On Tuesday, President Barack Obama will sign the $787 billion dollar stimulus package approved last week. Republicans are not happy, calling the package unlimited wasteful spending. However they did not offer a timely realistic alternative that would save homeowners, schools, and health care.
Pundits are pondering whether or not the package is enough or the right approach to fixing our broken and bleeding economy. The package is not going to get the country back on our financial feet right away, but it is something. Republicans may see it as a very expensive band-aid, however something needed to be done.
The approved stimulus package will help all of us. The financial government package will help the unemployed and the uninsured. Most working people will see a small tax cut that will show up as a few extra bucks in their paychecks. A large amount of money will go towards continuing and extending some unemployment benefits. And for the first time ever, the government will contribute to COBRA health insurance benefits for non-working people.
So will the plan save us from collective financial ruin? Maybe not right away, but it is a good start. Economists predict we will be in this miserable monetary situation for about two years. For now, we all need to continue watching every dollar, but keep buying what we need wisely to keep the economy moving.