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Second Economic Stimulus Check: Obama’s Economic Plan

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The Make Work Pay tax credit will put $400 ($800 for couples) into your pocket and was passed in the recovery and reinvestment plan.

1/15: The Committee on Appropriations just released the an executive summery of the details of the American Recovery and Reinvestment Plan.

Update 10/21: Bernanke recently endorsed a stimulus package and new life has been given to the prospects of a second stimulus package.

Update: Looks like there’s been more movement on another stimulus check. I wouldn’t hold my breath but it’s a step past campaign fodder.

The ink hasn’t even dried on the first economic stimulus checks mailed out last month and this month and there’s already talk of another stimulus package that would include a second stimulus check, tax breaks for the middle class and seniors, as well as debt relief for students. It’s the first economic salvo fired by Democratic Presidential presumptive nominee Barack Obama this week in a speech at the North Carolina State Fairgrounds [full text of that speech]. In his speech, he briefly discussed long term goals but focused on the short term ones, including a second economic stimulus check.

Second Stimulus Check: $50 Billion

The idea of a second economic stimulus check (who can say no to another stimulus check?)is obviously what most people latched onto (though there were no details in the speech itself) and it was the first thing he mentioned in the short term plan.

That’s why I’ve called for another round of fiscal stimulus, an immediate $50 billion to help those who’ve been hit hardest by this economic downturn – Americans who have lost their jobs, their homes, and are facing rising costs and cutbacks in state and local services like education and health care. We need to expand unemployment benefits and extend them for those who can’t find another job right away – especially since the long-term unemployment rate is nearly twice as high as it was during the last recession. And we must help the millions of homeowners who are facing foreclosure through no fault of their own. [Page 3 of speech]

The other things mentioned in that piece is a 13-week (or more) extension to unemployment benefits, a $10 billion Foreclosure Prevention Fund (which would include a credit of 10% of their mortgage interest payment every year), as well as changes to the mortgage industry to include a Home Score system that helps consumers compare mortgage offers and assess payback ability.

Middle Class & Senior Tax Relief

Page 5 goes into, after railing on McCain, how he’ll slash of corporate tax breaks, close tax loopholes, and begin windfall taxing oil companies to help pay for middle class tax cuts. $1,000 of relief for approximately 95% of workers and families, paid for by the windfall profits of Exxon Mobil. His plan also called for the elimination of income taxes for retirees that earn less than $50,000 a year and raising the Social Security tax cap, without changing the retirement age or privatizing Social Security.

There are several more subjects in the speech, such as a Credit Card Bill of Rights and revamping bankruptcy laws, but we’ll have to wait until next week for details on some of the more long term economic plans. Stay tuned…

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370 Responses to “Second Economic Stimulus Check: Obama’s Economic Plan”

  1. Cindy says:

    None of this really makes any sense to me. I mean why bailout all these big companies and banks. If they gave all the money to us citizens then we would spend it, deposit it, and such so they would still get money. A win win for all I think but guess we can’t all be smart.

    • Asian american says:

      I do agree with u Cindy. 787billions dollars stimulus money just passed into law to recovery the economic. what i mean for that???give those money to the bank, GM (no money to buy a car)??? i remembered that Obama want american people spend money to help economic back on track, how can they spend if they have no job, no money to pay their bill? Obama gives money to the bank the help homeowner, but the bank do not care what homeowner under water they rip us off, like credit card they raise APR from 9 to 16% or 22%. Obama gives us 10 to 20 buck each week on pay check and we have to them back for 787 billions dollar in the future?? what u gonna use that 20 bucks a week? if Obama can help every homeowner by using stimulus money like Free five months on mortgage payment so homeowner can save some money from their little job to spend to help economy. do u guys a free with me? i think that enough for awhile. i do not want them to use those money in the wrong place and we and our children have to pay them back.

      • john maloney says:

        it’s funny really . we the people need to buy crap from we the people in order for we the people to have retail jobs . we’re like a snake eatin’ it’s own tail . do we sell anything overseas anymore? or is our stuff just too damned expensive due to labor costs ?

    • felicia says:

      I definitely agree. If each person who filed their taxes were given $10,000.00. We would reboost the economy. Some people will pay down on a home (10-20%) down payment. Some people will buy a much needed dependable vehicle or pay for or on student loans, medical expenses, catch up their mortgage or health insurance that is much needed. $10,000.00 given to a person who file taxes that does not have insurance to pay for a hospital bill or to pay for health insurance for 5 years is better than a person who file their taxes each year that does not have insurance and the citizen (taxes) and or hospital is left with a balance of $50,000 or more due to an emergency operation that person received.

