From CNN's Jack Cafferty:
There's no formula for success when it comes to stimulating the economy. As Time Magazine points out, the economists and experts speculating on what will work are simply guessing.
Should the President-elect's stimulus package emphasize tax cuts or government spending?
At the heart of it all is whether the boost should come from tax cuts or government spending. There are pros and cons for both but no one knows if either is the magic bullet.
Tax cuts are a quick solution, and have been effective in the past. But this time they may not be the answer because with consumer confidence as low as it is people are likely to hold on to any extra money they can get their hands instead of running out and spending it.
As for government spending, the projects take a long time to get under way. They leave debt for our children and grandchildren, but the idea is that there is something to show for them at the end of the day. There is a bridge or a building or a highway. There's also the option of, rather than starting new projects, pumping money to state and local governments where it can be spent on projects already under way that are likely going to be cut.
Here’s my question to you: Should President-elect Obama's stimulus package emphasize tax cuts or government spending?
Tune in to the Situation Room to see if Jack reads your answer on air.
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