Good news! Another stimulus. It's sure to work this time:
Democrats in the House of Representatives aim to pass job-creating legislation before the end of the year to ease double-digit unemployment levels that threaten the economic recovery, Majority Leader Steny Hoyer said on Tuesday.
Specifics being proposed include:
Among the items under consideration:
* A transportation bill that could cost up to $500 billion
* A tax credit for businesses that create jobs
* Assistance to state governments, which otherwise would lay off teachers, police and other employees as they cope with plunging tax revenues and rising social spending
* Another extension of unemployment benefits, which otherwise could run out for millions of jobless workers
* Health insurance for the jobless.
And note that the first stimulus has been such a success that Democrats are now running away from the term “stimulus”:
Since the stimulus bill was passed, Democrats have taken a few other steps to boost the economy, such as broadening tax credits for homebuyers and businesses. But they have been careful to avoid terming their efforts as a “second stimulus.”
Perhaps because the February's $787 billion boondoggle has been so unsuccessful, it's rendered the term politically toxic? And speaking of politically toxic, here's Reuters' take on on the GOP opposition to the stimulus:
Economists say that a $787 billion stimulus bill passed in February has helped ease the worst recession since the Great Depression of the 1930s, but Republicans have criticized it as an expensive boondoggle that has not created enough jobs.