Our financial panel tells us what they think of Obama's stimulus plan

While several suburban residents applaud President Obama for his drive to boost the economy, some are concerned about certain parts of the stimulus plan or question how effective it will be.

Then again, some plan is better than no plan during our current crisis, they agreed.

These are some of the thoughts expressed by the Daily Herald's Business Panel, a group of suburban residents who will comment from time to time about the news that matters the most to them. They are men and women, ages 19 to 74, from a variety of professions and ethnic and economic backgrounds.

Here are comments from some panel members about the stimulus package.

Address lending crisis

"I applaud President Obama's ongoing efforts to push through the stimulus package. However, I continue to question the plan's effectiveness at a grass roots level. We are in a lending crisis, which needs to be addressed. We have a constant flow of clients in our office who are looking to mitigate the damages of the current economy by refinancing their mortgages into a lower rate and are unable to do so given the tightening of lender programs. I believe the package has to force the banks that receive the money to lend back to the community. We saw this happen for a brief few weeks in November and the results were an opening of the logjam on mortgages and a stimulation of the economy."

- Lynda Reilly of Naperville, president of Lynmar Lending Group in Naperville

"A lot of pork"

"I agree that we need to do something given the circumstances in the economy today. I think much of the spending will stimulate the economy, but like everything in Washington, this bill seems to have a lot of pork in it. Many of the items don't seem to be related to stimulating the economy, but rather are pet projects of various congressmen. For instance, there is supposed to be $198 million in the House bill to compensate Filipino WWII vets for their service. This is a commendable cause, to be sure, but it doesn't stimulate the economy. I'd like to see more tax cuts - not one-time rebates, but permanent reductions in tax rates. I believe that is the best stimulus."

- Dave Ven Horst, 47, of St. Charles, partner in Tenant Advisors Inc. in Schaumburg

Help people "get back up"

"I feel that Obama is making a good move in trying to pass the economic stimulus package. Many people are just plummeting down and cannot get themselves back up. With some help, they can get back up. By extending the unemployment insurance through the end of the year and providing free or subsidized health care it gives the citizens an opportunity to get out of the hole and it also give them a couple things to not worry so much about."

- Irini Gaglos, 19, of Des Plaines, Student Senate member at Harper College in Palatine

Focus on tax cuts

"While the government can't ignore what is happening in the economy, the stimulus package appears to be throwing a lot of money at every possible solution. I would prefer to see less government spending and more focus on immediate tax cuts. This would more quickly get the money into people's pockets and demand for goods and services would grow. With the greater demand for goods and services, businesses would be able to reinvest their tax cuts into new jobs and capital expenditures. It is going to take a long time for all these newly created jobs to filter down to the average unemployed person and I am rarely impressed by the government's spending of my money."

- Susan Vrenios, 45, of Hawthorn Woods, mother of five children

Too many entitlements

"President Obama's stimulus bill appears to contain more entitlements than stimulus. Except for tax cuts, a stimulus bill should provide a temporary shot in the arm to the economy. The bill should be providing funding for capital improvements (putting people to work) and not increase entitlements (putting people on the dole) that will become permanent with the government's track record."

- Tom Hebda, 56, of Lombard, president of Tri-Cor International in Lombard

Put people to work

"No stimulus plan is going to be perfect, but an imperfect plan which increases the disposable income of millions of Americans as soon as possible is better than no plan at all or a plan that is stuck in Congressional gridlock. I agree with government spending which puts more people to work, provides health care to those who have lost coverage, helps people keep their homes and extends unemployment insurance payments. Tax cuts for the wealthy and large one-time refunds or stimulus checks for middle-class taxpayers are more likely to be put into savings and will hopefully not be part of the final package. Income tax cuts in general will not have an immediate impact unless coupled with reduced withholding. All Americans need to put party affiliations aside, ignore the pundits and talk-show ideologues and analyze the Senate and House bills on their own merits.

- Scott Siegel, 61, of Evanston, president of R.S. Owens & Co. Inc. in Chicago