Will the stimulus package work?
On February 17, President Barack Obama signed the $787 billion stimulus package into law. Let's take a look at this package and its potential to lift us out of economic recession.
I'll start by saying don't point the finger at anyone to blame for this mess. It's not George Bush's fault, it's not President Obama's fault, and Alan Greenspan is not to blame. Let's just accept the mess we are in, roll up our sleeves, and get through this! Remember, this is not a political event; it's economic.
Now let's talk about spending. This package is almost 800 billion dollars. Taxes, infrastructure, education and healthcare are the focal points of the package. The spending should create new jobs in all of these areas but it will take some time to implement. Wall Street does not like the package. Wall Street sees this as a declaration of war on prosperity by Washington. Wall Street sees this as another pork barrel for both Republicans and Democrats. Tattoo removal is not a stimulus and blackbird and beekeeping studies will not help a desperate economy.
Jobs are what we need. Tax cuts should give 95% of us more money to spend. I've seen a proposal to eliminate the FICA tax for the remainder of 2009; this would help even more. If we as consumers get it, we need to pay off debt or spend it. Remember, jobs are priority number one.
Let's support the President and the stimulus bills, but let's keep an eye on pork and vote out all purveyors of pork in 2010. Fiscal responsibility is required during these times. Let's start with ourselves and work our way up!