the congress to do it now. n/t

[BeyondGeography]

8. Bloomberg reports this as a $25 billion stimulus package

==Edwards, who is competing with Senators Hillary Clinton of New York and Barack Obama of Illinois to finish first in Iowa's Jan. 3 Democratic caucus, called on Congress to approve a $25 billion package of investments in clean energy, job training and unemployment benefits. He said lawmakers should be prepared to allocate another $75 billion in the event of a recession.==

http://www.bloomberg.com/apps/news?pid=20601103&sid=aXbpnWFEErMo&refer=us

That sounds much better; if he had left out the $75 billion allocation, which only contingency money, no one could have put the $100 billion price tag out there.

[fenriswolf]

2. i weep for our children

when we say spending money for jobs must remain below 25 billion, when we have squandered so many resources in the systamatic destruction of the middle east.

[MethuenProgressive]

4. "He didn't propose how to pay for the plan, "

He's left himself open for the "He wants to raise your taxes 100 Billion dollars" line from the GOP.
So let's see - if we can't risk Obama, can't afford Edwards, and can't stand Clinton...
Vote for Bill Richardson!! :hi:

[cali]

6. this is silly. Even if Congress managed to pass it, bush would veto it.

And Edwards knows that, so what's he doing here?

[K Gardner]

7. Why does John Edwards hate AMERICA ???

:sarcasm:

(edited to add that I cannot believe people here are dissing anyone who realizes the economy is about to tank. Bookmark this thread for future reference when it does, then slam him)

[Triana]

9. True that...

...I don't even hear any other candidates addressing the issue.

[ellisonz]

10. Not true:

http://www.barackobama.com/issues/economy/

[cali]

11. because this is pointless. Look, I believe Edwards is sincere

but this isn't a solution. It's absurd to suggest doing this now when there isn't a prayer of a chance of it becoming law.