$787 Billion Economic Stimulus Plan Essay Example | Topics and Well Written Essays - 500 words

$787 Billion Economic Stimulus Plan - Essay Example The $787 billion stimulus bill passed by Congress will not quickly solve the historic problems besetting the economy, but it could reduce the damage, while providing relief for the unemployed and the uninsured. Moodys Economy.com chief economist Mark Zandi says the bill could help end the economic slide. He warns, however, that the stimulus spending will likely be too small, given the size of the economic decline, and suggests Congress may have to revisit the issue (Kirchhoff) The plan we passed tonight will strengthen our economy by creating millions of good-paying jobs here at home; deliver tax relief for 95% of workers and invest in Americvas future by fixing our communities roads and bridges, improving our childrens education and making our country more energy independent. While House Democrats said the bill is needed to create or save 3.5 million jobs, Republicans countered the proposal would leave future generations saddled with debt. Republicans also noted they had little time to read the massive bill, which was released late Thursday night (Wolf) The crisis is so deep that only the economic reform policies alone may not bring the desired results. Many economists believe that the current recession may continue longer than anticipated. In my opinion, the life styles of the American public need to be fine tuned based on the realities. The greedy public accepted the offers (loans) from the financial institutions with both hands without properly evaluating their financial capabilities. They have approached the banks for everything and the banks were ready to help them without even assessing their backgrounds or financial strengths.The financial institutions miscalculated that the global economy will never exhaust and whatever the goods and services sold in the market will bring profit. Such irresponsible allocation of resources