Open Illinois.org

Even after President Obama signed the $787 billion economic stimulus package on Tuesday, the Dow dropped almost 300 points (297.81 to be exact) and closed at a new 5 1/2 year low. It seems that the stimulus package failed to boost immediate confidence in the markets. Investors are clearly uncertain about the proposed benefits within Obama’s stimulus plan, such as its plan to create an estimated 3.5 million jobs. Critics in the political and policy arenas claim that the stimulus package is loaded with wasteful spending, some of which include:  $1.5 billion for an experimental coal-fired power plant in Illinois, $2 billion to battery companies for development of “advanced vehicle batteries,” and $8 billion for high speed rail projects in California and Nevada. You can read more about some criticisms here.

The successes or failures of the stimulus package will not be guaranteed until years from now when its effects take place. In order to allow taxpayers to closely watch where and how their tax dollars are being spent, the White House recently launched a new site www.recovery.gov . The site promises to give taxpayers detailed information on how taxdollars are being allocated within various categories of spending, such as healthcare. Though I too am uncertain of the benefits of this stimulus package, I appreciate President Obama’s efforts to make the stimulus a transparent process. As the stimulus package is implemented throughout the country, we as citizens can closely watch how our money is being spent and keep the government accountable.