The Economic Stimulus Package: What Does It Mean To Me?
Now that the economic stimulus package has been passed in both the House of Representative and the Senate and has been signed by the President, many people are wondering how the economic stimulus package is going to help them. There has been a great amount of speculation about what the economic stimulus package will actually accomplish and how fast the effects of the economic stimulus package will be felt by the general population, but the one thing that many people can agree on is the help is needed and the federal government may be the best solution for that help.
Job Creation
At a time where millions of people are being laid off and being forced onto the unemployment rolls, job creation is one of the most important goals of the economic stimulus package. Estimated to create or save 3 million jobs in the short term and fuel job growth for the long term, the stimulus package provides government funding for infrastructure projects in nearly every state in the nation. The creation of millions of well paying jobs will stabilize the financial future of the people that have few job prospects in this economic downturn.
Tax Breaks
During negotiations with the Republicans in Congress, tax breaks for individuals and companies were added to the economic stimulus package as a way to put more money into the pockets of average citizens and allow business owners to keep more of their profits to fuel expansion and job creation. The taxes for the general public will be seen as a reduction in the payroll taxes that are taken out of each paycheck from an employer. Although the weekly amount seems small at an average of $14 per week, over the course of the next year the average individual will pay around $700 less in payroll taxes.
Housing Assistance
A portion of the economic stimulus bill was crafted to arrest the soaring amount of home foreclosures that are occurring across the country. Massive numbers of foreclosures are occurring in nearly every city in the nation, depressing house values and creating ghost towns in once thriving communities. Many experts believe that without a stabilization of the housing market, a stabilization of the economy can never occur and the mess in the housing market was the catalyst for many of the problems that are occurring today.
The goal of the foreclosure relief provisions of the economic stimulus package are not to reward the people that applied for homes that they clearly could not afford or to reward speculators that made bad bets on the housing market. The provisions of that portion of the economic stimulus package is to help make ridiculous payments caused by skyrocketing interest rates more affordable so that families can stay in their homes and off of the streets. There are a number of different ways that the stimulus package is meant to help average Americans, both in the next few months and for years to come.
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What does this mean for the 12.5 million people who don’t have jobs? Where is our “tax break”? Oh yeah, we don’t get one, because it’s only for working people. This is totally stupid and completely sucks for the average, unemployed Americans. I have a Master’s Degree and still can’t find a job. How do I pay my bills?
Looking for tax breaks when you don’t pay taxes is probably an indication as to why you can’t get a job. In addition, getting a masters degree in a field without available jobs is just poor planning on your part. The rest of the tax paying country does not owe you money for making bad decisions.
I completely agree I am about to graduate and need a job, what if I cannot find one? I will have a bachelors in engineering and that will mean nothing if I have no job. Plus all that debt I have, all the debt my folks have. The banks get free money yet they can come calling when the payments late on us…. wtf?
Douglas
I live in michigan and have a job. It may not be ceo, but it pays the bills. Maybe you should get off your butt and look harder. Or maybe lower your masters degree standards and just find something!
create some jobs !!!!!!!!!!!! what a waste
There’s a big problem now in our so called ‘SOCIETY’.
Who has a degree in what so ever, can’t get a job, but when they do, it’s at MacDonalds, BurgerKing, other misc. jobs.
THE QUESTION!
The people who have a degree, can’t get a job which they took a degree in what so ever. That’s the problem, the so called ‘GOVERNMENT’ didn’t apply that on terms of misleading these people.
How many people in this world have a degree?, “THE BRAINS”? Nah it’s me buddy ya see… that passed it thru, which hasn’t got a degree to be the ‘PRESIDENT’.
Oliver Stone’s W. is WTF great!
Watch it, who pulled the string for BUSH?… at Yale for God Sake, a southern texan boy got the job ya see!
I bought my first home approx. 3 years ago and I did not go in not knowing what I was doing, then suddenly our state cut back and left me with very little income to none. My home is in foreclosure and I keep getting the run around with Chase or you are put on hold over 1 hour and 30 minutes and still you don’t get to talk to anyone. What else can be done?
The stimulus package is a big joke. Just a bunch of pork and pet projects thrown together by the politicians. No thought was given to it at all. Most projects are designed to fix/replace infrastructure, so what happens when that bridge is completed or that road is resurfaced? Those people will be unemployed again. Plus, it offers little opportunities for white collar workers. If they wanted to create jobs, they should have used the money to create tax-free zones that would entice the manufacturing sector in this country to revitalize, giving many more people good paying jobs for a much longer period of time. A walking park in Virginia does nothing to help people once its completed, but a factory, would mean continuing jobs. If the government doesnt do something to get companies to invest in America, there is little hope for our ecomony, but as usual, the politicians just wanted to rush through “Feel Good” legislation to make themselves look good, and keep the wool pulled over the eyes of the American people for a little longer. Every single politician needs to be voted out of office for the next several cycles in order for them to get the message that they are not elitists that work for themselves and special interests, but that they work for us, and without our support, they have little future.
The government should extend coverage to people that need help with credit card debt. The one site I found was DebtStimulusPackage.com