President Obama signed the economic stimulus bill into law today in Denver. The Wall Street Journal has a great breakdown of the final allocations of money inside the bill. It is broken down by categories, and I love that they designate one category as “Spending”, because that’s exactly what quite a bit of this bill has in it. There is a ton of money allocated to projects that definitely could have been left out of a bill coined as an economic stimulus bill. But, it is what it is, and we need to hope and pray that it does something to bring the economy back to what it was a couple of years ago.
This bill is the largest piece of government intervention in American history, and the problem is that it’s not focusing on what caused the economic downturn in the first place. Our economy slowed down from a housing bubble that burst, which exposed the mortgage and credit corruption that ran rampant through financial institutions on Wall Street. Jobs are being lost because companies with horrible products and services can’t handle the economic downturn any longer and their executive management would rather pay themselves than pay their shareholders and customers.
So, be a good citizen, check out the breakdown and see if you think the government did a good job at spending your money.