I realize that it's been a couple of weeks since President Obama signed this bill into law but I feel it to be too important of a topic to be left un-blogged.
So after much debate in Congress, the final cost of the bill turned out to be $787 billion. The largest bulk of the money will be spent on tax relief to promote the research and development of infrastructure, science, education/training, and energy. Another crucial component of the bill will be expended on state and local fiscal relief that will prevent imminent local/state tax increases and cuts to health and education programs. It is projected that the bill will create or salvage up to 3.5 million jobs within the next two years.
However, the bill does have its drawbacks. The “cap and trade” component of the bill did not make the final compromise so fossil fuel industries will continue to pollute the environment with CO2 emissions freely without restrictions. By not limiting fossil fuel energy production, it will be difficult for the government to promote a clean energy alternative, which is what President Obama is ultimately aiming for. The conservatives pushed for more tax cuts, which was added only to have them not vote in favor of the bill. That money could have been used to create more jobs that are badly needed throughout the nation!
There is still much work to be done to carry out President Obama’s visions of a thriving economy with universal health care, clean-energy, and full employment. The American Recovery and Reinvestment Act should mark the beginning of President Barack Obama’s recovery plan. Just the fact that he was able to pass such a large bill within a couple weeks of being in office should ensure the people that this man’s actions are most certainly louder than words and the people should take that into account and stand behind him.
