George Bush Economic Stimulus Package
The economic stimulus package that George Bush came up with was to boost the US economy as it was slowing down tremendously. He explained that he was putting the people’s interest first and working towards their benefit. |
|
The package was meant to provide a tax rebate of up to $1,200 for every couple and also further $300 for children. For businesses, they could get a tax rebate if they invested in capital equipments.
However, the economic stimulus plan was not well received because what people were looking forward to job stability and constancy in income. Business experts reveled back saying that tax breaks and tax holidays have very less impact on an economy as a whole.
Americans were pressurizing the Bush government to stop the job cuts and provide more opportunities for Americans at home. This meant changing a whole lot of business policies and also decreasing job rate cuts. Nonetheless, the economic stimulus package did show some improvements towards the mid of the year and funds were flowing smoothly.
Most Americans reacted to the policy saying that they will either use that money to pay off their debts or save it up. Very few people in America were interested in spending the money. So, anyway the benefit on the economy was not going to be seen in the consumer market at least.
The new president Barrack Obama felt the increasing need for unemployment insurance and asked the lawmakers to make it mandatory when he was reflecting on the economic stimulus package offered by the George Bush government. .
More Articles :
|
