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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…

{ 370 comments, please add your thoughts now! }

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

  1. Concerned American says:

    THANX, GIRL!!! IS THERE ANYONE ELSE?????

  2. Anonymous says:

    Hermon and those of us who think like him are the ones on track. I dont need to write a novel to get a point across. I did not vote for Obama and still wouldnt. I will give him a chance, however anyone and everyone who thinks he will “save us” is dreaming. HE IS NOT A ONE MAN SHOW and government, no matter who is running it cannot save the people. The people need to be the ones to save our country. One man and his promises cannot and will not do that. Wake up, get a life and quite depending on government to “bail us out”

    • PeopleHaveNoCompassion says:

      Wow, someone musta opened a can and out you came.. lol. What you think were idiots? no one man can but what were lacking is a leader who gives a shit about there people who put them there and he so far might be the one america is longing for. As far as bailing us out? its not called bailing us out, its called a helping hand, a helping hand when times are so bad. The financial sector is getting it so why shouldn’t we?.. after all, it is our money anyway’s. With us the economy, no business will survive as you can already see many that are going under, so the longer they put off helping us the people the more and more banks, business will fail. The solution is not helping the financial sector, its about helping the cash strapped consumers, as you can also see that banks are hoarding the cash and still not lending.. had they giving those billions and billions of dollars to the consumers,.. people would be out spending and taxes would also be collected for state and federal so in all reality” there going in the wrong direction. BANKS WILL ONLY USE THE MONEY TO MAKE THEM STRONGER IE” BUY OUT OTHER FIRMS, CEO BONUSES, WEEKEND GETAWAYS FOR COMPANY CEO’S, PRIVATE JET FLIGHTS ECT. So don’t come here and talk like were a bunch of idiot’s. Remember, it’s idiots like hermoine and his magic harry potter wand that makes his comments so retarded.

      PS: HERE IS YOUR COMMENT THAT HAS ME SCRATCHING MY HEAD” The people need to be the ones to save our country.

      Hmmmm lets all go to the store and rub rocks together and buy something we all direly need and pay for it with hot rocks!

      ur an idiot! if goverment gave the public the billions that the banks got, we would be able to save ourselfs and the economy!

  3. cw1981 says:

    Well yes another check would greatly help us all. And for the ones who believe that all people on warefare are lazy people who wont get off their behinds you need to think twice. I am on warefare but i also work and the only reason I am is because is hard to raise and support 4 small children by myself and before you think it now I am not a ho. My darling husband decided that he would run off and be single and get away with not paying child support and yes I am white and so is he. If these types of men were not so sorry alot of women wouldn’t need help. So unless you know what you talking about you should keep your mouth shut and also how can you judge a man good or bad when he is not in office yet. All we can do is hope he can and will help us all get out of these hard times that we have all had apart of getting ourselves in to.

  4. teenagersperspective says:

    For many years, or rather many centuries, this country has scene its share of presidents. I think each and every president has gone into office with the intentions of making a difference and making changes. There have been changes for the good and there have been changes for the bad(the economy!). The stimulus check is something that would be appreciated, but why do we need another one? The first stimulus check that was given to us was used as something to boost the economy. I guess it didn’t do much, since we’re receiving another one. Is this stimulus check going to work? I really would like to see what Obama is going to do to improve this economy since past presidents jacked it up.
    and cw1981, i agree with you. People should not talk about welfare if they aren’t on it or only have a commonor negative view towards it.

    • Patriot says:

      the welfare system is a good way for people to get back on their feet but too many abuse it. im not saying that everyone on welfare is lazy but most are. if you have a legit reason to be on welfare than im more than happy to contribute but its these leeches of society who feel that welfare is owed to them. its disgusting to think of these people who contnue to have children that they cant support. if you couldnt afford 2 why the hell would you have a third? but this contunes to happen because people know that the government will continue to support them, or should i say, the tax payers will continue to support them. again, im not saying that welfare or everyone on it is bad, if you have a job and still need some help thats fine, you are making an effort to better your situation but if you just sit at home and pop out babies then you need to be cut off.

