Congress has put in place the economic stimulus package. The federal government is ready to spend $789 billion dollars to get the economy going, but the turnaround will depend on something money can’t buy; confidence.
Consumers are holding back. I am sure there are expenditures you have delayed because you are not sure you want to spend money, worried about the security of your job or investments. You can measure confidence by the empty seats at restaurants or open parking spots at the mall. The University of Michigan does a scientific study and shows the consumer confidence index at 61. It was almost 100 in 2007 and over 110 in the late 90’s.
I don’t think new government spending or a $400 dollar tax break for individuals will boost our confidence much. What would help, is a more positive and confident approach by our leaders and especially the President. Let us see that you have a handle on the situation and some confidence in the American people to lift themselves up. What will pull us out of this will be the 90% of Americans working hard and not waiting for the government to come along and rescue them.
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