Democrats say stimulus is not a quick fix for the economy and a painful recovery is to be expected.
Wired PR News.com – Democrats advised on Sunday that the nation should not view the stimulus plan as a fast resolution for current economic troubles. As reported by the Associated Press (AP), Vice President Joe Biden stated Sunday, “We’re off and running, but it’s going to get worse before it gets better,” after Republicans expressed concern that the proposal of President Barack Obama is too focused on long-range goals as opposed to short-run fixes.
Congress is stated to be currently putting together an economic stimulus package that will total approximately, $825 billion and include provisions for new government spending as well as granting a series of tax cuts. Lawrence Summers, an Obama economic adviser is quoted in the AP report as stating, “These problems weren’t made in a day or a week or a month or even a year, and they’re not going to get solved that fast… So even as we move to be as rapid as we can in jolting the economy and giving it the push forward it needs, we also have to be mindful of having the right kind of plan that will carry us forward over time.”
Photo Credit: World Economic Forum