black…MYstory

While candidates bicker back and forth over who’s more presidential, there a big white elephant in the room that’s screaming for attention — the economy.

Last week, President Bush, with the support of lawmakers on both sides of the aisle, announced an economic stimulus plan.  The idea is to give up to $800  to single people and up to $1600 to married couples in hopes to kick start the economy again and avoid a recession.

Let me publicly go on the record and say I think this is a horrible idea.  First of all, this, like the money for the Iraq war, will be borrowed money.  So, at some point in time, this will need to be paid back, with interest.  Secondly, what a we going to buy that will really help the U.S.?  Most of our manufacturing is done outside of the U.S. so, for example,  if a family buys a new T.V. or clothes, that money will likely go out outside of the country.

Well, to say the least, this economic stimulus plan was not well-received.  Foreign markets plummeted as investors sold off their shares in U.S. holdings.  In an emergency measure, the Federal Reserve cut the key interest rate by .75%.  This was sparked by fears of a huge drop in the U.S. stock market when it opened this morning.  At one point in time, there was an expectation of a 500-point drop in the Dow when markets opened today.  This news did little assuage investors and the Dow posted a 300-point loss in the opening minutes of trading.

One thing should be glaringly obvious in all this.  Who you pick for president is important.  As you can tell, their policies have a huge impact on your daily lives.  So, for whomever you consider voting, remind them of one thing — it’s still all about the economy.

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