Obama Seeks Boost to Fragile Economic Recovery
Though the global economic recovery is reportedly looking good, economic recovery in the U.S. is still fragile. So fragile in fact that, according to St. Louis Federal Reserve Bank President James Bullard, we cannot yet withstand a lending rate hike, from mortgages to auto loans.
“The recovery will have to be firmer than it is right now and we’ll have to see more improvement,” says Bullard.
In an effort to accelerate economic recovery, President Obama is once again pushing hard for more stimulus.
Specifically, Obama is asking Congress to pass legislation that will:
- Extend jobless benefits
- Aid cash-strapped states
- Provide targeted tax breaks to businesses
Though it would come under seperate legislation, Obama is also pushing for cash aid to states that need help preventing teacher layoffs.
Helping out those of us still in need certainly sounds and feels like the right thing to do. But in browsing through comments posted to a Yahoo News article announcing Obama’s seeking of increased stimulus money, it’s clear that many not only doubt this administration’s ability to effectively utilize the funds, but also Obama’s true intentions in seeking them.
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