Talkback: Ask your stimulus questions
On February 17, President Obama signed the $787 billion stimulus bill into law.
We asked you for your most pressing questions, then took them and asked a panel of experts to find the answers.
We posted our findings here, looking at everything from unemployment benefits to the homebuyer tax credit.
If you still have questions or comments, post them below.
My name is Jannie Fleming,my husband and I lost our home about six years ago because we could no longer afford to keep it financially.From the stress that amounted from all of this we have separated. Why were,nt there help for us?
I was out of work (without unemployment or disability payments)from mid-December 2008 through May 2009. Three weeks ago I finally secured a job and am receiving paychecks. However, I have not received any stimulus rewards/tax credits in my paychecks? Am I excluded from the stimulus funds, then? (Those of us who were out of work without any help needed this stimulus money more than anyone!)
my wife and i are buying our first home and we would like to know if it is true that you can use the $8000 as a down payment
I needed to know that if my husband and I filed in 2008 jointly and he receives SS, but currently resides at a nursing home and pays rent with his SS, is his stimulus check to go to the nursing facility or should it come to the wife. I don’t know, but I need to know.
I live in Florida, a state that refuses to accept the extended unemployment benefits from the stimulus. Why should I be punished because I live in a state with the wrong political affiliation? Am I not an American who has worked all my life and am now being discarded, considered to old to say, “Would you like fries with that?” I wish there was a way to file an class action lawsuit against a state who has acted detrimentally toward its’ citizens. I’m going to lose everything… it feels like a death sentence.
Question: Could I, as a widow, lose any of my husbands’s social security and/or pension(his service of 30 years in the Army, my SPB?
Why weren’t those greedy B— who caused all this misery and brought all this misfortune onto our families, jobs, IRAs’ & 401Ks’ being punished with prosecution and sent to prison.
The government should have confiscated their homes, cars, villas,boats, jets and money away from them. They should be left homeless and unemployed like so many innocent families are now.
The greedy walk free and receive bonuses as well. Don’t we all wish we could find a job like that.
This is when the death penalty should be in effect.
hi,
i was wanting to know why in the stimulus that was just pasted. Why people who bought their house in 2009 can receive $8,000 credit and NOT have to pay it back if you live in the
house for 3 years. But the people who bought a house in 2008 have to pay back the $7500. I don’t think it is fair that people who took the chance and bought a house when the economy wasn’t any better in 2008. i understand i could have avoided this frustration by not taking part in the 7500 credit. What IO am saying is that it isn’t right for the people who took part in the 7500 credit has to pay it back and the people who took part in the 8000 DON’T have to pay it back. I ask everyone who took part in the $7500 credit write to your senator, to the president if we have to. Get the local paper involved. Ask them why we have to pay it back and also to get the same requirements as the people who took part in the 8000 credit. Which is we have to live in the house for 3 years and we DON’T have to pay the credit back. Thank you and God bless.
RE: The extended unemployment benefits – second tier. What if I live in a high unemployment state, but claim in one that is not a high unemployment state?
Many folks worked in a state bordering theirs. I’ve read both versions, that I have to live in the high unemployment state, and that I have to claim in the high unemployment state…. NH is not being helpful!
My son just graduated from college and was dropped from my insurance due to his age and graduation. I am not unemployed but, he has not been able to find a job largely due to the recession no one is hiring. Is he eligible for the reduced Cobra premium mentioned in the Stimulus bill?
I heard that we are getting our stimulus payments on our paycheck. I don’t work or get unemployment, how will i receive my stimulus payment?
I did not qualify for a stimulus check when I filed my taxes last year. When I filed them this year, at the end it said that I qualified for last years stimulus check this year. Most people got theirs last year, so I really can’t imagine that too many people are going to get last years this year. When will I receive that stimulus check? And who is getting a stimulus check in 2009? I have been hearing rumors about everyone possibly getting one again this year. How true is that and when will we get that stimulus check?
I was recently unemployed in February and used my first UI check last week, do I qualify for the stimulus check?
If two unrelated buyers purchase a home together, does each person recieve a $8,000 tax credit on their taxes or does it get split between both buyers?
Dang people complain too much. If you did everything you were supposed to and you are ok, good for you…be happy and thankful, not bitter. I don’t think people who are losing/have lost their houses or people who are personally getting a little more from the stimulus are jumping with joy. I’m sure they wouldn’t mind trading you places, I know I wouldn’t. I also doubt many people buy a house thinking, well I can’t afford this but oh well! I had family to help me understand things when I bought my house, not everyone has that. I still ended up being foreclosed on 6 years later due to job loss. Things happen. We’ve tried the “trickle down” effect for the last 8 years. Apparently it didn’t work being as we are in the worst economic recession since the depression. I don’t benefit a ton from the stimulus but I’ve read where the money is going and it seems logical to me the way it is structured. Something had to be done. Something has to change.
is obama extending the unemployment insurance in his package or is this part of the bush extension of november 2008
Recently in the Sun paper, The Villages Florida, a comment was made that the posting of the cost for a barrel of oil is for oli drilled in Texas. The article said that most of the oil for Gas was from oversees and that the Texas oli was more costly to transport. This is why the cost of gasoline is going up while the published cost per barrel has gone down. Also many comments were made to increase production of oil in the US. There appears to be a disconnect. Since we have a lot of oil but can’t get it to a refinery at a descent price.
Bill
The housing market appears to have been the route of many of the financial problems. Since I’m not the most knowledgeabble it seems that if the n=banks coast ot coast had a 4% mortgae rate whereby many home could be refinace a a lower rate (Keeping the original value of the home for calculatiob purpses, that this would release a ton of money back into circulation while keeping the value of the home stable.
Bill
I AM EXPECTING TO HAVE MY BABY IN JULY. I ALSO HAVE 3KIDS ONE WHO IS ATTENDING COLLEGE,BUT I WILL BE ON MEDICAL LEAVE AND HAVE ANOTHER MOUTH TO FEED.MY HOME IS FORECLOSER BUT I HAVE A PRIVATE LENDER THAT I HAVE TRIED TO LOWER MY PAYMENT BUT THEY WILL NOT IT’S LIKE THEY JUST WANT MY HOME AND I HAVE NO MONEY AND NO WHERE TO GO.HOW CAN I TELL MY DAUGHTER WHO WILL BE COMPLETING HER FIRST YEAR OF COLLEGE THAT I CAN’T AFFORD FOR HER TO CONTIUE NOR WILL I HAVE A PLACE TO LIVE.WILL THE STIMULUS PACKAGE HELP ME ANY.
I recently became disabled & I also have a son 22 Disabled now my only my husband working hes down 15.000 for 2008I would have made about 45,000 instead I got 10,700 in co-pays denied for disability. our rent is 1300 monthlywhat do we get???the average amer-I-can thats what i want to know
I am perplexed and frustrated by the COBRA provision detailed in the Stimulus package. Specifically, I need to understand why the COBRA enrollment provision was not extended to all individuals that suffered job lay-offs during 2008. What is the basis for establishing an eligible period of Sept., 2008-Dec., 2009? There are a multitude of persons laid off in 2008 that were eligible for COBRA, and did not elect coverage because they could not afford it. Why are these people (including myself) not extended the benefit of enrolling for coverage under the stimulus provision? What excludes individual laid off between 01/2008 and 08/2008 vs. an individual laid off between 09/2008 and 12/2009? Health coverage is essential to all of us.
I hear people dogging those of us getting government handouts. Well…I am one of those people and I want you all to know that it isn’t as easy as you think. I am 42 years old, single and disabled. I worked sometimes three jobs to make ends meet and never asked for anything from the government prior to me becoming disabled.
My disability payment is just over $900.00 per month. I payed into SS when I was working so I don’t believe that I am taking money away from you.
My rent is $450.00 per month
My heat is about $125.00
My car insurance is $75.00
My water bill is about $35.00
My internet and phone are my contact with the outside world because I am stuck at home that bill is $65.00 per month.
my medications range at about $50.00 per month
I have about two doctor visits a month which are another $20.00
My sister bought a new car and gave me her old one and I plan on paying about $80.00 a month in gas to get to appointments and such.
I get Medicaid because I am disabled. I pay close to $100.00 per month for insurance. This is not a handout. I pay for my insurance.
Total all this up and it uses up my disability payment. There are always extras that are needed that I don’t have money for. What if my car breaks down? I am screwed. Lets not forget that toilet paper isn’t free either.
Last month I was given $125.00 in food stamps. That allows me to have $4.16 to eat off us each day. I make it work and I am grateful for a food allowance.
Why should I not get some sort of help from the USA? I have worked hard and volunteered my whole life in my community. I know times are hard for everyone and any stimulus package can’t help everyone in need. These are hard times but when I get frustrated I remember that there are always out there that have it worse than me.
Stop putting people down when you don’t know how hard other people have it.
Love and hugs to all of you suffering!
I hear all about what is going to be done for the homeowners now that are having trouble now, but what about the ones that have already lost their homes. I could not get any help on my home, except the payment went up to like 950 a month plus added in 2 back payments we were paying $1586 a month, then all of sudden option one mortgage had no record of these payments, I showed all of our certified check receipts, and gave the copies to them. But everytime you called you got someone different and nobody knew anything, yes we lost our home. So what about the people before now, as of 2009? And is Obama going to consider clearing everyone’s credit so people will have a fresh start.Now we are renting for $850 a month, there also needs to be a cap on rental prices, people have to live but now the landlords are taking advantage of the situation.
I lost my job to down-sizing after only 4 months. I was previously unemployed for 5 months before that. Now my state DES says I’m not eligible for unemployment because I didn’t have wages during the “base period”. DUH! I was UNEMPLOYED! What do I do now? Can you still keep your home you’ve had for 19 years if you no longer have income?
I bought my first home 2 years ago. I have been unemployed for almost a year, but my husband works. With his paycheck, my unemployment, savings, and borrowing money from relatives, we have barely made it…but I’ve PAY MY MORTGAGE every month. Where is Obama’s stimulus tax break for those who are successfully struggling to maintain their homes? We should at least get a pat on the back…and a tax break.
Also, to avoid paying MORE taxes later, I’d rather give my $13/wk back to China with a note saying “Sorry, here’s your money back. Please don’t charge me the interest. It was the decision on my incompetant President to borrow this, not mine.”
Furthermore, I am so sick and tired of hearing Obama discuss helping the welfare recipients out. They get EVERYTHING FOR FREE as the middle class struggle to pay for it. They don’t need anymore helping out. If you can’t figure out how to make $400/mo in food-stamps feed your family, watch a person who WORKS buy food for their family for less. Ramen noodles and Mac-n-cheese can feed you if you are ACTUALLY needy. Stop complaining. It must be nice to get your home, food and medical bought for you while you don’t even have to get up in the morning.
Lastly, all you FOOLS that voted for Obama…well I hope you are happy. In 1 month of being President, he has managed to DOUBLE the country’s debt and anger the working class. Even Bush DIDN’T do that in 1 month! Yeah, he had “Change” alright.
I am retired on SS. Will I need to file a tax return to get my $250 stimulus money this year like I did last year.
There are plenty of US citizens who have more money than they know what to do with…celebrities, pro athletes, those in business. To help with the housing crisis, why can’t the government ask these people to buy a house? These are the people that spend $300,000 on a car, or have $20 Million homes. They can surely afford to buy a $400,000 home with the prospect of being able to sell it in a few years when the economy picks up. Instead of investing in the stock market, these multi-millionaires can invest in buying homes.
I purchased a new Impala in December 2008. Does this purchase qualify for the tax deduction mentioned in the stimulus bill?
I heard something about a credit for people paying college tuition. Can you give me more information on how this credit will work?
Iam a young widow with children and on COBRA. I wasn’t working when husband died. Will I get something from the stimulus for COBRA?
Why can’t those homeowners that got themselves into this situation be forced by the bank to sell it as a homeowner for the value and take then the money owed to the bank automaically go to moprtgage/bank at the closing sale? Then these people will be forced to buy a house within their means!!!! The housing market would be in much better shape if they thought this through a little better instead of just handing over money they don’t desrve. It isn’t right that the government is helping them out. It just hurts the economy more.
Why does the bank take over their property and sell it?
I don’t think the bank sould sell the house at a lower price than it is woth that makes the value of the other houses in the neighborhood go down.
I just recently bought a house in the summer of 08 I make less than $20,000.00 with family of 4. I pay ALL my bills. I struggle but we get by. I can’t understand why anyone would’ve taken on a loan they knew they couldn’t afford.
Why do I have to help them pay off the debt they accumulated for being sooo irresponsible???
Nor do not think this stimulus check is an answer to our problems! Sure I could use the extra cash, but it isn’t worth our country facing ANOTHER HUGE deficit with our economy in such bad shape as it is. When I retire, I will be force to work more years to help pay off this deficit. My children will have the burden to pay for this money our country does not have.
That little bit of stimulus money isn’t going to help me out much. Not enough for college! Not enough for a New car! Not enought to help the economy!
What should I do with my stimulus money?
Should I invest in stocks? I don’t think that would be smart.
Should I buy new clothes for the family? That is what most people will do, buy things they don’t really need.
Should I write a check to my mortgage Company? That is most likely what I will do.
you should see less taxes taken out of your bi weekly paycheck starting with your first paycheck in april. i have not heard what the new percentage is yet.
How does the new stimulus package affect my biweekly pay check.
Are less tax’s taken out? When and how much? I can not find the answer anywhere and my family could use the break asap. Please help. We live in PA
Thank you
will the first $2,400 of unemployment benefits that are not taxed, include benefits recieved in 2008?
My husband and I work and filed our taxes together however he does not have a social security number he has and irs pin #. Will we qualify for the stimulus?Or will I?Will pp with irs pin #’s qualify?
I just want to know what kind of help will there be for HANDICAPPED? NOW FOR THE NEXT OUR SON GRAUDUATED FROM COLLEGE AND IS TEACHING SCIENCE CAN’T THE GOVERMENT PAY THESE LOANS OFF FOR THESE KIDS THEY ARE DOING A JOB FOR OUR COUNTRY AND CARE?
My comment is what about the peoples who cant draw anymore unemployment and that it was the only thing they had what can i do because their is no jobs out here iam burning gas for nothing
I am On a fixed income and i bought my home 1 year ago this Credit for homeowners is fine but those of us who barely make ends meet cant afford an intrest free loan along with the fact that the income needs to exceed the outgoing sure the $300 stim payment last year was helpful but reading where you get a recovery payment for getting less then $600 on that payment is very unclear, If you only got $300 last year do you get another payment for getting less then $600 last year or What? Can the IRS spell it out a bit more clearly?
I am wondering about the ones that get the SSI will we get a stimulas also, and I think there needs to be a cap on all rent ,at a certain amount ,so we that only get 674.00 a month and others who have lost there homes can live and still be able to afford our medicines and other things like grocerys that food stamps wont cover and the amount of food stamps we get also isnt enough to last us all month , I have seen people buy cat and dog food because ther food stamps ran out, before the month is over, In this America this is awful, Thank You
I’m tired of all the negative news about the economy. The ongoing pessimistic reports are helping to keep the economy down. I would like to see the news media make a concerted effort to find and report good news. If the stimulus package helps to create 10 jobs in a town in Mississippi, report it. If it helps a family in California keep their home, report it. Let us know about the successes, lift our spirits. This will boost consumer confidence, which is a key factor in recovering from the recession.
I owe the IRS. They have been taking a monthly payment out of my pension. They took my other stimulus check last year even though I am paying the bill each month. Will they take this one also?
Why can’t the government try a “trickle up” theory for a change? I truly believe if the government would send out a substantial stimulus check to every filing taxpayer household under $50,000 one flat sum, not a certain amount for you, and another amount based on how many children are in the household, but one large amount with the understanding this is a one time deal. Pay off as many debts as you can and begin getting on your feet. I really think the average person would start spending again and that would mean the products would have to be made, putting people back to work. A stimulus starting at the bottom justs seems worth trying. Nothing else has worked, and people are tired of only the rich being helped.
DOES THE FIRST TIME HOMEOWNER CREDIT APPLY ONLY TO PURCHASES OF HOUSES OR DOES IT APPLY ALSO TO PURCHASE OF CO-OP/CONDOS?
When will those of us who are unemployed, see the $25/ I read that if you filed a claim 2/22-12/31/09 you qualify. What about those of us who lost our jobs before 2/22/09?
