Saturday November 7, 2009 3:54 PM ET
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Consumer Action by AnnaMaria Andriotis, Kelli B. Grant and Lisa Scherzer
The Stimulus Package: What's in It for You
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After weeks of CONGRESSIONAL in-fighting about "pork," partisanship and political agendas, President Obama signed the economic stimulus into law on Tuesday.
The plan's grand tally: $787 billion.
A large chunk of those dollars will be spent on tax breaks -- both for business and consumers -- as well as infrastructure projects designed to help create (or save) jobs. But the plan comes with its fair share of compromises. Its overall size, for instance, has shrunk by tens of billions of dollars from Obama's original proposal, which was reported to top $900 billion. Obama's lofty goal to create or save up to four million jobs has now been ratcheted back to 3.5 million. His "Making Work Pay" payroll tax cut, which initially promised workers a $500 break, now promises just $400.
It’s clear some aspects of this stimulus plan aren’t as generous to individuals as previous versions, but it does include some direct benefits to consumers in real estate, health care and other areas.
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User Comments
Posted: 6:54 AM EST February 24, 2009
Posted by: roddyhop
THE STIMULUS WILL ELIMINATE THE 2ND CLASS AND INDEBIT THE USA INTO THE GLOBAL ECONOMY.IT HAS AREADY ELIMINATED THE "AMERICAN DREAM"!
Posted: 7:49 PM EST February 23, 2009
Posted by: djmarotta
Government-Provided Economic Security Is an Illusion (2009-02-23) The various congressional bailouts have been touted as essential to the nation's economic security. So long as the notion of economic security remains vague and abstract, it has wide support. But anyone who examines the details should realize this so-called security threatens our freedom and stability.
See http://www.emarotta.com/article.php?ID=325
for the full article
Posted: 8:10 PM EST February 20, 2009
This is exactly why I said America needs to start from strength, not play catch up on this! Governement backed, low interest refinancing of NON-TROUBLED mortgages. Dropping from 6% to 5% on a $300,000 mortgage puts about $300 a month into the homeowner's pocket. That is $3,600 a year. Makes that $600 stimulus check we got last year look puny. Now, let them drop the interest to 4% with the governement backing and you start talking real money to stimulate the economy!
The lending institutions are hording cash in fear that they will not get paid back if they loan it out. But if you start with RESPONSIBLE homeowners who are currently PAYING THEIR MORTGAGES ON TIME AND IN FULL, how much of a risk if your help them re-finnace and LOWER THEIR PAYMENTS?
And there are a lot more of us repsonsible people out there! The current mortgage rescue plan is so narrow is scope that only a lucky few will qualify, breeding furhter fear and loathing in the credit market.
...(Read more of this comment)
The lending institutions are hording cash in fear that they will not get paid back if they loan it out. But if you start with RESPONSIBLE homeowners who are currently PAYING THEIR MORTGAGES ON TIME AND IN FULL, how much of a risk if your help them re-finnace and LOWER THEIR PAYMENTS?
And there are a lot more of us repsonsible people out there! The current mortgage rescue plan is so narrow is scope that only a lucky few will qualify, breeding furhter fear and loathing in the credit market.
...(Read more of this comment)
Posted: 10:43 PM EST February 19, 2009
Posted by: tom007
thanks for your thoughts...to be more effective the housing legislation should include protection from litigation for those persons who are assisting the refinancing/ reducing the loan principal on these mortgages...also, does the law alow the executive branch or congress / government to be initiating a retroactive changing of valid contracts on mortgage loans that have been sold/or divided and included in a mortgage backed security to other investors???? we used to be a nation of laws..Contracts are the responsibility of the signors ... contract for pensions should not be bargined away either without bankrupcy procedings..seems like we are slipping down a slope we may.. not be able to climb back up.well warm regards to all of you..Tom
Posted: 10:18 PM EST February 19, 2009
Posted by: rumrunnerm
everybody can kiss thier ass goodbye thanks to slick willie ( bill clinton)
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