    • PritchardGary says:

      This comment is to the TEEN who has commented on WELFARE! Let me start by saying that i respect your comments on the economic stimulous ideas but when you start defending some Welfare recipents that do nothing but abuse the system, then you need to take a back seat and listen to what i have to say. As a recent Hard working american that has worked since i was 15 years old, and who is now retired due to numerous injuries to neck and back, I dont appreiate walking into a grocery store to spend my hard earned money and stand in line to see capable AMERICANS WHO COULD GET OFF THERE LAZY BEHINDS and find a job, To pay for a buggy load of groceries with not one GREEN CARD but to stand in line and watch them pull out another one and say PUT THE REMAINING BALANCE on this card. Then when they leave, look out side and see AMERICANS driving off in a new LEXUS, CADILLAC, MALIBU, VOLVO, and so on. Yes, and this is tax free because working AMERICANS have to pay for it. Can you HONESTLY tell ME that this is O:K? If you agree with this, You need to stay in the back seat and do alot more growing up and keep your comments to yourself!!! GOOD LUCK IN LIFE BECAUSE APPARENTLY YOU ARE GOING TO NEED IT, AND PROBABLY WILL END UP ON WELFARE YOURSELF!!!!!!!

      • teenagersperspective says:

        excuse pritchard gary but you mite wanna check yourself. what i put on my comment is my opinion. i am not goin to end up on welfare. Just because I put down what i think is going on doesn’t give you that right to start predicting peoples future. Maybe I do need to do some growing up. Duh. And okay wow. you have been working since 15. Thats not the first time i’ve heard that.

      • demi taylor says:

        this is to PritchardGary
        I’m usually not a rude person…but i read a comment you made talking about your visit to a grocery store…and I can;t help but say it seems as if you are having a hard time…you see just because you see some one spending of a card does’nt mean they don’t work..they might work and just don’t make enough…they might be shopping for a friend with their friend’s card and driving their grandfathers cadillac…it might be someone who worked all their life but their spouse got killed in iraq and now they can’t support themselves without government assistance…so before you judge get the big picture everybody was’nt born with a silver spoon and sometimes people have to start at the bottom before they reach the top…but the way you sound if i were you i’d ask the government for help so you won’t have to suffer and start critizing innocent people you don’t know.

  5. anonymus says:

    That is why I voted for Elvis Presley!!

  6. samantha says:

    i guess we’ll see if obama changes sides eventually huh? he says its time for a change

  7. FLOYD says:

    THIS MY POINT IF YOU DIDNT VOTE YOU REALLY DONT HAVE A SAY. OBAMA IS A GOOD GUY AND MAY NOT DO ALL THE CHANGES HE IS SAYING HE WILL BUT I BELIEVE HE WILL DO EVERYTHING IN HIS POWER TO ATTEMPT THEM THIS NOT AN OVER NIGHT SITUATION AGAIN IT TOOK US YEARS TO GET US IN THIS MESS AND IT WILL TAKE YEARS TO GET US OUT STOP RAGGING OBAMA WHO CARES IF YOU VOTED FOR HIM OR NOT HE IS OUR PRESIDENT GIVE THE MAN A CHANCE ITS RIDICULUS PEOPLE CAN BE SO NEGATIVE AND STUPID

  8. Anonymous says:

    As Americans we should be asking what can we do for our country, not what our country can do for us. Dont turn America into a socialist nation.

  9. jay says:

    r we gettn a check

  10. PritchardGary says:

    CAN ANYONE TELL ME IF MY PREVIOUS COMMENT TO THE TEEN POST IN REFERENCE WELFARE? THANKS

  11. PritchardGary says:

    iT’S O:K, I SEE IT DID. NO HARD FEELIGS, JUST THE TRUTH!!

  12. laina says:

    There are many different subjects I see that are mentioned here. I agree with one person’s opinion, if they gave back to the citizens/tax payers what they used for the high corp bailouts we could have bailed ourselves out. Billions of dollars broken down to every tax paying citizen, and I mean legal CITIZEN, we could buy our own vehicles which would stimulate the automobile industry and the smae for housing. We could pay off ou homes and that would put money back in to the hands of the banks, instead of bailing out the banks,and we’re left holding nothing. We could have paid of many things, put ourselves into better financial positions and then be the Americans that we are, we would turn around and spend money that we could now afford to do so. Bailing out big companies who care nothing for us or do nothing for us was not the solution. but hey, I’m a believer that until the government has to live as we do, pay for thier medical benefits, pay into the social security system and prepare to live off of it later nothing will change. Every congressman, senator, president etc… receives free helth care benefits, permanent pensions (as do thier spouses) hell, even the president gets free postage stamps for life! They don’t live on the same playing field as we do. Live on $50,000.00 dollars a year? I’d love it, I make (after 26 years in a hospital and a college education – $35,000.00 a year. I’d love to sit down with any polition and discuss the word indigent and charity… I run these prorams and I see the people that have to live on nothing and no medical benefits. Any ways, my point is quit giving at the top, give back to the people. Whatever happened to no taxation without representation? Oh yeah, as soon as those wars were won the american people were immediatley taxed on other items. Depending on where you live, it’s tax tax tax. Federal tax, state tax, county tax, school tax, property tax, car tax… gas, food you name it and the AMerican people are taxed beyond belief. Sorry so long winded.

