Obama Joins Economic Stimulus Club
Agent-of-change Barack Obama has come up with his own economic stimulus package:
LAS VEGAS (Reuters) - Amid growing worries about a worsening of the U.S. economy, Democratic presidential candidate Barack Obama proposed a $75 billion economic stimulus plan on Sunday that includes worker tax credits, a one-time pension supplement and help to homeowners facing foreclosure.
The plan would include an immediate $250 tax credit for workers, which could double if the economy worsens, a one-time $250 supplement to Social Security payments, a $10 billion fund to help homeowners facing foreclosure and a $10 billion fund to assist states facing budget shortfalls amid lower tax revenues.
[…]
Obama’s leading rival, New York Sen. Hillary Clinton, on Friday unveiled an economic stimulus package she said would be worth $70 billion. Her plan placed more of an emphasis on helping families unable to make mortgage payments — a major issue in Nevada where “for sale” signs are common on homes around heavily populated Las Vegas.
“There are some similarities,” Goolsbee said of the two plans. The biggest difference with Obama’s plan is that “the absolutely most imperative thing is to get the money into the people’s hands immediately so they can spent it.”
Bush and Congress are also working on a $100 billion plan.
I find it interesting that none of the plans get to the root of the current problem which is that government creates as much money as it wants for political purposes. All the proposed economic stimulus plans rely on creating more money which in the end can only add to the problem.
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