In light of our nation's current recession, I support a sound economic stimulus package. That package should be based on three principles: First, it must be limited to a true stimulus package--that is, it must provide a strong boost to our economy in the short term. Second, it should not be used to provide further special tax breaks to the wealthiest individuals and corporations. Third, the package should be targeted to assist those who are facing special financial challenges as a result of the terrorist attacks, including those who have lost their jobs due to the economic downturn.
I voted against the administration's purported "economic stimulus" package because there was little in the package that would stimulate the economy. Even President Bush's Secretary of the Treasury criticized the bill, calling it nothing more than "show business." The bill included massive giveaways to corporate America, including returning taxes the wealthiest corporations have paid over the last 15 years. I believe it is the height of irresponsibility to hand out enormous corporate tax breaks and giveaways rather than target assistance to individuals and small businesses most in need. The package jeopardizes Social Security and Medicare and will lead us back into deficits.
I support a real economic stimulus that would put most of the money quickly into the hands of people who are most likely to spend it to help revive the economy - especially those who have become unemployed as a result of the post-September 11th economic downturn. I further support immediate investments in preparing to respond to future emergencies and enhancing the security of the transportation system. Finally, to restore confidence in the long-term budget outlook and maintain our commitment to preserve the Social Security surpluses once the economy has recovered, we should offset the cost of the package over ten years. Sadly, the administration is opting, instead, to offer large tax cuts to those who need them least.