  13. GEROGE says:

    PEOPLE PLEASE DONT LOOSE YOUR FAITH.Because if you do dig a hole and put yourself in it.Some companies are practicing illegal hiring procedures anyway.We need to get good honest people in management in all companies that treat all people fair.I encourage people in this country to stand up and be counted and stop being selfish.EVEN IF OUR PRESIDENT HELP US WILL WE GO BACK TO OUR SAME OLD WAYS .REMEBER YOU DID VOTE FOR CHANGE START WITH YOURSELF.

  14. Sheri says:

    Hi, first time here. I think there’s something most wealthy don’t realize. If everyone in this country were rich, the country wouldn’t run! I and my family live poverty level even though I retired from my job about 8 years ago because of illness. I receive no retirement income. My husband will be able to retire in another 4 years with a small retirement income. We raised a large family on very little though we both worked. I get so tired sometimes of hearing how no one needs to be poor. That people are poor because of not having enough education or other ‘statistical’ nonsense. If you have those who are wealthy, you WILL have those who are poor. Who would run the grocery stores, gas stations, laundry mats, car lubes, etc? Who would work cleaning up in hospitals, schools and other buildings. Who would be waitresses, cab drivers, bus drivers, etc. Not only our country, but our world runs on the backs of those who make very little while many of the wealthy put them down and come up with reasons why they shoulda been, coulda been rich. I didn’t vote for Obama but not for the reasons most would think. Mine are moral alone! However, since He is our president and willing to give money to those who are already wealthy and haven’t done right by the people with the money they’ve been instrusted with, I do believe we, the average Americans, and we, those of us who struggle every day just to keep food on the table, should be the ones to receive the hard, earned money we’ve been payng out in taxes to those who don’t care what they do with that money.
    I would love to have a little time without so much worry about how to pay a bill or to buy a little better food. Even if it’s just for a short time, it would be so nice to have the little space of relief after all these years. The last stimulus package through Bush was just enough to pay a couple of past due bills, which I was very greatful for. I’m hoping this one is enough to pay a bill or two and still be able to eat well for a couple of weeks.
    But that’s just my wish. I realize, as does every hard working person that is still living at poverty level, that life is hard and there aren’t any earthly people or things that are going to make it any better. This is life in the real world.
    I’m praying too that our country gets the chance to remain until we do get back on our feet. If we let our security laps even one bit, we are in great danger of those in our world who would love to see us blown to bits. Then, I suppose there would be no rich or poor or middle class and no stimulus package that would ever make a difference.
    I’m just praying that in the years to come, we don’t move any further downward than we are right now, today. I will be happy to live just as I’ve always lived, in peace and security even without money in my mail. God help us all!

    • Mary says:

      God Bless You. I know about living at poverty level. I am a 63 yr. olddisabled sr. forced to retire at age 33 due to a massive stroke, which left me disabled. My husband left, so I have been struggling to have a roof over my head and food on the table. My faith in the Good Lord is the only thing that gets me through each day. I also live in peace and security with no money in the mail.

  15. laina says:

    I do have faith and I believe in my country, but I also have eyes and ears and it is my responsiblity as well as every other citizen to speak up and call it like it is. This is our American right to speak up. Government needs to level the playing field a little, live by the same rules we live by, insurances, pays, benefits, social security system, medicare…until our government lives by these rules as we do nothing will change. They can’t see the needs of the every day average American.
    I was home sick the day of the inauguration, I couldn’t believe the money that must have been spent on 7(?) balls? Or when they were introducing the political figures, this is the assistant to …. and the sargent of arms… and the assistant to the assistant to the congressman… the list went on. I guess these people need jobs as well, but really, how much do they make in the government world that our tax money is paying for? Greedneeds to stop at the top. Answer thier own phones once in a while, it would be good for them to speak to a real American once in awhile. As far as the stimulus check, anything is better than nothing, I live in Florida and from May – Oct an average home electric bill runs 2-$350.00 a month. A stimulus check might help pay for 2 months if I’m lucky.That’s not running the a/c real cold,that’s keeping it around 80 degrees. In my job, I’m watching people being diagnosed with cancer and other conditions, losing their jobs, no food, most of the food banks are empty and pleading for donations. the list goes on, we need to help our own before we consider anyone else. The future is scarey and uncertain for many. God Bless us all and watch over each and every person, we’re going to need it.

