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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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Tax Credits: Will $13 a Week Stimulate You to Spend?
What the plan promises: A payroll tax credit that will provide up to $400 per worker ($800 per couple filing jointly). The credit, which will add about $13 a week to most people's paychecks, will start showing up sometime around June, says Dean Baker, co-director for the Center for Economic and Policy Research. (The credit will phase out completely at $200,000 for couples filing jointly and $100,000 for single filers). In 2010, consumers will receive an extra $7.70 per week, assuming the credit is spread over the entire year.
What you could have received: In President Obama’s original proposal, the credit offered $500 for individual workers and $1,000 for couples filing jointly.
Final verdict: $13 a week it doesn’t seem like much of an incentive to start spending again.
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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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