Ben Bernanke, Chairman of the Federal Reserve (the bank's bank) told Congress he supports another stimulus package. What does this mean for you?
In testimony before congress Bernanke said that he supported another stimulus package. President push also supported another stimulus package. However, Bush wants the new package to be "targeted, temporary and timely."
What is the Plan?
Right now the plan is still taking shape. Any stimulus plan would have to go through Congress and the President. This could take some time. Democrats are pushing for increased unemployment benefits and funding public works projects (schools, roads bridges).
Republicans favor tax breaks for businesses and individuals. They also want to lower taxes for companies that buy "distressed" debt.
What Does This Mean for You?
Nothing really. Until a plan is passed it's too early to say what benefits you may receive. However, with more prominent figures supporting a stimulus package, the likelihood of another package increases.
You shouldn't expect another direct payment. In other words, don't wait by the mail box for a check. Neither side is proposing another direct payment to individuals.
I think the best we can hope for are some decent tax cuts. However, the Democrats seem determined to tax and spend their way into the future. With Obama's plans for increasing taxes, don't expect your tax bill to go down. Republicans don't have enough votes to push a tax cut through.
What Can You Do?
Write, email or call your congress(wo)men and let them know what you want. If enough people want another stimulus payment we could get one.
Ethically, I'm a little nervous about a government that taxes some people and sends money directly to other people. That was tried in Eastern Europe, Russia and Cuba. Would you want to live in any of those areas right now? With record levels of AIDS, poverty, crime and pollution, communism isn't the answer.
This might be the start of the United States decent into full European socialism. Voters get what they want, be careful what you ask for.
Tags Crises Economic Stimulus Stimulus Package Stimulus PaymentRelated Posts
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Comments
5 Comments so far
Maybe they will rethink the child part of the stimulus payment this time. Through the divorce, the kids live with me, but the judge gave their dad the right to claim them because I claim head of household. The stimulus for the kids went to their dad (who also received the couple payment also) I received the $600 for me and that was it. Their dad took the stimulus to Cancun for his honeymoon. I don't think that was what congress had in mind when passing this through. I on the other hand could have put that money to good use here in the USA. (mortgage payment, food, gas, electricity etc.) Hopefully they send the child part of the stimulus to the head of household or the parent who the kids live with this time.
We need another check
to pay the bills!
I think it would be nice to get another check, I could use it to pay bills, christmas, etc. It would help people catch up now with prices dropping. If we dont get one I think it will just take a little longer for some to catch up. I think the people that make more money dont think about stuff like that. Besides, do they really think people want to use credit cards with high interest rates to buy Christmas gifts. Surely they realize how much someone would end up paying in the long run for a $300 gift.
I agree with Vicotor (We need another check
to pay the bills!) with the way thing are now Ive been out of work for months along with MANY others and what you get on unemployment isnt hardly enough to survive! Funny how if you make over a certain amount WHICH ISNT MUCH, you cant even get medical coverage unless you pay into it. IF I COULD PAY FOR IT I WOULDNT BE APPLYING! AND you wont get help from social services either so where does that leave us…
I don't even qualify for unemployment, and i lost my job back in march… I have a college degree, computer science no less… I worked as a high security applications programmer, and a forensic data evaluator… then my company went under. I've applied everywhere, including retail and food service but i can't get a job. I almost desperate enough to join the military.
That doesn't mean i think we all need another hand out, what we need is for the US Gov't to declare bankruptcy, shut down the credit card companies, declare collection agencies unconstitutional, and reboot the economy.
hmm, i like that 'reboot the economy' rather that keep driving us deeper into this new kind of depression…
but take heart, the economy runs in 3 year cycles. we'll either be perfectly fine or totally screwed by 2011.
that is, if half our population hasn't died of starvation…
man i'm hungry…