I have read about who benefits from the stimulus package. My husband and I are self-employed. It sounds like self-employed people will not benefit at all. Only people actually obtaining a paycheck from an employers will reep the benefits of the stimulas package. Is that true? from this
What about the people that loss their 401k? Or the people that had to pay the penalty for taking their money out early in fear of losing the rest of their life savings?
Thanks
What if you and your husband have a house already but we are getting a divorce and I want to buy a home for me and my children only does that make me a first time home buyer? Just because I will be buying one by myself only. Thanks 
i was laid off june 2008, received $66 a week unemployment, was never offered an extension.
i had to take the first job offered to me and it’s not even a part time job. nobody wants to hire a middle aged woman with no experience or skills. so i am making $7 per hour, working 5 to 10 hours a week.
applied for food stamps, get $40 a month from social service.
my daughter is full time college student, works less than part time making minimum wage. her hours were cut back.
all her money goes to car repairs, gas, books and supplies for school.
i already filed my taxes. paid taxes on my unemployment, so this stimulus isn’t going to help me at all.
at least with President Bush’s tax rebate, i was able to put $300 toward my car insurance. because my daughter is my dependent, she received $0, althouh she paid out more in taxes than i did. not fair to her at all.
so by taking more taxes out of my pay check is a joke. i took extra taxes out on my deceased husband’s pension per month, i get $472 a month, next year, i lose $100 of that, so i will get $372 per month. i make $4,000 income a year. so you can do the math how much i pay in taxes and get back.
i cannot claim any money that goes to my daughter’s school supplies, it’s in the irs tax information, we can only claim tuition fees. the only thing that saved me was claiming my daughter, which i got back $1,000 for her being a full time student at age 22. that money went to pay my other taxes that i can’t afford, $1,700 a year real estate taxes.
president obama can cut our taxes back all he wants, but any one with intelligence knows, taxes will continue to go up everywhere else and we will have to pay them back at the end of the year. my phone bill has gone up $6.00 in a year’s time. i cancelled and went with another company to save $10 a month.
this stimulus is only going to help the rich, just like it always has.
i will still be poor with no health insurance for me or my daughter.
i will have to sell my home to survive until i can retire on my husband’s social security under widow’s benefits.
i don’t feel as if i live in a free country right now.
i find it ridiculous that i am forced to have car and home insurance but no health insurance.
my car and house are more valuable than my life.
that is so sad.
The first homebuyer tax credit only applies to home purchases made in this year. If I bought my house in September of last year, 2008, what kind of tax credit, if any, do I get?
There was an article in our newspaper in the town I live in that suggested an answer to solve the problem of this economy. If there are so many billion dollars why noy not equally divide the funds among americans(household) and let people pay off what they owe. This would boost the banks the mortgage firms and the car dealers business then the money could recycle itself. Solution for the the problem or a good beginning! I agree with that because there are still requirements to be met if one is looking for employment that they may not be able to meet right now.
ok
Workers are getting 400-800 dollars and a tax break. What about peopkle who are subsisting – yes barely making it – on social security disability? We are going to get a one time 250 dollar payment.
Like that will help. HA
An addition to the benefits we get would help more. Come on Obama get with it
I’m retired but work part time so I do file a 1040 and I pay self employment tax.
How does the stimulus bill affect my situation?
Since the adjustment to the tax tables is occuring mid year will the tax tables for tax filing in 2010 for 2009 be adjusted as well?
I understand that the tax tables will be lowered. In many cases you may have three maybe four months of wages at a different rate. Will the tax tables be adjusted for tax filing in 2010 for 2009 mid year tax changes?
I received unemployment benefits in 2008 totalling roughly $3,600. I am now back to work as of January, 2009. Will the first $2,400 be tax free (on my 2008 tax return) or is this just for unemployment benefits received in 2009?
I did not receive the first stimulus check, because I owe on student loan.
Will I get any ’stimulus money on this one’???
If it is true that “Couples with very high incomes — between $200,000 to $500,000 — could see a 7.5% decline in their tax bill, or $5,645″, isn’t that going against what the President promised? Why does someone making $200,000 need a tax rate reduction?
I have 2 questions that I need help with:
1. I have been unemployed since 1/15/09 and just faxed in my COBRA election papers on 2/23/09 of this week. Since the Presdient’s bill was signed before I faxed my election papers to COBRA to elect to extend my benefits, will 65% of my COBRA bill be paid for me for February’s coverage? I am single with no children and my monthly COBRA cost is over $630 per month. My unemployment check is $378 per week. How can anyone think that I can possibly afford to pay this much for health insurance on my own each month? I can’t even afford to buy food anymore (currently get a monthly food box from a church and care packages from family members).
2. I also have a FHA mortgage (purchased in Sept. 2007) and just requested that my mortgage company suspend my mortgage payments for 90 days to allow me time to find a job. I have found tons of horrible comments online about my mortgage company and have experienced their rudeness first-hand when calling to pay my mortgage late by phone. Does the plan that the President has put into effect allow me to refinance my mortgage at a lower interest rate, even though I owe more than what my house is worth? And can I refinance my mortgage with any mortgage company that I choose or will I have to refinance my mortgage with my current deceitful mortgage company? Lastly, am I eligible for the tax rebate, even though I have been out of work for 1 month now? Thanks for anything that you can answer for me.
My wife and I collect Social Security but my government pension is almost twice the SS for us both. Most of my income came from non Social Security employment, the US government retirement system. Does the new stimulous package have any benefits to those who devoted most of their lives working for our government and receive a pension in addition to the small amount SS pays through working after retiring from the government?
what if you have already filed your taxes for 2008 ? then find you may have qualified for for a tax break., then what do you do?
I am a single mom with a 14yr.old daughter. In 2008 I was hurt at work and can not work until I am released by spine specialist to go back to work. I want to know how much my check will be considering I do not work right now? My yearly income is not enough to support myself and my daughter comfortably. I have been told and have read on the internet that I will only be receiving $400.00…is that correct??? It isn’t helping the people that really need the help considering the fact that last years check was $600.00 and now this year it’s going down $200.00. How is that helping the middle/lower class people??
I was laid off in December, 2008. I am currently on COBRA. My previous employer will be going out of business next month so I will no longer be eligible for COBRA. Does the stimulus package provide a subsidy for other insurance if COBRA is no longer available because the company is no longer in existance?
Editor’s note: We answer this question here.
how is $13.00 a week going to help us ???????? it would better if we just got a check for the full amount. so if I do want to buy something we have to save up the money at $13.00 a week ??
that is just not going to happen .
and ins there are thousdands of us out there who have no health ins at all and cannot afford to buy any so what do we do ??????
Every thing is so high , rent for one thing $987.00 a month with a slum lord they only want there money if I gave my check book to some one it would scare the crap out them , on how we eat and try to pay the high cost of gas, Aps ect and eating and just trying to stay up with the game .
Thank You
Isn’t it true that by not changing the marginal tax rates themselves, the additional money ($13/week, $65/mo, whatever it actually is) is simply coming out of the refund that the taxpayer would have received when 2009 taxes are filed? Help me understand!
I was wondering how does the Military pay fit in to this bill ?? Do we get tax breaks and if so when and how much ?? What about deployed troops ??
This is a direct question and comment. I want to know if I will recieve stimulus money this year like last year? And will it come in a check from the IRS to my home? There are so many reservations about this bill. I think that the president has to give money in order for it to recycle and bring this nation back from the dead.If we have no money to spend how can we pay off companies that are suffering?
I just bought a energy star rated new furnace oil fired boiler for a home I own….can i get a rebate of some sort for this $8,000.00 dollar unit….we live on my husband’s pension check only so I belive we Qualify for some help…where do I find this info?
So far, all discussions I have seen about the $8,000 first-time homebuyer credit always include the vague statement “Higher-income buyers may receive a partial credit”, where “higher-income” means more than $75K single or more than $150K married, but I have not been able to find out the exact details and amounts of the phase-out of this credit above those points. Is this information available anywhere?
Will taxpayers recieve a stimulus check similar to that of last yearand if so when will they be issued?
This is absurd, it helps no one except those who got in over their heads (knowing they were buying homes they couldn’t afford, do research first, duh) and it helps businesses by the govt thinking a few extra $$ each paycheck will do anything.
I have been umemployed since Dec 2008, my son had no Christmas, I do not “qulaify” for state aid and only get unemployment (and that pays for virtually nothing as it is). More and more companies continue to layoff, no one is hiring that will pay me more then what I get for unemployment and after spending 12 years in mgmt, I am not looking for a “temp” job just to help the state out or my last company out. They keep saying “be patient”…8 years, while we watched the economy go to he** in a handbasket was bad enough; now we voted for a president who may or may not make a difference but bottom line….his own treasure secretary committed fraud on his own income tax.
While more and more of us go into homeless shelters, lose our lives and livlihood; the fat cats get fatter and get more and more handouts and bailouts for companies they ran into the ground.
I say scrap ALL of the companies, outsource everything if needed and/or go to a TOTALLY govt regulated company structure……might as well go all the way towards Communism.
IF you are collecting unemployment on the 7 week emergency unemployment extension and the amount you have available for funds is about gone, will they still allow me to continue filing for benefits with this new stimulus package?
I am still out here wondering what if anything a middle income, bought my home in 1999, small affordable, 2001 car. still making the same!! income as I did in 1999, person is going to do with all this crap when people whine and slobber cause they bought homes too big, cars to fast, and grandma and grand pa are so bored they have to waste time gamblin and running all around usa just for something to do??
what happened to family?? caring for grandkids, having picnics, and understanding things are tough, and our kids will have it tougher??
spoiled kids, spoiled parents, and now they whine??
history shows what happens when our population gets too big, and people forget its still the same as it was in the glory years of rome or any other country. You get to big headed you fall down
or you split your pants when you bend over to pick up a nickle… something has too give..
sorry you didnt see it coming…
Question: “My husband and I are retired. We get our pension plus my husband is on Social Security disability. Does the stimulus include any tax cuts, etc., for retirees or seniors?” – Carol Breeding
Expert: David Sloane, senior vice president of government relations and advocacy, AARP
Answer: The stimulus bill would give $250 through the Social Security system to retired people. It’s modest, but it’s something. It’s not going to do anything to make people whole. But if you’re going to have a Making Work Pay credit, then let’s at least have a little bit of equity. Seniors are also highly likely to spend the money – and need it as much or more so than most.
How do we receive this $250.00? Will it be added to our disability check?
It seems to me that this plan will only help the poor in the short term or the unemployed by being able to afford the cobra. as far as the middle class I dont think that the average monthly about of &65.00 is going to help me.
I have a question towards the sales tax break on new purchased vehicles…what if we already did our taxes and there were no questions within turbotax 2008 to address this tax break so we did not receive it even though we purchased a brand new car in 2008…do I have to file again?
Well, it is not fair to those of us who hurried up and bought a new house last year to qualify for that tax credit to have to pay it back. I am going to write my representatives, because they were urging people to buy homes, and I really didn’t have the money to buy the home. WE should not be required to pay back that $7500.00
tHANK YOU SO MUCH FOR ANSWERING OUR QUESTION ABOUT HOW MUCH WE GET AND RECIEVE,iAM ON SOCIAL SECURITY DISABILTY, i AM A WIDOW AND LIVE ALONE. HOW MUCH WILL WE GET,
THANK YOU
I think they should give us the money like they did the bankers. The bankers gave the money to the CEOs and nothing happened to them. they should return the money that was given as bonuses. The stimulus should be given to people making under $50,000. There would be more to give if you portioned it out to people making less money. why would you give it to people who are making 50k and above? They have nice cars and homes we don’t we need the money!!!
How cna I get help to pay on my owner financed home? I did not go through a bank and now I need help where do I turn too?
my comment is, i get SSI and social security, i am disabled will i get help from the stimulus. will my SSI GO DOWN?
If I have already filed my tax return for 2008 and am now in the process of buying my first house will I still get the first time home buyers credit in 2008 or do I have to wait till 2009.
COBRA sticker shock! Our Son did not return to college this semester, therefore no longer a full time student, hence no longer covered on his parents health insurance. Will the Stimulus package include him in the new Cobra rates as if unemployed. He currently has a part time job yet is not eligable for health insurance with that company untill August. Meanwhile the COBRA fees are way out of line with his earnings. NO wonder so many young adults can’t afford to buy health insurance. And the cycle begins…and the cycle continues!
Instead of spending some of the money on roads ,wouldn’t it be better spent, securing our border into mexico? 1. You would stimulate jobs building a wall or fence.
2.You would stop the illegal alliens from entering our country,and deport ones you find,as well as void all work visas.which would create jobs.
3.It would also stop the mass smuggling that is going on:drugs, human slaves,and the potential for a weapon of mass destruction or dirty bomb entering our country.
4.we can put men on the moon,so I find it hard to beleive that we can’t stop this smuggling!!
5. MAKE ALL PEOPLE TAKING PUBLIC AID TAKE RANDOM DRUG TESTS TO RECEIVE BENEFITS, iF WE AS A COUNTRY CAN AFFORD TO CONTINUE TO GIVE THEM MONEY FOR NOTHING,THAN WE CAN AFFORD THE 9 DOLLAR URIN TEST CUP TOO.!!
WOW, another check, don’t get me wrong I’m glad that some people get a check to help them out, BUT what about the self -employed that are struggling my husband and i both own our own business, his is construction and I have a florist, and we are really struggling, we also never qualifed for either one of the checks before, we have to pay our own insurance which is $600.00 plus for us two, and thats with a $2500.00 ded, we are Drowning, is there any help for us..Thank You…
I get a pension, that is taxable, of about $50,000 a year. Why am I not entitled to the tax reduction on what courts have always referred to as “deferred earnings”?
I do not understand exactly how the Work Pay Credit will work. Will my withholdings be reduced by $800 and the tax at the end of the year be reduced by $800? If so and if my spouse and I both claim MFJ on our W4 forms, we will both have our withholdings reduces by $800 during the year but at the end of the year, will we only get one $800 tax reduction? Will our refund then be reduced by $800? Thank you.
I lost my job recently. I plan on using COBRA and I am also going to receive unemployment. When will I get the COBRA credit – when I file my 2009 taxes in 2010 or can I get it now when I am actually paying the premiums? Since money is tight, now is better. Also, is there is a quick and easy way to determine if my unemployment benefits will be extended? The article CNNMoney wrote is a bit difficult to follow. Thank you.
This stimulus package is a bunch of &@$%#@*& horse crap!
What is $15-25 a week in people’s pay check going to do for the economy?
Why do I and others have to bail out the idiots who are de-faulting on their mortgages when we have been paying my mortgage and taxes on-time?
Why do the first time home buyers get a huge tax credit on purchasing a home……what about all of us that have proved that we are responsible and mature enough to pay a mortgage and taxes?
Why should income tax deduction for sales tax apply only to a new car purchase and not other purchases?
I believe that sending a lump some check to everyone in the US based on some portion of the taxes that they pay would create more stimulus than the present plan…..but what do I know.
You’ve spoken of the breaks for the employed people but what about the people living on pensions.We have the same bills and needs.We pay mortgages/rent,utilities,vehicles,insurances.God forbid we want a night out.Usually its not happening.
Greetings to everyone. I have been reading about the bailout and how it is supposed to benefit even the poor in a small way (by only like $250), and honestly, I’d like to know if/when this was supposed to be applied to those in greater need than the middle class. Even poor people have bills to pay — maybe more than one would expect. So, would someone tell me when THAT is supposed to happen?
Also, what about the tuition spending? Is this going to get cut at some point? I would like to at least know if I will still be going to school so I can No Longer be poor and depending on Welfare or SSI like so many people in my state and any other poor state depend on.
The more I watch the news about the economy, the more I am getting uneasy. Could someone shed some light upon these subjects?
I would like to know how any of these
tax cuts are suppose to help the people on ssi or disability and make less than 25,000.00 per year, we don’t come close. We have the same bills that the others have but people like us are forgotten.
What about if you are drawing a ssi check? Will we see any of the money or do we get left out. I am single but my 20 year old daughter still lives with me.
Question… how will someone that is self employed, such as myself see any benefit? Will I see it in 2010 on my tax return, unlike people that receive a weekly paycheck who will be getting immediate help???
Editor’s note: We answer that question here.
As a person who is disabled and on food stamps…will each person on food stamps get more food stamps each month?
Who is it that will notify us about the Stimulus Cobra Reduction? The past employer or the goverment?
Editor’s note: You contact your former employer.
Who cares, a whooping 13 dollars extra per paycheck. Should have taken that big bailout and split it among all the taxpayers. I’m sure with that kind of money, it would help everybody out, but no, lets save the rats in Cali.
