The International Monetary Fund recently warned the Obama administration that the administration's economic recovery and growth plan cannot reach its goals without more aggressive macroeconomic policies from Washington. In particular, the organization called for greater implementation of tax hikes on households, a higher investment rate, and an increased emphasis on domestic manufacturing over outsourcing.
With its dire warning, the organization has made it clear that the United States is falling further behind in the global economic race, and it is essential that Washington take charge and develop a plan to move the country back into the lead. Many observers are worried that the United States will be left behind in other nations as a result of Obama's economic recovery and growth plan. Others have suggested that Washington may fall so far behind that it will be forced to cut its own economic program back to size, just as it did with the Recovery Act of 2020.
As the nation begins the process of addressing the situation, there may be some debate over whether or not the Obama administration should take such drastic action. In recent years, Congress has repeatedly rejected proposals to increase taxes on families, as well as large corporations. Additionally, many members of Congress worry that the stimulus package will fail because of a lack of focus on creating jobs and increasing American manufacturing. Still, the fact remains that the stimulus package will create jobs for individuals, as well as businesses.
If you ask me, however, I would say that Obama's economic recovery and growth plan have been far too timid. At least a third of the stimulus package, known as the American Recovery and Reinvestment Act (ARRA), has already been spent on increased federal spending and job creation, including grants, low interest rates on existing loans, and extended unemployment benefits. In addition, the stimulus package included some tax relief measures, such as lower tax rates on income and investments for families, and on income earned by corporations.
Because the package did not raise taxes on most American citizens, most citizens will not see any additional taxes until their annual incomes reach the poverty level, at which point they will need to pay at least some kind of federal tax, which is probably even higher than the one they have now. For the majority of citizens, that means no additional tax if they are unemployed or over-employed. and no additional tax if they are self-employed, as the ARRA did not require them to file an income tax return.
If you are one of the millions of Americans who need to make ends meet and continue to have a steady source of income in order to pay your bills each month, the president's economic recovery and growth plan is exactly what you need. Obama has also proposed to increase the child care tax credit and making the Earned Income Tax Credit more generous. This is the tax that most families rely on each month. It is a very small amount of money, but it could mean the difference between losing your job and keeping your job.
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