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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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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!