The global economic recession has seen many complain about working harder for lesser pay and even spending more nearly on all the goods and services available in the market. This is currently affecting all Americans and the world at large.
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From recent research, data reveals that there is a rapid and enhanced jobless rate greater than the previous time the economy fell into economic depression. Many industries including production and building companies, retail and financial services have experienced major losses leading to a vast number of job losses. Moreover, the stagnant job growth coupled with increased inflation rates which are way above the average wages implicate a less buying power of those who keep their jobs. Obama’s plan suggests the most successful ways used to combat the unemployment phenomenon is expanding and increasing unemployment insurance. This temporary extension plan is a vital assistance to the workers during this particular period when the world is going through an economic agony. Consumer expenditure will then remains at an acceptable level and the e unemployed given an opportunity to restart and fully exploit their careers.
In an attempt to combat problems encountered in the economic crunch, Barack Obama has placed Americas’ economy a priority agenda from day one as president. He did outline an inclusive package of economic reforms targeting the middle class and working families. This plan will help eliminate to a great extent the problems of this particular class of people while making progress on achieving a long-run budget balance. As a matter of agency, his government is working hard to bring back faith to customers and businesses. This is indeed a fundamental step that once put into place will not let things get to their worst but will instead encourage spending and investment by the respective consumers and businesses. Since consumer confidence levels have drastically dropped, it is necessary that proper policies are put into place to win their confidence back.
For a given stimulus to be effective, then it must offer immediate, temporary solutions and a direct economic relief to the concern, and especially to those who desperately need it and most likely to use the funds effectively and increase the level of economic activity in their communities without permanently increasing the budget deficit. Obama’s stimulus plan realizes this by getting money inform of tax cuts. It then targets to redirect spending directly to those who desperately need it. For instance, by injecting $75 billion of stimulus into the financial system, his proposal provides an immediate solution without lengthy and sometimes unnecessary governmental or administrative delays. A provision for an additional $45 billion of stimulus is made available in this strategic economic recuperation plan. Incase the economy keeps on deteriorating in the future then, this amount can quickly be pumped into the economy.
The low and middle-earning seniors who are squeezed by higher prices will have extra earnings made to them so as to boost the social security usual plan. This will empower this group of persons hence stimulating consumer spending in the most rapid way possible without altering the social security program but will at the same time utilize the revenue from its trust funds
This stimulus plan also has engraved fundamental steps that will help protect responsible homeowners facing fore closure through this difficult period. Short and long-term programs are to be developed to help them remain with their homes as they find a solution on how to settle their debts. This will ensure that families maintain and retain their homes and also prevent a further depreciation in property value. Since this measure is not friendly to speculators or to those buying vacation homes, it will drastically reduce impulse spending. This measure also prevents a possible deadly impact of national foreclosure crisis on state, local and family budgets.