In the past year, our countries economy has suffered the worst recession it has seen since the Great Depression. With numerous lay-offs and vanishing benefits, American’s are at a loss for what they could possibly do to keep from having to relocate or take out a loan or even file bankruptcy. Now that we have a new president, we are expecting quite a turn-around to help our citizens receive greater salaries and much less get a job to begin with. Gasoline prices and health care are soaring through the roof, while people who have been lucky enough to maintain their jobs, are being paid less and less. President Obama has constructed a specific economic stimulus package to revitalize the rut that our market has become.
The main purpose of these drastic changes is to alleviate the pressures that have been put on middle and working class families and to eradicate the overwhelming burdens that the economy has left on us all. However, the economy is getting worse with each day and we are all waiting patiently for it to look up very soon. Since an over-night miracle is not possible, Obama plans to aid those most in need and citizens who are most likely to use the funds given to them. This way spending activity will increase and the economy will eventually stabilize. One of the first actions on the president’s agenda is to grant each and every worker an immediate $250tax cut which will cost $35 billion to supply the entire country with.
Because the importance of taxing workers to gain revenue for social security is still intact, Obama deliberated a reasonable and sufficient amount of $250 in aid that he could provide to employees. The goal of providing tax cuts to American’s is so that they can regain their spending power little by little and, in return, the economy will strengthen its consumer buying activity. But if we were to receive extra money, would we really spend it instead of saving it to pay off important bills and other expenses? Obama has already thought of this as well; he also wants to create a range of financial services available to American’s, to help relieve the burden of unwanted debt, foreclosure, refinancing home mortgages, and offering free credit reports. This leads us to the question of: how will senior citizens be helped?
President Obama intends to grant every senior citizen a temporary bonus of $250 in additional to their social security checks. For this, he is putting aside $10 billion in reserve. Unlike the tax cuts that will be put in place for workers, this specific aide will remain temporary until the economy has started to recover its losses. According to research, senior citizens in America are more likely to spend their extra funds because usually they are not financially responsible for any dependants and they already have their monthly social security check taking care of other expenses. Obama has decided that giving money to a market that is more likely to purchase is the smart thing to do.
Whether or not these elements will do our economy any good anytime soon is not certain. But the package does possess an optimistic and motivating air to what the president has in mind to keep us from truly experiencing a great depression.
BIBLIOGRAPHY
Organizing for America. BarackObama.com. http://obama.3cdn.net/8335008b3be0e6391e_foi8mve29.pdf. May 7, 2009
Economic Stimulus Package Information. Obamastimulusplan.info. http://obama-recovery-plan.com/economic-stimulus-program/?fycid=4333&fyckw=economic%20stimulus%20package&gclid=CPzWiL-bq5oCFShRagodOyf-1A. May 7, 2009
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You've listed two sources for this article, but I don't see where you've used any information from these sources in what you've written. Crediting your sources within your article adds credibility to what you've written; it shows you've done your homework. Without that, this comes across more like an opinion piece than a research paper.
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