What about suspension/reduction of taxes and penalties on 401k withdrawals? For some of us, that’s all we have to fall back on. Many of us may be forced to make withdrawls. But the the taxes and penalties will greatly reduce the amount available to help us get by.
So your say that family’s that are hurting now will get nothing? Where I live the town/city is already hurting due to the lack of jobs. I am a single disable mother with a child in school. I was told to always file a tax for the little bit I can get. I haven’t used any housing help in years, so I am paying everything from my pocket. Obma isn’t out to help parents like me. The poor is nothing to him. If you don’t work than crap on you. I feel this is wrong. I also am a full time college student. What about the money I have to pay back after 40mths? I am a person that looks out for our low/poverty children. Who cares about those that are making it now. Make them pay more taxs like you did before. I am one that would love to be able to speak up for those who can’t or are unable to for fear of loss. Times are changing and I will be with it every step. NOT for me but for our children. Obma you only care about you children NOT ours!!!!!!!
What about the ones that are self employed, how will they get their stimulus money, since they really do not get a paycheck like other people. They get paid when the work is done. Please answer.
I AM ELDERLY AND DISABLED, I ONLY RECEIVE SSI HAVE MEDICAID, WILL I BE RECEIVING ANY HELP. THANK YOU
Well, I have a question. I am a full time student and also a single mom and I don’t work right now. How will this stimulas package affect me.
not a comment, but more of a question. What is going to happen to the “first time home buyers” that did an Amend on their 2008 taxes for the 7500.00(loan/pay back)the day before the bill was signed for the 8000.00 credit that is “not” a loan for 2009 home buyer.
It is my belief that if the new administration really wanted to help the unemployed, they would make all unemployment NON-taxable Income (not just the first $2,400), if only for a year or two until our economy stablizes to some extent. It only adds insult to injury, having lost your job, collected unemployment and then be told you have a tax liability instead of there usual refund because unemployment is taxable. As a Tax Preparer in the State of California, based on my clientale, so many are unaware that unemployment is taxable. And even if they are being advised that it is, why would they opt to have tax withholdings, they don’t have jobs and need every bit of it to eat and/or keep a roof over there heads….
Consider me an optimist, but as with all things which go down like the economy they eventually have to go up again. I would like to be a part of that recovery, but for the last 3 years I have been discriminated against in hiring due to disabilities which impair my social functioning but not my extreme technical competence, even though I greatly desire to work again. It is not fair for company owners or managers to only hire their friends or family; or to hire people who look like them, talk like them, or walk like them; or to refuse anyone who through no fault of their own cannot be anybody’s drinking buddy. Position advertisements including the wording of “must have strong commmunication and people skills” even for manufacturing jobs such as software design is actually discrimination against people with autism and mood disorders such as myself who are far more comfortable with machines than with people. Before the recovery starts I would like to see laws or executive orders signed by Mr. Obama which would ensure much greater fairness in hiring. I have written to him and recommended a process where the hiring manager for any technical occupation is only aware of competing skill sets, and not of the actual identity of the person until after he or she picks the candidate, and in the case of a tie random chance should prevail. Please for the love of God these ideas or similar need to be consider. I realise that businesses are not charities but at the same time as they are operated by human beings they owe something to humanity.
If I bought a house in 2008 and have already filed for the $7500 federal tax credit can I in any way shape or form receive the new $8000 tax credit/gift that Obama just singed days after I did my taxes?
I am aware that the important factors in this are the different years,and the fact I already have applied for the $7500 tax credit but is there any way to get the $8000 credit instead. The most attractive feature of new one vs. the old one (other than an additional $500) is the fact that is doesn’t have to be repaid. Otherwise I am looking at paying back $500 a year for the next 15 years.
Thank you for any information you may be able to provide.
Kevin
Upstate NY
I just reviewed the 1971 stimulus tasks allowed for California and didn’t find one penny allocated to our Southern fence. Why is that task being ignored by the federal government? Our systems are being ruined by that “hole”: Jobs, Medical, Education, Wellfare, Food Stamps, etc not to mention the Drugs that are leeking through that hole too. Thank you.
An educated public is an essential ingredient of a free society. Ambitious governments would have far greater difficulty implementing schemes that undermine liberty and prosperity were they faced with an informed and vigilant population.
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank, the Federal Reserve.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
Had our government operated strictly within it’s originally created Constitutional boundaries, this financial system collapse & 9/11 would not have happened.
I PROTEST that I OR MY CHILDREN should be held ACCOUNTABLE for any citizen’s or private business’ own INDEPENDENT, irresponsible decisions & behavior!!!
What makes this a free country?
Because the idea of the government forcing one group of citizens to surrender their time invested labor for the benefit of another group of irresponsible, private businesses & citizens is NOT my idea of a free country! That is TYRANNY!!!
No where in the Constitution does it require one group of citizens to surrender their labor for another group of citizens.
REVOLUTION.CAMPAIGNFORLIBERTY.RONPAUL2012.
An educated public is an essential ingredient of a free society. Ambitious governments would have far greater difficulty implementing schemes that undermine liberty and prosperity were they faced with an informed and vigilant population.
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank, the Federal Reserve.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
Had our government operated strictly within it’s originally created Constitutional boundaries, this financial system collapse & 9/11 would not have happened.
I PROTEST that I OR MY CHILDREN should be held ACCOUNTABLE for any citizen’s or private business’ own INDEPENDENT, irresponsible decisions & behavior!!!
What makes this a free country?
Because the idea of the government forcing one group of citizens to surrender their time invested labor for the benefit of another group of irresponsible, private businesses & citizens is NOT my idea of a free country! That is TYRANNY!!!
No where in the Constitution does it require one group of citizens to surrender their labor for another group of citizens.
REVOLUTION.CAMPAIGNFORLIBERTY.RONPAUL2012.
It is very unfair what our government is doing to Americans. NO one has answered yet within wall street or the government, in finance, and for the Wall Street Crash. and the financial crash.(This is fraud and stealing)Laws of different for the Rich. This hard earned money was taken away from us. The housing market was the munipulation,fraud, and scams of the Mortgage Co. that gave people the money to get homes. The people bought on what they where advised and explained to them. They where misrepresented.(this is not legal) . All those people wanted was the American dream like everyone else. To own a home. Who is being charged for these crimes. The stymulus package is just to get all the pork out, and pay backs for the rich that voted, and this another way for the government to manipulate the people, to make them think they are really getting something,($15.00 week) Just like the mortgage companies did. There is so much of this High pitch fraud, scams, in marketing for the people to buy something , it sickens me. I just saw a ad on T.V.,buy furniture, no payments or interest until 2010.(The will not explained the bottom line. They want to get you there and they will do the rest to manipulate and lie for you to buy . It is really scary for my children and grandchildren. No one answers to this. It is not legal.
I”m sorry to say I live in Ca. The only thing I qualify for out of the stimulus is $250. It would be nice if some of the news agency’s would mention, how the state of Ca. has taken that and more away! 1% increase on sales tax, 75% increase on auto license fees. and a surcharge on income tax! 1 Govt. gives it back and another takes it.
Why are we giving General Motors $30 Billion? My wife and I purchased 12 new Chevy’s and Buicks in the past 17 years. Of the 12, 11 were assembled in Canada and Mexico while only 1 was built in Ohio. For decades GM has been exporting American Taxpayer’s jobs and importing vehicles. GM is a major reason the US is in this financial mess. Why don’t we offer the tax dollars going to GM to foreign manufacturers as incentives to build assembly plants here in the US instead?
My parents are currently four months behind on two homes. They purchased their first home four years ago and refinanced to buy a second home before the economy spiraled downhill. The first home was a rental for over a year but eventually they fell behind on that home and the home they are currently living in. I assisted them in requesting a load modification but have not been contacted. How can the stimulus plan assist my parents if they cant refinance again? Is there another solution besides bankruptcy? Your assistance is greatly appreciated.
With the stimulus package, one key criteria to qualify is individuals make no more than $75,000 and couples $150,000. Will they take into account areas where the cost of living is higher? For example New York City, a few weeks ago a study pointed out that in NYC you have to make $123,000 which is comparable to making $50,000 in Houston or making $60k in NYC is equivalent to making $26,092 in Atlanta. Is that a fair of the government to base it on income, where the person in houston will receive the credits and stimulus benefits, while the individual living in NYC cannot?
Who in thier right american mind voted for this sylvester Syhster? a trillion here a trillion there….$$$ for Women in Africa to free abortions…paid by a nation of suckers, not cowards….America has know become the laughing stock of the world….
The land of enternal Socialism bliss…Orwellian USA here we come!!! It is now become a choice….America the free! Or not where the feds are in every aspect of your life and they are about to tax you to death!!
This is not America….punish the succesful and reward the the un-successful huh?
“Boston Tea Party” here we come!!! Again!!!
STOP AND LISTEN
THIS IS WHAT YOU NEED TO DO….
l. People who have been making there payment give them a 4 percent mortgage loan. They will have more money for food, clothes, dmv, insurance, utilities, and gas..
2. Give people a credit on there tax, for re-roofing, electrical, insulation, or plumbing. This will help the contractors, and the people upgrade to a better maintained home to save on energy, heat and cooling.
3. If you don’t help the Framers, Ranchers, Contractors, you won’t have veggie, meat or money for the communities they live in.
Most towns are top heavy on government jobs. You need to help the working people who don’t work for you the government.
Please Please help the people who have 7 or 8 percent interest loans on there homes to lower the interest. Thats where you need to start. If someone is 6 months behind and can’t afford any payments how are you going to help them? Don’t make us fail to get help.
what i don’t understand is that the government has also ways been backwards. it always have giving the ones that are not doing anything the most help. i mean working and all. to get help you might as well be sitting at home doing nothing. so what i was wondering was where is the help for people who are trying to pay their mortgage on time and maintain there credit score the way it is. and meanwhile the property taxes are going up but the the property is going down and you end up in an upside down. to speak of the insurance you have to have on your house that too goes up. my family and i have now begin to feel the raft of this economy. so we are at a lost and trying to put a child through college it’s getting harder and harder so needless to say we might be one of those who will be in forclosure soon and credit ruined. we would like to the family that did not have to go through this but like i said the help is going to the people who have already messed up. what to do?
Please take another look at this new first time home buyer legislation. It was made retroactive for only some of the tax payers that qualified under the 2008 legislation. This is a violation of tax payer rights. According to TITLE XI—RELIEF FROM RETROACTIVE
APPLICATION OF TREASURY DEPART-
MENT REGULATIONS
SEC. 1101 no one should be held to retroactive laws. If this is a taxpayer right, why is a retroaction of the new law be allowed to be applied to taxpayers at the exclusion of others that fell under the exact same legislation. A situation was created where some benefited from retroactive application of the credit while others are not. Please look into this! What can we do as taxpayers to have this law looked at again and considered for legality and fairness in implementation for all tax payers? Please contact me about this. I really think since there has been so many complaints the public need help and instruction on how to take action to make changes to this new 2009 legislation that applies to the $8000 first time home buyers tax credit. Thank you for your time and consideration.
Instead of trying to determine who is “worthy” of a foreclosure bailout, why not instead reward the 90% of homeowners who have already proven their “worthiness” by creating a more receptive financial program that allows us to invest our money in the foreclosure inventory while helping us build our financial portfolios? That would stimulate the economy more so than $15 in tax relief per week, and would help to offset the tax increases that we are all going to have to pay because of the subprime mortgage mess created by those lenders and borrowers involved. The 90% of homeowners NOT in foreclosure would seem to be a healthier investment than throwing more money at high-risk borrowers who are living beyond their means in houses that they cannot afford. Renting isn’t so bad, is it?
It is really amazing. I have worked my whole life for everything i own. And it seems the more irresponsible one becomes, the more one gets. My husband and I will get NOTHING out of the stimulus plan….
Now we add insult to injury, for those individuals that get assistance in their mortgages, they are rewarded with a principal reduction of $1000 for staying current? What about us poor slobs that actually read the fine print, and only bought the home that we could afford, not the home we wanted? Had I known that there would be no consequences for being irresponsible……hey what the heck….why not join that bandwagon.
To Jim P. from Chicago. We are in the same boat, brother. The unfortunate fact is that yes, our tax money will go the imbeciles who didn’t do their homework. Persoanlly, I’m feeling like a chump. Makes we wonder home are the imbeciles, the people that will get my money in bailouts, or us chumps that played by the old rules. I really hate what is going on here.
It makes me mad when I’m at the grocery store with coupons and looking for items on sale and the lady in front of me is has 2 carts full of steaks, chicken and other stuff that I cannot afford and she pays with the Food Stamp Card. But what really gets me mad is that this person just got an extra $70.00 sum dollars in Food Stamps thanks to President O’s stimulus package. Sorry but this is NOT “change we can believe it”…….
I purchased my first home 8 years ago. I got married 2 years ago. My wife and I sold the home last year(spring time) and moved in with her parents so we could build a newly constrcued home. We will be moving into this new home within 6 weeks. The deed and the mortgage from my first home only had my name on it. Will my wife be eligible for the $8,00 credit since she will be a first time home buyer. My wife and I will both be on the deed and the mortgage for the new home. Again, I was the only one on the first home. Perhaps, she would be eligible for half or $4,000. Would we then have to file married seperatley? Any help would be greatly appreciated.
I am quite upset with the stimulus package. Why should I, who worked three jobs and saved tons of money to buy my house outright, have to agree with my tax monies going to those homeowners who made bad decisions? Is it my fault that these people did not read the bottom line? Or even look into the future? Who would get a mortgage with no money down? Who would agree to a pay interest only mortgage? Are we that dumb that now we need to have my hard earned monies go to bail out some imbecile who didn’t research his mortgage?
I have a valid Social Security Number but my wife does not. She is on my dependent visa and has Tax Identification Number. Will I be eligible to receive tax credit under Work For Pay according to the Stimulus Bill? If yes, will it be just for me or both of us?
Simple…
It won’t work.
It is going to take 26 Trillion to bail out England / Europe… this you can verify for yourselfs if you look on google, if they haven’t ripped it down,for people are going to make a run on the banks. If you want to know what’s really going on, you can always go to Prisonplanet and read the article there in it’s full form.
Just kill the federal reserve already, that’s the only thing that will get us out of this mess. Period.
Okay – so the way I read the info on COBRA subsidization is that I am out of luck since I was laid-off June of ‘08 & the 65% off starts with bein unemployed as of September of ‘08. Not only that but if I hadn’t picked up COBRA in June, I would now be able to pick it up within 60 days and it’s good unitl December of ‘09. Is this right?
I am 28 years old and I bought my current home (first home bought) about 3 1/2 years ago. I bought a home that I could afford and have continued to make my monthly payments. A year later I got married, and me and my wife have worked very hard to have no debt and have put her through Grad School and have begun to save for her possible Law School. Doing this all on $53,000 a year. We are looking to move closer to the college where she will attend Law School, but we will not qualify for the credit. I just think it sucks for those people who did right when buying a home and now we get the benefit of a credit of $8,000, which would help us in buying a new home. But have to move on, and not worry about it and just keep busting our butt.
For all of you who voted for that Obama, I hope you are happy. He stood up and lied to everyone about this package. This package is nothing but payback for all the idiots who supported him. Pelosie is joke and Barney an idiot who padded his pockets along with his wife or husband (not sure which is which). He knew Freddie and Fannie was not working and did nothing about it. This stimulus package is nothing but PORK and nothing for the hard working people who pay their taxes and their mortgages. Why do I have to pay off the mortgages of people who knew they couldn’t afford them. I work very hard to make my mortgage. I think I will stop paying mine and everyone else can bail me out. Our government is a JOKE. STOP paying taxes and see how fast they fix the system.
I am interested in hearing how an extra $16 to $25 in a paycheck will help the economy. That’s about $416 to
$650 a year. Whoopee.. If that was on my check it would go back into my gas tank. That isn’t helping the economy, it is helping the oil companies. STUPID It would have been better to give everybody a one time check and than it would have been worth it to go out and buy merchandise.
My wife and I are not legally married but have 3 children and have been living together for over 15 years. Would we still qualify for any of the tax credits in President Obama’s stimulus package?
I am purchasing a home tomorrow. I know that I will not need to pay the first time home buyer credit of $8000 back; however, if claimed on 2008 tax return (online tax service) it is only allowing the $7500.
Can we ammend the return to allow for the other $500 or is this part of the deal if claimed on 2008 return?
