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  • Economic Stimulus Package - what it includes

    23 posts, 9 voices, 1087 views, started Feb 2, 2009

    Posted on Monday, February 2, 2009

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    • inactive
      Diamond
      Offline

      I’ve been trying to find out what the stimulus package includes. Here are some of the items, I’m sure it’s not a complete list and will update as I find more. Some things are really good and will help stimulate the economy. Others, well, decide for yourself. (I’m including some of the commentary I found also, in parentheses)

      Amtrak $1 billion (the federal railroad that hasn't turned a profit in 40 years)
      child-care subsidies $2 billion
      National Endowment for the Arts 50 million (for that great engine of job creation);
      global warming research $400 million
      carbon-capture demonstration projects $2.4 billion
      digital TV conversion coupons (on top of the billions already doled out to pay for).
      fixing bridges or other highway projects $30 billion
      broadband and electric grid development, airports and clean water projects $40 billion
      business tax cuts $20 billion
      new cars for federal gov't $600 million (this is on top of $3 billion it already spends on 600,000 cars. how's that helping the economy?)
      modernizing federal buildings and facilities $7 billion
      Smithsonian $150 million
      Medicaid 81 billion
      Unemployment 36 billion
      Food Stamps 20 billion
      Earned Income Credit for people who don't pay income tax $83 billion (how do you give refunds to people that didn't pay?)

      P.S. - The list keeps changing so some of these things may have/will be removed at any time.



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        • 0 votes vote up vote up

          Jenz ~ wrote Feb 3, 2009
        • Ugh. The gov car deal is nothing short of annoying!!



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • I want my FEMA check!estatic



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • Funny Annie!  Ok, I’ll just have to wait....maybe I can get one of those TV coupons instead.....



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • On MSNBC this morning, they were reporting that, thanks to this new stimulus package, the federal government will spend more in one week than we have spent on the war in Iraq thus far.



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        • 0 votes vote up vote up

          Susan Haley wrote Feb 3, 2009
        • The money will be borrowed from foreign governments, Annie. Just like all the money we’ve spent on Iraq. Which, by the way, they‘re now discovering, included about $3 Billion they can’t even account for for government contracts to private companies like Haliburton. Cheney’s baby.
          Some of these things you have to consider full-circle. For example, and I’m not saying I agree with it but it IS the politicians mindset, say General Motors was about to lay off another 50,000 workers and suddenly they got an order for 600,000 new vehicles from the government. (These include, too, service trucks for all the National Park rangers, not just the DC elite) those 50,000 workers would not be laid off come Friday. Some may even be called back.

          We are all so used to hearing about the graft and corruption which is horrid, we are instantly disgusted by what appears to be more and don’t think it through.

          I definitely agree this stimulus package should not include social programs at this point! It should be concentrating on JOBS only.

          I’ve discovered that often the best ideas come from the more satirical comedy news shows like Jon Stewart’s The Daily Show. He made a proposal last night that made more sense than anything I’ve heard coming out of Washington. I’m trying to think of a way to do a column on it without crossing the line of plagerism. :)

          One thing, we’ve ALL got to do is break the habit, and I’m guilty, too, of only focusing on we “WE” want and need the government to do for us. We have to think of the country as a whole or there won’t be a country. We’ll be no more than a province of China. Then, see what we will get. Is everyone ready to go back to working 14 hours a day for a buck an hour?

          Hang in there, girls. We‘re gonna get through this with a whole new resolve. It’s just gonna take time and some attitude adjustments. The entire package is changing hourly and a lot was put in by the Congress, NOT the administration. Watch those damnable congress people! Real close! It’s ALL on the net on several Obama instituted sites.

          Susan



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        • 0 votes vote up vote up

          Vikki Hall wrote Feb 3, 2009
        • I don’t understand the car thing either. And as much as I’m into the arts and TV why is that part of this?

          I just woke up so thx Annie for getting me going....



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        • 0 votes vote up vote up

          Mztracy wrote Feb 3, 2009
        • a few of these are like WHY? Money for those not paying taxes?? WTF

          I’m holding my breath for the final plan...ohhhh



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • Where is it going to come from?  Best I can tell, we are borrowing it from our kids.  Today’s spending will generate more deficits, and will be covered in the future by taxes our kids pay.

          This is a slipery slope.  Granted, something needs to be done.  But is this the right thing?  Scary.  

          It almost seems the govenment is doing exactly what our citizens did to get us in the mess in the first place.  Too much borrowing with not enough collateral to support it.  Not enough in reserves/savings to cushion any weakening.



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • Mztracy, Neicy, the earned income credit is nothing new.  We have been giving tax refunds to people that didn’t even pay in any taxes for over 20 years.  At one time it was to help working families, meaning that you had to have children to qualify.  But those rules have eased, and children are no longer required if income is low enough.

