economic recovery bill

What is the Economic Recovery Bill?

February 19, 2009 // 0 Comments

by JERRY COON All 1,071 pages of the Economic Recovery Bill were signed by President Obama on Tuesday. This bill has some items that will benefit most of us, although you can bet there isn’t anything in it for the presidents of GM, Chrysler or Ford. The total bill is worth $787 billion in federal spending. Since the deficit was expected to be about $813 billion anyway, that will bring the federal deficit for this year up to $1.6 trillion. That is a staggering amount of money. We have become somewhat acclimated to the big number game, so the figures don’t seem to mean as much. This “big number game” appears in our day-to-day life in many ways. For example, in major league baseball, Ryan Howard of the Philadelphia Phillies recently signed a three-year contract for $54 million. Wow – $54 million to hit a baseball. The New York Yankees signed three players, CC Sabathia, AJ Burnet, and Mark Teixeira, to free-agent contracts that totaled $441 million. Wow – $441 million to pitch a baseball and, in Teixeira’s case, to play first base. It seems that every day we see another story of a Wall Street executive that received a multi-million-dollar bonus or remodeled his office for a few hundred thousand dollars. Those numbers don’t just jibe with the reality of living out here in Rockford and in all of the Rockford-like cities of the United States. It looks like the politicians that we have elected have lost touch with us, and that’s a scary proposition. I am not saying that some stimulating should not take place. Our economy needs some help, and some type of stimulus bill is good. I am saying the men and women in Washington are so used to playing the big number game, that billions and trillions do not have a relation to reality anymore. A one-year deficit of $1.6 trillion? That’s an outrageous figure. But outrageous as it may be, it is what it is, and the Economic Recovery Bill is what it is and there is something in it for most people. For starters, all 4.8 million people drawing unemployment will receive a $25-per-week benefit increase. In addition, the first $2,400 of benefits received in 2009 will be […]