YES WE CAN once again spend money like it's going out of style in the name of bringing America back from the brink of economic collapse. Or so says your president.
Barack Obama is asking the Senate to move quickly on passing a measure he thinks will fatten your pockets a bit and rescue the country from the doldrums of this very deep recession in one fell swoop. A very partisan U.S. House of Representative last week approved the President's $819 billion (yes, billion with a 'b') economic stimulus bill without a single Republican vote.
So what, you may ask, is included in this bill the President is so sure will save us?
$211 billion in tax cuts and $608 billion in government spending. The latter breaks down to "$43 billion for transportation projects, $19 billion in water projects, $21 billion for school modernization projects, $32 billion to fund a so-called smart electricity grid, $6 billion to bring high-speed Internet access to rural America." The President says the package will create 4 million jobs over the next two years.
I'm not so sure about that, nor am I sure this is the direction we need to be headed in. We saw this past Fall that spending billions and billions and billions of dollars does nothing to stimulate anything. But, what do I know?
Anywho, because we are a how-does-this-affect-me nation, I know you all are clamoring to know exactly how this will affect each of you. Here's the good stuff Obama is proposing:
Barack Obama is asking the Senate to move quickly on passing a measure he thinks will fatten your pockets a bit and rescue the country from the doldrums of this very deep recession in one fell swoop. A very partisan U.S. House of Representative last week approved the President's $819 billion (yes, billion with a 'b') economic stimulus bill without a single Republican vote.
So what, you may ask, is included in this bill the President is so sure will save us?
$211 billion in tax cuts and $608 billion in government spending. The latter breaks down to "$43 billion for transportation projects, $19 billion in water projects, $21 billion for school modernization projects, $32 billion to fund a so-called smart electricity grid, $6 billion to bring high-speed Internet access to rural America." The President says the package will create 4 million jobs over the next two years.
I'm not so sure about that, nor am I sure this is the direction we need to be headed in. We saw this past Fall that spending billions and billions and billions of dollars does nothing to stimulate anything. But, what do I know?
Anywho, because we are a how-does-this-affect-me nation, I know you all are clamoring to know exactly how this will affect each of you. Here's the good stuff Obama is proposing:
- A $500-per-worker ($1,000 per couple) tax cut for two years for anyone making less than $100,000 a year ($200,000 per couple).
- A $1,000 per-child tax credit for workers who right now pay no income taxes.
- $2,500 in new tax credits to for couples making up to $160,000 a year, to pay for college in 2009 and 2010.
- Laid-off workers will qualify for Medicaid, no matter how high their previous incomes.
Are you confident that the President's economic stimulus plan will work for you?
