It seems only months ago that the U.S. Treasury was rushing to send out money to “stimulate” the lagging economy. I, as some of you may have been, was the recipient of a crisp check from the government for $600.00.
The number fluctuated depending on your marital status, amount of taxes paid in that year, etc. The purpose of these stimulus checks was to pump money into the hands of Americans in the hope of increasing spending amongst the people.
Corporations such as Wal-Mart went so far as to offer free check-cashing as an incentive to shop in their stores. That was last summer, and the economy is no better for it, it seems. The money wasn’t so much a gift as it was a loan to be paid back over the years, and it makes me wonder if it was worth it.
It might make you wonder too, if you are, say, under the age of 60 or so, as the pratfall of the measure will be felt for years to come, our children notwithstanding. It is now January, just seven months or so since that action, and the economy is no better for wear. Just a few weeks into the new presidency, and measures to implement yet another stimulus is at hand.
Now I can imagine the 18-21 year-old college student see that blip across CNN and wondering what that means to them, and I can assure you a lot. The new Stimulus Package (as it’s being called) has passed the House and is waiting for its turn in the Senate (provided the Republicans can be swayed).
It is a far reaching plan, one that many would say is farther reaching and more productive in scope than simply putting money in hands of Americans. Of course, there are detractors too, and they have frank and understandable questions about where the money will go. The package goes so far as to ask for tax breaks for lower and middle-class Americans (that’s you, College Student) and set rates of interest for 30-year home loans (that’s you too, Mr. and Mrs. Post-College Student) at a low and stable rate.
While the plan calls for many more items to help the increasing red tide, these are two of but many items that do and will affect you as both American and taxpayer for years to come.
It’s hard to imagine, coming at the heels of the Wall Street bailout, the Fannie Mae/Freddy Mac fiasco, and an already faltering economy. What’s important to see though, is where you stand on the issue. It’s not so much that you go toe-to-toe with anyone that has a different opinion, but as an American taxpayer, you should always be informed.
Honestly, political leanings aside, I haven’t yet myself decided where I stand on the issue. There are still many facets to the plan that need to be worked out, and before anyone can cast a yea or nay stance on the package (after all, if passed it calls for a staggering 900 BILLION dollars) they need to see how it factors into their life, and that means everyone, regardless of your economic class, debt, income, etc..
If passed, even more borrowed money will be spent, and it’s important to see where it will go. I for one have been keeping close watch on this, by today more will be known about it and how the plan is going to go.
Politics aside, age aside, income aside, as Americans and taxpayers we should all keep a keen eye on our government as plans like this develop, and be well-read in what measures like this one entail.
We won’t be in our twenties forever (don’t get too depressed) and decisions being made now will affect us when we are 50. Let’s all hope that whatever happens with this Bill is both cost-effective and beneficial to the average American. For that, we should all be optimistic.