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. goddessoflubbock says:

    Some folks here seem confused. I receive SSDI because I am disabled. I was actually disabled while I was working, but lost my job when the disability overwhelmed my ability to produce.

    SSDI is money I am entitled to – from the first real paycheck I earned at age 15 working in a stuffed animal shop to my last one 30 years later, I paid in to the social security system. Even when I was self-employed I paid in. Because I knew that this day could come.

    I tried to get food stamps – we were entitled to less than $50 a month for a family of four – not worth the hassle. Medicaid? Not if you make over $300 a month in Texas. Which means my neighbor, who is an illegal immigrant and works off the books gets better health care than I do.

    There is something seriously broken about this system.

    (Oh yeah, I had to pay federal taxes on my ssdi benefits…)

  2. sased2001 says:

    Americans I agree with the person above me^ you do deserve to have your ssdi to havs insurance and thats what President Obama is pushing for my other statement is that people who work will see less fed taxes taken out and people on ssi or ssdi or goverment retiries will get a stimulis check so everyone is getting something and for people that are unemployed at this time will get 25.00 more a week in there unemployement check those who do nothing get nothing.Ther is a diffrence in ssi and ssdi ssi bgores of the income coming in from spouse and the person on ssdi gets more money still not as big as it should be but gets a set amount and just got a raise in what they get per month. When comes to taxes people on ssi dont have to pay on fed or claim it as income but you do on your state taxes goes by your state. Thats all for today God Bless.

  3. sam turner says:

    sam do you live on unemployment, if you did you would not think 26 weeks is enough.

  4. mary says:

    so many of us are stuggling, barely able to keep our heads above water, with all the money going to the big companies why couldnt that have been split between them and the people then we could have helped to stumlate the economy, but why help us little people . maybe we should pull up our tents and go to washington then it would be notices how bad it is out here

  5. nicky says:

    Even though I have worked 10 1/2 hours a day standing on concrete for a company that if you start today you make 7.00 an hour or people that have been there 20 years make 7.00 and hour. there is no moving up, and you don’t get enough hours to draw unemployment. I have put in apps. everywhere from McDonald’s to grocery stores to gas stations, with no luck. I am 24 with 3 children I have to do anything I can do to take care of my children.

  6. DeEtta Copenhaver says:

    I think the economy would recover more if the President would approve a stimulus for the people, as soon as possible. Many people who were on un-employment did not receive an extension of benefits as promised and the ‘extra’ $25.00 on my paycheck does not help. Even tho I make more than twice the minimum wage I still struggle to pay the bills and support my family. We all could use some help!

  7. Henrietta says:

    I’m for another stimulus check we need some help with people who struggling everyday to just keep there water and light on and a roof over there heads. The bigwig don’t care they have a roof over there heads and water and light so why worry about the poor people.i live on disability and I am having a hard time just to keep a place to live I don’t get any help so if everything keeping going up I maybe out on the street and do anybody care NO.

  8. FARAH DIBA says:

    YES WE NEED SECOND STIMULS PLAN BEACUSE THIS YEAR SO MANY PEPOLE ARE STILL NOT WORKING AND WE HAVE KIDS WE NEED MORE MONEY

  9. People of America u.s.a says:

    we need to try a second stimilus refund now, not at the end of the year.to many people are suffering every day.dont worry about being elected again,we put you in office,the same people can take you out of office.everyday people are put out on the street,unlees you do something now,it dont matter later,it will be to late.and yous wont be able to fix it later.it will be on your door step,like the plauge.may be to yous is not alot of money,but to them is alot of money to servife another week.and stop putting so much money on constrution roads,that dont need repair.like the old saying use to say,if its not broke dont fix it,until next time washington d.c. do the right thing and make the people proud of yous. America has spoken.

  10. sandra says:

    barocka obama if congress would get these borders closed tied locked bob wire around the borders you could keep all these differnt creeds of foryan folks from comming over here you get all of these immagrents and other nathionalitys out of these jobs and get all of these jobs brote back to the united states there would be planty of jobs for the american people the unemployment would go way down americans wouldnt have a hard time finding workt the end

  11. goddessoflubbock says:

    No, really? Are we being punked? Was this last poster a product of the american publican school system? Because if so I believe they have a definitive cause of action for educational malpractice.

    Seriously, so long as people from other countries continue to outdo us on things such as our own language, we are doomed.

  12. anjushethen says:

    WELL I THINK WE SHOULD GET A SECOND STIMULUS PAYMENT…btw 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.)

  13. why are so many people concern about what a private citizen does with their money.why not donate some of their childrens old bookbags or uniforms as far as i am concern instead of cash money vouches could have been given out for the school supplies to be used at school supply stores to be paid by the giver of vouches. the way i see it this country waste too much money on things it doesnt need.for instance streets all over the city need to be repair in our jails are all the labor the city needs instead of housing and feeding these people for what$30,000 a year put them to work.

  14. i thought it was a great!when i recieved my very first stimulus check,it really made a difference but last year 2yrs weve gotten nothing and that really crippled the economy for everyday tax payers.which left us armless, in other words the working tax paying peoples in America which has become impractical for us to gain in America.Now! tell me whats going to happen to us in the future

  15. gloria says:

    what about people who don’t pay taxes but either themselves or their child get ssi?

  16. gloria says:

    what do we need to do to see if we qualify for this?

  17. james powell says:

    I REALY THINK WE DO NEED ANOTHER STIMULUS CHECK FOR THIS YEAR FOR 2011 BECAUSE TIME ARE BAD FOR US.


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.