Grand Rapids, MI -- (SBWIRE) -- 06/25/2010 -- President Barack Obama recently asked members of Congress for billions of dollars in ‘emergency aid’ to prevent the layoffs of school teachers, police officers and firefighters. Here’s an excerpt from FoxNews describing the request from the president, with information also included from the Washington Post:

Congressional leaders received a letter from the President asking for almost $50 billion for distribution to state and local governments, saying that increased spending is “urgent and unavoidable,” the Washington Post reported.

Obama’s plea comes despite last year’s $787 billion economic stimulus package, which worked to stabilize the failing economy, but did little to help the country’s high unemployment rate. At 9.7 percent, unemployment is nearly the same as it was a year ago.

Many economists are optimistic that packages such as this one could lower unemployment, but members of neither party seem eager to allow further spending; Republic concerns over record deficits are making Democrats think twice about approving more of Obama’s costly initiatives, the Post reported.

Dennis Tubbergen, a noted financial advisor and CEO of USA Wealth Management LLC, a federally registered investment advisory company, questions whether more stimulus money will help.

“We’ve already spent $787 billion, arguably with little impact,” stresses Tubbergen. “How can we expect another $50 billion to help?”

Tubbergen believes the budget deficits at the state and municipal levels are far worse than $50 billion will solve.

“This $50 billion is the proverbial ‘drop in a bucket,’” concludes Dennis Tubbergen. “Politicians in both parties are simply making the inevitable harder by continuing to spend tomorrow’s production today.”

For more information on Dennis Tubbergen’s views, visit http://www.dennistubbergen.com.

The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.