Sunday, February 15, 2009

Stimulating!


Here is the quick Stimulus overview~

$400 tax credit~ up to $800 for couples
$1000 child tax credit for low income families
First time homebuyers in 2009 $8,000 tax credit
Homeowners who add energy efficient windows & other energy items get a tax credit to cover 30% up to $1,500
College students tax credit up to $2,500
Those getting unemployment- no federal income tax on the first $2,400

Government picks up 66% of Cobra Health Ins. costs for the first 9 months of unemployment.
$87 billion to Medicaid~ giving healthcare to poor people
$4 billion for Head Start early education program
Pell Grant College increases
$32 billion for College expenses
5 million unemployed will get a $25 benefit increase, as well as a longer period of benefits
$3 billion for emergency assistance to needy families

The spending will increase the debt~ interest on the debt $500 billion a year.

It is a step in the right direction. A beginning. This is full of things that are going to help people who are struggling and need a break. The first spending for the taxpayers in a very long time. 

Republicans are expressing "sour grapes"-John McCain says the $787 billion measure will create what he calls "generational theft" — huge federal deficits for years to come.

Thanks for that newsflash John-- the $10.7 billion debt the Republicans rang up in the last 8 years has nothing to do with this--right? This from the man who has so many houses, he can't keep track of just how many. Also his wife, Cindy Lou refused to disclose her income during the presidential primary--So wealthy it's embarrassing?

Just to illustrate in stark terms what we are dealing with, check out this article on how someRepublicans touted provisions in the stimulus bill that will help their districts in press releases WITHOUT MENTIONING that they voted AGAINST the bill.

6 comments:

Dusty said...

I am tired of rehashing the stimulus that will probably do very little to stimulate the economy.

But thank you for breaking it down. ;)

Christopher said...

It's so amusing to see Republicans and a few DINO Dems suddenly get all fiscally responsible and oppose Obama's stimulus package when they were MIA for Bush's $700 billion dollar bailout of Wall Street and his Iraq war follies.

What a bunch of fucking hypocrites.

Annette said...

I think it is a win win for Pres. Obama and the Dems who pushed so hard and the 3 who stood up for it in the Senate, brave ones that they are. Now they will have to fight their own party, and a lose lose for the repukes.. They are so pathetic some of them are already starting to take credit for some of the things in the bill.

Thanks for breaking it down. We may not see results very quickly but I think we will see them by mid to late summer in unemployment numbers slowing down.

Fran said...

This is the first spending FOR THE PEOPLE in a very long time. Congress had been used to standing by to approve more & more billions for two wars in other countries. Under the *ignore the economy & it will go away * plan, the whole focus was on funding wars- because in order to make it look good on the budget, they just kept asking for huge chunks of money in back door funding. The war tab is about to hit $600 billion.
This addresses our crumbling infrastructure, funds education- which I would rather pay for Head Start thru college, rather than jails or the punishment industry.
Helping those seriously in need- Medicaid and some breaks for the unemployed are really needed.
Maybe at some point when they come to ask for more money to fund wars, they will have to shrug & say No.

Using taxpayer money to support the needs of this country had become obsolete- which is why the GOP put up such a fight about it.

The debt would continue to rise because of interest payments alone, and it was clear it would go up before it could be addressed. If someone did not fight to direct funds back to the people, I'm sure it would have otherwise been squandered for war.

This is a huge victory, and long overdue.
It won't fix everything all at once, but it is a quantum shift that, for me is most welcome.

Christopher said...

And added funding for science and stem cell research.

A very important stimulus package.

Obama is 100% correct on this.

travelingman said...

I am hoping that it has a positive effect. I work in construction, and I can tell you that the infrastructure spending is desperately needed. Fingers crossed here that it is enough.