Jose Garcia

We Need to Tackle Credit Card Debts to Help Households Suffering from the Economic Crisis

Less than two weeks ago, President Obama signed the American Recovery and Reinvestment Act of 2009, a $787 billion package aimed at jump starting the economy and laying the foundation for future economic growth. The money dedicated to infrastructure work, a green economy and job creation should go far in addressing the long term needs of American families. However, the tax relief set aside to stimulate the economy now will not provide the injection needed to stabilize the household economy through increased spending power, so that families can close the gap between income and expenses. Rather like the $150 billion stimulus package provided to taxpayers by former President Bush, this program--while differentiated in that it realized in pretty small payroll tax reductions--really won't provide relief for cash-strapped Americans who already rely on debt to get by.

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