I have to disagree with you David. His economic stimulus plan includes tax cuts for individuals AND businesses - that should be welcome news for all of us who are stuggling right now. And, the majority of the money will be used for new infrastructure development which will create jobs - as many as 3 million by some estimates.
While I do not like the thought of massive deficit spending, I don't see any other option given our current economic situation. We lost 2 million jobs in 2008 - that is a lot of people that won't be spending any money. Less consumer spending means more rough times ahead for retailers. There has already been a large regional retailer, Goodies, that has filed bankruptcy. 2009 will be the year of Chapter 11's.
It may be true that individually, we will not see a huge share of the money from this plan. But, if it creates jobs and reduces our tax burdens a bit, it should help our economy and we all benefit from that.
There is one thing that concerns me, though. I remember in one of the pre-election debates, Obama said that he was going to implement a tax credit of up to 50% of what small businesses spend on health care. I can tell you that after wages, taxes and insurance are my two biggest expenses and I have no control over either of them. This kind of tax credit would help with both! I haven't heard this mentioned since the debates, but I am really hoping that it makes it into his short range plans somewhere.
Best,
Robert A. Franco
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