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Commentary :: Politics
Why the Senate Approved Stimulus Bill Will Go Limp
10 Feb 2009
Today the Senate passed a modified format of the American Recovery and Reinvestment Act. Under the new Act, more money will be "pumped into the economy" through tax cuts, rather than public spending. Although this is supposed to create jobs, it is clear that it won't. The reason we are launching into a recession right now is because those with money don't want to risk it (yeah... great system, em?) That's why they are increasingly investing in money markets and other low yield sectors - nobody wants to take the risk on less secure assets.


What the Senate approved bill will do is give more money to the rich. As much as I don't approve of that as a general principle, the part that's truly ridiculous about it all is that this is being advertised as a stimulus to the economy. This is ridiculous: those who have money and want to preserve it are going to continue to invest in low risk, low yield assets - not in any company or product that will actually create jobs. What instead we need to do is give money to those who will spend it - those who need it for food or as unemployment insurance will immediately pump that money into the economy, creating jobs and restoring America in the process.
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