Locals: Bush economic rescue package a start, not a solution

LYNN – They won’t pass up the chance to cash an $800 check or one for twice that amount, but local residents said a short-term cash infusion won’t cure what ails the American economy.”It’s like a Band-Aid. We can spend it but what about higher taxes, high gas prices, other costs?” asked Brian Davis Friday hours after President Bush, acknowledging the risk of recession, embraced about $145 billion worth of economic relief measures including tax incentives for business investment and quick tax relief for individuals.Economists said a reasonable range for tax cuts in the new package might be $500 to $1,000. A White House plan is looking at rebates of up to $800 for individuals and $1,600 for married couples.Bush said tax relief for individuals would probably come in the form of one-time rebates. That suits Fabian Mejorodoe fine.”We pay so much for taxes and word hard right now, it’s about time we got something back to help out,” he said.Barbara Briggs would spend the Bush handouts on her grandchildren but she said the key to long-term economic stimulation is to put more people to work.”I make enough to live and have some fun,” she said.Kerri Actis said she could use $800 to $1,600 to help feed and clothe her children, ages three, four and nine. She lives on a limited income.”It would definitely help me.”The president and Congress are scrambling to take action as fears mount that a severe housing slump and painful credit crisis could cause people to close their wallets and businesses to put a lid on hiring, throwing the nation into its first recession since 2001.The largest part of the stimulus package would be targeted to individual taxpayers. One Republican official, speaking on condition of anonymity, said Bush was hoping to target about $100 billion toward individuals and about $50 billion toward businesses.”Americans can spend this money as they see fit: to help meet their monthly bills, cover higher costs at the gas pump, pay for other basic necessities,” Bush said.But Ceferino Rosa said the president’s plan does not make sense.”We need to come up with a better program for more jobs. Then people will make more money.”Davis thinks he knows how to turn around the economy.”We can save money by stopping the war,” he said.