Personal Finance 
112
comments

Second Stimulus Package

Email  Print Print  

Money Money MoneyBack in June, Democrat Presidential nominee Barack Obama suggested that a second stimulus check was necessary. I wrote about it because this was hot on the heels of the first stimulus check and it appeared as though Obama was catering to the masses. In reality, he was running point on a proposal House Democrats were pushing because so many of their proposals were left out of the first stimulus package.

With the credit freeze only now thawing, with both consumer borrowing and spending down, and with the prospects of a weak retail holiday season and rising unemployment, a second stimulus package designed to give our economy a shot in the arm looks pretty appealing now. Even Fed Chairman Ben Bernanke, in testimony given before the House Budget Committee, endorsed the idea of a stimulus package. More importantly, the White House said it would consider additional spending measures; it’s not an all-out endorsement of a second package but it’s better than flat out rejection.

Before anyone gets all giddy, most experts are saying nothing would happen until after the November 4th election. As it stands, most reports are saying that most of the proposals being pushed for the second stimulus package involved measures that were dropped from the first stimulus package. Those proposals included infrastructure improvements and extension of unemployment benefits & food stamps, all told costing about $150 billion or more.

Specifically, Speaker Pelosi wants to bring back a $61 billion House-passed bill:

  • $37 billion in public works spending (infrastructure)
  • $6 billion for jobless benefits (unemployment)
  • $15 billion to help states pay for Medicaid bills
  • $3 billion in food stamp assistance
  • A stimulus check (tax rebate) of some kind, though no details

I am not a fan of the “stimulus check” concept (is it really spending if we are just borrowing from the future?) and I don’t see how all the other spending is going to stimulate the economy (it’s said that the public works spending could be implemented very quickly, thus producing jobs… but it’s public works, that just sounds like it would take a long time). Jobless benefits and food stamp assistance will lessen the pain but they don’t stimulate the economy. Finally, in most states you already get twenty-six weeks of unemployment, that’s six months, isn’t that fair?

I guess we’ll have to see what gets proposed.

(Photo: Tracy O)

{ 112 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

112 Responses to “Second Stimulus Package”

  1. Anonymous says:

    I THINK ANOTHER CHECK WOULD BE GOOD BECAUSE THERE IS SO MANY PEOPLE OUT THERE LOSING THEIR JOBS. WITHOUT A JOB HOW ARE PEOPLE GOING TO AFFORD THEIR HOUSE AND OTHER NEEDS.UNEMPLOYMENT DOSE NOT LAST A LONG TIME.THERE WILL BE MORE HOMELESS PEOPLE THAN WHAT WE ALREADY HAVE ATLEAST WITH THE 2ND CHECK IT WOULD HELP THEM OUT.I ALSO LOOK AT IT THIS WAY WE SHOULD NOT HAVE BAILED OUT WALL STREET OR THE CEOS OF THE CAR DEALER SHIPS. THE CEO WHO ARE TAKING THEIR CUTE OF THE TOP BEFORE ANYTHING ELSE THEY SHOULD BE THE ONES BAILING THEIR OWN COMPANY OUT AND NOT TAKING A HAND OUT FOR THE GOVERMENT BECAUSE THAT MONEY COULD HAVE BEEN USED FOR CANCER TESTING, SCHOOLS, AND OTHER THINGA RE COUNRTY NEEDS NOW.

  2. ray says:

    I see where the auto makers and people that makes over 125,000. ayear gets a tax break. If I made that kind of money I don not see where I would nead a tax break. But what about the millions os people that only makes about 18,000. to 25,000. I think these people needs a check that equals the same amount as the rich.I am disable and on a limited income of 693.00 amonth and my wife works and gets about 1100.00 amonth. we have two teenage boys at home, ahouse payment, car payments, I think the goverment needs to help people like us before they give the rich more money.

  3. Michelle says:

    How about we all get out and go to work. My husband was disabled (never put a claim on other Tax payers) and he continues to drive a school bus, mow lawns & takes photos for insurance companies— Yep…some of us may need to get a 2nd job (((oooh…might cut into TV or Computer game time, huh???)). Perhaps we need to put our kids out there and make them EARN some money instead of giving it to them so we can’t pay a bill later in the month. My kids know how hard it is to make a dollar (approx 55 cents goes to taxation) and they now only buy what they earn and they weigh their options. Should some responsibility, suck it up & quit looking for a hand out! Most of us are SICK & TIRED of working for those who don’t “feel” like they can or want to…..

