Kenneth (kensmind) wrote in polloftheday,
Kenneth
kensmind
polloftheday

The $800 Billion Economic Stimulus Package

The American Recovery and Reinvestment Act of 2009 is a federal public law passed by the 111th United States Congress and signed into law by President Barack Obama. The price tag is about $787 billion, with another $350 billion in additional debt costs over the next 10 years.

Economists are divided on whether it's a good idea or a bad idea. According to Wikipedia:

"Economists such as Martin Feldstein, Daron Acemoglu, National Economic Council director Larry Summers, and Nobel Memorial Prize in Economic Sciences winners Joseph Stiglitz and Paul Krugman favor large economic stimulus to counter the economic downturn. Some economists, such as Stiglitz and Krugman, favor a much larger measure. While in favor of a stimulus package, Feldstein expressed concern over the act as written, saying it needs revision to address consumer spending and unemployment more directly.

"Other economists, including Vernon L. Smith, Edward C. Prescott, James M. Buchanan, John Lott, Robert Barro and Nobel Prize-winner Robert Lucas, Jr., have been more critical of the package, saying that it will increase unemployment and place more debt on future generations."




Poll #1352911 2009 economic stimulus package

Okay, most (all?) of us aren't economists, but everyone is entitled to their opinion. What do you think, is the huge stimulus package a good idea or a bad idea?

I'm convinced that it's a good idea
7(17.5%)
I'm not sure, but it's probably a good idea
10(25.0%)
I'm really not sure one way or the other
11(27.5%)
I'm not sure, but it's probably a bad idea
7(17.5%)
I'm convinced that it's a bad idea
5(12.5%)
Something else (what?)
0(0.0%)

John McCain calls this "generational theft", and thinks that it won't stimulate the economy, it will just increase the financial burden on future generations. Is he right?

Yes, he's called this one right
4(10.3%)
He's probably right
6(15.4%)
I'm really not sure
6(15.4%)
He's probably wrong
7(17.9%)
McCain's dead wrong on this one
5(12.8%)
He's probably right, but we've got to try something to fix the economy
9(23.1%)
Something else (what?)
2(5.1%)

Do you think it's better to bail out an industry like the auto manufacturers or is it better to let them fail and let the market correct itself?

It's better to bail them out, for the sake of all the people they employ directly and indirectly
7(17.5%)
It's better to let them fail and let the market fix itself. Once this money is spent they'll just be back for more and the problem will still exist.
22(55.0%)
I'm just not sure about this one
11(27.5%)
Something else (what?)
0(0.0%)

Does this change your opinion of Barack Obama at all?

Yes, my opinion of him is more favourable
2(4.9%)
Yes, my opinion of him is less favourable
2(4.9%)
No, my opinion of him hasn't changed.
37(90.2%)
Something else (what?)
0(0.0%)
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