President Obama and the Almighty Stimulus Plan

This Tuesday, President Barack Obama signed the $787 billion economic stimulus bill into effect. The bill, entitled the American Recovery and Reinvestment Act of 2009, promises to cut taxes and save millions of jobs. But how realistic are President Obama's plans of setting "our economy on a firmer foundation, paving the way to long-term growth and prosperity"?

While I don't pretend to be an expert on the economic troubles of our country, it is clear that these troubles aren't going away on their own. "Oh, but it's all cyclical! Laissez faire, man! Laissez faire!"

Well, not exactly...

As a struggling college student who already had a major chunk of her financial aid snatched away from her, I am not willing to sit and wait for things to get worse. In less than four years I will be a member of the job market, and struggles are imminent, but I refuse to flip burgers with a degree from USC. Action has to be taken, and although it is clear that this will not be solved overnight, it is important to get the fiscal ball rolling so there is some hope for a safer economic future.

So what exactly does President Obama's bill call for? The majority of the $787 billion (that's right) will go to tax relief for the middle class. Obama stated that it will not only create or save 3 1/2 million jobs, but put "nearly 400,000 men and women to work rebuilding out crumbling roads and bridges, repairing faulty dams," and connecting businesses and homes with an upgrade in mass transit. And this is only part of the large focus President Obama has taken on rebuilding the infrastructure. Following in Eisenhower's footsteps, he believes securing the infrastructure is crucial for economic stability. Through the bill, he also secured the jobs of 14,000 teachers in New York City alone, and has given 7 million people their health coverage back. He's calling the bill an "investment," because though costly now, the stimulus bill may lead to greater payoffs in the future.

It sounds amazing right? It seems like every government official would be on board, and according to Obama, they are. He said he's gotten broad support from "business leaders, unions and public interest groups, the Chamber of Commerce, the National Association of Manufacturers, Democrats and Republicans-"

Wait! What!

Republicans too?!?!

Not quite...

Although Obama claims broad support, the stimulus bill received only 3 Republican votes in the Senate and none in the House. Michael Steele, the chairman of the Republican National Committee said Republicans remain in disagreement about the bill, many viewing it as a waste of money.

Despite partisan squabble, Obama has stayed true to his word about keeping up accountability and transparency in his administration. His team created www.Recovery.org, a website that keeps stimulus information posted so that every American can go online and see just where their tax dollars are being spent, as well as the full transcript of the bill.

Will all this work for certain? No one knows. This country has already been through various economic trials and tribulations. Sometimes it lasts for a few months, and sometimes for entire years. Our trillion dollar deficit certainly isn't going anywhere soon. This is why this bill matters now more than ever. Long-term economic stability should be the aim and the legislation put forth sounds like a giant step in the right direction. Expansionary fiscal policy (thanks, John!) is definitely the way to go, and I hope Obama sticks with it and is able to get us out of this mess!

Obama remarks on signing the stimulus plan

http://www.cnn.com/2009/POLITICS/02/17/obama.stimulus.remarks/

Stimulus plan set in motion

http://www3.signonsandiego.com/stories/2009/feb/18/1n18stimulus235422-obama-signs-stimulus-bill/?zIndex=54590

American Recovery and Reinvestment Act of 2009

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf

www.recovery.gov