CENTRAL OHIO -- Though Congress had not voted on it, a $789 billion economic stimulus bill looked like a done deal Wednesday.
NBC 4's Ana Jackson reported how the bill could impact your BOTTOM LINE.
The stimulus package, the largest in bailout in U.S. history, ideally will help save jobs and social services while aiding homeowners in trouble and boosting the stock market.
But one local expert said this bailout might be the last the United States can afford.
"Somebody at some time will be paying this all back," Future Finances' Brad Huffman told Jackson. "That will likely mean younger workers can expect to see dramatically higher tax rates from today in the future."
This would also mean that the dollar will decrease in value, causing inflation of the prices for goods and services in the future, Jackson reported.
Despite the potential negative effects, the stimulus bill should create some economic stability.
"If the financial system is supported, then we can hope to see some normalcy hopefully in the financial markets," Huffman said.
More economic normalcy could create more lending opportunities, meaning buying a car or a house on less-than-perfect credit could become easier, Jackson reported.
Huffman told NBC 4 that we probably will not feel the impacts of the stimulus until at least nine months from now, but he hoped it would create enough optimism to get the economy rolling.
The announcement of the stimulus bill's anticipated approval helped stock prices Wednesday. The Dow Jones rose 51 points after plunging 382 points on Tuesday.
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