Is it time for a new economic stimulus from the Fed? A popular opinion creeping up seems to think so. Many claim the first stimulus did not do enough for the common American, as national unemployment creeps toward 10% and new data claims 20% of homeowners are under water in their mortgages.
While most agree they are tired of the current economic climate, what many don't realize is government programs cannot work miracles overnight. Only 56.3 billion dollars of the 499 billion allocated have been spent. Only 157.8 billion dollars of the 499 billion are available for spending. By this math, one-third of the available funds have already been spent. Approximately one-third of funds allocated toward the economic stimulus are currently available for spending.
What, then, is the answer? Some leading economists, and even the Fed itself, claim the answer is to be patient. While this seems like a slap in the face to many Americans who are currently jobless and getting foreclosed on, the only other alternative would, of coarse, be to initiate another stimulus package. American taxpayers are already allocated to be the ones picking up the tab for the first stimulus. If a second stimulus is undertaken, this would mean, quite simply, more taxes for Americans to pay later.
What is your opinion regarding this issue? Should Americans receive another economic stimulus?