    • Marie says:

      could not agree more!!!!

    • diane says:

      It just kills me that when it comes to giving the taxpayers and public any personal help like a second “stimulus check” of their own money to begin with and all you hear is how that can’t help or change anything and would just cost sooooo much. Well what the eck did giving billions and billions of by the way our “dollars” to these big companies that obviously have extremely bad and unexcusable poor money management skills to begin with.It’s more like they are being rewarded than bailed out! I only see by doing this it has just about destroyed our economy, so why isn’t anyone asking WHY is our goverment even doing it? It seems like the solutions and idea’s they come up with for us are always exactly the same as far as the results they bring and that is to cut back on all social programs and keep cutting, schools, libraries etc. and of course find a way to raise taxes. Most important make sure all city and government offices get their raises. I am so tired of the people being told they need to cut back and be willing to go without more and more and to also expect the cost of everything needed to live to skyrocket in price. How can our suffering more always be the answer when it never ever changes anything and when is enough, enough!!Where does all this money go? How about we tell all city and government officials it’s time to cut back not only on the unreal amount of salaries they are recieving but forget raises period while the folks that pay their salary can’t even pay their basic bills, like rent, utilities and food not because they don’t want to work but because there isn’t any jobs! People are getting laid off by the thousands.Why are we paying enormous amounts of money to officials that are not willing to do what they are asking from us.

  4. LaTisha says:

    No,It is not fair that you only receive six weeks of unemployment especially when it was not your choice to become unemployed in the first place.My daughter was severely injured on the playground at school that caused me to quit my job , move in with my parents, and lose all my self respect.I would love to get up every morning to a 9 to 5 or and 8 to 4, but unfortunately the Government protects the school against fault, but constantly holds us responsible for every little thing. I also don’t like the stimulas plan how is it helping when all it is for us a loan that we have to payback. Now, come on how is this helping the economy when the extra money that we look for at the begining of the new year to pay off debts, or get something that we really need, or finally go to the doctor cause we have a little extra money gets taken because we supposedly got some help. You ask me it will hurt us more than it will help us, cause at this rate there is no room for getting ahead.

  5. Anonymous says:

    Interesting opinion by the author about most states and the 26 weeks of unemployment being fair. Under normal circumstances it is more than fair, but we are in a much different economic state right now. I have been a member of the workforce for 22 years, in the construction industry, and up until last year collected a total of 2 months of unemployment benefits. I worked for a great company and had a boss who did all he could to make sure all of his employees had 40 hour work weeks. Last January he was faced with a dwindling workload, and I found myself laid off. The company I worked for still exists, but the lack of work in the industry has made it impossible for me and a lot of my co-workers to be re-hired, or find employment with other companies. Without the previous extensions, and future extensions, many good, hard working people like myself will find themselves without the finances to pay for the basics of living, as well as transportation to get to work should a job be found. Even with unemployment, I have had to move back home. You want my opinion?? Make the morons (overpaid CEO’s) that ran companies into the ground fund the unemployment extensions. Why should people like that live lives of luxury when decent hard working people be out of jobs and struggling because of the CEO’s ineptitude?

  6. sased2001 says:

    Listen everyone if you get money from the government spend it and by AMERICAN NO MORE CHINA OR JAPAN ETC…. PRESIDENT OBAMA can help but it is up to the american people. Everything in this stimulis package needs to happen the Rep.want to drop the help for schools and the no child left behind and other stuff they call pork. UNITED AS ONE and so far its about dem and rep not about AMERICA I SAY DROP DEM AND REP. They say this package cost more than the war we are in well this is for AMERICA and we need it. I support trups 100% but not the 2 parties running AMERICA. AMERICA is this way because of all the money hungrey people and they know it.

    • dad says:

      Are all you people ready to jump out the window? If you have the money to spend, spend it. Why? give the job to the guy who can use the work. If we all spend what we can on things that can help our neighbors keep their jobs it will help us stop this spiral we are in (the same spiral that happens when i flush the toilet). Buy American, hire American, help build our economy.

      • Amanda says:

        I totally agree with this guy, we need to look out for our fellowman and not hire the immagrants and quit buying all these foriene products whether its a roll of tape or a $100,00.00 vehicle if at all possible try to get all the foriene products out of the U.S. so americans can only buy american made products and for instance Japanese will only by Japanese products it should not be that hard someone gave them permission to get started here and I am 99.99% sure it was an American.

