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While many thought that the 2008 fiscal stimulus plan
was a good idea, some did not. Some even thought that Congress
didn’t go far enough. In retrospect, who was right? Did the economy
experience a recession in 2008 or 2009? What happened to employment
during the rest of 2008? What are some of the alternatives to a tax
cut that might have been used? Respond to at least two of your
classmates’ postings.

According to the IRS, the 2008 Economic Stimulus Act was designed
to provide tax benefits to businesses. These benefits included a 50
percent special depreciation allowance, a new depreciation limit
for business vehicles, and Section 179 Expensing, which is where a
qualifying taxpayer could claim the cost of a certain property as
an expense and deduct it in the year the property is placed in
service instead of doing it over several years. These benefits are
just some of the many benefits that were introduced during this
time and appear very beneficial to our economy, our nation, despite
the downfalls and negative trends of spending. Congress had
approved $168 billion to help boost the economy. Though many were
in favor of this bill, others were still convinced that there was a
better way of solving the economies shortfalls and still a way to
acquire more money to better serve the public, those in need, and
more than suggested. This was still a great step, and a step in the
right direction. Though there were disputes and disagreements
within Congress concerning the amount and how they were going to
approach the problems of our economies, they remained ever
dedicated to their cause and faithful to their willingness to serve
the People. Our text mentions automatic stabilizers. I believe that
this, present in our government revenues and expenditures could be
utilized to its fullest extent and maybe reevaluated for accuracy.
There may be some automatic stabilizers within our budget that may
not be necessary or may be underestimated. There might even be some
automatic stabilizers that could be added to support the budget and
make it more concrete. I believe that this could be looked at more
closely and adjusted accordingly as an alternative to a tax cut. In
doing this, the budget may free up some unnecessary excess spending
money, or even have an addition to develop a more constructive
budget plan resulting in benefits to our nation in the long
run.

References

http://www.irs.gov/newsroom/article/0,,id=179227,00.html

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