Saturday, Nov 1, 2008
Washington, taking a page out of Hollywood, looks set to release Stimulus 2, the sequel.
And unhappy, tapped-out taxpayers—aka voters—may get a sneak preview of the second fiscal package as soon as next week if lawmakers return to Washington for a lame-duck session under the eye of a newly elected President.
Critics and supporters alike, however, should hope that the next fiscal stimulus package is more of a commercial success than its predecessor, lest another big-budget flop be tacked on to the ever-growing federal debt.
“It has to be done in a way where you get a good rate of return,” says Tom Schatz, president of Taxpayers Against Government Waste. “What can we do that will work, not how much can we spend and where can we spend it?”
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The hastily conceived $168-billion stimulus package quickly signed into law last February was built around tax breaks for business and tax rebates for consumers, whose impact on the economy was fleeting, at best.
This time around—with recession a reality not a perception and consumer confidence at a record low—the package may be bigger and broader. But that doesn’t mean it will be any wiser or more likely to leave a lasting impression on the nation’s economy or psyche of consumers.
This article was posted: Saturday, November 1, 2008 at 5:36 am