Today is, I suppose, a fairly historic date as our president signed the $787 billion American Recovery and Reinvestment Act into law. This either heralds a brand new era of American prosperity or the end of the world as we know it, depending on which extreme end of the political spectrum you cling to. Personally, I have my doubts that a few measly billion (ok, almost trillion) dollars have the power to either restore or destroy. Like, I suspect, most Americans, I am feeling fairly neutral about it all.
So, pencil me in as cautiously optimistic about this whole economic stimulus thingamajig.
I tend to be cautiously optimistic about most things in life, so I am probably not the best barometer about its chances of success. But, hey, if you’re reading this blog for accurate information about complex political situations, you have bigger problems than one little stimulus package can fix. I would suggest that you read one of the many political blogs out there for your political news and allow this humble blog to serve your cat picture, random ranting and fart joke needs.
Anyways, the stimulus plan. I am happy about the green initiatives that were included and I hope that some of the housing measures will help families to stay in their homes. Selfishly, I am glad that the insulation that we plan to install in our attic this summer will get us a slight tax credit. Beyond that, I’m not sure what I think. The New Deal went a long way towards feeding people during the Great Depression, but there were a lot of complex economic factors that led to America emerging as an economically prosperous country.
World War II played a not insignificant role in all of this and I’m thinking that another war is probably not the answer here.
This whole economy business has me in an odd head space. I tend to internalize the suffering of others, so I’m feeling a general level of stress that there are good people out there losing their jobs and struggling to survive. I don’t actually know any of these struggling people, so I am attempting to do my best ostrich impression. I don’t know if this is escapism, naivety or just plain ol’ self preservation.
I also fully admit that I am extremely talented at being a complete and utter drama queen and am attempting to reign in those impulses.
Although maybe I could use my stressing out about people who I don’t even know to write an awesome song along the lines of Woody Guthrie’s (If You Ain’t Got The) Do Re Mi. It wouldn’t keep a roof over anyone’s head, but it might keep their feet tapping. Which would keep them warm. Sortof. You know, something like a more enjoyable form of shivering.
Anyways, to summarize, the stimulus bill passed today and I’m hoping that it manages to make some things better. While acknowledging that it’s not a panacea. And feeling extremely proud of myself for using an awesome vocabulary word like panacea.
While I might be opening up a can of worms here…. what are your thoughts on the stimulus bill?
Way too little, and at least partially aimed at the wrong things. I’m a huge fan of Paul Krugman, and he’s been saying we need about $3 trillion to jump start things based on where we’re at now, and I’m inclined to believe him. I’m also against the $8000 new home buyer tax credit (even though I qualify) because that money is just being tossed in to try and reinflate a balloon that has a huge gaping hole in it already.
For a really good summation of everything that is currently going wrong, I can’t recommend enough the book “Bad Money” by Kevin Phillips.