Do We Need Another Economic Stimulus Package?

Rising unemployment, failing banks and falling home values are all signs of a failing economy. Time for another economic stimulus package, right? Wrong!

For all of the bad news there is some very good news. Falling oil prices and related gas prices means all of us already have more money in our pockets. The cost of doing business is dropping like a rock, both from direct expenses from vehicle operation and from the cost of shipping products to the business. Oil is the basis for other products such as plastic. More savings.

A dropping exchange rate (strong dollar) is also more good news. This reinforces lower oil prices and means lower food prices and lower cost of goods imported. More money in our pockets!

The lower cost of a home means a great opportunity for many people. This along with low interest rates means opportunity for first time home buyers.

This might all be good news but the runaway price of commodities should never of happened in the first place. Our politicians need to make sure we open up more oil fields. They should encourage but not subsidise alternative fuels such as wind and solar. The cost of this energy is free except for the infrastructure. They should be able to compete with low oil and natural gas prices. Use of coal and nuclear energy will also put downward pressure on energy prices.

The new term for the new administration should be fiscal responsibility.

-Ted Engler