I had every intention of writing up a detailed summary of the so-called “American Recovery and Reinvestment Bill of 2009” this morning, but when I took a look at the House Appropriations press release, I was overwhelmed.
According to the press release, the package contains $275 billion in economic recovery tax cuts and $550 billion in “thoughtful and carefully targeted priority investments with unprecedented accountability measures built in.” The efforts are targeted to areas such as:
- Clean, efficient, American energy
- Transforming our economy with science & technology
- Modernizing roads, bridges, transit, and waterways
- Education for the 21st Century
- Tax cuts to make work pay and create jobs
- Lowering healthcare costs
- Helping workers hurt by the economy
- Saving public sector jobs and protecting vital services
While I realize that $825,000,000,000 is a lot of money, I was still taken aback when I saw that the “Executive Summary” of this plan spans 12 jam-packed, typewritten pages. Given the number of zeroes involved, I probably shouldn’t have been surprised, but I was. It’s also worth noting that there’s no mention of a second stimulus check.
Anyway, I encourage you to at least skim over the summary and to share your thoughts. I’m guessing that I’m not the only one having trouble getting my head around the implications of all of this. I’ll say this much… At least it looks like they have a plan, which is more than I can say for the original bailout package.
Update: A visual representation of the proposed spending. Thanks Brack!