The Broader Market

by Michael Linden, John Griffith, and Jordan Eizenga

Stimulus is now a dirty word, especially among Republicans in Congress. But it wasn’t always so. In January 2008 when the economic picture was far less dire and the unemployment rate was only 4.8 percent, 165 Republicans in the House of Representatives and 33 Republican senators voted to pass a stimulus package with an estimated cost of $152 billion. That package provided tax cuts of up to $600 for individuals or $1,200 for married couples, plus an additional $300 per child. The bill also contained a number of temporary tax breaks for businesses. And just in case you thought President George W. Bush’s stimulus bill was simply a bunch of tax cuts, it also included $40 billion in direct spending. The legislation was even called the Economic Stimulus Act of 2008.

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