The Instigator
bigbass3000
Pro (for)
Losing
12 Points
The Contender
ComradeJon1
Con (against)
Winning
14 Points

POFO debate only pleasee

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Voting Style: Open Point System: 7 Point
Started: 3/29/2008 Category: Politics
Updated: 9 years ago Status: Voting Period
Viewed: 1,405 times Debate No: 3431
Debate Rounds (3)
Comments (3)
Votes (8)

 

bigbass3000

Pro

Resolved: That the Economic Stimulus Act of 2008 will successfully mitigate economic slowdowns over the next year.

Definitions:
Successfully- Achieving the desired effect
Mitigate- decrease
Year- 2009

Contention 1: Money into economy

Whereas the Economic Stimulus Act is giving roughly $106 billion dollars to citizens that qualify, spending will increase within the nation. When this occurs companies are able to profit in turn mitigating the current recession. The recession is caused by citizens who're incapable due to debt (for the most part) from purchasing goods. As companies suffer due to loss in profit due to lack of buying, the economy suffers.

Contention 2: Federal Reserve

A)Money and Rates:

The Federal Reserve had injected $24 billion into the U.S. banking system and lowered the federal funds rate below the usual target rate of 5.25% to help stabilize the economy, August 9, 2007. Since then, the rates of the Federal funds rate have been reduced to its current level of 4.25%. Basically this means in addition to the economic stimulus alone, the Fed. Reserve is working with the banks of the U.S. to help lower the amount that banks are charged when they make an overnight loan to one another. This helps the economy by taking less money away from the banks, allowing it to fuel the economy, and at the same time giving direct funding to the economy in banks. This helps mitigate the economic recession.

B)Foreign and Central Banks

Through actions between the Federal Reserve and foreign central banks such as the European Central Bank (ECB) and the Swiss National Bank, the Federal Reserve was able to alleviate some funding pressures by making greater liquidity (ability or ease to convert assets into cash) available. Lines were established between the ECB and the Federal Reserve to swap currency, which funds non-U.S. institutions that would usually go to the interbank market as opposed to the U.S. Through liquidity provided from the ECB's short-term funding of about $500 billion, markets have been able to recover on an international level. Essentially U.S is working with foreign banks to circulate money, helping to raise the value. Pressures on the economy are being alleviated through the liquidity of the Federal Reserve. Also, through the ECB's funding in the interbank, some markets are able to recover.

Contention 3: Hirer wages

Higher wages are an easy way to increase economic activity in the sense that it increases the amount people are able to spend on U.S markets. Now it's easy to say that there are no guarantees that the money will be spent on personal ventures, but the fact of the matter is that many Americans are in over their heads in debt, and this hurts companies when these citizens aren't able to pay. This increased wage can easily help to pay back loans, and debts acquired through the years and this directly influences the economy. This may look like a costly method, but it is effective and will essentially benefit companies in general, and perhaps save this nation from facing a great economic recession.
ComradeJon1

Con

1st, i tihnk you mean Public Forum Debate?

Anyhow: i only have one contention

Tax Breaks with no government control never have and never will stop economic slowdowns.

The biggest problem with the US economy in its state is our relience upon producing nations: We get the raw materials, sell them to China and get them shipped back at a lower rate. Sounds like a good deal?

Actually, it makes us a third world country (so to speak). By not producing anything, we trade is opposite currency. When you dont use the dollar in international markets, you lose its value. Thats when the Yen, Yuan, and Euro are all coming close to double their compared value with the dollar as of 10 years ago.

All the ESA does is put more money into the hands of the people that will be spending that money on foreign produced products, thus FURTHER weakening the value of the dollar.

To stimulate the economy, the govt needs to take that money and put it towards subsidies for bussiness that would, on a regular basis, produce materials. That way we become self reliant and use our currency rather than foreign currency.

Gotta love ridiculously onesided PF topics though
Debate Round No. 1
bigbass3000

Pro

Tax rebates have worked actually, and here is why, about three things are going to be spent on. Won they spend the check, which will stimulate. Two they save it which gives banks more liquidity and with more liquidity they can work with the individuals that may foreclose on their house, that way the money is not lossed. Or three they pay off debt, paying off debt isn't bad, because then they have money available to spend. So it will mitigate, tax rebates always focus on the spending not even realizing the other options of the money. As far as your china analogy, we have plenty of money to help the U.S. out. Onto your next point or last point, how is this one sided as you said just asking.
ComradeJon1

Con

The more we save in banks, the more the bank owes us. When you use debt to pay off debt, all you get is a new debt.

People paying off their personal debt may be great for them, but its not for the economy. The credit card company doesnt comtribute liquid assets. Its actually the exact opposite. The entire credit industry is entirely based upon fake money that will always be reborrowed. So putting more money into an untangible dollar wont have any effect on the dollar's value.

if we can agree that a weakening dollar is the problem, than we can see obviously that entrusting the american people to stimulate its value, when we agree that the most likely action they will take is to save or pay off debt, is not the answer.
Debate Round No. 2
bigbass3000

Pro

Yes, but you have to see it as this, banks owe them money, but the reason are economy is in crisis is because of debt and the housing market. According to Eric Tymoigne assistant professor of economics at Fresno State, the economic growth in the last 16 years has had a lot to do with the housing market. Foreclosures are happening because of subprime loans, giving the banks liquidity is a good thing, because then the banks are more likely to work with the persons who have debt. So they get their money on time, that is how it works, you idea is very confusing to me. The dollar will go down, but it will not go down enough to bite us in the butt. Like i said before inflation is cost induced not demand. Secondly you don't even realize like I said the negative effects are far away from now. In 2009 there will be economic growth rather than slowdowns. The rebates have produced before, also the success of this act through mitigation is if the bill does what the expectations are. Everyone is expecting it to not have a big impact, so that is what is expected. Vote Aff, don't be bias, believe in thsi act, look up the facts.
ComradeJon1

Con

ComradeJon1 forfeited this round.
Debate Round No. 3
3 comments have been posted on this debate. Showing 1 through 3 records.
Posted by HadenQuinlan 9 years ago
HadenQuinlan
I always assumed "Public Forum Debate" was to be called, "PFD". =/

POFO sounds silly!
Posted by psynthesizer 9 years ago
psynthesizer
it means public forum debate. It is a format of debate used by high school debates.

http://en.wikipedia.org...

Think tag-team debate on current events. Good stuff.
Posted by Ragnar_Rahl 9 years ago
Ragnar_Rahl
what's a POFO debate? I am unaware of this notion.
8 votes have been placed for this debate. Showing 1 through 8 records.
Vote Placed by tmhustler 7 years ago
tmhustler
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Vote Placed by aodanu16 9 years ago
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Vote Placed by Creator 9 years ago
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Vote Placed by rnsweetswimn1 9 years ago
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Vote Placed by bigbass3000 9 years ago
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Vote Placed by CHS 9 years ago
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Vote Placed by Sweatingjojo 9 years ago
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Vote Placed by ComradeJon1 9 years ago
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