Healthcare & Stimulus Bills: Now Let’s Call It “The Jobs” Bill!

By Robert Fredricks Posted in Health Insurance News

There is a significant difference between the healthcare issue and stimulus bills. The healthcare crisis has been exacerbated by an inability to rein in costs for more than two decades. The stimulus bills are unrelated to healthcare from the standpoint of federal funds paid to large financial institutions to avert a global financial meltdown. No matter how one approaches these two issues, the core of the difficulties lie with those who made or make major decisions that affect millions of Americans and those foreign entities with whom American Big Business is linked.

Stimulus Bills

In terms of the stimulus bill, former President George W. Bush issued the first stimulus in 2001 when there was a clear recognition that the US was losing jobs. This first stimulus was issued to large corporations and eligible businesses to hire and create jobs to stimulate the job market. According to the US GAO, less than 1% of that money was used for that purpose. The US continued to lose jobs. The chief reason was outsourcing of business to foreign countries where labor could be accessed more cheaply. This created a hole in the fabric of US Labor with significant ramifications that by 2008 required a stimulus known as TARP (Troubled Assets Relief Program) to financial institutions that were on the verge of bankruptcy.

Acknowledging the enormous global ripple of such bankruptcy to American-linked foreign banks and financials institutions, a third stimulus program, ARRA, was approved by Congress to the largest financial institutions in the USA like Morgan Stanley, Goldman Sachs, Bank of America and a number of others whose decisions affected their sister links like AIG, Bear Stearns, Fannie Mae and Freddie Mac. One part of the ARRA stimulus has already allowed several government projects like High Speed Rail to provide enough funding to hire workers.

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