I rent. Because I realized that I did not have good credit, I did not buy a house when everyone was being approved for a loan. So, what’s in this for me other than using my tax money to pay for other people’s houses? Why should people who do not have(and never had) a mortgage pay other people’s mortgages???????
To my understanding this “Housing Crisis” that was the catylst for all these economic woes, would not have happened if Glass-Steagal was still in place.
1. Why isn’t there talk about reinstating this piece of legislation that protected Americans for 70 years?
2. Why isn’t anyone looking at the Asset side of the ledger: The home builders that received their money? Is anyone tracing the cashflow? Who got paid off???
3. Why aren’t the people who perpertrated this going to jail???????
The key issue for mortgages with banks is that most pay their mortgage Loan officers commission based on loans closed.
The mortgage officers make more money based on the higher rate,and fees that they charge. Many Loan officers earn 6 figure incomes and some earn 7 figures.
Their income is added costs for banks.
If all banks put their mortgage loan officers on a equal competitive salary, that would also help banks reduce costs and enable banks to be more profitable when restructuring mortgage loans.
Define ‘first-time buyer’.
I bought my home prior to getting married. The house is in a trust with me as the trustee. My wife has never been listed or signed as an owner of the property. We do file jointly for federal and state taxes. Is my wife a first time homeowner?
I’m still at a loss why the government wants to reward incompetent people. There were huge amounts of people that purchased homes that were out of their reach. The banks were stupid enough to lend money to people that could not afford the homes. Businesses made poor choices and now they are having financial difficulties. Why are we giving money to these people?
Why don’t we simply let housing prices fall? I would love to purchase a larger home but housing prices are still too high. Do you really think giving money to failing corporations will really change things? It was their management that put them in their predicament in the first place. Why don’t we let the businesses trim back or go out of business?
Maybe I’m an exceptional person because I’ve read Money magazine most of my life. I live within my means and I save for the future. I’m still confused by the government.
I am sympathetic to the people that are having difficulties due to the economy. Why do we simply increase unemployment benefits or social security? Why don’t we put the money into food banks? Why don’t we give free tuition to colleges so people can retrain if they desire? Are all of the rental properties full? The government could pay for people’s rent for a while until people get back on their feet.
Maybe a street-wise PhD can explain this to me.
I realize that the housing market is in distress, however, rewarding those who can’t afford to pay their mortgage leaves the mortgage payer who pays their mortgage according to their term angry at the fact that the only reward they get is to have a “for sale” sign removed from their block. To further annoy the mortgage payer, first time buyers are rewarded a large tax break. What about that same tax break for those who have been maintaining their mortgage payments? Just because the mortgage payers are making their payments, we are struggling to make our payments, due to the economy. Our reward, continue struggling? I feel that the buyers who are maintaining their mortgage should at least be rewarded with the same tax reduction that a first time home buyer received. Everyone is getting rewarded but the mortgage holder that pays their mortgage. At this point, and in the near future, the value of my home won’t change. I have a son in college, I am in college and currently receiving workman’s compensation, yet our mortgage is still being paid. Is someone going to help my family? What’s going to happen when its time for me to pay my student loans back, is the government going to bail me and the many other students out? We didn’t take a mortgage that we couldn’t afford. My property taxes are constantly going up which is affecting my mortgage payments. We have never been late on our mortgage, yet when the mortgage crisis came, our lender Countrywide advised us that our equity line of credit had been terminated. Not because of non payment, but because the lender was in trouble.
This reminds me of sports. The rookie gets a big contract and no one knows how he will perform, yet the veteran player who has proven themselves gets to keep playing.
On a moral note, because you get in financial trouble you get bailed out. If you’re not in trouble, you get screwed. What is this teaching young Americans? When you do bad, you get rewarded. When you do good, you get overlooked.
When Bush was President he already signed a bill for extended un-employment benefits for States with 7% or above un-employment. Does Obama’s new bill over-write the previous order? Is Presidents Obama’s bill adding weeks to President Bush’s bill or does it null that previous decission?
I have a hard money variable interest rate mortgage (not backed by VA) that does not include my taxes or insurance. I am currently 4 months behind. I owe 158,000 and the last time it was apprasied it was 235,000. I have not paid taxes in 3 years and I have no insurance. I am about to lose my home. I have been robbing peter to pay paul for so long what I need is a do over. If I could get a loan to catch up on everything and then start over I think that I could really be OK but with bad credit and a hard money lender who is not willing to work with me will this plan help me?
My mortgage holder (Litton Loan financing) refuses to renegotiate my 11.45% mortgage because I don’t have a job. This makes no sense to me. Everyone says to talk to your creditors BEFORE you get in trouble. Well, I’m spiraling toward possible foreclosure so I did that. But they won’t budge. I guess they’d rather I be homeless and they take on the expense of having to own and sell my house.
So, this stimulus is going to bail out the people that made bad choices getting into mortgages they couldn’t sustain and are now irresponsibly walking away from (which in my view ought to be a criminal offense)… When will we see the bail out for all of the folks that have made bad investment choices in the stock markets, venture capitalists, or bad gambling decisions in Vegas? WHAT’S NEXT ?!?
A restructuring, like that proposed for the auto industry, is necessary. We could start by reducing ALL wages, benefits, bonuses and salaries at the banks to the level “enjoyed” by the non union auto workers in the South. After all if it is good enough for the UAW it is good enough for the parasites and salesboys in these banks and investment companies. This would free up a lot of cash. The same level of compensation could be given to the auto company leadership.
Oh, and prosecution for the bankers. Every one of them has violated the letter of some law. It would just take a little work to find which ones. Marion, Illinois would be a good place for them.
I am buying a house today. I know that the 2009 stimulus can be applied to my 2008 tax return for an 8,000 refundable tax credit.
If I choose to apply this to my 2008 return, will I need to pay it back (using the 2008 stimulus rules)… or is it mine to keep?
Stimulus–> is GARBAGE this is a poison pill for our children. This will stimulate very little.
Housing–> OK so I need to stop being an on time mortgage payer, I have to be deliquent inorder to gain any advantage. Ridiculous-this is making us a SOCIALIST nation not America. Let those who can not afford to pay their mortgages lose their house too bad tough times happen. Prices will come down so significantly that many will be able to rebuy in the future. I do pity those who have lost their jobs however and think those people need to be addressed. Not those who over bought when the market was high way out of their financial means or the speculators who have been burnt by the falling prices. Unfortunately its those people who will win the most.
2 Projects = 2 busts…
Thanks to President Obama, I’m now convinced that I’m wasting my time paying my mortgage. Boy do I feel like a fool for taking out my calculator and doing some simple arithametic to see what I can afford.
In a month or two, I’ll be in default and then I can get $$$ for being an idiot.
I currently have an APR mortgage that seems to get higher every year; yet, I’ve never missed a payment or been late. The problem is that in order to make that claim, I make it at the expense of my credit. I find myself using my credit cards more and as a result, I am overextended in debt causing my FICO to be lowered because of my debt to income ratio. With this lowered FICO, I don’t qualify for some of the lower interest rates available. This credit card debt is killing me. Does President Obama’s mortgage plan address persons such as myself and/or what are my options?
With each passing day the relentless slaughtering of my generation grows more and more evident.
There will come a time when the sloth will have to answer.
There will come a time when the glutton will have to answer.
At least this will allow me to sleep in peace for now. For now.
I am so trying to understand how this will help me. I live in Las Vegas Nevada, and I bought my home in 2005. I was a “A” paper borrower, who received a fully documented loan. I put 20% down, and my home value has plunged another 100k under the present loan amount. Apparently the banks are not required to lower the principle amount on my loan, correct? So what kind of help is there for me? Will I be upside down on this home well into my retirement years? The way I figure this I either let this home go back to the bank now or face foreclosure in my retirement years because it will take decades for the value to increase to equal the mortage amount? Do I have any choice but to walk?
I bought a house for my family that i could afford. All of my neighbors did not and lost their homes. Now the neighborhood is full of empty homes, or rentals with criminals, gangs, and police everywhere, all in the last 5 years. We want out, but are now stuck 100k in the hole becasue of these people. I think it is great that California wants to raise my taxes, Feds are using my money to bail everyone else out, and we can’t even move to a safe place to raise out kids.
My house is actually worth more than I owe. But I still lost almost half the value. I have no other debt. My car is 11 years old, but paid cash. No credit card debt; never missed any payments. 830 credit score. I’ve been a huge saver – lost my IRA and retirement accounts.
I am now single, with two small children. I moved out of state to a small broken town to take care of my two elderly parents. I rented out my house in order to pay the morgage, and moved into a one room cabin with an outhouse, and have a wood stove for heat (and no monthly payment).
I can’t find a buyer for my house that is able to get financing. My health insurance is $1,800 a month, because I had to go on COBRA.
My mortgage rate will adjust in September and Regions Mortgage says that it will be going from 6.5% to 10%. That will be an increase of more than $1,500.00 a month.
I have always made it on my own – but this will be tough. I don’t expect anything from the government, or other taxpayers.
Some people writing in think we are all just flunkies that overspent. Just know that we are not. Many of us have just been handed a new set of cards – and it is not a good hand.
When will the public wake up?
The government is taking revenue from one group of citizens and giving it to another, it’s a transfer of wealth.
If we are a nation that follows the rule of law, who can we, the responsible homeowners that live within their means, prosecute for the robbery of our home values & life savings/401K?
I feel for those who did risk a lot to invest in the housing market in the down-spiraling of 2008. For Obama not to extend the waiver on the payback requirement to cover the initial tax credit is a slap in the face to those “bold” few. This is probably just an oversight that will fixed through future legislature. Not to worry.
Posted By Amy, Shreveport:
I do not think it is fair that the American people who took a chance and bought a home in 2008 and took the tax credit will have to pay it back and the home buyers of 09 will not. If President Obama is going to repeal the pay back requirement for paying the tax credit back, it should have gone back to benefit everyone who tried to stimulate the housing market. These people buying now have the luxury of lower interest rates and now a tax credit that they will not have to pay back. I want to know if the Senate, Congress and the President took this into consideration. If so, why was the decision not made to help all Americans who invested in homes in 08 to stimulate the economy?
Posted By B:
My wife and I just took a huge leap of faith and purchased our first home in this depressed economy. Our purchase was finalized on December 31, 2008, just 12 hours shy of the cut off date for the $8,000 tax credit. The current fiscal crisis did not start on January 1, 2009, and the risk to first time home buyers extends much further back then the beginning of the 2009 tax year. I just recently took a pretty significant pay-cut, and layoffs are lingering. How will the stimulus plan help those who were bold enough to invest in our uncertain economy prior to January 1, 2009?
Your explanation of the unemployment benefits is very sketchy. There are people collecting benefits now and the information regarding extended benefits
is almost non existent
What makes the public think a stimulus package is going to help so long as the gas companies are allowed to increas the price to make sure they are making record profits while the rest of the world is sinking.
It is discouraging to see what is going on. I’m all for helping those that need help due to circumstances beyond their control. But, I’ll be damned, if one penny of my taxes go to help those who tried to exploit the situation by trying to game the system.
I am the CEO of a very exciting alternative energy manufacturing company. Management, investors, state/local governments, and utilities are all quite excited about the attention paid to this new industry sector which can be very explosive and play a significant role in economic recovery.
Just as IT/software led the economic boom in the 90s, ET (energy technology)
can be a lead factor in pulling the US out of this economic morass, and ET
promises to be the new high-growth sector on Wall Street.
While much attention is deservedly being paid to rescue efforts, it is vital that the public, through the government and the media understand that without putting an emphasis on new industry that we will not be able to recover. The new level of funding commitment will greatly stimulate the alternative energy sector. In particular, many new jobs will be created. Not only does this new
sector promise tremendous gains in bringing about a cleaner environment, it also will provide much needed new jobs in manufacturing, operations, service, technology, etc.
However; this can be a non-starter if government bureaucracy slows down the
ability of green energy entrepreneurs to access these newly available funds. It is of critical importance that these funds become available quickly and easily.
While we can’t, and won’t agree 100% about the legacy issues, we can all agree on the importance of alternative energy funding and tax credits. It is my belief in the long-run, this will be the most significant part of this stimulus plan.
It is time for America to look ahead and see the overall big picture instead of being paralyzed by the issues that we are facing today. David Brinkley said, “A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.” Let’s take this time of adversity, pick up the bricks and build a strong foundation for our future.
Many of the language in this Q&A is wrong.
For example: “You don’t want $400 from each job, or you’ll be overwitheld and will owe money come tax time next year.”
If you claimed the $400 reduction in each job, you would UNDERwithold, not OVERwithold.
Also, regarding the homebuyer tax credit: “The value of this, which amounts to a tax-free loan, is about $4,000.”.
This makes no sense, you don’t pay taxes on a loan. It should say “which amount to a INTEREST-FREE LOAN”.
I think if people have questions and answers about this there is a better source than CNN. I see time and time again large errors and misstatements about various financial topics coming out of CNN (and usually out of the mouth of Ali Velshi, who has no business or finance training at all, yet claims to be an “expert”).
Here is a better plan for the mortgage mess. It is simple, effective, self funding and everyone wins except the banks who got us into this mess in the first place. The Treasury should sell T-Bills at the going rate which is almost always less than 2%. It should then lend the proceeds to all current mortgage holders at a 3% 30 year fixed rate. This would allow everyone to refinance whatever loan that they have to a low fixed rate. Those who can’t pay their current mortgage should be bailed out. Those who can pay their current mortgage will have more cash each month to spend back in the economy which will help the overall recovery. The government can then use the repaid interest to pay off the original T-Bills and either loan the excess back out or pay down other government debt. Lastly, on millions of 1040 Schedule A tax returns, the deducted interest would be less than current because of the lower interest rates. This would increase the tax intake to the Treasury.
Many have noticed Obama is no longer saying CREATE jobs but create OR SAVE jobs. Or save? That’s new. Pay attention. He has backtracked. And why are all these jobs for males? Are these blue-collar jobs aimed at the hang-out-on-street-corners youth back in the hoods of Chicago who didn’t even have enough work ethic to even stay in high school? Is he keeping a promise to them and ignoring other worthy (worthy?) groups who need jobs? Like, hey, young college students who’ve worked hard and long to put themselves through college and are NOT high-school dropouts but who also need jobs? And why all guy-jobs? What about jobs for the sisters? Something is very wrong here. Very.
When will we get these 2009 economic stimulus food stamp benefits increases?
I live in Nevada and our SNAP/food stamps system here is patently evil.
This housing bailout is beyond ridiculous. What if we all just quit paying our mortgage? That’s the only way I see this being fair. For those of us paying our monthly mortgage, we not only don’t get any benefit from being responsible, but also have to face the “punishment” from the lenders if we go to purchase another home that have been put in place because of the people that need bailout help. I think the loan years should have been extended which would have lowered the monthly payment amount. Giving these people a lowered interest rate and just basically wiping their slate clean is unfair. It’s an absolute outrage that being responsible equals being punished in this economy.
The check engine light keeps coming on in my 6 year old car. Apparently it’s got an engine problem that will cost me lots of money to fix. Where can I get some of this stimulus money to pay for these bills? I don’t owe on a mortgage and have stellar health insurance (thanks Uncle Sam!), so I don’t qualify for the other handout programs. However, there are other things I’d like to spend my hard earned money on, so I want the government to pick up the tab for the repairs or just buy me a new car. I’ll take a new Honda Civic. LX version in silver please. Sorry, but I don’t want any of that Detroit scrap metal. Thanks!!
We purchased a home in March 2008 for $145,000. It is now valued at $65,000. We are both on social security, which amounts to $2900 per month. We are current on our mortgage payments. What will this mortgage plan do for us, and what steps should be taken to start the process of lowering our mortgage. Thank you for your time.
There have been a lot of commentaries on the stimulus package rewarding bad behavior. People have over spent, lived beyond their means, and now these are the same people that will get government help, however, all the tax payers are expected to pay for it, equally. Has the government considered not giving tax rebates to those who require government assistance and increasing the rebate to those who have lived within their means and are not burdening the government with foreclosure and inability to pay loans, credit cards, etc.? Why not reward the responsible people for once?
Like Jacksonville…I paid my way through college on my own by stocking groceries and waiting tables evenings and weekends. I am now graduated, married and work very hard to provide for my wife and child. I have struggled to pay off my automobiles and ALL other debt besides my home.
