Obama’s Stimulus Plan
For all intents and purposes, president-elect Barack Obama is well on his way to drop the “elect” part of his title and step into the White House for good.
Over the past several weeks he’s been forming his cabinet, making calls to various leaders of various countries - the latest recorded was Afghanistan where he told President Hamid Karzai that the country would be a priority under the new administration - and speaking with companies such as GM who seek government aid.
In addition, top Democrats have stated, he and his forming team are creating a massive stimulus package that will make his original proposals look puny.
In order for a stimulus package to have any kind of positive lasting affect on our economy, it is going to have to be massive and well thought out, but I’ll wait to pass judgment until after I’ve heard all the details.
Another Go At It
So far, the plan includes tax cuts for low and middle-income earners, and some chance of keeping tax increases to a minimum - if there are any at all - for the next year or two. Tax cuts, I can agree with… stimulus plans, not so much regardless of who is president. Bush’s clearly didn’t work, so if Obama hopes to make a more successful round two go at it, I hope it varies drastically from the first attempt.
Originally, Obama endorsed a $175 billion stimulus package, but that plan is likely out the door. Some economists and statespeople the president-elect might be likely to listen to are pushing even up to $700 billion now.
That number includes funding put aside to create new jobs however, an idea at least that both Republicans and Democrats alike - no matter who they voted for - shouldn’t have a problem with. For myself, personally, I’ll have no problem with that part of the plan if it’s handled correctly. And that especially true if it weans us off of dependence on foreign oil as he promised so prominently preceding the elections.
Like I said, it’s one of those things that - if it works - will work wonders. But I’ll wait to applaud until after I see it in action.
http://www.smartprofitsreport.com/archives/2008/economy-and-market-vs-obama-and-mccain.html
Monday, November 24, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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