The economic stimulus package (click on the link to see what it is about) is about to be signed into law by President Barack Obama today in Denver. Unlike the Republicans who condemn it by calling it a spending package, a europeanization of the U.S., etc., I believe in the President’s assuredness that it is going to save and create more than 3.5 million jobs over the next two years, ignite spending by businesses and consumers alike and lay a new foundation for our lasting economic growth and prosperity.
Instead of just focusing on businesses, this Economic Stimulus Package focuses both on the people and businesses by giving them tax breaks, tax cuts and other benefits. It is a good start but, like President Obama said, it won’t be the end.
Next stop – banks’ bailout
This morning on Morning Joe someone mentioned the banks – that there also needs to be package that benefits them. I completely agree. Last year 117 banks were in trouble – a really big number. If that issue is not faced, there won’t be much effect on the auto industry’s bailout and the nowadays’ Economic Stimulus Package because in order for an economy to function the way it is supposed to function, there must be stable banks that give credits to businesses. The auto industry relies on banks every day, to say the least, in order to pay salaries, pay for auto parts, etc. That and other industries can’t always rely on the money they currently have.