Fix the Economy

We have accepted the fact that in lieu of a stimulus check in the mail, we should be seeing more money in our paychecks.  And that is fine and good. In fact, rumors abound throughout this country that Obama will seek major tax cuts in his stimulus plan, and there are several tax breaks under consideration right now.  All this talk makes taxpayers feel like relief is finally on the way.  But what can we really expect?  One plan is to provide a tax credit that would allow companies to reduce the tax they withhold.  However, if that is only $500 for individuals and $1000 for a couple, as proposed on CNN.Money, I don’t see how that is going to impact the way I spend my money. If I break $500 down by 26 paychecks a year, I will only see an increase of about $19 per payday.  I do understand the economics behind this but it doesn’t make me feel any better. A mere $19  is not really enough money to increase a credit card payment and it’s not enough money to stash away in a savings account so I probably will spend it without thinking, which is exactly the intention of this tax cut.  The problem is, $19 every other week is not going to make me feel very hopeful that the economy is turning around and this feeling will probably lead me to continue living as frugally as possible.  I wonder how many others will feel the same way? 

President-elect Obama made many eloquent speeches on the campaign trail but now he will be put to the test.  According to Investment News, his plans of action will be measured with much more scrutiny than his words. His place in history will be measured by whether he can actually breathe life back into an ailing economy.  Mr. Obama, will inherits a set of challenges not seen since Franklin Delano Roosevelt took office in 1933.  He faces a broken financial system, an ailing infrastructure, increased unemployment, a growing environmental crisis, an economically challenged public and two wars. How he addresses these problems is critical, especially the economy.  He can’t afford to make any mistakes.  Right now, the masses and the media think that he is a super-hero and he has the support of the American public behind him.  We are looking for relief, but if it doesn’t really feel that this tax cut is making a difference down the road, how long will the public continue to believe that he can turn things around? Will he become the Dark Knight, a protector who has the best of intentions but has lost the support of those he protects?  If Obama doesn’t get it right and he fails to fix the economy, I worry that he will end up a one-term failed president.’; //leave this line

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