  16. laina says:

    Dear Dear Sarah,
    I can tell by your intellectual answer that you are a very motivating and educated person. It is people such as you that give us Americans a real nice look. For your information I am a Democrat. However insteading of swearing and insulting people I choose to use my right to free speech and speak intelligently on truths. Sorry you opionion of me is so lacking, but personally I don’t really care. I’ve never asked anyone for any type of assistance, however I have been in the position to assist many and I’ve never looked down on one person. Too bad you can’t say the same.

  17. Concern Citizen says:

    This is my first time to join to your conversation. Let’s all give Obama a chance for change, the change should start within us lets all do our part to make a better life and leave the rest to our God,
    About the second stimulus check, well, all of us who work and pay taxes should be getting it no matter what the situation might be, I don’t care if you are rich or poor, if you file your income tax you sholud be able to get it. We all need a little help.

  18. demi taylor says:

    I think that the chane the nation has had happened is wonderful.I say this because so many people need to be shown something different,in order to chande their thinking process. Obama is a guy…he’s a guy that has went through hardship so that is why it is easy for him to understand the problems that americans are having now (the hardship). Obama has not put his self higher then the rest of us (Although he could),he has keep himself on the same level. the level were americans, no matter if rich or poor can feel comfortable and every day he reaches out to americans to let us know that there is someone thinking about what hardships we endure…he’s the PRESIDENT. People have forgotton how to care about what others go through especially if they have’nt first hand experience what it feels like to (go through things) obama knows…he understands…and he wants to releive that rough period just a little…so we should be grateful that there is somebody in theWhite House that takes the time to treat others with the respect to just care…

  19. big guy says:

    Hey Demi Taylor, boo freakn whoo, obviously if President Obama can be poor growing up and become the President of The United States of America with no help, then anyone can do it. Why should we feel sorry for people who are loosing their jobs and homes. They are probly the ones in high school who partied all night and got bad grades. There are colleges where people wanting a better way of life can go and get that. We should not feel sympathy for people settling for average instead of trying for better. Also, people loosing their homes is their own fault. The say the banked put them in a home they can not afford, where is the self responsibility to no if you can afford the house or not do your own budgeting

    • Sher says:

      Dear Big Guy:

      You are so wrong. Not feel sorry for people because they lost their homes and jobs? It is their own fault? Okay, let’s say that there are some people in with that whole big group where it is their fault but it is definitely not everyones fault. Different circumstances bring along different consequences and end results. Noone can predict that absolute future when they first start out on a goal. Some people that have lost their jobs or their homes will probably come back out of it later on but not right now, so yes, I do feel sorry for them and I also feel sorry for you because you do not live in reality and have your head in the clouds.

  20. lester says:

    what about a stimulis check for the disabled and the old over 80 years old;

  21. tameka says:

    Iam looking forward to a second stimulus check and yes it helped me the first time also. For all those that are doubting Obama, dont except the extra when we get it since you did not think it was going to happen.

  22. Anonymous says:

    I think that everyone who is talking about Obama is stupid and needs to join Bush on his ranch. I guess stupid people like Hermon don’t have a life

  23. bigs says:

    why is everyone complaining? After all we all are going to get what $13.00 back in our weekly paychecks. What more could you ask for?

  24. laina says:

    Thanks Bigs! I don’t think people realzie that we’re not getting a big check in the mail, it’s a tiny disperment in our weekly checks that ends up about 15-20 dollars every two weeks. So if you’re sitting home wondering how you’re going to spend the check when it comes, forget it. It’s money that is being stimulated back into our own paychecks, that’s the tax break.

    • Sher says:

      Talk about a let down with the stimulus check. I almost had to laugh when I heard cause it sure does no good to cry about it. lol. I think I will spend the extra 8.00 or so each week on the increase that my grocery bill, insurance, etc is bound to have through this next year. I am still for Obama and believe that we have a chance though. I do not know after hearing about the stimulus check if it was such a good idea though. We will see. I do not know how the economy is going to pull out of it. We still do not have a good enough plan, but I guess we have to start some where.

  25. lynn says:

    We all should probably stop acting like one person can change the way the world is. As i see it we are all screwed no matter who is in the presidents seat! Very soon no one will be able to afford anything. We should worry more about what life holds for our children. in the future how will they manage. News flash people its only our children who are really going to suffer. Obama made a lot of promises just like the rest of them and i havent seen anything carried through yet! if something were then we would not be in this situation right now.. Think about it! So what gas is up to 4 bucks a gallon and has gone down to under 2 bucks a gallon people its going to go back up its already started.10 years from now gas is going to be way to much for the children of the future to even think about affording. they will have to work just to pay to go to work.. we think we got it bad .. there going to have it a lot worse then we do. so it dont matter whos in the presidents seat this world is going to HELL


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