– Tax credit of up to $400 for individuals, $800 for couples for 2009 and 2010. Figure your individual credit by taking 6.2% of your earned income. Note that your employer can adjust your withholdings so that the credit is returned to you over the year instead of all at once. The Associated Press says most people will see this in the form of a $13 bump in weekly paychecks starting in June, and dropping to about $7.70 a week for the duration of 2010.
– The $1000 child tax credit will be extended to more families, and if you’re a poor family with three or more kids, you’ll get an expanded Earned Income Tax Credit.
– No tax on the first $2400 of unemployment you receive in 2009.
– The government will subsidize up to 65% of your premium for Cobra coverage if you lost your job after Sep 1st, 2008. If you declined Cobra, you’ll have 60 days to reconsider.
– $87 billion is going to help states administer Medicaid, which the AP notes “could slow or reverse some of the steps states have taken to cut the program.”
– If you get food stamps, you’ll get more.
– If you buy a new car, light truck, recreational vehicle or motorcycle in 2009, you’ll be able to deduct the state and local taxes you paid on it.
I’d be curious to see how much more things will cost in the future to pay for all this. What, you thought Obama was giving away free money and stuff?
So there may be other costs associated with this bailout other than ink and paper for printing more cash? Do you think that our congresspukes and Bamm Bamm are aware of that? Can they tax my unborn grandchildren without representation?
Pork the one you love?
# 1 SparkyOne said, “Can they tax my unborn grandchildren without representation?”
Hey! Paying taxes is patriotic… Umm, I mean, unless you are a member of Omama’s Cabinet…
What, you thought Obama was giving away free money and stuff?
They told me I would get a pony if I voted for him.
I can’t believe this day is here. I don’t have to worry about putting gas in my car or paying my mortgage.
Oh glory be to Obomba.
More whining from the usual Right wing nuts. All of sudden interested in fiscal discipline? Guess what bozos, its too late for prevention and now it’s time for the bitter medicine.
We have an consumption problem now driving an economy in a tailspin. The only way out is spending. That’s right schmucks, spending not pork, spending. That’s the whole premise behind a stimulus plan. Thank you for fucking up my future and those of my family. Fuck you.
So, I wonder what real world metrics the Omama Admin will use to measure the success of this pork fest? Oh, yes. Part of ANY real metric is a time component…
I’ll wait…
Looks like emergency life support more than economic stimulus. I’d say they don’t have much hope of a rapid recovery, these measures seem to be there to help those that have difficulties. But for those that don’t I don’t see the incentives in investment, starting businesses, etc. I’d say this is a very bad sign.
#8
$13 bucks a week is life support? No, more like a scam. No ones “life” will be prolonged by giving $13/week…
#6 Dallas
WTF? The spending bill looks like a Jimmy Dean’s sausage production document. There is more pork in it than any other bill in history.
Oh yeah, and contrary to what the fucking idiot Schumer thinks, I DO CARE about the details.
Wake up, if spending got us out of any problem then no one would lose their houses, they could just spend their way out of a problem. Yeah, let me tell that to the boss.
Leaving taxes where they are today is fine with me just cut government spending, you know, like spending $30million to protect a fucking mouse in Peelosi’s district…….
Please spare us from Porkulus.
#10 You just don’t get it. It’s astonishing to listen to you. Every god damn economist agrees we need to put people back to work. The whole premise of a stimulus package is government spending to put people back to work.
Tax cuts alone will not do it. You need to spend. If I get a tax cut, I guarantee you I will put it in the bank or invest it in low priced stocks.
Don’t you get it? Do you think for yourself or do you just regurgitate what comes out the mouth of a real porker- Rush Limbaugh?
#9
I wasn’t refering to the miniscule quantities, which deserves mentioning thank you. Just the general nature of the majority of programs. Extending unemployment, subsidizing cobra & medicaid, more foodstamps, etc.
#11 – Still waiting…
#12 Got it. That’ll some people. The majority of American’s won’t benefit. It should be called the Scamulous bill. Total cost $1.5 trillion. Future hyper inflation and the next 2 generations buried under debt. Well, THAT is certainly change…
#13.. Paddy-O.
POLITE = ON
Dude, how do I say this nicely …you speak in code and make no sense. WTF are you asking.
You’re NOT on Facebook here so ask a complete question. It’s not like I’m following your gibberish but I try to lower myself to your level.
POLITE = OFF
@#11:
“# 11 Dallas said, on February 16th, 2009 at 9:15 am
#10 You just don’t get it. It’s astonishing to listen to you. Every god damn economist agrees we need to put people back to work. The whole premise of a stimulus package is government spending to put people back to work.
Tax cuts alone will not do it. ” – Every damn economist agrees that Obama’s spending is ye’ old Soviet making of thick and thin rope (you make thin one by unraveling the thick one, sent to thick rope factory to produce the thick rope by weaving the thin one,… you get the picture). It is not stimulating new production. Obama’s own team concludes that this will lead to declining GDP. How do you get more jobs when GDP is declining, no matter how much you spend? By making fake ones working for Govt….
