Obama Has Called for a Second Economic Stimulus Check
You knew this one already, I know. Obama said throughout his campaign that he wants to give you a second economic stimulus check. Even prior to the first 2008 economic stimulus checks being cut, Obama was offering up his own plan that would have put $250 worth of tax cuts immediately in our pockets.
Then, Bush and the Democratic legislature completed the first economic stimulus, providing checks to millions of Americans. Later in the campaign Obama brought up the possibility of a second economic stimulus [speech transcript]. Obama said,
“I’ve called for another round of fiscal stimulus, an immediate $50 billion to help those who’ve been hit hardest by this economic downturn…”
Well, this hasn’t happened yet (obviously). If not now, then when?
Bipartisan Economic Stimulus Checks for Everyone: Bush is On Board!
ABC News reports that Bush is in agreement with Obama’s desire to provide a second economic stimulus check and told him so:
“Reports leaking out of the meeting [the first between Bush and Obama, post election] suggested that Bush indicated he would support Obama’s hopes for another round of stimulus checks for U.S. taxpayers if Congress would also approve a long-stalled, free-trade pact with Colombia.”
This means, I think, that the second economic stimulus check *could* come sooner (before the end of the year), rather than later (in 2009). I say that without knowing anything about the Colombian pact. Anyone?
It should be noted that Bush mentioned he would consider a second back in late October [AP]. But now he’s told Obama he’s on board, and he’s offered a trade for it, the Colombian issue.
How Much will the Second Economic Stimulus Be?
There’s no way of knowing exactly how much the second stimulus will be until the check is in your hand, but here are the proposed amounts: “$500 for individuals and $1,000 for families.”
Do you think this second stimulus is a good idea for our economy? Obviously it would help out each of our bank accounts in the short-term, but will it have long-term negative effects? When do we say enough is enough with this “spend to survive” attitude?