The $789 billion plan slims down some of the tax breaks in the Senate's version of the bill and restores some spending for school repair and construction and state assistance in the House version. The total is lower than the stimulus bills passed separately by the House and Senate. There will be more than one-third of the bill is dedicated to tax cuts for the middle class. This sounds fantastic, more jobs and school repairs. The economists are urging in their prediction that if we do not act, we face a potential catastrophe and a depression like in 1929. This plan creates 3.5 million jobs for those who are jobless. It is possible the House could take the bill as early as Thursday and the Senate possibly on Friday.
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I was talking about this with my hisotry teacher. I think this plan might actually be a good thing, although some people describe it as a very "hands on" and "socialist" move by the government. I personally think "socialist" is too much of a strong word to describe what is going on although I do believe that when the economy does get out of hand like what we are going through, the government must continue to regulate to keep the economy on track by passing stimulus plans like this one. Besides, our country has a mixed-type economy.
ReplyDeleteHopefully if Obama's plan works our school will not have to convert to the rotation schedule and teachers wont be fired. Also, the tax cuts for the middle class will take a lot of pressure off for the majority of America.
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