I would love to take advantage of these lower mortgage rates and refinance my home. I put a large sum of money down on my home and was at 78% LTV until things went soft. I have an 801 FICO score and my debt ratios are WELL within qualifying guidelines. I have been turned down for my refinance, however, because of “declining income” (not to mention my home appraisel will get cut by the lender)….I am in real estate, of course my income has declined!!…even though it is still more than enough for my ONE debt obligation (my house). I have never missed a payment on anything…I have saved over the years for times like these and, for the time being, can still make my mortgage payments. It sure would help me to save a few hundred dollars a month on my mortgage though! Having no health/maternity benefits as a self employed person, our new baby cost us nearly $13k!!
The painful truth is that I won’t get a lower rate until I miss a few mortgage payments, get the lender’s attention and thus “qualify” for a mortgage modification and ruin everything I have worked so hard to maintain. Isn’t there some way (in this regard) to help those who haven’t yet failed and are struggling not to do so??
Both my wife and I have planned to buy 2 new cars in 2009, one for her and one for myself.
Would we obtain the sales tax benefit on both new cars? We earn under the related income thresholds.
Also, what is the difference between this sales tax on new car deduction, and the optional sales tax deduction (instead of state and local taxes) you can claim on Schedule A of form 1040?
“Don’t worry about the economy. Just go shopping or the terrorists will have won. Americans cannot let our malls become wastelands. The brave sacrifices on 9-11 will have been wasted if we do not take action against Iran like the Israelis told me to. Just remember the terrorists never stop thinking of ways to hurt America and neither do we.
Posted By George W. Bush, Dallas, Texas: February 18, 2009 10:50 am ”
this posting is disturbing to say the least. please have someone verify authentic by gw bush or not.
I would hate to think this is actually a correct posting due to the comments on israel or the last line so poorly stated.
My solution would be to have the government purchase all foreclosed properties for 2% of the outstanding loan. The banks do not deserve more than this because of their irresponsible lending practices. This is the only further assistance to be provided to banks. They should be happy to be rid of these toxic assets. Second, the government sets up a “Foreclosure swap” website, where all foreclosures are listed at their current appraised value with the payment on a 30-yr fixed 5% interest rate. People near foreclosure can then swap down to a property they CAN AFFORD at no cost. The government then owns their former higher-value home that may be perfect for someone else who is in over their head. Eventually, we will be left with some higher priced properties and investors can be invited to pick these up at a bargain.
Question 1:
Tax return for families is supposed to come through reducing the federal payroll tax for several months. How it will work for self-employed who does not receive any paychecks?
Question 2: The beginning of recession in the fall of 2007 started with home crisis, which means thousand of independent contractors lost any chance to work and earn leaving – my husband did not have any work since October 2007. But at the same time, that’s the category of workers who can’t apply for unemployment, or any other government help programs (nobody fired or laid them off). And they are not counted in jobs lost. Any suggestions?
If I was smart enough to know I couldn’t afford a home what compensation do I get so that I can buy a home now while the prices are low enough that there would be an opportunity for me to buy a small home that may need some love?
Mr. President
In times like this the strong survive and the weak die off. What I am talking about is let the auto industry go through the motions of failure. Why keep pumping funds into an industry that is hard of hearing the words restructure. Mr. President your job is very hard because you can not help everyone. Pick you battles and move forward. Overall us the Stimulus as it was intended. Us the Stimulus to build schools and Green energy sources.
How will the Stimulus money given to GM and Chrysler help America, when those Companies are planning on moving to Mexico and Brazil, using 1 Billion of the bail out money to make the move, and build the new plants there?
Sent to Congressman Castle;
Congressman Castle,
I have mixed emotions as to what should be done with the housing mess. But ultimately, I purchase what I can afford. I am only entitled to what I can afford.
Modifying loans to consumers who cannot afford what they purchased is wrong. They signed mortgage documents certifying the information contained in the documents was true and accurate. If they both (lender’s and applicants) lied then it is their problem. But now I am told it is my problem too.
If any modification is to be done; make all of these loans 50 years but only tax deductible mortgage interest for 30 years. The rate they agreed at the time of closing stands. The value is irrelevant. The bank makes money on the mortgage (longer terms) and the homeowner has a lower payment.
These people wanted to “play” the game. Let them pay for the outcome. What’s next; modifying auto loans because automobiles depreciate?
Modifying anything but the repayment years is the same as enabling those who purchase what they cannot afford. It does nothing to discourage them from doing it again.
Please help those who play by the rules and live within their means from getting the short end of the stick. The economy needs us responsible folks now more than ever!
Please just don’t sing to the masses make a strong pitch for modification to the length of the loan only.
I purchased my first home in January of 2008. Do I qualify for the first time home buyer tax credit under the old or new law? If I do not, is this fair to first time home buyers that purchased homes before April of 2008?
Will the stimulus help those that are stuck with recourse loans after already going through foreclosure or short sell?
There were 4 things that got us in this mess: sub-prime mortgage lending to people who couldn’t make the payments; 4-5 dollar a gallon gasoline; cars and trucks that cost 30-40 thousand dollars; and no free national health care. If you want to stimulate the economy and create jobs, then watch the movie SICKO by Michael Moore, and demand from our government a national health care system that gives everyone free health care. That means it doesn’t cost you any money to get the treatment you need, whether it’s a simple flue shot or open heart surgery. Get rid of the health insurance companies that screen out the sick people, everyone gets the same treatment, whatever they need. It would create millions of jobs overnight, and benefit all. A simple national sales tax of 2 cents on the dollar would pay for all of it. And then if you had a national sales tax of 4 cents on the dollar, you could simply do away with federal withholding taxes and the IRS. Social Security would stay in place as the only deduction from your paycheck. Medicare and Medicaid would disappear because everyone would have free health care. Stop wasting your time writting to these blogs and demand your congressman do this right now, or get a new congressman!
Don’t worry about the economy. Just go shopping or the terrorists will have won. Americans cannot let our malls become wastelands. The brave sacrifices on 9-11 will have been wasted if we do not take action against Iran like the Israelis told me to. Just remember the terrorists never stop thinking of ways to hurt America and neither do we.
Amen, Ed Brown. What do WE get? There are some folks who have just honest to goodness really bad things happen through no fault of their own. BUT there are tons more who do like you say–live way beyond their means and spend themselves into a hole. And THEY’RE the ones getting bailed out? That is just FUBAR.
A bailout for business’s? If they’re getting the bailout then why are they going up on everyone’s interest rate?
Washington is full of Sluggs!
The stimulus package sounds interesting and I hope it works. The rub is the government’s blind assumption about reducing the withholding tax for every one. Come later this year when the withholding is decreased it will be prudent for families in the phase out combined income range of $150,000 and above to re-visit their paycheck stub to see what the decrease was, and then ask their employer to up the federal withholding by the same amount. This will save a problem at tax time when two wage earners are lumped together and then surprise-surprise you now owe more taxes and may be even a penalty!
I agree with Jacksonville! I also have done my fair share of cutting back and struggling to make things work out for myself and my family. The $4 gas days were excruciatingly hard but I managed to still keep food on the table, clothes on my kids back, make my vehicle payment and pay my mortgage! If the govt is going to help the foreclosed properties, why not help everyone. YOu gave money to these banks and now they should refinance everyone’s mortgages to the lowest rate possible and without costing the consumer the refinancing fees. I would love to refi my home right now, but the cost of doing it is what is stopping me. REWARD THE PEOPLE WHO HAVE OWNED UP TO THEIR RESPONSIBILITIES — if I would have know the govt was going to bail my way out…I would have used my mortgage payments to get my new rims!! LOL.
We are part of a segment of society that is retired. Our annuity -which was adequate when we retired 13 years – now has lost 50% of its value. At the rate it is dropping, within the year we will have none. How is the government addressing this?
There are 138 million taxpayers in the USA, that would be estimated at $5,700 per taxpayer if this current stimulus package were given to the taxpayers.
Now, are we going to get taxed on this $15 per pay period?
I’m 26 years old. I cut the financial ties to mommy and daddy at age 18. Payed my own way through college (and that means ALL of my expenses), got a good job, got married, put my wife through grad school, bought a house, payed off two cars, and have no outstanding college or grad school loans, and no credit card debt. I have never missed a payment on ANYTHING. I save or invest roughly ten percent of my income every year (including this one), and on top of all of that I have have one child and one on the way and I can even afford to clothe and feed them without any help from Uncle Sam. You’re welcome for not swiping my credit card for the new iPhone or a new plasma screen TV or speakers and gold rims for my used Honda Civic. You’re welcome for not becoming an irresponsible charity case and a drag on society. Now where is my stimulus money? If the government is going to meddle with the private sector of the economy, which they shouldn’t, then why isn’t it focusing on rewarding responsible individuals and companies instead of the irresponsible failures? Charles Darwin is rolling over in his grave. LET THE FAILURES FAIL, and if the government is writing checks, why not reward success? If you dump a little free money in my lap, maybe I WILL go buy that iPhone, and then you will have some consumer spending. Or are you worried I will just continue to be responsible and simply toss it in a savings account or a college fund for my kids?
I purchased a new car on the day the stimulus bill was signed. Is the sakles tax deductable on my 2008 tax return or do I need to wait to take it on my 2009 return?
Please explain why the jobs program (construction and infrastructure jobs) is so unfair. Women supporting children need jobs. The elderly who’ve lost their retirement need jobs. Middle-aged men with mortgages need jobs. Can they do construction work? No. The jobs program seems designed to help only young, strong, blue-collar males, a very narrow demographic segment indeed. Why so unfair to good, hard-working taxpayers?
I collect social security and work part time. I am now unemployed as of January and get an unemployment check for $134 per week. So,, will my unemployment check go up by $25 per week? Will I receive a $250 check for my Social Security? I did file a 2008 return, so will I receive a check for the $400 “tax credit” as a single tax payer, even though I am not working at this time? IT seems to me this credit is only good if you are now employed. What about all those who are not working anymore? Is all they have to look forward to is a $25 a week increase in unemployment insurance? Who needs this money more,, GM,, the banks or the people that have been put out of work? Stockholders should finance private industry,,including banks!!! This is a “win win” for the rich wall street investors and a total rip off for the tax payers!
The stimulus is a waste. There’s no way to spend ourselves back to prosperity. The only way that we’re ever going to regain jobs, and restore our economy is to begin to build, and sell products again. FDR had the benefits of WWII, to fuel our recovery. O’bama has no such.
Dennis
It seems to me the quickest way to get the economy stimulated is to stop taking so much from our paychecks! FICA and Fed/State Withholding eat up about 28 -30% of our gross pay. Instead of the government printing more money to give away to people who obviously don’t know how to manage what they have in the first place, why not just give it to us so we can pay our mortgages and utilities and insurance and buy groceries and medicine. It just seems like there should be a way to just cut to the chase and increase our NET PAY each payday for the next couple of years and let the government live off of what it has in the bank for a change. And there’s nothing wrong with going back to basics…”if you don’t work, you don’t deserve a handout from those of us do!” I’ve been working since I was 15 and I am 53 soon and I have never applied for food stamps or any other assistance even though I’m sure we qualified raising 3 children on our meager salaries. Now it seems that all the tax dollars we have invested are being so mishandled that it is really frustrating. We depend on the government to be the “experts”..the leaders of our country! An extra $13.00 per paycheck will be a help, but it seems like a real slap in the face when you see where billions have been handed out to companies who can’t even tell us how they spent it! Give the billions to the American (legal American) people and we will stimulate the economy. I kindof like the formula of 10% tithe, 10% tax, 10% save and 70% use. It’s not that way anymore though when the tax is 30%…and we wonder why the economy needs stimulating? People are living off credit cards because they can’t afford to save anything from each paycheck! And another thing, everyone can work if they really want to. I have a blind cousin who works a full time job and I have co-workers who wear oxygen tanks and give themselves asthma treatments right at their desks everyday! Our country is going down the tubes because people have learned to work “the system” and are too lazy to get out an make a living. Well, that is no life and if people don’t start getting out and working and making an effort then our country is doomed because there will never be enough money to stimulate all the spoiled brats living off our tax dollars! Enough said?? Not hardly, but I just had to let you know the kind of world I live in and how frustrating it is to be a the mercy of lawmakers who don’t have a clue!
I do not think it is fair that the American people who took a chance and bought a home in 2008 and took the tax credit will have to pay it back and the home buyers of 09 will not. If President Obama is going to repeal the pay back requirement for paying the tax credit back, it should have gone back to benefit everyone who tried to stimulate the housing market. These people buying now have the luxury of lower interest rates and now a tax credit that they will not have to pay back. I want to know if the Senate, Congress and the President took this into consideration. If so, why was the decision not made to help all Americans who invested in homes in 08 to stimulate the economy?
When are the interest rates going to come back down to 4% to 4.5%? I believe in order to stimulate the economy, the housing industry is the key. Homeowners need to be able to refinance to a lower rate and first time homebuyers need to purchase at a lower interest rate. This needs to happen sooner than later. This will give the housing industry a good jump start. Homeowners need to stay in their homes and the numerous homes that are on the market need to be purchased.
To all of you asking about the $7500 credit vs. the $8000 credit the answer is that yes you have to pay back if you did the $7500. So, those of us that did our part in 2008 to try and inject something into the economy are getting screwed over while those who will do it in 2009 get free money. I love the interest free loan aspect of the 7500 but why should we be “punished” when anyone that buys a house this year will be rewarded much greater? Not only is my house worth less now than when I bought it but I also have the luxury of paying back the loan that people now get for free. I guess I just need to invest that extra $13 per paycheck this year wisely…
All the talk about the stimulus centers on single or married status. Where do Head of Household filers fit into all this stimulus? If HOH are treated as single (and raising children), how is this any different from married with only 1 income earner who gets broader stimulus under the plan? If HOH are considered single under the plan…all the HOH with families struggling got no consideration, or did they?
My wife and I just took a huge leap of faith and purchased our first home in this depressed economy. Our purchase was finalized on December 31, 2008, just 12 hours shy of the cut off date for the $8,000 tax credit. The current fiscal crisis did not start on January 1, 2009, and the risk to first time home buyers extends much further back then the beginning of the 2009 tax year. I just recently took a pretty significant pay-cut, and layoffs are lingering. How will the stimulus plan help those who were bold enough to invest in our uncertain economy prior to January 1, 2009?
Re: Bonnie Ryan comment re FHA 235 Plan. Sounds great! Loved your entire article. Call me!
I have never needed Gov’t help. Single. Successful. Woman. 57. Landlord. Cancer. Job loss. Bad tenants. Adjustable Rate Mortgage. No credit card debt. Frugal. Pre-existing conditions. Soon to be (dare I say?) homeless. Initial Stimulus might have helped me (unemployment extension, Cobra) but final copy – I fell through the cracks. Would rather die than lose my home.
“My questions:
Why most of the comments here are so negative about the stimulus package? Can we see some positive ones?
If this package is really so negative, why the Congress passed it and the President signed it?”
Correct question:
If pretty much all of the comments here are negative why did Congress pass it and the President sign it?
I think they should give every taxpayer earning under $50K or so, $10K…and so forth for each tax bracket. And then see how we stimulate the economy.
I think the stimulus will provide jobs, but only temporarily. I really don’t think it will stick, or work as they’ve planned.
I’m thinking about relocating to Canada like that other guy.
My questions:
Why most of the comments here are so negative about the stimulus package? Can we see some positive ones?
If this package is really so negative, why the Congress passed it and the President signed it?
I work in the mortgage industry. I was previously a loan officer but now I am working on shortsales and modifications. All of these bailout plans are failing to address the biggest issue out there. People don’t want to pay for a house that is $100,000 upsidedown. It doesn’t matter what the payment is. Financially it doesn’t make sense. I don’t see how the housing market can recover while this issue is hanging over the industry. When is the government going to address this? The FHA program isn’t enough.
I was downsized in December, 2008. How will I find out about the 60 % support for my family’s COBRA health insurance? What documentation will be required and where do I send it??
What do I get? When I bought my house I bought smart. I bought a house way less than what I was approved for so yes, I am paying my mortgage on time and have enough reserves that I could be unemployed for 2 years and still pay on time. Yes Im still employed (at the moment but who is safe these days?) I don’t have any other debt. What do I get? It looks like a lotta people are looking to get their mortgages paid down by the taxpayers to get them out of foreclosure and really cheap rates to boot. What about those of us who didn’t think they needed a million dollar home? They get a big break and I get $400. What do ’smart people’ get?!
