From The Des Moines Register — Originally published Friday, Jan. 9
President-elect Barack Obama made a compelling case Thursday for Congress to quickly pass much of his sweeping economic-stimulus plan — but he fell short in justifying the tax cuts he proposes.
… Obama is right that at this juncture … only government has the resources to provide the needed “short-term boost.”
… Obama’s emphasis on building a foundation for the long term — particularly on job creation that strengthens the nation’s infrastructure — deserves broad support.
… Proposed middle-class tax cuts are our biggest concern. Tax cuts may help sell the plan politically, but putting $1,000 back in the pockets of most American families seems like a short-term, feel-good measure, not a long-term strategy. The Bush tax rebates, after all, had only a limited positive effect.
… The stimulus plan Obama proposes looks to the future, to saving the country from an economic catastrophe in coming months and to positioning our economy to maintain its edge against fierce global competition. More action will be needed, but passing this proposal, with less emphasis on tax cuts at least for now, is critical.
Congress should debate it and approve it as soon as possible.
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