More Stimulus Spending?

On Tuesday President Barrack Obama called for a major new plan of federal spending of $150 billion or more. The focus on this new spending is the expansion of jobs. Our double digit unemployment rate has been staggering at ten percent for a while, and Obama wishes to use this plan in order to perform the last push. Staying with the idea of spending our way out of the recession, Obama also has focused on spending around $50 billion on infrastructure only mainly new bridges and highways. Though we have avoided the recession there is still much work to be done

Of course there are people who agree with this plan and people who do not. Another $150 billion will be added to the federal deficit already totaling at $12 Trillion. This plan also includes the $250 bonus spending for seniors and veterans. Mainly the Republicans in congress ridicule and talk down about Obama’s ideals. In order to get the money, The Treasury department expects to receive $200 billion in taxpayer approved bank bailout funds faster than predicted. The plan was due to come around the end of this year, although because of much argument and discussion Congress predicts the outcome around next October.

At least the president's proposal will result in one new job, he'll need to hire a magician to make this new deficit spending appear fiscally responsible," said Sen. Judd Gregg of New Hampshire, the senior Republican on the Senate Budget Committee

Obama believes the plan is much needed as it would have gone to help the banks on Wall Street to help create jobs on Main Street. But on the other side many Republicans believe the money should be dedicated to deficit reduction or additional bank bailouts. I would have to agree with the Republicans. It has only been a year since Obama released the $787 billion stimulus package. I believe the stimulus package will work…in time! Obama is too concerned with his midterm reelection and is losing focus of the outside picture. Our government is already in a large amount of debt, and though maybe spending more could fix the economy it is not worth the risk of the entire stimulus package in failing.