          (Sorry for my “nerd-i-ness.”  I used to be a tax accountant.)



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        • 0 votes vote up vote up

          Denise Richardson wrote Feb 3, 2009
        • Earned Income Credit for people who don't pay income tax $83 billion (how do you give refunds to people that didn't pay?) WTH???? why are they getting anything, this is an outrage!!!



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        • 0 votes vote up vote up

          Susan Haley wrote Feb 3, 2009
        • Here’s another thought. The tax refund for the poor is being misread. It’s not a check to those who pay NO “income” taxes or those that make less than the standard deduction allows. It is a decrease in the “payroll tax withheld” percentage. This is directed at what they call the ‘working poor‘. Those who DO work but still make less than $12,000 a year. It would mean less withheld and an extra $20 bucks a week in your pocket to use for keeping your head above water and be able to pay your bills. The idea being, the money WOULD go back into the economy.
          The having children thing is abused, too. It launched many on assistance to keep having kids just to get bigger checks! Did any of you get a child reduction above the standard dependent deduction if you were raising your kids 20 years ago? I sure didn’t. And, what about this recent set of octuplets born to an unmarried young woman, implanted there, when she had no visible means of support and 6 other kids?? Who do you think is paying for all that? Now she wants to ‘sell’ her story. Let’s be fair, here. Was that right? Was that responsible? But who would stand by and let 14 kids starve? The entire system has turned into a huge giveaway and now we tend to think of it as our right and our free choice. Forgive me, but my more cynical side would like to say, if it was your choice, you feed ‘em. It wasn’t MY choice. Sounds bad, doesn’t it?

          Susan



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • I know what you mean Annie.  When you consider the taxes and other costs of working, as well as the cost to the family in time and energy, it sometimes makes more sense to stop working.  Destroying the incentive to work is not good for an economy.

          I remember Obama discussing redistribution of wealth during the campaign.  Earned income credit is a prime example of that theory in action.  Although I think everyone would agree a certain level of welfare is necessary for our society, the question becomes how much.  IMHO, financial support for low income working families is one of the things we should  do to support our society.  

          I also believe in supporting education to allow for those low income individuals to climb higher.  Is there anything in this package for education?  Jobs could be created in that industry to help the economy.



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • Susan, no, that position is called “fair” not “bad.” If everyone took care of themselves and their own, there would be many less societal problems, including economic ones, that burden us all.

          As for the comment about refunds to the working poor, I’m not sure what you mean.  If the package refers specifically to the earned income credit, then it is indeed true that some individuals who pay no income taxes will still receive a refund, in the form of a check or otherwise.  Are you saying that the use of the term “earned income credit” in the OP is inaccurate?



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        • 0 votes vote up vote up

          Susan Haley wrote Feb 3, 2009
        • No, Tamra. Like you said earlier, the unearned income credit has been around for years. Another decent idea initially, that became more and more abused.
          With this proposal, and it is just that, I expect it to be improved as it goes thru the Senate, no one is supposed to get “a check” over and above normal filing procedures we’ve done for years. All these tax ‘stimulants’ are to come from either an increase in percentages allowed to earn OR decrease in the rate of withholding so each working person under a certain pay rate would get more ‘net’ take home pay. They’ve plainly stated that issuing a bunch of $300 or $600 checks like this past spring does/did no good at all other than a short-lived blip when everyone rushed out and bought a new TV set. (made in China) 90% of ‘income’ tax is work and withholding related. Even those who pay NO income taxes pay state and local taxes everytime they buy something. Everyone pays taxes. EVERYONE in one form or another. I’m more burdened with state and local than I am Federal. The taxes paid on utility bills are outrageous, too!
          The more we want FROM our governments, the more we are gonna have to pay. That’s just simple arithmetic. I fear most folks simply do not consider the whole picture in these messes. All those that run up charge cards and then pay a few hundred bucks to declare bankruptcy, naturally the banks are going to pass the costs on to those who DO pay. We feed off each other every bit as much as the government feeds off us. It’s really sad.

          Thanks to Tamra and all for their comments. Good topic, Annie. :) Maybe I’ll just do my column here this week. :)

          S.



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        • 0 votes vote up vote up

          Tamra wrote Feb 3, 2009
        • Susan, am looking forward to it!

          Standing by til then.....



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          Cynthia Schmidt wrote Feb 20, 2009
        • Here’s one for ya. $180,000,000 being doled out to Filipino world war two veterans, many of them in their 80’s, who currently reside in the Phillipines. Senator Daniel Innoye, Hawaii senior senator got this one in the “stimulus” package. The logic was, they fought for us in world war 2. Same time we liberated them from Japan and soldiers from all fighting nations died there, too.

          Countries fighting along side one another to help liberate those who need to be liberated, Honorable.

          $180,000,000? No explanation how this will stimulate the U.S. economy.



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