Stimu-less
The first tax rebate checks from the “economic stimulus” that Congress and the President pushed through in January go out today. But don’t expect much stimulation. More than 60 percent of Americans say they will use their tax rebate checks to pay back credit card debt or will save the money. And as the economy continues to tank, low-income Americans suffer the most.
Fortunately, a boost for those most in need is also the right prescription for a revived economy. As Mark Zandi, chief economist and co-founder of Moody’s Economy.com, said back in January, “Extending unemployment insurance and expanding food stamps are the most effective ways to prime the economy’s pump.”
For anyone not paying attention, things are going from bad to worse. Three recent stories from the New York Times only begin to paint the picture of the struggles facing millions of Americans.
Unemployment Rate Rises After 80,000 Jobs Cut:
The economy shed 80,000 jobs in March, the third consecutive month of rising unemployment, presenting a stark sign that the country may already be in a recession.
As Jobs Vanish and Prices Rise, Food Stamp Use Nears Record:
Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s.
Cutoffs and Pleas for Aid Rise With Heat Costs:
After struggling with soaring heating costs through the winter, millions of Americans are behind on electric and gas bills, and a record number of families could face energy shut-offs over the next two months, according to state energy officials and utilities around the country.
Congress is now considering a second economic stimulus, which would include an extension of unemployment insurance, as well as increased funding for anti-hunger programs and home energy assistance for low-income families and the elderly, among other things. These policies will not only help those most in need; they will help strengthen the economy and ensure that the recovery is shared by all.
Call your representative and senators now (the Capitol Switchboard is 202-224-3121) and tell them to support an economic stimulus that really boosts the economy and really helps those in need.
UPDATE 5/1/08: The URJ has signed on to this letter to Congress, calling for swift action so that all Americans can emerge from this recession together.
Comments
In my opinion, an excellent essay. But, why do we not have a bill in congress to extend UIB or increase food stamp availability and dollar amounts?
Posted by: Daniel Millstone | April 28, 2008 9:15 PM