  7. Paula says:

    It seems to me that the ones who do not work, are the ones that will benefit more with Obama’s plan. I have not read anything that states the American public will receive any of this money. It must be nice to be a multi million dollar company, that can claim backrupcy and have the governmnet bail you out. When I run up my own mess there is no one to help bail me out. I ran mind up going back to college, so that I can work in the public education system. The teacher loan forgiveness program that was to help me, rejuected me. Now I am stuck with thousands of dollars of debt and a government that refuses to help me.

  8. michael says:

    A SECOND CHECK IS JUST WHAT WE NEED TO CATCH UP ON PAST BILLS ( LIKE ELECTRIC RENT )
    ONCE WE CATCH UP ON PAST DUE BILLS WE WOULD PUT MONEY INTO THE ECONOMY BY SPENDING ON NEEDED CLOTHES SHOES EYEGLASSES MORE FOOD
    NOT JUST HAVING TO LIVE WITH THE ABSOLUTE NESSERSARY THINGS

  9. lisa says:

    Here is my thought if they can give those thieving CEO’s of the auto industry a bailout, why then should the american people be forgotten? I hate that we gave these “business men” money to bail them out. If they would have given each american $10,000 just think how that would have stimulted the economy!! Just think how many lives that would have helped!! Yeah sure these companies need help but why should we pay for it? They were receiving such huge bonuses, 1 million and down come on now people, then they wonder why they are going down? I am lucky to make it week to week. It to me was a waste of money. $10,000 to each of us would have allowed some to buy cars sitting on their lots, pay off houses, pay off credit cards etc. the list is endless.

  10. cynthia says:

    I am a disabeled parent that was injured working as a crossing gaurd protecting the children and for those who say we need to get a job just because thier husband is disabled and still works. should think twice about what they say because I have children and my work was taken from me and put me in a wheel chair so I think extra money can help those in need that truly need it. circumstances can change in the blink of an eye.

  11. Anonymous says:

    I totally agree with the statement to only have American products sold here in the US. The bad news is that’s a trade of for the Trillions our government has borrowed from them. So of course their gonna set up shop here. I don’t think you’ll ever see them leave.

  12. Anonymous says:

    how about they stop taking out federal taxes so we can put that money back in the economy

  13. Lulu says:

    From some of the comments I have read it sounds to me like there are a few of those who are still bashing us Americans! IF it was that easy to work and get a second job I’m sure most of us would!!Have you not heard about how hard it is to find work? Have you not heard how many states are suffering because the companies have to let people go! Who is asking for a handout? Sounds like to me Michelle is just frustrated!And good for your husband that he can work, good for him! And FYI Im also married to a wonderful man who is 100% disabled and before he became disabled he worked very hard. Just because we are not in your shoes doesn’t give you the right to judge us!! You say “most of us are sick and tired of working for those who don’t feel like they can or don’t want to”! You don’t work for me and I don’t work for you!! You don’t sign my paycheck!Your mentality must be in some big city,because you are not thinking about the locations of where other people live! With populations of 500 or smaller.!! With the closest hospital or doctors office 38 miles away! We have 2 conveinence stores, 3 gas stations,maybe 5 operating motels!! SO before you go and try to judge a book by it’s cover maybe you need to read the pages first before you try to make assumptions and judements about us AMERICANS!!Maybe you are the one in reality looking for a handout?

  14. cat says:

    I HOPE THAT PEOPLE WOULD PUT THERE REBATES CHECKS IN THERE SAVING’S OR PUT IT IN THERE CHILDREN SAVINGS ACCOUNT FOR THERE FURTURE

    • Sherry says:

      I would love to put a stimulus check in mine or my children’s saving, even though they are all grown now. But. We don’t have that luxury. If we got a check it would be to buy groceries, pay mortgage, pay utilities, etc.

  15. Jennifer says:

    I hope we get another stimulus check to help pay the bill and for my medical need it would be put to good use

  16. sased2001 says:

    If they give a 2 check we have to spend not save it. I do agree that having a bigger check would help out alot 10,000 will go along way that would get my credit cleaned up and afford to some shopping (dreaming sorry im awake now.) Never will happen and about auto industry yes ceo is the problem but it also has to do with UAW I would love to have there job at half the wage they make so job less or have a job and budget better. JUST SAY NO TO CHINA!!!! Americans buy America United As One.Stop the politic bull sh_t Unite and lets kick some Ash. President Obama you go change is what we need its in your hands and Americans we need to do the rest!

