Last night, the U.S. House passed an economic stimulus package aimed at helping jump start the flagging U.S. economy. Some of the measures included in this latest attempt to help the U.S. economy include:
- Tax cuts. These tax cuts will be $500 or $1,000, spread out over two years. There will also be $20 billion in business tax cuts.
- Infrastructure projects. The U.S. will try to update its power grid, roads and bridges.
- Education. Provisions for spending on education — including higher education.
- Alternative energy. The U.S. wants to develop renewable energy sources to save money in the long run and wean itself off of fossil fuels.
- Various other spending. A number of other projects, including a supercomputer and money for STD education, along with a number of other projects, including improvements to the National Mall.
It is also assumed that more bank rescue is likely, in the form of TARP monies and emergency loans, since Timothy Geithner made that one of the focii of his confirmation testimony.
Inflation coming as economic stimulus plans are carried out
All of this spending, though, is likely to result in a great deal of inflation. This means that finding good places to put your money is a wise idea. Offshore bank accounts often give higher rates of return than onshore banks. You can preserve your principal and beat inflation with the help of offshore banking.
3 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.
Continuing the Discussion