“You need to spend. ” – Yes, but by example above Obama’s plan will have us spending by paying for enormous amounts of thick and thin rope while no one will have any.
#16 Your own writing above shows you are talking out of both sides of your mouth! You rant that spending does nothing and then finish off by saying spending is needed.
You are exactly in the same paralysis state of your party in congress. You have no ideas, lots of complaints and simply paralyzed. You need to get out of the way or get run over. We have a national crisis and no room for bullshit.
@#17
Not…
Practical examples:
This spending bill will use certain amount of money to place a new lawn in Washington and repair facade of Govt. buildings. Net production result: nil. No GDP growth.
Obama could have redirected that money for Military spending instead. Result, whole chain of industries from steel, automakers, electronics makers,… producing new things. GDP growth. But, no. Military spending is cut for 10%.
#18
Why do you think this spending spree will work when every other spending spree in history has failed? Spending is not the solution. I suppose CA can solve its 40 billion dollar short fall by doubling that debt? How clueless can you be?
If you think that spending is the solution, then by definition you are saying that Clinton’s policy of eliminating the deficit and reducing the debt was folly.
#19
Was actually in response to #16
It’s obvious that Dallas has found a new way to spend our way into prosperity.
Not going to happen with Porkulus.
Personally, I preferred the $600 I got last time Pelosi farted. I paid for most of the needed parts for me to build my AR 15, which, incidentally, is now worth quite a bit more than I paid. Thanks, Uncle Obama…
Personally, I preferred the $600 I got the last time Pelosi thought about something really hard. It paid for most of the parts I needed parts to build my AR 15, which, incidentally, is now worth quite a bit more than I paid. Thanks, Uncle Obama… Nice how the Federal Government helped me support the 2nd Amendment.
#22
You got that right. Obomba is the best salesman for the firearms industry in history. Glad all my AKs and ammo are worth so much more now.
Now that’s change I can believe in…….
#18 Only in the US would a 10% decrease in the rate of growth of military spending, from +8.8% to 8.0%, in the middle of a depression, would be considered some sort of capital crime. We spend more than every other country on earth (almost more than all the rest combined) on the military, and yet we still can’t field a new rifle, decent body armor, or enough A-10’s to actually accomplish the mission. Sweden could kick our ass right now, on 1/1000th the budget. . .
Instead we get billion dollar fighters that suck at any real world mission.
Military spending is the worst use of moneys at this point. It is a net drain on the economy, and there is no real return on the investment. What we need is investment in new transportation and energy tech, which will produce a return on investment, along with infrastructure and basic needs to hold people over through the depression. But this bill has very little of that, choosing instead shovel ready projects that will do little good. Unless they intend to shovel the horse shit out of the Capitol building; that might be helpful.
Dallas is hopeless… he/she/it will never get it. Just wants to rant and rave like a typical liberal. Now ask yourself… is this what you voted for? Doubt it!
The stimulus bill is FREE.
I repeat … FREE. So was Iraq War. FREE. And all these tax cuts.
Here is why …
The seldom mentioned impending Social Security crisis where over $40 trillion of unfunded debt will hit in the next 10 years.
The quicker the government goes not only flat out broke but hits “bad credit” and deflation is only day this issue will be dealt with.
And every trillion bucks the government spends NOW speeds this date FORWARD.
We all know the mother of all budget crises is coming up. It would be WORSE, not BETTER if by that time the government is in a position where difficult but sensible choices are finally made instead of postponed.
An insolvent government can’t spend money, the government is insolvent now, but the reason this stimulus bill will have an effect is because the foreign creditors haven’t realized our government is insolvent because the media is trained to live in the present.
You can’t go more insolvent than insolvent, which is why this stimulus bill is literally free.
Hey, Brainiacs, where were you all when GW was looting the treasury to burn another country? Yes, this is what I was voting for: someone is doing something about reviving a near-dead horse of this country’s economy. What would YOU propose?
This is looking worse and worse all the time. In the past 4-5 months what have we done?
400 Billion for more tax cuts?==No Help. Only increases the social divide. No Stimulus there.
800 Billion in Bank Bailouts. Credit still frozen. Executives still building 1MM Bathrooms, Bonuses, same business got only bigger when being big was most of the problem (too big to fail==why weren’t they broken up?). No stimulus there.
400 Billion in welfare type programs. No Stimulus there.
Does anyone have another analysis of the “new jobs” created here? Where is the spending on the electrical grid, green energy, efficient cars?
Sad, but I think we have just thrown away 1.5 Trillion dollars for maneuvering around the 2010 elections. Problem won’t be addressed for another 2 years.
Nothing Learned at all. No change. Corruption continues.
Yea, America!!!!!!
You guys are all pessimists. It will work because we say it will work. Keep saying it, too. It will work. It will work. It will work. It will work.
Heh, I sound like a Republican in 2003.