Tidbits of the final version of the economic stimulus plan are being released, and I am guessing that not many people will be happy about it.
Here is the full story from the AP wire, via Fox News. (this is an AP story, not a Fox News story)
$13 More Per Week in Everyone’s Paycheck . . .
It looks like these tax cuts are not going to be tax credits like last year’s checks which were advances on a tax credit created for 2008. They will merely restructure the tax brackets, which on average, will put another $13 a week in your pocket. Doesn’t sound too exciting, does it? Will this change your world and help you pay your bills more? Please comment below.
The $15,000 home buying tax credit was axed . . .
This would have really stimulated the real estate rebound. It would have encouraged banks to start lending money again, and it would have put more mortgage brokers, processors, real estate agents, home inspectors, appraisers, and title agents back to work. Instead, they increased the existing $7,500 first-time home buyer tax “credit” that was really a zero percent interest loan, to a REAL $8,000 tax credit that does not have to be paid back. They extended the date until August to qualify for the credit. This is still a nice deal, but it’s not a credit, it’s a 0% interest loan from the government.
About $46 Billion went toward major infrastructure projects . . .
All this talk about pumping money into infrastructure jobs, and it gets is about 7 or 8% of the total spending bill? If 1/3 are tax cuts, and 2/3 are spending, then what else are we spending money on? This is the huge problem with this bill. Obama is stating that it will create millions of new jobs because of the investment in infrastructure projects, but only $46 billion is going towards major infrastructure projects.
More money is being spent on health care than infrastructure. . .
There will be a 60% subsidy for COBRA health care to people on unemployment benefits, and about $86 billion will be divvied up among the states to subsidy their Medicaid programs over the next 2 years.
The only people getting a check will be SSI recipients, veterans on pensions, and people on welfare. . .
A $250 dollar check will be issued to the people described above. Again, how this will rock their world, I am not sure, but it’s in there.
I’m definitely disappointed in this entire package and how it all played out. Hardly any thoguht was put into it. It only took 24 hours for the Senate and the House to agree on a revised plan. And do you know the reason why it only took 24 hours? Because there was no bipartisan representation. It was all Democrats in there deliberating in the conference after the Senate passed their version. So much for bipartisanship, huh?
How do you feel about it? Are you disappointed or happy about it? How will it affect you? Do you think it will affectively stimulate the economy? Do you think the economy will get worse if it doesn’t work?