Stimulus Package

For the past 8 years the American public has been critical of Republican spending, on that thought they ousted the conservative leadership, voted in a democrat, and one month into his tenure, guess what? "The package dwarfs the military budget and exceeds the cost of the entire Iraq war since the invasion of 2003." according to an article by Jonathon Weisman in The Wall Street Journal
Unreal. That is the only word that I can utter after reading the details of this stimulus package. Might as well burn the 789 Billion. This is going to accomplish nothing. I don't know how else to adequately phrase my feelings on this. I know the market is not going to like this plan, and am predicting, yet another, down day.
First of all, just Monday night, all Obama could keep talking about was how "I don't care how we have to do it but we are creating 4 million jobs!" Guess what? He has ALREADY conceded defeat on his #1 issue, now the stimulus plan, at best, hopes to create 3 million jobs. I guess I could just go over every piece of this bill that disgusts me but that wouldn't be worthwhile, I'm going to pick the largest oversight of this plan:
That is the lack of a tax-rebate for home buyers. Why is that so important? Great question! Because until the housing market finds a bottom America is not coming out of this recession; plain and simple, no amount of debate can change this, and no amount of foolish spending (doesn't matter where your throwing the money) can stop the tailspin our economy is currently experiencing. This was the one part of the package that could not be compromised. A $15,000 tax credit for first time home buyers appeared to be all but a shoe-in to get passage from congress. This would have absolutely put a bottom on the housing market and signaled the bottom of our overall economy. Without this provision the whole package is a waste. Almost a trillion dollars, $7,000 per family, will just dissappear do to frivolous spending.