It is not clear if the almost $790 billion in the stimulus bill will be enough to do the trick. (PHOTO CREDIT: MARK RALSTON/AFP/GETTY IMAGES)
From CNN's Jack Cafferty:
President Obama may have signed that massive stimulus bill into law today, but the scary part is it's not clear if the almost $790 billion in government spending will be enough to do the trick.
The stock market tanked this morning, dropping 230 points in the first 90 minutes of trading. The stock market is now close to its lowest level in ten years. Investors are nervous that the stimulus plan won't have the kind of impact it needs to begin to turn the economy around. Wall Street also gave a thumbs down to Treasury Secretary Geithner's banking plan last week.
Then there's Detroit. GM and Chrysler are set to tell the government today how they plan to stay afloat, they've already gotten more than $17 billion in government loans. If they can't prove how they'll survive in the future, they may not get any more.
Some states are treading water even before the stimulus plan has a chance to trickle down to them. If California lawmakers don't pass a budget soon up to 20,000 state workers could lose their jobs. The state faces a $42 billion deficit and lawmakers can't seem to agree on a budget, particularly on more than $14 billion in tax increases. California may also halt nearly 300 state funded public works projects. That would mean more layoffs.
In Kansas, the state government has run out of money to pay its bills. They've suspended income tax refunds and may not be able to pay employees on time. Officials say the state might also have to delay payments to public schools and to doctors who provide care to the needy under Medicaid.
Here’s my question to you: Is the stimulus bill too little too late?
Interested to know which ones made it on air?
Rick from Medina, Ohio writes:
It is clear that lousy mortgage practices are one of the root causes of this economic mess. Why has that not been one of the starting points in solving the problem? If we used this kind of money to buy down or re-write mortgages, no one would lose their homes, and the home market just might return to normalcy.
Jason from Hawaii writes:
Not to me, one of the little guys. This is a stimulus that is geared toward poor, lower and working class people. It helps unemployed people, uninsured people, and cuts taxes for people in the middle class. The problem with the last stimulus is that it tried to fix things from the top down. You can't have a sound economy unless you shore up the foundation from the bottom up.
Allie from San Diego writes:
Jack, I think your question is too little too late. What else can the Obama administration do? We've already seen the crime rate rise in our community, because desperate people sometimes do desperate things to survive. Can you imagine what might happen to our society if unemployment rises to the levels experienced during the Great Depression? We have to start somewhere in trying to spur the economy to recover. I don't see any other great ideas on the table.
Actually, Jack, it isn't too little to late, it's too much of the wrong stuff in the wrong bill. Pelosi and Reid need to go!
Tom frpm Boston writes:
What amazes me about this is that we have just passed the largest stimulus package in U.S. history in record time led by a president who barely spent a month in office and the nay-sayers are out in droves saying it is "too little, too late" (not to mention the other idiots saying it is "too much, too fast"). This is not a perfect bill, but you have to give our new president credit for moving decisively and quickly.
Judie from St. Augustine, Florida writes:
Jack, I am afraid that the economy is long past the point of no return, like a house fully engulfed in flames with not enough water coming out of the hose to put out the fire. The only thing to do is let it burn to the ground, clear away the debris and rebuild.