Does the Economic Stimulus Package Really Add Up? - KAIT Jonesboro, AR - Region 8 News, weather, sports

Will Carter Reports

Does the Economic Stimulus Package Really Add Up?

JONESBORO, AR (KAIT- "My problem is, it wasn't paid for. We can not continue to borrow money from the Chinese in hopes of saving ourselves."

Monday morning Congressman Marion Berry expressed his reasoning behind not voting for President Bush's Economic Stimulus Package.

"You have to pay for what you get, and if you're going to borrow money, you ought to be very careful about what you borrow it for. It should be an investment in the future, not a giveaway program," said Berry.

He noted we've already borrowed money for the war and now we are borrowing again.

However, Berry says he was also concerned because the break for some is leaving others out.

"One of my problems with it was in the original package, people that received Social Security were not going to get it. Also, disabled veterans were not going to get it," said Berry.

The amended package raises that, giving both groups of people half of the share.

And it's going to be at least May until money begins arriving in the mail from the President's Economic Stimulus Package, which we are in turn are supposed to put back into the economy.

And that's a move that economists like Gary Latanich feel was a strong step by the government.

"Think about it this way. They are either going to get the money and they are going to spend it, or let's say they pay a credit card off. Money that would have gone to the credit card, since the card is now paid off, is money you have in your pocket. So unless you save it, it's still going to be spent," said Latanich.

And money spent is money back into our economy.

So, when it comes to worries about borrowing more money, economists say look at it this way...

"If you already have 9-trillion in debt, what is another 186-billion really going to do," asked Latanich.

Berry also notes that our economic situation is something that he fears our new President will be entering as the election comes a close this fall.

Meanwhile, economists say, we've had recession before, and as always, we'll likely bounce back if that should happen.


Story ideas or comments?  Email Will at wcarter@kait8.com.

 

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