Friday, July 10, 2009

New Stimulus Bill Would be Third, Not Second

The Economic Stimulus Act of 2008 (Public Law 110 - 1850).

Do you remember that one?

Oh yeah, that one.

It's the one where the government tried to stimulate the economy by throwing checks at everyone.

The stimulus package was passed by the Democrat controlled U.S. House of Representatives on January 29, 2008, and in a slightly different version by the Democrat controlled U.S. Senate on February 7, 2008.

The Senate version was then approved in the House the same day.

The bill was signed into law on February 13, 2008 by President Bush with the support of a majority of Democrat lawmakers, as well as a minority of Republicans.

The law provided for tax rebates to low- and middle-income U.S. taxpayers, tax incentives to stimulate business investment, and an increase in the limits imposed on mortgages eligible for purchase by government-sponsored enterprises (e.g., Fannie Mae and Freddie Mac).

The total cost of this bill was projected at $152 billion for 2008.

Thus, any new stimulus bill would be THE THIRD STIMULUS BILL.

Why, after two failed stimulus efforts attempted by simply throwing money at the problem, would we want another stimulus effort that throws even more money at the problem and would most likely fail, too?

Isn't it time to start thinking about tax breaks and incentives to stimulate the economy?

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