      Give the money to the working citizen and we will jump start the economy- not the Billionaires who uses the money to give bonuses to their worker. Their bonuses is more than our 3 year salary. That bonus could have created 10 more jobs.

      Give us the money and specifically state what could be bought or paid with the use of the money and let the citizen provide proof the money was paid on that or those items.

  2. Asian american says:

    stimulus package help big companies, bank and welfare ppl who not work but work and pay under table after they go to ask obama to raise their welfare check. not helping hard working american espeically middle class, mildde class are under the water now.none helps us

  3. Sherilene Barnes-Johnson says:

    I think we should recive a another stimulate check to make some ends meet special for those who lost their jobs.I also think that they should give the disable people a rise in there checks.They also need to help the unemploye people find work.Make better health plans for the people mainly the senior.Increase mimummin wages to at least 8.00 an hour. Make better budget plans for the poor familys.Need more base on income rent home.Better insurance on jobs.Less tax tooking on single people.

  4. Linda says:

    We definitely need another stimulus check because things just seems to be getting worse by the day. We can hardly afford to eat anymore because food is so high and the prices seems to be going higher every week. Everything is crazy. But what I can’t seem to understand about the stimulus checks is that they want people when they receive them to spend them. Then why won’t they give us something we can do something with. Not that I’m saying that I’m not grateful for what we do get because every little bit does help. And they need to also remember that single people also has to survive and have to pay that same prices as everybody else. We definitely do need a second stimulus check.

  5. keesampson says:

    you know what it does start with self too many people bash obama for his efforts when the people forget the reason why the economy is the way it is before he even stepped into office this nation was under over 8 years now due to dumb accounts on bush’s fault and now steps in a man with a great deal of pride tring to make a stand and all the people can do is talk bad about him when its not his fault for this countrys fall off and it seems we forget who made it this way he is ony one man who hasnt even served a full year yet i mean cant we give him a chance change doesnt come over night i mean it took bush 8 years to burry us it may take obama longer to even get close to satisfaction so truthfully we can only blame ourselves for the countrys mess in all reality this nation was founden by imigrants well all took a ship to get here and now the people want to blame one man for a world of problems its a shame the kind of world we live in and some worst than others but who am i to say im just an very educated black woman from what the media calls a lower class neighbor hood but i do get to see what alot of others dont.

  6. retired1 says:

    its sad to see how little rich americans think about society it seems to me that everyone is so busy worrying about money and not about the fact that we all have to live on this planet together.I take note that no one has any regard for the big picture.We are quickly becoming a world of excess and disposables.Weaker and not stronger or wiser.We as humans had better bond together before it is to late.Remember our past will determine our future.How do we want to be remembered when someone digs up our archelogical remains?

  7. calderome says:

    man im 19 and i made 9000 dolllars this year so for ummm do i get a stimulus check added on my tax return????????????

  8. holly says:

    we need that second payment,June of this year i,am suppose to get my med care I only get 400 mouth,June they are going to take $110 out of my $400 check ,I will have to turn it down ,I can not live as it is.I see us living in our car soon,what our we do do,I lost our home 2 years ago

  9. Beverly Ann Baker says:

    I have always thought that there should have never been a bailout for the banks, cars, etc.. All of that money should have been given to the people (middle class and below), and that would have started the economy a lot better, as people would have spent the money on all the things they need. Please don’t blame Mr. Obama, as he is doing the best he can, after Bush really messed everything up (money) with his war games, that never should have happened in the first place. In other words, Bush crapped out so much money, and like President Obama said, it will take a long time to clean up the mess of the last 8 years of Bush. Some of, if not all, of the groups above President Obama, just keep throwing all the crap they can at him. The military only tells the president what they want him to know — CIA, Special interest groups, etc. are all lying to him. Every time there is a bombing you can bet that it has something to do with the CIA, and the military. I truly believe that the best way to get the economy really going, is to give the stimulus money to the people who need it the most, not the stupid banks (that rip people off anyway), etc…..