  17. June says:

    If they want to get things going again.Instead of bailing out the ones who have money. Why don`t they help the ones who don`t have money so they can get cought up on their bills and their house payments.If everyone could get cought up maybe they could stay that way.Keep the gas prices down and stop raising elect bills, food, the things people have to have to live.I know alot of people are not responsible with their money but not everyone is not like that.We just need a break.

  18. Anonymous says:

    i dont understand why we would put another dime into the welfare system?? what needs to happen with the foodstamp offices, when you go in to apply for assistance the young lady sitting behind the desk handing out applications should hand the applicant a cup and tell them in order for you to apply for assistance you MUST pass a drug urinalisis. we would do several things if we would only make this a law. #1. stop giving the addicts the funding to support their habbit #2 if you re3ally need help to support your family GET OFF THE DOPE

  19. Osha says:

    Wow everyone on welfare is not on dope. Some people from back in the days worked but didn’t have the benefits. I know a older person that is in the late 60′s that need that help because of only getting 500 a month. But not everyone on it is in need and I hope the ones on drugs have to work like everyone eles. No excuses.

  20. ms jackelin says:

    i think that obama should give more money to the unemployment

  21. ms jackelin says:

    well if you think you know everything well you should come and see wat we unemploment ppl do huhuhuhuhuhuuuuuhuuhhuh im sooooooooooooooooooooo mamamamaddddd

  22. JEANNETTE says:

    WELL I THINK WE SHOULD GET A SECOND STIMULUS PAYMENT,BECAUSE WE ALL NEED IT,IM FULL TIME WORKER AND A SINGLE PARENT OF FOUR BOYS AND THINGS ARE GETTING VERY EXPENSIVE,EVEN FOOD AND EVERYTIME YOU TURN AROUND WE ARE PAYIN FOR SOMETHING FOR THERE SCHOOL,LIKE FIELDTRIPS,@NON UNIFORM DAYS, ITS CRAZY BUT I JUST KEEP ON PRAYIN ABOUT IT,AND I KNOW OBAMA IS GOIN TO MAKE EVERYTHING BETTER FOR US..THANKS,A SINGLE MOTHER OF FOUR BOYS…

  23. Thomas M. Burzynski says:

    We the people are struggling out here; I lost my health insurance and I am totally disabled; my medications for each month total nearly $700.00 and for me to be without Health Insurance and wondering whats going to happen next I don’t know; I can hardly pay my bills; I am only making partial payments because I don’t have the money; I live on rammen noodles because it is a cheap type of food; who is going to help us out of this DEPRESSION?? businesses are laying off people right and left; businesses are closing there doors because they can’t keep a float; so don’t tell me that we are not entiled to a stimulus check for this year at least it is something; and our medicare is just a big joke; they won’t cover hardly anything; and what they cover isn’t enough; we need someone to help people who are trying to make ends meet; I know at first hand we need medicare to get it’s act together; I need help and I’ve been to so many different agencys at the court house and I get no help; can anyone help me??? thanx Tom

    • sased2001 says:

      Well here in michigan we have same problems as everone. What you need to do is go to your local DHS and get some help food and ETC… also they have programs out there that the company that makes your meds will give them to you you just need to do some asking around to fine out the programs that are offerd. Wish you well.Does your state have a local health Building go there.Find the free clenics they will help with meds also alot of pharmacies offer $4.00 persictions God Bless

  24. Conservative says:

    if we didn’t bail out the auto industry do you know how many jobs would be eliminated?….. obama said he would preserve or make 3 million jobs and bailing out the auto industry was the only way he could keep what he promised… and as for us Americans we rely way to much on our corrupt government…. bush didn’t completely cause this problem either because he cant pass things when ever he wants, it has to go through all mighty congress (which was partially democratic). in other words bush and republicans are completely to blame. and the creation of these “socialist” government programs doesn’t help our economy one iota

  25. sased2001 says:

    Well I have listen and read all of my fellow Americans problems we all have alot of the same issues we have to stick together and help one another the issue with AIG dont want to go there!!! Put 2 check will not happen only for ssi or ssd and retired government workers etc!! A fed tax break in your check is your stimulis. I think if we owe china or other countries then dont give them a tax cut or tax free for 5yrs make them pay more to set up shop in the U.S.A and take that put it back into AMERICA and the problem with Bush was that America was in a slump and he did nothing to help look what is happening now republicans have a hard time putting money or spending money on are economy lucky we have dems in the office or we wont be AMERICA!!


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.