Obama implored Congress to take action, saying the nation can't afford to wait. "Economists from across the spectrum have warned that if we don't act immediately, millions more jobs will be lost, and national unemployment rates will approach double digits."When he says “economists from across the spectrum,” is he talking about Paulson, Bernanke, and Geitner?
One thing I noticed in the bill is making auto loan interest a tax deduction. This appears in the Senate version at an $11 billion clip. Although most dealerships and automakers are rolling out every incentive imaginable to get people on the lot, this line of the stimulus actually makes sense.
Most people with good credit are going to get a low rate or zero per cent financing anyway. Persons with slower credit are going to be paying more in interest, and thus dragging down their spendable income for four to six years. Making the interest paid a tax deduction is a great way to (hopefully) give them some money back at tax time and make ownership easier.
We already do it for homes, why not cars, if only temporarily.