People like Dodd, Frank, Pelosi and Reid were in large part responsible for the mess we are in. Now, they are the ones who will get us out of it. God help us. These people incompetent and care about nothing more than their own power nad wealth. Until we get rid of slugd=s like tese, we will always be in trouble.
I’m fine with the $787B stimulus package. The Republican led House, Senate and Presidency of the last 8 years started with a $1.5 Trillion national debt and left us with a $10 Trillion national debt. And I don’t think we have much to show for it but a deep recession. At least this Stimulus package is going to leave us with better roads/bridges, education, a 21st century Electricity grid and best of all a big leap forward in getting Wind & Solar energy to help the U.S.A lessen the Oil blackmail money we send to overseas countries that don’t even like America and in some cases fund terrorists with the very money we send them.
The Great Depression was initially dealt with a “hands-off” policy by Herbert Hoover and everything cratered. Roosevelt understood that the Government is the spender of last resort to stimulate jobs and it worked! Some will claim that it was WW II but that was nearly a decade later and the US was already well on the road to recovery.
Why are we giving money to bailout Banks and other investment companies?
Each household should be given some of the stimulus money – to pay bills & keep homes from foreclosure, and to make purchase.
I’ll bet the money put back into the economic would be more useful that giving it to the people who’ve already hurt the economic once with their greed!!
well looks like it’s official folks…our freedom will be taken away now that our hope and change bill was just signed…
Did anyone hear Obama’s press conference on the signing of the stimulus bill? Did I hear him actually say that they passed a bill “with no earmarks”? He said this with a straight face!!
I have one question then. I understand 8 billion was in the bill to fund a high speed rail system between Las Vegas and L.A. Isn’t Harry Reid from Nevada? Hmmmmm…………….So much for no earmarks. That one must have slipped by.
For DG,it would make more sense if the moochers in Washington were taught arithmetic rather than the abc’s.
I just read that the small $$ for our Veterans was originally reduced in the final version of the Stimulus Bill. Also a portion of what was allocated is for world war II injuries? What about all of the young kids coming back from Iraq with PTSD, injuries and no jobs? Mental Health care for our veterans is only minimally available. I know this bill is to stimulate the economy, but what about new VA hospitals or jobs for mental health professionals or transport to VA centers. Why dont those who offer their lives for our country get the best of everything (or at least a little help??)
Not to be funny but it seems like such a logical time to now, more than ever, legalize marijauna (I am not a smoker either). The amount of money that could be realized from the taxing of it would be obscene. Not only that, the thousands upon thousands of jobs it could create would be immediate. This stimulus package will do nothing. Whats worse is that Americans think it will. Too bad.
I lost my job with an outstand 401k loan.
I was not able to pay off the balance within 60 days.
Is there anyway out of Paying Taxes and Fees come April 15?
Can I get a Tax Break Like GM, Wall Street and the Banks?
Tom,
Although the price of gasoline does have a correlation to the price of oil (since they refine oil into gasoline) the biggest bottleneck in the system is not oil but our ability to refine gasoline and get it to different parts of the country. Right now we can produce west Texas Crude Oil at a lower price that offshore oil but we cannot get it the refineries in certain other parts of the country from a logistics standpoint. So we pay a higher price for offshore oil instead. Second, we have a limited refining capacity in the U.S. (refineries take oil and refine it into gasoline). There has not been a new refinery built in the U.S. since the 1950’s and there will not be one built because of environmental laws that make it cost prohibitive to build a new one. So we have an ever increasing demand for gas and a limited ability to refine it. So the solution is? Use less of it. (Hybrid and electric vehicles). Hope that helps to explain why gas moves sometimes in opposite directions of oil.
The large corporations are getting all the money, but what about small businesses? We don’t get billions in bonuses but we probably work harder and do more for this country than the AIGs and Merrill Lynchs. Many small business have already gone under with thousands more struggling.
I voted for Obama and I’m already regretting it. The stimulus money that every day Americans will see in their pocket ($13 a week) is far far from adequate. That money should have been given to the taxpayers who would have used it to pay off debt, purchase necessities and even save some. That money would have been a bigger stimulus to the economy than all this CRAP in this stimulus bill. 8 BILLION dollars on a train from Las Vegas to Los Angeles ??????? How the heck are people getting back and forth between those two cities today ? All of Washington are crooks, plain and simple. I for one am investigating leaving this country and moving to Canada.
When will the public and press start to see the shallowness and duplicity of this President. Jimmy Carter would be a God send compared to this guy.
I cannot find the “Post your question down below”
Where is it?
My question is this:
I bought my house in April 2008. Will I still have to pay back the 10% that I get from the house credit?
Despite OPECs continous efforts to elevate oil prices by curtailing production, etc., the price of crude has fallen dramatically and is lower than it has been in years. Can someone then please explain, in laymans terms, why the price of gasoline is rising ? Shouldn’t there be some corolation ?
I would simplify the problem all together.. Everyone gets a 3% mortgage, if that can not be paid then the house is foreclosed and “THEN” revalued for re-sale.. I would go to a FLAT tax of 15% on Gross for business and individuals.. This would clean up the books everywhere.. No complicated tax code and its a measurable outcome..
Hold off on government spending and see how something that is immediate works, meanwhile congress could use some money to support laid off workers, and alternative energy..
Clear Concise – immediate – measurable.
“If the government took the stimulus money and paid each taxpayer a million dollars or maybe even half a million it would still spend less money than the current 800 billion”
There were approximately 140 million taxpayers in 2007. At a million dollars each that works out to 140 trillion dollars.
Maybe we should spend the money on basic educational programs.
I believe the solution for a big needs to be a simple plan – the so called stimulus is anything but that and it has failed politics and politicians crafting it..
I would – Set all mortgages to 3%, for those who can not afford it then the home forecloses and “then” it could be re-valued for sale. I would go to a flat tax on gross for businesses and individuals of 15%..
This is fair, measurable and straight forward.. THEN.. congress can work with industry to “stimulate” alternative energy.. A big project in its own right and since focused effort rather than politics is done things will get done..
I suggest that the mortgage rate should be dropped to the 4% range for all home buyers or home owners. This will help the most. Second why didn’t the goverment help business manufacturing in the USA?? Dropping the tax rate would help companies & works. Maybe someone can answer why this wasn’t important???
Wow. This bill ended up nearly useless to me. We just bought a better house here in January and I am trying to move. This in turn will make a more affordable house available. I’m not a “first time buyer” so I’ll get nothing. Even though I’ll live in the next house for quite some time. Too bad many people who can get loans already have a house! Additionally, if we sell our house, this stimulus has done little to help us. Most first-time buyers won’t have a large enough down payment to get a loan right now, even in an affordable area like mine. It takes a couple of “trade-ups” for some nice affordable homes to get sold to a first-time buyer. I’m very disappointed in this bill. If I was going to receive an $8000 off my taxes this year, that’s money I could spend RIGHT NOW (yes – this week!) on repairs/improvements to the house which would effectively employ hard working, local contractors, giving them money to spend. Now we’ll end up holding back instead….
Now that taxpayers have been hung out to dry in every which way – home equity, retirement, wages, benefits & jobs, and now, our own soviet winter due to bailout madness, can we ask that rather than being the free lunch of first resort, Congress would get a spine and insist on mandatory Risk Management Insurance so when irresponsible nitwits think about setting up such glaringly obvious and flawed products it goes against THEIR credit and future well-being rather than pooped onto unsuspecting and (mostly) responsible taxpayers.
To Justin the college student:
I am in the same boat however I am asking completely different questions. Considering the fact we will not be aided by this plan. Everyone can save me the talk that what helps now helps the future. B.S.
Why am I going to foot the bill for all of their mistakes???
Why am I going to have higher taxes because of their faults???
Why are they propping up housing prices so that future generations can’t enter the market at an adjusted level???
Why haven’t they answered the social security problems???
Why are they propping up the stock market so that my generation will never see the returns needed to retire???
Why aren’t they creating tangible manufacturing jobs for the country instead of B.S. I can use a shovel jobs??? That’s really going to help a highly educated generation.
And the answer. We are their scape goats. It sickens me to a degree I can not stand.
I hear the republicans saying that this bill will ruin our children’s future but I feel that if nothing is done now, our children won’t have a future at all, every ine will get poorer and there will be no recovery.
Even young children know that Republicans do not care about poor people. And I think that all of the people that think that it’s too much money should refuse to accept any personal money from the stumulas money at all.
Instead of giving money to corporations that have proved they are not financially sound, why wasn’t the money, $3 trillion according to an article on CNNMoney, divided among the tax payers. There are aproximately 137 million tax payers, to divide $3 trillion among them, that would be more than $21,800 each. With that much, bills would be paid off, some could go to savings, and still there would be enough to spend on more than just the essentials. This would stimulate the economy through local businesses, create demand for more goods and services, give more people jobs to fill the needs of business and improve the economy. Poorly run corporations should be allowed to fail, that is business. Poor companies fail, strong companies prosper, new companies take the place of failed ones. This bail-out/stimulus is a bad idea for business and the country!
What is this administration doing to help the independent, not wealthy horse industry stay afloat? The no-kill train of thought has made it impossible to get a decent price for trained yearlings and no one has money to invest in hiring a trainer either. (While meaning to do good, the people trying to prevent abuse have instead created a situation whereby many more animals are being abused than if the facilities that were bad were punished and convinced to improve thier conditions.) Plus this industry has no ’support’, to insure that a living can be made the way corn, milk and etc., do.
I would like someone to take the Stimulus Plan and dissect it for the taxpayers. Take each part and make a one paragraph description including what it is for and what it will do along with it’s associated cost. Eleven hundred pages and nobody knowing what is in it is really scary.
I am confused. Now that our president signed the stimulus bill into a law, why is the stock market reacting in a negative way tanking downward? Why are investors running away from the market? I hope they are betting the wrong side. If they are investing in the future then let us all be ready to face more hard times to come. I hope and pray they are wrong!! How much worst can it get before we recover???
I just do not understand this whole thing! It seems to me that the people instituting this bill are too far removed from the people they supposedly serve! I don’t recall anyone asking me about stealing my hard earned money to give to the corporate CEO’s and government initiatives. No one gives me a hand out when I misappropriate my money or make bad financial decisions. I bet if this money were being paid back out of the Senators’ and Congressmans’ pocket, they’d think twice before voting for it. And what protection do the American people have against this? None. Supposedly we vote in the people who represent us, but once the lobbying starts, there’s no holding these people accountable. You can’t tell me there’s not some promises of kickbacks and promises of contributions to campaigns going on here somewhere. I have talked to so many people that have the same question…Why not give the money to the people instead of the corporations? The money would be taxed which would pay back a big portion immediately, it would enable those behind on mortgage payments, car payments, etc to catch up and then they would buy new cars, clothes, houses, etc and put that money right back into the economy which would stimulate the consumer goods markets. And no, I’m not being naive, there will be those who spend all the money and they will need to borrow money for student loans, and big purchase items which will stimulate the lending sector. I just don’t see how giving these corporations who’ve made bad decisions and haven’t made any changes to their operating philosophies will help, nor to the automotive companies who are offering to let me borrow my money with 0% interest but are not coming off the MSRP of the vehicle. So…is it just me or does somebody else out there realize that we’ve been sold a “bill” of worthless goods? You ask about public confidence in our government, I think you will be hard pressed to find any. All those that believed the smooth talk of Obama I think are finding out that the color of his skin does not make him a good and trustworthy leader.
Why First time home buyers only? If you buy a house and this is your only house it should qualify. You are spending money to “furnish” it the way you would like it, the money still goes back into the system. I relocated with a new job and sold that house only to buy another one. The stimulus for home owners should be for those who buy and live in one house only, and vacation homes don’t count.
When the revolution begins…sign me up… This stimulus won’t work, because the ’suits’ creating it have absolutely no sense of the reality that most of us deal with DAILY!
No taxation without representation….ha…how’s about no taxation without SOMEONE WITH COMMON SENSE REPRESENTING US!!!
RISE UP!
For those of us who have struggled to keep up with, but have kept up with our mortgages…how is this stimulus package benefiting us…or making it easier on us? Please advise.
One of the stimulus actions would be to get rid of those credit rating agencies such as Moody’s, Fitch and S&P. They have vastly contributed to the mess we are in. They are now downgrading banks for products they marked with AAAAAAAAAAAA. Take them to justice and make sure they disappear, to be replaced by governmental rating agencies. It would be (another)good start.
I am currently a student and will not file this April as I have no income. I graduate in may and read about the 8,000 tax credit for first time home buyers, so long as they purchase before December. If I were to get a job after graduation and purchase a home, would I get the 8,000 credit on next years taxes? Since I am not filing this year will any part of this stimulus bill help me at all?
I have been watching this whole stimulus mess unfold and so surprised that no one has aked or answered the obvious question. The mortgage industry falling apart was the beginning of this uncalled recession. Now, the President and the congress keep spending money to try to fix the economy. Why not spend the money on the problem. Why can the governement not spend the money by giving it to the people to spend it. I am talking about paying every taxpayer’s mortgage off whether they are in forclosure or not. Then the the taxpayer who now does not have a mortgage to worry about can spend his hard earned money on all kinds of other commodities? If the government took the stimulus money and paid each taxpayer a million dollars or maybe even half a million it would still spend less money than the current 800 billion stimulus and the banking industry and car industry would be stabilized on their own. It must be too simple.
Back in the early 1970s, there was a program called the FHA 235 Plan or something like that. The way it worked was…There was a limit on the price of the house you could buy. No mansions! An inspection was done by FHA before the morgage could go through. Just like they do today. A loan was given through FHA and it was a fixed rate loan. The difference? What you paid toward the morgage each month depended on your income. If your income went up…so did your morgage payment. If it went down…so did your morgage payment. The rest was paid by the government.In time, your morgage payments would usually increase to the point where you were paying the entire morgage payment on your own! The best part! When you sold the house, you had to pay the government back what they had paid on the debt for you. The government usually got all, or at least part of, the money they had “loaned to you with no interest” back. This would come directly out of any equity left from the sale. This helped people to buy homes resulting in lots of homes being built and bought. This would work today and cost the government less money in the long run.
I am sick to death of these perks going to “first time home buyers”. Example: A family has their home forclosed by the bank. The new owners are given special rates, credits etc…
If the bank and government had done these things for the original owner of the home, they would have been able to afford to stay in their house. Something needs to be done to help people STAY in their homes and not worry about foreclosure. Hopefully, many of these individuals will eventually get another job, but they will never qualify for another morgage due to the foreclosure.
The FHA 235 Program would work to help keep people in their homes. Let them refinance their current loans, say up to $150,000 at 3% or 4% for 40 years. Combine the loan payment, taxes etc… Come up with a percentage of their current income (maybe 25%) and have them pay this amount every month. If and when they get a better job, the monthly payment would go up accordingly. People could stay in their homes and would still have enough money left over each month to spend it elsewhere thus creating new jobs!
Certainly better than giving it to banks and corporations to spend as they please!
$13.00 per week…Um, that comes to 52 dollars per month. How are we supposed to stimulate the economy with $52.00. Shoot, I will need that money to help pay off a bill or pay for gas, which the price keeps going up while a barrel of oil goes down.You want to stimulate an economy? Give each family enough dollars to stimulate, not the 13.00 week or the 600.00 the Bush-wacked government gave couples last year. This Simulated package and I do mean Simulated, once again bails out the rich companies and not those who really need bailing out…the other 3/4 of the United States.
Why are homeowners who are “underwater” in their mortgage asking for/getting breaks through short sales and/or refi’s, when stock holders get nothing
more then a break on their adjusted
gross income for taxes?!? When my
stocks go down I have a choice to sell
at a loss or hold in the hopes of them
returning a profit sometime within my
lifetime. If a stock has been purchased on “margin” then I also have
to kick in additional funds or have other loosing stocks sold to “cover” the margin difference. Since a home is
an “investment” why should these purchasers be treated any differently then holders of other types of investments? When are we going to get back to basics and meet the obligations
that we have committed to? We need to
have our elected officials start standing up for the rights of the responsible ones instead of cowtowing to the crybabies that got in over their
heads.
This article provides a nice summary of all the tax breaks, http://www.savingtoinvest.com/2009/02/your-work-home-education-and-auto-tax.html , but the question I have is that will we be able to claim the home owner credit in 2008 tax returns on in 2008?
