Well today is the day the US government puts it’s first big plan into action to help the US economy as President Obama is expected to sign the $787 billion dollar stimulus bill. Thankfully every news organization either in print, TV or online is publishing their own spin on how we the people will benefit from this grand new plan. With emphasis being put on the tax cuts and tax credits that are in the stimulus bill designed to help the everyday family.
Depending on where you read your information on all the key points of the new stimulus bill you may get a positive spin on all the “good” the bill will do. Or you will read about all the “bad” that the bill does not do or will cause. I suppose it is as close to a miracle that the US government can come to in terms of getting a bill this big passed in about a months time. Quite remarkable really when you consider all the bickering that was going on between all sides.
So what are some of the good points? Well for everyday people we have the tax breaks or tax credits if you will for a whole assortment of things. Things like first time home buyers get a $8000 tax credit that does not have to be paid back. Buying a new car you will be given tax credit for the sales tax on the purchase. Then you have extras like winterizing your home, going to college, buying plug-in hybrid cars just to name a few.
Some of the bad points at least the one’s that seem to be commented on the most. The big one being the long term effect on the national debt. This bill will put in a $1.6 trillion dollar short fall on the budget. That is a whopping triple jump over last years short fall. So the question is will all this spending and tax cutting produce jobs and turn the tides of this recession? Only time will tell I suppose. This can only be the first step in turning things around for this economy as we are clearly screaming down a financial mountain with no end in site. Who knows what the future will hold for us I do know that saving our pennies is a top priority in our family because it looks like a forecast of a lot of rainy days for the foreseeable future. Good luck to us all!
Stimulus Bill Will Only Be The First Step
Well today is the day the US government puts it’s first big plan into action to help the US economy as President Obama is expected to sign the $787 billion dollar stimulus bill. Thankfully every news organization either in print, TV or online is publishing their own spin on how we the people will benefit from this grand new plan. With emphasis being put on the tax cuts and tax credits that are in the stimulus bill designed to help the everyday family.
Depending on where you read your information on all the key points of the new stimulus bill you may get a positive spin on all the “good” the bill will do. Or you will read about all the “bad” that the bill does not do or will cause. I suppose it is as close to a miracle that the US government can come to in terms of getting a bill this big passed in about a months time. Quite remarkable really when you consider all the bickering that was going on between all sides.
Some of the bad points at least the one’s that seem to be commented on the most. The big one being the long term effect on the national debt. This bill will put in a $1.6 trillion dollar short fall on the budget. That is a whopping triple jump over last years short fall. So the question is will all this spending and tax cutting produce jobs and turn the tides of this recession? Only time will tell I suppose. This can only be the first step in turning things around for this economy as we are clearly screaming down a financial mountain with no end in site. Who knows what the future will hold for us I do know that saving our pennies is a top priority in our family because it looks like a forecast of a lot of rainy days for the foreseeable future. Good luck to us all!
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