According to Obama, "Our economy may never recovery if we don't pass THIS stimulus package, right now." I realize that some of these things are probably needed but do they need to be part of this package. How will they create jobs? Does it need to be so big? Is there a better way? I agree that we may never survive if we don't make the right decisions right now. It will probably recover, in time though. My question is...Is this plan, the right decision right now? Why is this package filled with so much pork projects that will not help the ecomony recover or create jobs? Why did Obama remove the "Buy American" part of the plan? Part of what got us out of the Great Depression was the war, because Americans got jobs creating war supplies with American materials. Now, all American manufacturing is outsourced to other countries. Other countries are now prospering when we go to war, because they are creating our materials. Anyone else see a problem?
I seem to remember Bush using the same scare tactics to get his Stimulus Package passed and the whole country was OUTRAGED because he was "scarying us and using fear tactics", but Obama use the same tactics and everything is ok. So we passed Bush's Stimulus and I haven't seen the Ecomony turn around from it yet. I guess he was wrong. But of course, Obama isn't going to be wrong too.
-Bridget
Highlights of Economic Recovery Plan
Spending
Energy
$32 billion: Funding for "smart electricity grid" to reduce waste
$20 billion +: Renewable energy tax cuts and a tax credit for research and development on energy-related work, and a multiyear extension of renewable energy production tax credit
$6 billion: Funding to weatherize modest-income homes
Science and Technology
$10 billion: Science facilities
$6 billion: High-speed Internet access for rural and underserved areas
Infrastructure
$32 billion: Transportation projects
$31 billion: Construction and repair of federal buildings and other public infrastructure
$19 billion: Water projects
$10 billion: Rail and mass transit projects
Education
$41 billion: Grants to local school districts
$79 billion: State fiscal relief to prevent cuts in state aid
$21 billion: School modernization
Health Care
$39 billion: Subsidies to health insurance for unemployed; providing coverage through Medicaid
$90 billion: Help to states with Medicaid
$20 billion: Modernization of health-information technology systems
$4 billion: Preventative care
Taxes
Individuals:
$32 billion: Funding for "smart electricity grid" to reduce waste
$20 billion +: Renewable energy tax cuts and a tax credit for research and development on energy-related work, and a multiyear extension of renewable energy production tax credit
$6 billion: Funding to weatherize modest-income homes
Science and Technology
$10 billion: Science facilities
$6 billion: High-speed Internet access for rural and underserved areas
Infrastructure
$32 billion: Transportation projects
$31 billion: Construction and repair of federal buildings and other public infrastructure
$19 billion: Water projects
$10 billion: Rail and mass transit projects
Education
$41 billion: Grants to local school districts
$79 billion: State fiscal relief to prevent cuts in state aid
$21 billion: School modernization
Health Care
$39 billion: Subsidies to health insurance for unemployed; providing coverage through Medicaid
$90 billion: Help to states with Medicaid
$20 billion: Modernization of health-information technology systems
$4 billion: Preventative care
Taxes
Individuals:
* $500 per worker, $1,000 per couple tax cut for two years, costing about $140 billion
* Greater access to the $1,000-per-child tax credit for the working poor
* Greater access to the $1,000-per-child tax credit for the working poor
* Expansion of the earned-income tax credit to include families with three children
* A $2,500 college tuition tax credit
* Repeal of a requirement that a $7,500 first-time homebuyer tax credit be paid back over time
* A $2,500 college tuition tax credit
* Repeal of a requirement that a $7,500 first-time homebuyer tax credit be paid back over time
Businesses:
* An infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two
* An infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two
* Bonus depreciation for businesses investing in new plants and equipment
* Doubling of the amount small businesses can write off for capital investments and new equipment purchases
* Allowing businesses to claim a tax credit for hiring disconnected youth and veterans
Source: Associated Press
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