When will a plan come along that helps me? I bought a house for $160k in January 2008. I understand through my finance company it has already depreciated $20k so I can’t refinance. I was hoping to do so if the rate dropped around 4.5, which it still hasn’t and by the time it does, my house will probably be worthless. My main problem is my payment is too high. Homeowner’s insurance is way out there, I live in a Gulf Coast town in the Panhandle of Florida. I also have to pay Mortgage Insurance Protection (why for?) and taxes. So with principal, interest and escrow, my $919.29 a month payment with a 5.75 rate is now $1,222.90. The bailout for homeowner’s last fall had a date of you had to have bought your house before January 2008. The first time home buyer’s loan had of a date of after April 2008. What is all this? Here’s mud in your eye if you buy the home between January and April. Also, I’m a widow and I have my grandchild living with me. Why is it that Grandchildren are not listed as dependents for Qualifying Widow status with the IRS? I read somewhere that kidnapped children are qualified dependents. What is this world coming to?
Why is Government NOT going after the problems we are facing and only prolonging them and making them worse ?
As and example: Prescription medication, MAKEMYCOMPANYRICH, costs $200 for a 30 day supply. Government says “ok, well give the little guy $50 more to help him pay for MAKEMYCOMPANYRICH.” Rich Company then says “Hey, the little guy has more money to spend on MAKEMYCOMPANYRICH, so we can raise the price to $250, citing it costs us more (TO ADVERTISE THE PRICE INCREASE, OF COURSE) therefore we have to charge more. So then Government says “ok, we will give the little guy $40 more to buy MAKEMYCOMPANYRICH, and increase his taxes to pay for the increase.” The Rich Company then says “we can now charge $50 more for MAKEMYCOMPANYRICH BECAUSE…….”. Does this sound familiar with anything you have had to deal with ? Look at what happened when you retired ! Your old company said now your government will take care of you for all your medical needs, so our company insurance will now need to pay only 20% of the 20% government doesnt pay AFTER your deductible, which of course you will have to get double by-pass surgery, hip replacement, both knees replaced, and be in intensive care for more than 60 days to reach, and the best part, your cost will stay the same and will not go up until next year and cover less medical proceedures ! Every time GOVERNMENT says it will do something for the little guy tax payers, it ALWAYS cost the little guy tax payers more or creates more red tape and qualifications to get. Why cant they make these pharmaceutical companies justify their medicine costs for us here in the United States of Taxpayers ? You say it costs them for creating these medical formulas ? How about the true reallity of OUR GOVERNMENT subsidizing these trials ? Why do foreign nations pay far, far less for the same drugs that we pay thru the nose for ? REGULATIONS BY THESE FOREIGN NATIONS !! Why cannot MEDICARE bargain for lower drug prices ? Is it because the drug companies wrote the medicare policy ? And why do we even have to have a PLAN D, and pay more for the drugs than we will pay going to a local pharmacy for less ? ($4/$10 generic drugs vs. $20 copay, $75 going to the doughnut hole to get us closer to where we pay the full price for $1600 worth).
The only change I see coming is how much more this GOVERNMENT HELP from Obama and the free spending Democrats is going to cost those of us who have done nothing wrong. Just how many computer programers is he going to employ to dig the ditches alongside the highways he is going to shut down to improve them, and how many wall streeters will work for the $8 an hour to lay bricks for the new welfare handout buildings for those who dont want to work ? Yes, I envision many, many workers toiling in the hot/cold weather who are use to comfy office jobs, and I envision years and years of maintainence on these projects built by untrained and unskilled workers. We will be reaping our just taxes (I mean REWARDS) FOR A LONG TIME INTO THE FUTURE.
And what part of UNLAWFUL and ILLEGAL do some people not understand ? You immigrants who came here legally and are a productive part of your great elected country, I, and your fellow neighbors welcome you with open arms and wishes of well being. And for you who are here unlawfully, I strongly suggest you catch the next UHAUL back to your country. It is you who are causing the lawful immigrants to have to work for those low paying jobs. THEY could demand at least minimum wages to work for and get some benefits without you taking those jobs away and making your employers richer and the economy poorer. Legals have a voice and laws backing them and people and organizations to help them. While the Democrats do help you with free programs, like free schooling for your kids and free medical at clinics and hospitals and free food banks, our economy is going down and these freebies will not continue forever. A revolt against helping everyone but ourselves and our own country and our own people is on the horizon. Get jobs, utilities, and housing in your own name and not a stolen one. When you do not pay your bills you cause those that do to pay more to cover the loss. With the numbers of unlawful immigrants in this country, this loss adds up greatly. In other words, I really dont care if I go to a restaurant and you are not there working as cheap labor. If you cant speak my language to take my order correctly then I can take my business elsewhere where they do. AND ON ANOTHER POINT: We are asked to buy AMERICAN made products. Why then, when we do, do we have to call an 800 telephone number to talk with someone who barely speaks English, in a foreign country to get service ? When I have a problem, I do not need a second problem of trying to understand the problem solver ! I visited 6 European countries this past summer and enjoyed every minute mingling with the people. I was, in essence, glad to be allowed to visit THEIR country. I learned about the country mainly from its people. Almost all I met spoke some english, enough to get by comfortably in conversation. All the European countries teach english as a second language and almost all students take the course. English is used in international business and in the travel business. In other words, those who took english in France could converse in english in Germany or Italy and all would be understood. The younger generation would approach me just to try out their english. And they were very good. So, why arent we outsourcing the customer service out to Europe instead of some place like India if it is not “THE COST” ?
Thank you for reading this, and even if you do not agree with me, I at least “spoke my peace.”
I have been investing in my deferred comp for 21 years at one point it was worth $171K now it is worth around $109K. I have contributed $103,000 of my own money so I have gained only $6K in 21 years of investing. I owe approx. $75K on my mortgage. If the govt. is going to give a $10K or $15K tax credit to first time home buyers why can’t I take money out of my deferred comp and pay off my mortgage without penality this would free up some money for other loans. You could only pay off your first mortgage. Example if the govt. gives the first time home buyer a $10K tax credit you are only allowed to take up to a $100K ($100K * 10% penality = $10K)if you owe $125K on you first mortgage you can only pay down $100K and are still liable for the remaining $25K. If you only owe $50K then you can only take out $50K to pay off your mortgage. Once my mortgage is paid off then I can start contributing the maximum into my deferred comp.
What we need to stimulate the economy is a good old fashioned war. That way my friends and I from Halliburton, Raytheon, Dyncorp, Blackwater, etc. can profit. Let’s go get Iran like the Israelis are telling us to.
Our government doesn’t get it. It’s been out of touch with regular working middle class for years. The only way you will turn this economy around where it is stable will be if they set the rules where it will be more beneficial to make product in this country that sells in this country. Imports are killing our nation. This is one of the very things that Obama campaigned about. However, since his election I haven’t heard it metioned again. Bottom line is we need to manufacture in this country and we need to control inflation by cutting back on corporate greed. The bible says that the love of money is the root behind all evil. That is very evident in the world today.
My fiancee and I will be buying a house together in the next couple of months before our wedding in May. I wouldn’t qualify for the $8000 tax credit because I’ve owned a home in the past three years. My fiancee on the other hand has not though. We’ve talked about putting the house in her name only if it means we can claim the credit, and adding me later. She likely couldn’t qualify for a mortgage on her own so I would still have to co-sign with her. And Yes, I trust her. Are there any legal issues that would prevent us from persuing this strategy or would require that the tax credit be paid back once we are married and/or add my name to the house?
We have thought of buying a real house all our life, but couldn’t because of NYS property tax. We live in a 1979 mobile home. Will we be able to get the $8,000 stimulus first time home buyer refundable credit to buy a real house, since we have never owned a real house in either of our 57 years on the planet. Thank you.
I am rather irritated that we would get an $8,000 refundable tax credit for first time homebuyers out of this package rather than an $8,000 non-refundable tax credit and retroactive funding to make last year’s $7,500 credit a straight non-refundable tax credit rather than have to be paid back. The way it’s shaping up, the longer you wait the better the deal.
This is not a “stimulus” plan to get money into the economy fast.
The government needs to buy all credit card debt from the banks and not allow those people with bad credit to purchase with credit cards. The money infused into the banks could then be loaned to the small business person which would then be able to hire new people, banks would have money to lend and the government would be ensured being paid back by consumers at a lower interest rate. Get real, the interest rate is below 1% and yet we’re still being charged 10-30% interest on our credit cards and, by the way, loans. I guess the credit card debt is somewhere up in the stratosphere but if we take it a step at a time and begin circulating money again and have some of the principal paid on our credit card debt we would eventually be able to see the light of day. The problem is all the money is not being infused NOW! Let’s get real here banks purchase credit card debt all the time, especially those they feel are going to pay and at a higher interest rate at that.
For: Sharon Driever Alamogordo,NM: February 17, 2009 11:33 am
http://money.cnn.com/2009/02/04/news/economy/green_stimulus/
Thank you Sharon. This link says its 30% credit up to $1,500. I just had $4K windows installed, so hope I get the $1,200 credit.
The solution is simple. TERM LIMITS!! Whether Dem or Rep, get these carreer politicians who’s main goal is re-election out of office. We need people who are connected to the real world outside of DC, who actually know our problems, in office.
I dont understand why oil is under 35 dollars per barrel, the same as it was about a month ago, but gas has gone from 1.80 per gallon back up to 2.20 per gallon, everyone seems to just accpet this increase, cant the government tie that cost of oil to the selling price of gas.
MY WIFE AND I BOTH STILL HAVE OUR JOBS AND ARE THANKFUL, BUT THE STIMULUS PACKAGE WON`T STIMULATE US BECAUSE WE LOST 45 % OF OUR RETIREMENT FUNDS & ANOTHER 35% OF OUR HOME VALUE IN AZ.SEND MAIL AL THE $1500.00 & $500.00 CHECKS YOU WANT I WILL NOT PURCHASE ANYTHING UNTIL I GET MY RETIREMENT FUN AND HOUSE VALUE BACK. UNTIL THEN THE U.S. GOVERNMENT BETTER DO THERE JOB AND CREATE JOBS ABOUT 8 MILLION. A/C WAY UP HEATING OFF FOOD VEGAN EVERYTHING USED NOTHING NEW TAX BREAK WON`T STIMULATE ME TO BUY CARS OR ANY MATERIAL THINGS IF THE GOVERNMENT WANTS ME TO STIMULATE THE ECONOMY THEN THEY BETTER DO THERE JOB. US FIRST CREATE JOBS NOTHING ELS MY TOTAL LOSS SO FAR ABOUT 250.000 MY NET ASSET VALUE STILL ABOUT $450.000 WITH ALL MY BILLS PAID IN FULL I CAN AFFORD TO BUY ANYTHING I WANT,BUT I WON`T JOBS JOBS JOBS JOBS NO HAND OUTS NO FOOD STAMPS NO FREE HOMES. GOOD LUCK MR PRESIDENT LOOKS LIKE YOUR GOING TO NEED LOTS OF IT..
Funny, my first comment didn’t get posted. It wasn’t even flagrant by any means. In which case I will simplify it. Hooray for media and its grip of society.
I agree with John.
Rise up.
I had purchased a home (condo) in August 2008 as a first time home buyer. It is my understanding that, since the purchase was made prior to January 1, 2009, I am still required to re-pay the first time homebuyer tax credit, while, pursuant to the provisions of the stimulus plan, first time homebuyers who purchased after December 31, 2008 do not. The goal of such provision should be not only to increase the number of home purchases but also to reduce the number of future foreclosures. Recent first time home purchasers are likely to be at a greater risk of financial insolvency due the fact that many of these purchasers have limited funds, which qualified them for various governmental programs to help them achieve homeownership. Given the present salary reductions, layoffs, local and state tax increases, commuter rail increases and other governmental cost cutting measures imposed on these purchasers, it is unconscionable that the stimulus plan left pre-January 2009 first time home purchasers out in the cold. Case in point, I reside in New York State, and due to the State’s fiscal crises Governor Paterson proposes to allow the MTA to increase my railroad commutation fare by $54 per month, cancel my contract raise (I am a NY State employee), revoke the “STAR” real estate tax rebate checks due New York State homeowners, impose a $60 per month commuter tax and tax many goods and services not previously taxed. This amounts to over $3,000 annually! Personally, I cannot afford this, and I would be forced to sell my home. But, in the current slow real estate market, such would put me in jeopardy of becoming another statistic of the foreclosure epidemic.
I have to agree with at least one comment on here.
Rise up.
I am voting with what matters, my wallet. I am continually repositioning myself as to avoid giving a hands up to those greedy swine.
Buy local, and don’t buy from an entity you refuse to support.
Money appears to be the only thing they understand. Greed is why we are in the spot they put us in. They trained the consumer to overspend. And now when SHTF they are scrambling to cover up and change everything so that heads don’t roll.
Seriously, back in an era when morals were a little higher people who deserved it were jumping out of buildings during times like these.
wow. we have 21 proporties. and about 15 mortages. our credit score is excellant and have had these properties for many years. we thought be would refi some or get mortages on some we own to free up some cash. guess what. no body talks to you if you have over 4 mortages. selling is our only recoarse. we are at a loss on what to do.
As a recent retiree, I am very concerned about this “stimulus plan”. Most people of my generation are responsible savers and didn’t cause this huge financial mess. I have lost a lot of my savings/investments, thanks to sloppy government and irresponsible corporate executives. Apparently, we will receive nothing from this plan – except the bill.
Gee, thanks Obama. Every time you speak or do something the econmomy gets worse. If our government had a brain, they would remove it, play with it, then drop it. Yet, I see no action that indicates they have one, or wish to aquire a brain . There has been no recent actions to show they are cognitive, or wish to use their brain, or intelligence.
There seem to be two types of questions/ comments:
1) What’s in it for me? Where’s my stimulus?
2) The stimulus is a symbolic joke with which to buy votes but it will not work.
What’s going in washington is equivalent to the game that’s played on the street – you know three cups and one coin. Guess where the money is. What they’re not telling you is the table has a trap door. The coin is gone, yet we’re lead to believe hope in the form of government reform is still on the table. This is a huge mess and until the person behind the table tells us about the trap door, more and more people are going to be mislead. Anger and disguss will eventually reach a point where someone pushing a new slogan will fill the chairs in Washington.
I don’t see how this stimulus package will do squat for me. I did like everyone else who was responsible built a brand new home and closed on March 21, 2008 but according to these jerks running the government I don’t qualify for the $7500/$8000 credit because I closed 2 weeks earlier than the assine April 9th date.(25% of the calendar year) My home isn’t even a year old and look all my neigbor’s and people who haven’t even purchased homes in 2009 will be able to access this free money. As consolation I guess I get a $13 a week check increase in the summer….Isn’t the stimulus just dandy.
I think that the ARRA stimulus program will work in about a year: one-third each for state aid (stop the bleeding), tax cuts (restart the heart), and public works projects (rehabilitate the patient).
What I’d like to know is what can we do to transform the 401k into a better, bigger IRA (get it out of the employers’ hands) ? Who do we have to talk to ?
There have been numerous abuses in the 401K system: companies not depositing the money, companies trying to keep the money, companies putting the money into company stock and other inappropriate investments, and the list goes on … we don’t trust them anymore.
The IRA is a much better program than the 401K. The IRA would be a good solution if everyone were allowed to invest large amounts into it (up to $20k per year) and completely control how it were invested.
Just let us know.
I have a question.I must not be websearch literate enough to find the site.Would like to see about qualifing for the green plan in replacing windows with the $1500.00 credit from the stimulus plan.I own my home. I am 65.What site do I use?
Wouldn’t it be better to have the Government stand down and not pass the “Stealfromus Bill” and let the actual economy work out its issues?!
I have read the “Stealfromus Bill” and in my opinion it stumlates Government Growth; not the Economy! Shame on you President Obama! I say the best thing we can do is say NObama!
I think this “stimulus” package is a joke wrapped around more pork barrel, special interest funding. My one fundemental question is how can anyone justify giving billions to the states and special interest groups is more beneficial than actually giving back to the spending, taxpayers? The economy is driven not just by spending at the Federal or state levels, but by consumers, who seem to have been entirely left out of this plan. This is not stimulative, nor a plan, it’s a joke.
Perhaps the people who are selling out our country for profits by outsourcing jobs to India, China, etc. could be treated the same way as people who sell out our country in other ways such as selling A bomb secrets for profit. Treason is treason and the biggest traitors are the republican flag wavers, the Walton heirs and salesboys who pimp foreign cars and products.
