Well, the Obama bounce didn't come in the first day of his Presidency, as the Dow sold off by 332 points!
We'll have to see what stocks think about the $850 Billion stimulus package that the Obama team is working on...
Here's some detail on the package, that could still grow... It certainly isn't going to shrink!
The stimulus plan covers 5 areas of spending and tax breaks... Health, education, infrastructure, energy, and support for the unemployed and the poor.
All worthy areas... Unfortunately, we (the U.S.) don't have the funds to pay for this... Now... If we weren't already in a huge deficit hole, then a stimulus package to get the economy going might be the answer... But, that's not the case!
This time, we're starting in a deep, dark deficit hole...
I sure hope it works... I just can'tunderstand how adding $2 Trillion to our national debt this year helps...
How did I get to the $2 Trillion? Well... The Congressional Budget Office (CBO) has already told us the deficit in 2009 would be $1.2 Trillion. Holy Cow!
Well, the CBO's budget forecast does NOT include the new stimulus plan of $850 Billion... it also doesn't include: Any new military expenses... And the remaining TARP money that the Obama team just came into... or any other pork spending the political establishment is relentlessly addicted to.
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