President Bush Speaks About Economic Stimulus Package
Jan 18th, 2008 by Shaun Carter
President Bush has a press conference today at 11:30am to announce his plans for an economic stimulus package to try to shock the United States economy back into conciousness. He stated a desire for a stimulus the size of about 1% of GDP and no tax increases.
The two requirements President Bush gave for the package include tax incentives for businesses to encourage growing their operations and providing more jobs. Direct and rapid income tax relief for Americans to spend as they see fit that will last through at least 2010.
I don’t care for the idea of a tax rebate being issued around the same time of everyone getting their tax refunds anyway. The economy will surely get a small boost in April and May when everyone entitled to a tax refund gets their check or direct deposit and goes out to buy that big HDTV.
Another problem is that people may not even use the money for economic stimulated activity. Many will use the money to pay down existing debt and pay their mortgages, which will have no positive effect on economic consumption.
The Dow Jones Industrial Average dropped over 35 points during and immediately after President Bush’s remarks.
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