Politico reports House Minority Whip Eric Cantor (R-Va.) didn’t rule out the the idea of a second stimulus package and said Wednesday he would be willing to sit down with the White House and congressional Democrats to discuss any new emergency spending proposals.

Citing the current economic crisis, Cantor acknowledged: “You have to.”

The Richmond congressman said, though, that he would only support a bill that differed from the first stimulus and included additional tax cuts for small businesses.

Meanwhile, many others on Capitol Hill express ignorance when a second stimulus package is mentioned. Our question is: If there aren’t results from a first stimulus package, why try for a second? Won’t it only drop us deeper into the black hole of debt?

But while Congress is now throwing around the words “Billions and Billions” like Carl Sagan used to a quarter century ago when talking about the vast expanses of the universe, the new buzzword is Trillion. Already several trillion dollars have been authorized when you add up the TARP funds, the Citibank and AIG and Auto Bailout Money, and the Recovery Act of 2009. Unfortunately, Americans aren’t screaming about this as loudly as they should be, mostly because a trillion of anything is far beyond our comprehension as a species to understand. We’re discussing and throwing numbers around in our media like we understand them, but in reality the concepts a billion and trillion represent are so vast they are normally only used when discussing phenomenon out in space in our universe.

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Economy in Flames

Economy in Flames

USA Today reported on January 8th that President-Elect Barack Obama was about to give a speech on the state of the economy:

President-elect Barack Obama this morning will warn that unless “dramatic action” is taken quickly, it may be too late to pull the economy out of a recession that could last for years.

His staff just released excerpts from a speech the president-elect is due to give at 11 a.m. ET. Among those excerpts:

• “I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world.

“In short, a bad situation could become dramatically worse.”

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