And away we go.
Barack Obama's $787 billion economic stimulus plan has passed both houses of Congress and awaits the president's signature. It calls for billions of dollars in government spending and some $212 billion in tax cuts, and supporters say it will generate about 3.5 million jobs. It even takes a stab at fixing the problems surrounding the alternative minimum tax.
And I'm still a little concerned.
Why? Well, for starters, nothing like this has ever been tried before. That's no excuse for not trying it now, of course, but that's a lot of money riding on a theory of “Let's see what this does.”
Second, a passage in CNN.com's article about the package raised my eyebrows. It reads as follows:
“The written version of the legislation wasn't available for lawmakers to view until around 11 p.m. (on Feb. 12). Some representatives expressed frustration over how little time they had to read the 1,000-plus page bill.
“'You can't be serious. This would be humorous if it wasn't so sad,' said Rep. Tom Price, R-Georgia. 'What's in it? Have you read it?'”
Near the top of my list of things I never want to hear a legislator utter before voting on a $787 billion stimulus bill are these four words: “Have you read it?”
But what the heck: We have to do something, right? So I'm willing to give them the benefit of the doubt and wait to see if they can really pull it off.
In the meantime, I'll amuse myself by browing through Time's list of 25 people we can blame for our economic mess. The usual suspects (George Bush, Christopher Cox, Alan Greenspan, Henry Paulson) are there, as are a few surprises, including American consumers themselves. A warning: The list isn't for the easily excitable. Check your temper at the door.
What are your thoughts about the stimulus plan? Let us know, then check out these other stimulus-related resources:
- MACPA's Economy Resource Center
- AICPA Economic Crisis Resource Center
- Stimulus bill bites loss companies (from CFO.com)
- Stimulus: How it may affect your wallet (from CNN.com)
- Some states would benefit more from stimulus (from MSNBC)