The Stimulus Package and Your Wallet - Thumbs Up or Thumbs Down?
Is the stimulus package going to fix our problems with the economy? That’s what everyone wants to know! There is a lot of blame to go around for the problems with our economy. And everyone wants their hands in the publicly funded cookie jar.
Banks lent money they didn’t have. Wall street showed unfair favor towards those institutions and rallied in response to their lending. CEO's got greedy, cooked the books, and were compensated and rewarded with jaw dropping, enormous bonuses and yearly incomes.
Mortgage companies tempted us to buy large homes we didn't qualify for with money they didn't have. The war in Iraq risked lives and pumped billions of American dollars into building a new government in a foreign country in which we had no ownership. Republican’s pushed hard to help large corporations. Democrats pushed for more pork spending. Everything got out of control and now we are faced with a situation that is spiraling our economy down at an unprecedented rate.
It’s not fair and it’s not right! However, we’ve got to deal with it! There is little choice! The biggest problem right now is fear. Most people fear what they don't understand, but fear just incites more speculation and (negative) speculation drives down the stock market. The news channels also love using the latest economic woes to get you to tune in to listen to more bad news! After all, fear also drives attention and they've still got a job! Maybe Obama should order everyone to turn off their TV's? It’s enough to make your head spin around like Linda Blair in The Exorcist!
The total of the stimulus package is now down to $789.5 billion, from the Senate bill's of $838 billion. The provision to increase home buyer credit to $15,000 has been reduced, as has the measure on auto loans. Both of these provisions were inserted during Senate debate.
Still in flux, (according to White House aides), is a restoration of some of the school construction funds that were scrapped from the Senate bill, as well as much of the aid to individual states.
What's exactly in the stimulus package? A lot! It's got a vast scope that stems from money for infrastructure and tax cuts, to schools and health-care technology.
Here is a breakdown of what the numbers looked like a year ago. (except for the first number) Of course, some of the numbers have been sliced, while other's have increased. (Take or give a couple of billion...) Where the buck stops at this point, (literally), no one seems to know!
$789.5 billion (as of 2/11/09)
$550 billion in new spending
$275 billion in tax relief ($1,000 tax cut for families, $500 tax cut for individuals through SS payroll deductions)
$ 90 billion for infrastructure
$ 87 billion Medicaid aid to states
$ 79 billion school districts/public colleges to prevent cutbacks
$ 54 billion to encourage energy production from renewable sources
$ 41 billion for additional school funding ($14 billion for school modernizations and repairs, $13 billion for Title I, $13 billion for IDEA special education funding, $1 billino for education technology)
$ 24 billion for "health information technology to prevent medical mistakes, provide better care to patients and introduce cost-saving efficiencies" and "to provide for preventative care and to evaluate the most effective health-care treatments."
$ 16 billion for science/technology ($10 billion for science facilities, research, and instrumentation; $6 billion to expand broadband to rural areas.)
$ 15 billion to increase Pell grants by $500
$ 6 billion for "higher education modernization."
So, what do you think? Do you think the stimulus package is going to work? Does it make you angry that the burden falls directly on the American taxpayer? Are you fed up with Washington's bureaucratic nonsense? Do you think that a typical American could do a better job at negotiating than Congress? Will the plan stimulate the economy or is it just another excuse for Washington to spend more money?
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Do you think the new stimulus package is going to help the economy? If there wasn't a plan, do you think our economy would tank? Do you think it's just more wasted spending by the government? Please share you opinions!