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Updated: 12:14 PM Oct 20, 2008
Could You Get Another Stimulus Check?
Federal Reserve Chairman Ben Bernanke told Congress Monday a fresh round of government stimulus is a good idea because there's a risk the country's economic weakness could last for some time.
Posted: 11:33 AM Oct 20, 2008 |
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109 Comments 
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke told Congress Monday a fresh round of government stimulus is a good idea
because there's a risk the country's economic weakness could last
for some time.
Bernanke's remarks before the House Budget Committee marked his first endorsement of another round of energizing stimulus, something that Democrats on Capitol Hill have been pushing. The Bush administration, however, has been cool to the notion.
"With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," Bernanke said in prepared testimony to the panel.
A trio of hard blows from the housing, credit and financial crises has badly pounded the economy.
Many analysts predict the economy will shrink later this year and early next year, meeting the classic definition of a recession. Some believe the economy already jolted into reverse during the July-to-September quarter.
The nation's unemployment rate - now at 6.1 percent - could hit 7.5 percent or higher by next year, according to some predictions.
Bernanke suggested that Congress design the stimulus package so that it will be timely, well targeted and would limit the longer-term affects on the government's budget deficit, which hit a record high in the recently ended budget year.
Any stimulus package would need to kick in quickly to entice people and businesses to boost spending and buck up the economy during the period in which economic activity would be otherwise weak, Bernanke said.
Bernanke said the package also should include provisions that would help break through the stubborn credit clog that is playing a major role in the economy's slowdown.
"If the Congress proceeds with a fiscal package, it should consider including measures to help improve access to credit by consumers, home buyers, businesses and other borrowers," Bernanke said. "Such actions might be particularly effective at promoting economic growth and job creation," he added.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Latest Comments
I am married. I have one son and my husband is a Barber. I go to college, work a mimimum wage job (that's all I could get right now) and I am on welfare. The economy is so slow right now and it's hard. Really hard. We're constantly praying that we have enough money to pay for electricity. We don't have cell phones, or cable, or even a car payment. Welfare benefits were cut down and it's just enough to pay rent. For those like Amanda who think they know what it is to be on welfare...Trust me. I wish I wasn't. I wish I had parents who could help me through college. Or atleast let me live with them. Don't assume you know every story. We're not all the same and most of us can only dream of the day when it will get better. Even if it's just a one-time stimulus check.
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YOU PEOPLE KEEP RUNNING UR STUPID MOUTHS ABOUT PEOPLE ON WELFARE YOU HAVE NO IDEA WHAT THAT PERSON HAS HAD TO GO THROUGH IN THERE LIFES THEY DONT HAVE MOMMY OR DADDYS COAT TAILS TO RIDE ON!!! LIFE IS HARD AND THEY DONT NEED YOU TO FURTHER BRING THEM DOWN THEY NEED SUPPORT AND HELP THAT IS WHY WELFARE AND CHILDCARE HELP IS THERE!!! I SPEAK THE WAY I DO ABOUT THIS SITUATION BECAUSE I ONCE WAS IN THE SAME PLACE AS THEM THANK GOD THAT THERE WAS HELP FOR ME OR I WOULDNT HAVE HAD A WAY TO PUT MY KIDS IN DAYCARE SO I COULD GET THE JOB I DID AND GET OFF OF WELFARE AND PAY FOR MY OWN CHILDCARE!!!! DONT PASS JUDGMENT UNTIL YOU HAVE LIVED A LIFE OF HARDSHIP AND HEARTACHE AND THEN OVER COME IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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for all of you people on here saying i ahve a kid another on the way. and can't support them. my question is why do you keep haivng kids. that really makes me mad. i have one because that is all i can afford. and i'm tired of hearing the single mother cry. you get thousands back in taxes, i mean thats if u bothered to work. and all of the foodstamps, daycare help, and all of the other help. i feel the government is saying don't get married you will get more help. maybe you should marry.
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