Back in June, Senator Barack Obama called for a second economic stimulus package. The idea has been tossed around Congress, but a stimulus package in which the government sends checks directly to taxpayers has not passed yet. Even following the bailout of the financial industry, the government is not yet satisfied with the economy. Today Ben Bernanke, chairman of the Federal Reserve, spoke to Congress to call for passage of tbe second economic stimulus.
Most of Bernanke’s nearly 90-minute appearance focused on economic stimulus. He said that Congress should consider another measure but nonetheless declined to say how much money should be spent. He said that’s a decision for Congress, not the Federal Reserve.
Bernanke suggested Monday that any stimulus program should be activated as quickly as possible to boost the economy when it is facing its greatest period of weakness.
Would a second stimulus boost the economy? What were the results of the first economic stimulus earlier this year? Did it have an effect on your financial situation? Many people I talk to would like to receive a second check, but does it help the economy or just make people feel better? And if all it does directly is make people feel better about their finances, will that have a positive effect on the economy?
Bernanke: It’s time for stimulus plan, Chris Isidore, CNN Money, October 20, 2008.
Updated September 17, 2011 and originally published October 20, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.