    • john maloney says:

      busch did spend a ton . and many a financial guru had said a bailout was not the answer . the market in a time of technology available today would have righted tiself quickly . and we’d have a whole lot less dept . bush took an oath to defend us . due to all the international intel saying saddam had weapons of mass destruction, he did what he had to . but!!!; once he found none we should’ve pulled out . as far as jobs; if the countries bleeding jobs like mad why were congress and the pres. looking to overhaul healthcare? we wasted a year. no one is going to hire you if they dont know what their overhead is going to be . until this is layed out ; this will never end . you’re not going to buy a new car if the landlord is talking about raising the rent .

  10. LadyJ says:

    THANK GOD FOR OBAMA CARING ABOUT US, I CAN’T AFFORD TO BE HOMELESS BECAUSE I WOULD HAVE NO PLACE TO PLUG IN MY BREATHING MACHINE, AND BEING DIABETIC, I WOULDN’T FIND THE RIGHT FOOD IN THE TRASH TO STAY ALIVE.

  11. charr says:

    People on social security are suppose to get 250.00 this month, May. Anyone know when?

  12. sandra says:

    barocka oboma i love what you are doing for the american people you are making progress it is taking time cleaning up after the last eight years i fell like you will get everything that needs to be done eventely you are a very good president i fell you will get the job done i fell you will get a 250.00 stemious rebate for social security passed evently congress and seniters you need to go a head and pass a 250.00 rebate for social security it sure would be a big healp if we could get 250.00 stemious rebate every year it sure would help seniors disabled on social security a whole lot a lot of seniors disabled cant work and get verly little and can verly live thouth the month i wish all of you congress and seniters would understand and pass it to help all seniors disabled and let obama sign off on it god bless all of you seniters congressman and barocka obama and fanily love all of you ps the end

  13. sandra says:

    barocka obama it sure would be nice if all seniors disabled could get the 250.00 stemious rebate check thing are so high in the stores a lot of people are not able to buy grocerys after they pay there bills it would be nice if we got 250.00 every year it would be nice if we got 500.00 instead of 250.00 most seniors disabled cant get food stamps like me they say they get to much money the food stamp people dont count all of there bills the end oboma i love you your family and all of your whitehouse staff god bless all of you

  14. tammy says:

    i think the american people should get another stimulus check you bail out the banks and the still don’t want to loan people money the money should have been split between all the american people who are not rich lie oprah who spends 500 dollars on her dogs to get their hair cut just think how many people could be feed of 500 dollars. i just read online last week how the us send 10 billion dollars to help the people in iran that had the flood. 10 billion dollars could be part of a second stimule check for the american people help home first

  15. worda says:

    I agree with Tammy I think we that are drawing Social Security and disability should get another stimulas check we all have suffered by not getting a raies on our checks.wHAT WHAT WE HAVE TOLIVE ON,THE PRICE OF FOOD IS SO HIGH IT IS HARD TO MAKE ENDS MEET,plus if you need medicine and most of us do we dont hardly have enough to live on after every thing is payed.So yes we do need another stimulas check

  16. marion weaver says:

    I don’t rstand why everyone from the US and other countries could recieve a stimulance check except the people that arthe on SSI reciepents.I am on Disablity SSI and I’m disable,59 years old,in debt I can.t bail my way out. my husband and I are going through divorce because we are losing our home due to forclosure on our home and debts we don’t qualify to get help withand a lack of funds to help us out. This type of stuff will break up a happy home. Which we are now in the process of losing. I don’t no where to turn ,help me out. what to do because U all won.t help me.This type of worry will keep a person stressed out and U think U are doing anything to help me. NO. U are not, I have never been able to get any help from our goverment and I for one do not think it’s right.the way I see it is U have your picks.I wish U could do somthing to help me . cause I’m about to lose my mind,if so U can contact me at 863-808-2345. I live at 2417 Lakevie st. Lakeland Fl. 44801…. Please tell me why I can’t get help?

  17. N Czrloni says:

    people should not spend more than they make , live in their means, and takeccare of their familys like they did in the years back, we have to much and some people don’t appreciate what they have and want more and more , today our heath is imporant and being family together , God bless America.

  18. It would have been a better idea if some of the programs (cash for clunkers, the home buyers tax credit and infrastructure spending) were scrapped and Bush-style tax rebates were given out. In retrospect, that would have helped out the American consumer more.

    I think Obama’s signature failure was his failure to do something about the foreclosure crisis. That is something that could have been worked out to the benefit of neighborhoods, debtors and creditors.

    Trevor


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