Over the past month I have written a series of articles regarding the current state of the American economy. One of the things I have tried to point out in my writing is that the consequences of financial decisions in this country have global implications.
The other day, the United States House of Representatives rejected a bailout bill, the Paulson Plan, as I have labeled it, after the bipartisan leadership of Congress added elements to the legislation to appeal to representatives from both political parties.
Tonight it is expected that the United States Senate will vote on the same proposal, but with the addition of two parts: an increase in FDIC deposit insurance limits, and tax provisions for businesses and corporations. The addition of these elements increases the overall cost of the bill beyond the original $700 billion of taxpayer monies.
Below are questions I suggest every citizen be able to clearly answer before taking a position on the Senate bill:
1. What is the problem?
2. Who or what caused the problem?
3. Does the proposed bill solve the problem?
4. Who does the bill help? Who does the bill harm?
5. How much does the bill cost?
6. What alternatives are there in addition to the proposed bill?
7. How does the bill affect you and your family?
8. What are the costs and benefits of the bill?
9. What are the moral or ethical implications of the bill?
It is imperative that citizens have a clear idea of what the proposed legislation means before taking a position on the US Senate bill. The ability to clearly answer the questions listed above will help citizens to either reject or support the legislation.
Here is a link to the Text of the Senate Bill: