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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…
{ 369 comments, please add your thoughts now! }
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PEr you couldn’t be more right.
Not only will people not want to take over those jobs. Let’s not forget cleaning jobs, and line cook jobs as well. I used to drive for a beverage company and delivered to many restaurants. Doesn’t matter what kind of food it is, Chinese, Mexican, Italian, American, or whatever. Chances are there are Mexicans back there cooking our food for us.
And on another note, not only will people not want to do the jobs they are more than willing to take, they would NEVER do it for the pay they will. Just think about how high the cost would rise in EVERYTHING for paying people more money if we deport everyone.
A lot of people on here are so opinionated with little intelligence. I myself admit to knowing little about all of this, but I will tell you as a mother of three, with a full time job and a husband who works full time also with decent paying jobs, we’re BROKE!!!! just daycare alone is 90 dollars a day for us, and to me that second stimulus check isn’t going to do a whole lot, and I do believe that’s there’s no such thing as free money and we will end up paying for it, but I sure would be glad to open my mail box to a check right now.
Mike,
I hope I misunderstood you, no one under 25 yrs? I’m 24 and married with children, do we not deserve a stimulus check?
he would have $697,860,953 left
In my opinion,the people who dont think that we shouldnt get a stimulus check are ignorant. I am a single mother and I work my ass off. My daughter got attacked by a dog and her scalp was described as bring degloved from her head. She is only six years old.Medicaid is denying to pay for her life flight I cant afford that I cant even afford to pay attention I am struggling to make ends meet and I am doing that by paying my gas bill in full one month and then paying half the next month. I have been waiting to get help from the state for over a year now and I still do not recieve any food stamps…I do not want state cash assistance just food stamps…I want my daughter to be able to have some clothes other than hand me downs and garage sale clothes for once. What the sad part is is I cant even take afford to go to college, I could get student loans or a grant, but I HAVE TO WORK AND I HAVE TO BE A GREAT MOM.
ok my oppinion is a second stimulas check is a good idea. i am 25 mariied with 2 kids. i go to school fulltime work part time my husabnd works fulltime (6 days a week from 10 am to til 8 or 9 pm) we do not go out to dinner, or do anything because we are broke. gas prices are outrageous, our house payment keeps getting higher, along with gas, electric, our water bill has even went up. we can barley afford to eat i get very little help from the state cause we make to much money.( I get insurance) i see more and more homeless people standing on the corner with signs that read will work for food and a shower. there are no jobs out there if you dont have experience and alot of people where i live were factory workers but they are closing down all the factories around us so where are they going to work . the usa does have an illegal immagrant problem. we do need to send them back to where ever they came from. there are plenty of americans that would happily do their jobs to feed their family and keep a roof over there head.
i feel for you vanna, I am in pretty much the same financial boat….. something has to give somewhere…. the question is “when is it going to happen???”
do the math again if according to the artical if they spent $50 billion dollars on a secon round of stimulas checks and gave each person an equal amount if there reall is 301,139,947 people in the US than each person would get $166 and some change.
sorry to jd im jus tired of most people feeling that most of us dont care to work and jus want that help 4 nothing i hate it only because i am not them and would like to have people not look down on us because i dont enjoy going into those welfare offices and going to stores and having people look at me like i am worthless when i have to pay with food stamps yes right now our economy is hurting and yes i do agree that those people who are illegals should not get benfits there are alot of people out there who really need that help not these ones who have these nice new cars because if they wouldnt buy a new car then they would have anywhere from 200-900 extra a month to pay those bills and wouldnt have to worry bout being broke. part of me almost doesnt like the idea of a second check but we could really use it and i do beleave our economy can bounce back so yes it may cost the government money but if they timed it 2 be at christmas it would be used to help the economy im sure of that and also help those small shops to so i cant see how it would be a bad thing to send a second check it is quite clear alot of people could really use it. now all they would need is to find a way to cut gas prices and most of the others costs on food and other basic need things would probly drop to because it is the gas ,food,and prices for heating our homes are what is making our lives so hard
PEr no not many would but i would and others of us who need higher paying jobs take here for example those labors make 10-20per hour i would gladly bust my but off for that kind of pay so yes i do agree they need to go back so that maybe people who dont care bout how hard the work is can have a chance at those jobs to
Gas prices aren’t so Bad:
Bogged down
Most expensive places to buy gas
Rank Country Price/gal
1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45
Bogged down
Most expensive places to buy gas
Rank Country Price/gal
1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45
By reading all the comments that were typed, it seems that some of you think that a second stimulus check is like the government giving out FREE MONEY. Half of you on here act like you don’t need the money, but you probably do. This check isn’t FREE money, it’s our tax money givin back to us. I feel like this, we work hard everyday of life, we deserve some extra money. Stop trying to put our country and government down and talking bad about welfare participants as if you’ve never had hard times in your life. Pray for our country. You may think we don’t need the money now, but you just wait in a couples of years, this country will be facing alot more hard times and you’ll wish you had a second stimulus check. Also the reason why we see foreign people cooking our food is, because us americans think we’re to good for the low paying jobs. Somebody’s gotta do the jobs if it’s not us, they will. I admire mexicans, they will WORK.
I definitely agree with you waters, I was going to try to say that about immigrants getting the crappy jobs, and they do work hard! My husband used to be a roofer, and he was getting paid really good money while the mexicans would get paid crap and work their rears off. I do think they should look into the welfare system though, heck I used to work at safeway and I’d ask people how I could get some, but a lot of it has to do with the fact that these people aren’t married and don’t claim an income, or they work under the table. And yet my family “makes too much money” but not too much too starve and go without, I don’t even know how we’re going to buy school clothes for my oldest daughter. In my opinion if you’re getting welfare you shouldn’t get a stimulus check, aren’t you getting one year round? I’d rather get food stamps all year than one check.
Waters-
I don’t think (at least I don’t) people are putting welfare participants down. Just a small percent that is taking advantage of the system. And not knocking the government either. Just that the system is outdated, and needs to be re-done so the people that deserve and should be getting help, gets help. And those that don’t, don’t. I am all for my tax dollars going to help people, that’s what makes our country great, we help people that are in need, and deserve help. And it just makes our country stronger. Help the people in need, not the ones taking advantage.
i think that we deserve another stimulus check. the economy is so tight right now.it’s our money anyway, so why complain about something that’s going to benefit you. the ones that are not interesting in theirs i wil gladly accept it. Just cash it and hand it to me. if you are a big baller like that then you definitely don’t need yours. quit complaining about tax payers money, and take that money and put it good use. i have two kids, i could use another stimulus check. now for those of you who think that we shouldn’t be getting one, then maybe they need not issue you one. because you’re too negative about what’s about to take place in the presidential world. your negative comments are ok , if you want to play mr. or mrs. rich person, but you need to base that negativity stuff on you’re financial status, not everyone else’s. barack obama is trying to make a change. everone need to sit back, think positive, and let the man do his thing. it’s going to be better not just for me , but for everyone who beleive in him. he has my vote one hundred percent. if i could cast everyone’s vote i would, because it is time for a change………….
Honestly you are all idiots. Has any one here ever heard of GDP!!! it rose after the checks came out.
I’d love to get a check, Being Disabled I could reduce My list of home improvements a bit sooner, The Disabled were left out when the 1st Economic Stimulus Checks were passed out and yet since We get so little, We could have used It the most and Yes I get SSI alone, I drive My car as little as possible so that I can get what I need to get accomplished done around here.
Am I the only one tha’t watching what’s going on with the 700 billion dollar bail out? Talk about welfare, it’s welfare for the rich. We have millions of people whose lost their homes because of greedy a– banking CEO’s lying to people about obtaining a mortage they couldn’t possibly afford. Mostly senior citizens.
I don’t see the goverment giving them any money to get their homes back!!! So if the goverment wants to give out more stimulus checks why not. it’s less than 700 billion which their giving to the rich in order to keep up their lifestyle.
I do think that mexicans work hard, but they do not have to pay taxes and I am talking about immagrants over the border, they do not pay taxes all their money is under the table because they will work for less than the average american. would any of you work for 3.00 or 4.00 an hour and work for 12 or more hours a day without taxes coming out do the math it would be 180 to 200 dollars a week if they took taxes out noone could survive. i agree with the stimulas check, but i do think it needs to be more than 600 dollars per person. I think that we all need to pray that who ever comes in to be president will do better than what bush has done, noone can do worse. when he leaves the office of president he goes back to texas with his oil. while the average amercian goes back to work everyday with the same pay and prays on the way to work that there will not be a layoff. if the government wants to help they should start taxing all of these companies that mccain supports increase their taxes or have them start paying taxes and the churches and also the immagrants they should pay taxes if they live in america or they can go back where they came from., and tax the western unions and money orders going out of the country, this is the amercia I beleive that somewhere we became america home of the free and in debt.
Obviously those opposed to helping the middle class are those who are in a better financial situation. If the shoe was on the other foot you would welcome the help. Not everyone is looking for a handout. We work hard to take care of our families and it is not easy. A little help is great. Think about that. Stop thinking of only yourself and have some compassion for those in need.
Hey!!! What are you guys beefing about, when they take your homes, you beef, move your job to China, you beef, your neighborhood is not safe, you beef. I have always known that you all wanted things your way and your ways maybe wrong some of the times.
Who dare not receive a extra little money to help out. I do not care what you all say about Obama he is trying to help some of us who was not born with a silver spoon. I work 12 hours each night, and what I get out of it, No thank you, No promotion, No well job done, just a I see you tonight. I want to be able to eat at those high price restaurant, and live in a high price hotel room when we go to Carowinds for the summer, I want my children to go on o shopping spree like Palin’s children does. (Paid for by the tax people of America)
I may not be able to eat a ribeye steak, but chicken has been good in my house.
Stop being bias, you hypocricts, Socialist cowards and face Truth we need change and money. Do not open your mouth about Powell neither you communist bunch of idots, one moment he’s your friend until he makes a decision you do not like and then he’s the enemy. Watch your language you blood sucking vipors. Collin Powell is more man than you will ever be, yiu RAT!!!!!
I am all for a second check.We have 9 children, and both hold 2 jobs to take care of all of them,the bills,and the extras in life.No,nobody told us to have this many,but we love them all,regret none,and provide the very best we can for them.Yes,we would spend the check,but it would go to a new air conditioning unit,and other household needs.
SHEPARD,ARE YOU FOR REAL?????
I am a mother of 3 children. I have a husband who works 40hrs a week and one call overtime. my two older children are in school, where as my 4 year old is still home. the last 5 jobs i had didnt even cover my childcare (300wk for one child). my grocery bill went from 80 a week to 150 a week (thats with eating pork and beans and alot of spagetti). getting a second stimulus would help my family tremendously. whether the check is 50$ or 2000$ at least ill be able to put groceries on the table or atleast order school pictures of my children (which i havent been able to afford for nearly 2 years). i hope they do okay the checks.
I would also like to say, why bash Obama? We havent seen him work as president. we dont know if he would be good at it, but he cant be any worse then Bush. I will place my vote for him in a couple weeks for two reasons…1) i believe he will be able to help this county on track and 2) god forbid something happens to Mccain, i DO NOT want Palin in office.
thats my opinion, and i know everyone has theirs. that is one of the many good things we have going for us as americans…FREEDOM OF SPEECH!!!
I need that money. I am a single parent of 2 there father is deceased and I am a full time employee and i make around 1400 a month. I get no assistance from anyone. I son and daughter are into sports and I have to make it happen because i dont want time to grow up and get with the wrong kid of people. I only get ssi anf it is not even 700 a month so what should i do . Cant get a better paying job because i need to home at night with my young kids. When i get my income check i cant blow it on luxugies because it has to help get me through the year. People like me dont understand the system.. People who lay up and make babies and sont work get all the assistance while working people get none. We are punished buy working why is that. I bought house so that my kids could have a better job. I just dont understand why me and people like me can get assisstance. Its more underpaid americans in this world than rickh
I think that a second stimulas check will be a great help to the economy. With christmas around the corner and the economy failing things will only get worse if we are not even spending money on christmas. I visited a site earlier saying how noone spent the first check. They either paid debt or saved the money. Not exactly what the goverment thought would happen. With a second check america could afford a nice christmas. I hope we do get a second check, and that it comes before christmas. Because this would be a great chance for the economy to get better since this check will be more likely to be spent.
For Lyn and JD
I am a mother of two. I recive 500.00 a month in child support work and I get help from the state food stamps and medical. I am also a full time student. I don’ plan on being on foodstamps the rest of my life. I am doing my best to get by and make ends meet to make a better life for my family. I am not lazy, I work just as hard as everyone else. No matter what the middle class and upper class will have a good christmas. I don’t know how our christmas will turn out but there will be presents under our tree. Lyn I understand you might struggle and you also JD but have you saved for christmas. maybe you don’t have as much saved as you did last year for christmas but I bet you have something I’m trying to figure out which bill not to pay and which check I’m going to use. Then after that I have to figure out how to pay the bill I skipped patment on.
i’d just like to know if we are going to get another check or not.My family sure could use it too.
2ND STIMULUS CHECK: HAHAHAHAHAHAHAHAHA! IT’S A JOKE!!!! WE DON’T NEED TO GET OUR HOPES UP………
Is it right time to issue a second stimulus tax rebate check to Americans?
You can vote your opinion at TaxGuruHelp.com. Only thing is you need to register / log in for voting (takes less than a minute). Once you log in, you might need to click the following link again to open the poll.
Please, spread this among your friends and colleagues. It affects every Americans!
We can forward link for polls and other issues directly from the website as well.
http://www.taxguruhelp.com/phpbb/viewforum.php?f=20
I am a 54 divorced lady working my butt off, just to make 12,000 a year. I finally stated school again by going to college. I know it’s to late for me to find that high income job, but a least I am trying. I live from payday to payday if that, I could use a second check that’s for sure! They talk about helping the middle class, what about us who are the lowest paid and still trying? I can’t get much help from my state, believe me I don’t want to live off the government, I just need a head start after my divorce and having to start from scratch!
We need a second stemulus check, the first check was used by many to
pay bills and to buy food for our families.
The second stemulus check would be used by many to buy toys and clothes for the children for christmas. When you were a child and christmas came around you were not concerned about food until you got hungry, you were concerned about what you were going to get for christmas. So don’t hold back on the sencond check, let the parents be able to buy something for their children, it’s hard enoungh on most of us with the pressure of no job, cut hours, loss of a home, no food , etc. make a child and a parent happy this christmas by giving a second stemulus check, and raise the amount a little.
If they were able to come up with the first 700 billion dollars they can come up with 50 billion to help people and the economy. They printed the 700 billion so what wrong with cranking up that money machine again. And why should we have to pay it back if we are in a recession and broke as most of us are.
After reading a bunch of posts, i just have to ad my two cent’s into this. For those of you with a few dollars in the bank and who are getting by just fine paying there bills and that will have a descent christmas this year and who oppose a second stimulus round of checks.. let me tell you. You know how many people that would benefit from a second round of checks? people who won’t have a christmas this year (for kids this is a very special year to tell them santa has been happy with you and your progress, no child should ever go without a christmas) , people who are about to have there electricity cut off, people who can’t afford to fill there refrigerator with food, people that can’t afford to buy clothing and so on and so on. What has become of compasion in america?. If they don’t hurry and pass this bill and get checks into the hands of people before christmas it will be a gloomy christmas for many many people, many stores will suffer sales and shut down after the holidays. If they hurry and pass this stimulus, there will be hope for the holidays as well as many stores to stick it out until the lending crisis opens up to lending again. BY the way, i am also a laid off victim, my electricity is threatened, my kids christmas is gloomy, food is limited. I didn’t ask for this to happen so yes another round of stimulus checks will help me as well as another few million households WHO DON’T HAVE A FEW DOLLARS IN THE BANK AND ARE GETTING BY JUST FINE. CHEERS TO THE NO COMPASION ANAL LEMMINGS!!! HAPPY HOLIDAYS TO YOU TO!
This is to correct an error at the bottom.
I didn’t ask for this to happen so yes another round of stimulus checks will help me as well as another few million households WHO DON’T HAVE A FEW DOLLARS IN THE BANK AND WON’T HAVE A CHRISTMAS THIS YEAR.
I DO AGREE……. We all need a stimulus check. I know my husband & i sure could use one too. But i’m still not getting my hopes up on one. IF, we do receive one i don;t think we will receive one before christmas. MAYBE OBAMA– MAYBE MCCAIN– MAYBE SANTA CLAUS– WHO KNOW’S— WHO CARES ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!! I DO!!!!!!!!!!!!!
In my opinion if our great leader(George bush) would take all the million’s of dollars being spent on the war in iraq. every legal citizen’s in the usa could get a whopping stimulus check, but we have to take care of the rest of the world.
hahaha Obama WON
A second stimulous check would help millions of Americans that are going to go without Christmas for their kids. The gas prices have taken a toll on the American people and we have gone into debt with credit cards to pay for it.. Now the credit cards are due and we are even deeper in the hole. Middle class and lower class people need immediate relief President Obama please help us.
It is so amazing to me at how many people can blame Obama for everything that comes to mind. If you are so sure that he is going to mess up the country, get your stuff together and run against him. Perhaps you can do better. He is one man who is going to try to make a difference for the country, not just for the poor, black or misunderstood.
i am 48 years old and worked every since i was 12 years old. worked labor jobs . i found out i had cancer in april, had surgery,i have stage3 adrenal cortical carcinoma,i don’t work no more,they gave me 25% chance of a 5 year survile,husband got laid off cannot find a job,a second stimulis check ,yes would help,stopping free trade would help,half of our jobs are in mexico. this is the worst i have seen it in my life.
Obama is not our presedent yet, but he is wanting us to get a stimulus check quick to try to help the economy. And it would also help us. YES!!!
i think the second stimulus check will help , i have four kids, i lost my job and my husband is the only one working , and he has alot of health problems he sis the only one that is working and we don’t have any insurance , and times are really hard , with only one running vehicle and no other income, the second check could help with bills and food and help by his medicines
With all that money being wasted over the yrs. 4 the war ,and all the people losing there jobs here in the U.S the government can afford a 2nd check always take care of home first
i think it’s a good idea for the rich to start getting their taxes raise instead of the poor.we have ours raised inenough. as for the illegal people little to people know but they pay taxes but they just don’t getb the benifits like legals do. income tax checks, food stamps etc. i get so sick of people saying its because of them its bullshit !!! the real reason our country is in this mess.we have alot of greedy bastards in the white house thats only out for themselves. how many times have we gooten to vote on thier raises? i know i haven’t .they make hundreds of thousands of dollars. do they really need all that money why not raise thare taxes higher or give them a pay cut that sure would help.
Um, I dont want my taxes raised. Live in a high tax bracket before you say “tax the rich.” It’s not that cool.
Obama isnt going to be able to help you either. Like most politicians, he’s crooked too and out for one thing–himself, not you.
One thing i will say, i hope that stimulus comes soon. Another thing that puzzles me is, goverment is pumping all this money into the country to make it work again, what happens when all this money is used up? are we gonna go back into this mess again AFTER THE GREEDY CEO’S SUCK IT UP?. My opinion, america is not as rich as it once was. Money is being sucked out OF this country by all the illegals (i see them everyday in western unions, sending thousands of dollars out of our country BY JUST 1 PERSON, COUNT THE MILLIONS THAT ARE DOING IT), this free trade bull crap is also sucking money out of our country, oil is sucking money out of our country, all the goverment aid being sent to all the countries we help is sucking money out of our country. OUR JOBS NOW HAVE GONE OVERSEAS SO THERE PAYCHECKS ARE PAID WITH AMERICAN DOLLARS, MOST OF OUR LAND AND LANDMARK BUILDINGS NOW IS OWNED BY FOREIGN ENTITIES AND YET VERY VERY VERY LITTLE MONEY IS COMING BACK!. FOLKS, THE BUBBLE IS GONNA BURST SOONER OR LATER.. I FORSEE ANOTHER DEPRESSION, ITS GONNA HAPPEN.. U WATCH. So stock up on as much gold and silver as you can get your hands on because it will be the only thing that will barely have any value anymore. White collar greed and corrupt politicians are the blame for all this. I feel so bad for our kids, there the ones that are gonna suffer from all of this, not all the money in the world is gonna save any 1 greedy white collar or corrupt politician when this country folds and possible WAR comes TO OUR DOORSTEP WHEN WERE MOST VUNERABLE from anyone of our hostile neighbors. Guess the land that we call the land of opportunity is now become the land of the poor will always remain poor and the rich will always remain rich, middle class? umm it will no longer exist.
I think its a great idea to get a little extra money. I am so happy that there is new life in the White House. Maybe the little people can finally get some help, because with the big boys getting help with Wall Street, which by the way is a bunch a bull! Let the chips fall where they may for the rich well off people its about time. The Bush family has always been for rich folks, now maybe its time for we hard working people to get a break. HOORAH FOR OBAMA!!!!!!!! We are the ones that make all the money for these rich people. AS long as their pockets are being lined they could care less about us.
well!!!! we have GEORGE BUSH to thank for the illegal immigrants coming here to take the americans money. They need to stay there just like i do here. George isn’t going to be our president no longer.THANK GOD!!!!! All we can do is set back and pray that Obama will pull through for us americans. Stop the illegal immigrants. IT IS SAD>>>>we can’t have a good paying job, we can’t afford to buy grocerys, clothes, let alone a new vehicle. WHEN IS IT GOING TO STOP!! PROBABLY NEVER>>>>>>>>!!!!!!
Your right mr. Anonymous, illegal immigrants are the problem! You may not know this, but illegals actually own the investment banks in our country. They also control the interest rates placed by the Feds. On top of that, they prevented the Autoindustry from innovating beyond 8mpg cars over the past 5 years. So clearly, its all about blaming those damn illegal immigrants!