The $168 bilion economic stimulus package recently passed through Congress and approved by President George W. Bush will provide many Americans with a certain measure of relief, as the nation faces a recession this year. Approximately 137 million Americans will receive tax rebates shortly after the April 15 deadline.

While this plan is no panacea for our country’s current economic crisis, it has the potential to spark consumer spending. By placing money back in the hands of taxpayers, the government is giving citizens a chance to improve the economic crisis. While the degree to which potential spending could impact the economy is unknown, it is clear that the Federal Reserve Board’s rate cuts haven’t helped the situation, and Americans are growing restless.

Benefits for American businesses are undeniable: Businesses will receive approximately $50 billion in tax deduction incentives as a result of the stimulus package. As downsizing becomes a trend, tax deductions could play a role in creating increased job security for employees in many industries.

In order for society to improve as a whole, people of all economic strata must be empowered. This plan satisfies that requirement. Funds from this year’s stimulus package range across tax brackets. Approximately 20 million Social Security recipients will benefit from the plan. Because they don’t earn income, these recipients would not otherwise have qualified for a rebate.

Roughly 250,000 disabled veterans will also receive a payment as a part of the economic stimulus package.

Finally, payments will be issued to millions of workers who didn’t earn enough to otherwise qualify for the rebate.

Without the stimulus package, these members of society would be left out of the loop, again. Now, empowered with the funds to better contribute to the success of the economy, these members of society will help determine our nation’s economic future.

This package aims to inject life into the mortgage sector, specifically, the housing arena. The dismal housing market is in chaos as a result of messy sub-prime mortgages: risky housing loans at high rates for those with poor credit history.

But, the stimulus package endeavors to raise the limit on Freddie Mac and Fannie Mae loans from $362,000 to $729,750. (Freddie Mac and Fannie Mae are privately held companies, chartered by Congress, with the mission of increasing home ownership in the United States.) In doing so, the government tries to give mortgage holders the ability to refinance into federally insured loans, which are more stable than sub-prime mortgages.

Giving mortgage holders the opportunity to refinance into secure loans is, without question, a drastic improvement.Specifically, the package includes a $600 rebate for individual taxpayers and a $1,200 rebate for couples. A $300 rebate will go to disabled citizens, senior citizens on Social Security, veterans’ widows and workers who earned at least $3,000 during 2007. Further up the tax bracket, the rebate amounts diminish.

In almost perfect form, the economic stimulus plan empowers those in need of empowerment. The wealthy will benefit less, but their sacrifice is for the betterment of society as a whole.

The economic stimulus package is giving American taxpayers the ability to help lead the country out of recession. History suggests that this plan can be successful. After Bush’s 2001 stimulus package, consumer spending erupted, our economy gained steam and our nation raised itself out of a recession. The same can happen now.

It takes contributions from more than one tax bracket
to rebuild an economy. The journey out of recession will require collective improvement in all levels. When members of a society work together, however, great things can be accomplished.

This economic stimulus package has the potential to unify our nation. The government is giving millions of Americans a stake in the future of our nation’s economy. Haven’t we always wanted the chance to make a difference?
Well, here is that chance.

The stimulus package empowers members from all levels of society with the funds necessary to make that difference.
By working together, the citizens of our great nation will have the ability to be the positive economic change they want to see.

Andrew Pollock is a senior in the John Cook School of Business.