This country cannot recover based on housing inflation and financial paper shuffling. It has to produce real goods and productivity needs to be rewarded more than paper shuffling. And it cannot recover as long as the republicans continue to see victory for their side being more important than the good of the country. President Obama has reached out. How many Democrats were in bush juniors cabinet? As President Obama said we cannot have a real dialogue or solve these problems by just repeating what you heard on rush limbaugh.
I hear that the new stimulus package is encouraging first time buyers to buy homes by giving them a hefty “cash back” on their tax returns.
What did i do wrong? I pumped $320000 in the economy on Nov 1 2008. Since then my house price has dropped and yet i see that the government (who asked us to pump money), is not standing by us.
I feel like the government is saying – too bad for you chumps who listened to us last year. We like the ones who are going to listen to us this year better…
what kind of logic is that? Why is the government not standing by their word of making it better for first time home buyers of last year – why the bias??? – Or is that the government once again gets to get away with whatever they want to do with the money that i am paying in taxes anyway….
We don’t need a ceremony for this bill to be signed. Nobody that has brain is in favor of it. We need a President that can think. The stimulus bill was a very expensive over reaction that, at least today, is not going over well in the stock markets.
chuck schumer says americans dont mind government pork spending..oh yea chuck get your butt out of your head..anyone who says this oughta make citizens scared..because this is what we got….this is our hope and change…not good
when the U. S. dollar reaches its demise(which will be shortly), who(or what) will be our savior? Don’t be amazed when the I.M.F. World Bank comes to our rescue. They have helped out every other country in the world when their economies have collapsed. And “they” are the only ones who have the monetary funds! Don’t believe me still? You will all see it first hand in the next few years.
God, I can’t wait for these four years to end. Maybe one day, we’ll vote in a president that knows what he is doing and not throw away the tax dollars so many of us have freely given.
government and big business got us into this mess..do you really think they will get us out..NOT..this is exactly what they want control…control
I have a quick question I hope you can answer. I heard that there is a tax credit if you make a combined income of 150K or less. First, is that adjusted income? Secondly at what point do they take a snapshot. Your 2008 returns? What if 2009 is worse. Can they take it off of paycheck stubs? I would love to get this answered. Might be a good avenue if you are making just over that amount to take a small decrease to qualify. Can yo please explain….thanks in advance
Greg Bauer
President CEO
http://www.bauer360.com
greg@bauerworld.com
I emphathize with those that are in trouble with their homes but what about those that have worked hard, carefully budget, and just through true grit have successfully kept their homes? How will the housing portion of the stimulus help us? We can’t get the tax credit on a new house because we’ve stayed in it for more than 3 yrs. Thankfully said. I guess we just stay on the side lines and watch the gov’t give our money to our troubled homeowners. Just Curious…
Do you think that the buying public could be better served by going back to simple interest loans for tangible assets? For example: If you borrow money for a car at 10% interest, and your payment is 300/mo., 270.00/mo. should go towards the principle and 30.00/mo. towards the interest. Lets leave all the amortization disclosures, variable APR, annual APR, and interest-only fine print payments to the credit card companies. It’s not right that you should have to pay mostly interest for 15 years on your home (on a 30-year note) before the principle starts to come down even a little bit. No wonder banks have become too big to fail! No wonder everyone is upside down in their mortgage. Property values have fallen and it is next to impossible to gain equity in a home. With Simple Interest, meaningful equity would be achieved with every house payment. The deck is stacked against the consumer!!!! How and when did simple interest in this country end? Who backed the legislation allowing this change?
How will the stimulus help those Americans who saved, bought home within their budgets, pay the mortgage, taxes, property taxes and bills on time And now see the 401(K) deplete, property value plummet!! Is the government NOT there to reward such people? Can the government Not reduce the mortgage rates or bring down the principle for these Americans? Or does the government listens to the defaulters?
I read here on CNNMoney that if the stimulus + tarp were paid directly to the American taxpayers, we sould each receive a check of almost $10,000.
Why is the mainstream media totally ignoring the other side of the equation?
If the govt. wrote checks to every American taxpayer that would amount to almost $10,000, then that means that every American taxpayer is going to have to write a check for $10,000 to pay for this mess.
I don’t know about you , but I don’t have an extra $10,000 lying around that I am interested in sending to Washington to bail out mismanaged businesses that should no longer actually be in business.
I think that if the politicians want to write more checks they should start with their own personal checking accounts and write their $10,000 check (double if they are married filing jointly) if they voted for any bailout $ to Wall Street/Detroit/K-Street lobbiests, etc. and see how many of them are willing to belly up their own money instead of just using the rest of ours that are actually paying our taxes and will be paying for this in the end.
I can’t understand the logic in giving people small tax credits to stimulate the economy. The additional funds will hardly be noticed. It would seem to me it would be better to issue debit cards to taxpayers that expire after six months. All the money would be injected into the economy near term rather than ening up in savings like the last stumulus handout.
Posted By John Leach, Colorado Springs, CO: February 17, 2009 9:32 am
I think that is the best idea I’ve heard in response to actually “stimulating” the economy. These tax credits for homes, etc will help, but can get they actually get the financing to buy the homes now?
The help the housing crisis, the stimulus package provides for a tax credit to 1st time homebuyers. To ensure that the credit will benefit those who need it most and are likely to utilize it, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
At the same time banks are tightening up their loan policies, and lending to those who have “good credit”, stable jobs, income to debt ratio balance (like back in the day, before shadow banks bought their “risky” loans).
The question: Are there enough Americans with stable jobs, good credit scores in this income bracket to take advantage of this provision and make a real impact on the housing crisis? Someone probably has some statistics that might answer this question.
How does the creation of jobs in the construction world help people who have lost their jobs in banking, Wall Street, manufacturing, etc? Are they going to be taught to dreive a bulldozer?
People…PLEASE PLEASE PLEASE WAKE UP! And get real!
Obamama is no different than the last guy…OK!
Now GET REAL!
You will find the looting of AmeriKA will be done by the Democraps for / and THEIR buddies now.
NOTHING’s going to ‘change’ except MORE taxes and HIDDEN TAXES on whats left of the rapidly dwindling number
of REAL PRODUCERS left in AmeriKA!
You GOT IT!
PLEASE WAKE UP…It’s every family for it’s self now in AMERIKA!
You are setting yourself up for a massive let down… and it’s going to happen!
I can’t understand the logic in giving people small tax credits to stimulate the economy. The additional funds will hardly be noticed. It would seem to me it would be better to issue debit cards to taxpayers that expire after six months. All the money would be injected into the economy near term rather than ening up in savings like the last stumulus handout.
“We need this stimulus package and of course everyone is not going to agree. But at least with Obama there is progress because with Bush he ignored the little person. They did not count. So, give this stimulus package a chance and the GOP and others need to stop bickering and picking it apart. We need to move forward even if it’s in small baby steps. We voted and we voted for change.”
Seems to me that the “little people” were taken care of quite nicely over the past 8 years. In fact, many were given loans they could not afford to purchase houses that they should have never been qualified to buy in order to make sure that all of the “little people” could enjoy home ownership. The thing that makes me angry is that this was promoted and encouraged by the likes of Congressional members like Barney Frank and Maxine Waters and others who resisted the regulators pleas to clamp down on Fannie Mae and Freddie Mac when they were knowingly cooking their books and buying up these stinky loans from the banks. Now we have these same hypocrites that today are lecturing the banks about their bad lending practices and executive salaries when in fact they encouraged and actively promoted the writing of these loans. How did they do it? Good old Government Sponsored Enterprises. Fannie Mae and Freddie Mac were used as a vehicle to promote the irresponsible lending because their job was to buy up these stinkey loans form the banks and repackage them to sell as securites to other investors. We all know how that turned out. Now you have to be living in a cave to not know that Fannie Mae and Freddie Mac are now insolvent and we have dumped billions of taxpayer money into propping them up. (They still hold the guarantee on 1/2 of the mortgages in the market today) Now the latest bright idea out of the Obama administration will be to stem the foreclosures in the housing market by using none other than (drum symbol please)………….Fannie Mae and Freddie Mac. So when these people get their loans reconfigured and just happen to foreclose again the mortgages will be again guaranteed by Fannie Mae and Freddie Mac. So we the taxpayers will get to foot the bill a second time if the “little people” still cannot afford the new loans or lose their job.
So you can see we are moving forward quite nicely and sticking the taxpayer for everything we can along the way in order to take care of the “little people”. The lesson here is “Be careful what you wish for”.
I haven’t seen anything in the stimulus package the provides an incentive for a small business to hire an employee(s). Seems to me that would help put people back to work if there was some sort of tax incentive for that. Am I missing something?
I have had enough of this CRAP.
For years I have paid plenty in taxes but no more.
I USED to pay about : 30 % plus in federal taxes, 15 % in FICA tax, then another 6 % in state Income taxes, then 8 % in other taxes such as FUTA,SUTA, use taxes , fuel taxes, regulatory fee’s, permitting fee’s,
tax & tax & tax
Folks that’s almost 60 % in taxes taken from MY & YOUR labors but no more:
Uncle Sam can find some other SUCKER to support his CRAP TAKING & TAKING from the PRODUCERS.
I cut WAY BACK now and when I hit 62 I am going to get MY money back in Social security:
I will start sucking the TIT! I want MY FREE power scooter too!
I own my own business and have cut back to no less than 80 %. I work a day or two per week now….if even that.
I have enough work to Hire 10 to 20 people but no way… IT’S not worth it when the Government is taking 60 % PLUS in taxes there is ZERO incentive to provide employment …PERIOD!
I am 52 years old and semi retired. I got my self out of total debt while my Sisters and friends we’re on spending sprees.
Ski trips,lavish vacations, plasma screen TV’s new cars, spending like this would never end.
Myself ? Taking my money and getting out of total debt, paying off my home driving second hand cars etc.
Now I am living the ‘High Life’ and one by one various people I know are loosing everything…… they are dropping like flies.
I still drive second hand cars & I take advantage of other peoples stupidity.
Purchasing their things for pennies on the dollar!
I do not feel sorry one bit for them they lived VERY good for a very short season but for the rest of their life a life of SELF INFLICTED struggle.
I agree with most of the comments in that to stimulate the economy, the money must be put into the hands of the people that pay taxes to get the economy going again.
Also, I would like to know why there is never any mention on CNN or anywhere else about how much the illegals have drained our economy? They pay no taxes, SS, medicare insurance, yet take jobs away from American citizens. When they are sick, the bleeding heart liberals have made it too easy for them to just walk in and get help from doctors, hospitals, any and all the give away programs. Then their kids that we have already been paying for, go to our schools, yet their parents are not the ones that paid the taxes to have those schools built. And it doesn’t stop there, they are provided with free lunches, free breakfast and free after school care so their parents can work at their non-tax paying jobs. Their parents drive like crazy people with no license, no insurance and no care for anyone else on the road. The police don’t stop them because then they would have to deal with ICE or some other government agency. And when they do have an accident or kill someone, we tax payers pay for them to have an attorney, trial, whatever they need while they are incarcerated, which includes full health care, dental for not only them but their immediate family.
Am I the only one that sees how much these people are hurting, no killing, the American people?
I have no problem with the Hispanics that have become American citizens, work for living and pay their own way, but I do resent the illegals, Hispanic and otherwise, that have come to this country and are trying to just have a free ride.
It’s really amazing how most of these
responses are critical of the stimulus package and “The CHANGE” that the
majority of the country voted for. My
question is “Why the surprise”? Those that really studied Obama knew that he was/is a Socialist minded individual and would “re-distribute” the wealth of our great Country. It was
the Unions, the Welfare receiptients,
and the Hollywood crowd that put/kept
these liberals in charge!!! The true
middle class working/retired person, that meets their obligations and only
buys/charges that which they can afford
are, for the most part, still hanging in there on their own. As a retired,
single person with a mortgage, I am
offended by those who haven’t contributed to our society, and were once most happy to accept that which we
gladly provided through charity, now
DEMANDING that we provide them with the
same standard of living that we busted
our butts for!!! As for me, I say “Let
them eat crumbs”!!
I have a problem with the government being the problem and not the solution. Why did the massive bill just hit the American workers? Why wasn’t the pay scale, retirement and entitlements cut out of the Political Government? We are in a Civil War and no one sees it. We the American Workers are being represented by Greed. God Bless America.
The bailout is a reverse Robbing Hood taking from the poor to give to the rich. It is our money and we want it NOW to spend as consumers who will bail out the failing industries by buying their products and services which will keep and create jobs to employ us so we can continue to be consumers and pay our taxes and debts.
instead of spending $787 billion on this “stimulus package”, wouldn’t it cost the government (aka- we the tax payers) a fraction of that total if they just handed out $1 million to each of the estimated 137 million tax payers in this country? That might stimulate some spending.Then responsible people might not need those loans that we can’t get anyway?? Ya think? Or is this just oversimplification of the problem?
Obama plans on subsidizing 65% of COBRA payments for those folks who lost their job after 9/1/08. Lovely sentiment; however, you only have 60 days to pick up COBRA, and being that it costs about $1,800 per month for family coverage most people let it lapse and pick up their own health insurance plan. My family has purchased a short term policy with benefits that are practically useless unless something tragic happens. We don’t qualify for Medicare, and a policy that allows doctor visists with co-pays is $$$$, so what about the rest of us who can’t get COBRA at this stage in the game?
this is going to sound crazy, but if we really wanted to jump start the economy we could just divide the # of taxpayers last year into the 787 Billion and give them the funds so we could buy the economy back to a good level
How will the stimulus help me who was laid off and who has no “weekly” income???
I have cashed in my 401K and pension and paid off my home and vacation home. Don’t want to lose them in the upcoming depression.
I have already paid $75,000 in taxes in 2009 and have estimated I will have to pay $20,000 more.
This bill has nothing for responsible people just for the careless who spent themselves into debt and created this crisis. Why the hell not???
Just for fun look at our neighbor to the North, Canada’s banks are among the strongest now, they followed the rules, look at the way they handle real-estate, no bubble there, so, in the stimulus package, is there provisions made now to force the banks and mortgage lenders to follow the basic lending practices to solidify sound lending practices, meaning, are loans given so they are expected to be repayed?, are lenders and brokers held responsible for errors and are commissions now structured to take the incentive out of just making the largest load and running?–this is what got us into this mess! Look at the Canadian laws for bankruptsy, it is the home owners problem, not the banks, this will force people to be responsible.
I wonder why don’t they make all homebuyers qualify this “home buying credit”? From my point of view, majority of the people who would qualify for this first-time homebuyer credit have already bought their first house in the past few years (where they probably shouldn’t because they couldn’t afford it!) Now those people are in foreclosure and filing bankrupcty. If the goal is to get “qualify” buyers out there to buy houses to help stimulate the economy, why can’t those people get credit, too? For example, if anyone who is buying a house as their “Primary resident” and plan to stay there for 3 years, they should get the benefit, too.
This may be off the beating pass, but I never heard anything that’s part of the stimulus package that really going to help the people that are truly facing the recession. I don’t have a 401k or any asset of any kind I’m unemployed and single parent of a child that’s under 18. I won’t be getting the food stamp or the medical. because if you receive unemployment your income is too much to qualify. I’m an older person employment is hard to find I’m completing with young,middle and the illegal and now my credit score effect me whether I get employment or not. How is that going to stimulus the economic. I’m to young for social security and I don’t own a home I’m a renter I pay my rent every month and now my landlord wants me to move out in 30 days. now how will this help my economy, by being unemployed and homeless. You know everyone isn’t college bound nothing was about vocational training. every thing you see and hear is helping the ones that already got and doing well. The states will be get money to settle their budget with the bail out budget. I don’t have a budget to settle so that’s not helping me and I can’t understand the stimulus package. I know it suppose to help, but I don’t see any affect of it. I guess I’m looking for the result of the stimulus package. The sad part about it I voted for the people that are making these decisions on my behalf
When are you going to boot the Federal Reserve?
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
The stimulus package is a joke as far as I am concerned. On June 1st I will no longer have a job. No job no paycheck, and unemployment is small in Missouri. What I really want to know is who is going to save my House, health, and sanity? Been looking for a job for approx 6 months and still have not found one. Who is going to help me?
What individual and family income measure was used to form the “earning ceiling” to qualify for most aspects of the Stimulus Bill’s tax credits and one time payment checks? My family’s income is just over that ceiling and therefore qualify for none of these credits and are earmarked as “the rich” by government standards but are in no way even close. What if I lost my job in January 2009 and our family’s income drops below the credit ceiling for 2009 but was over that level for 2008, how would we then qualify?
“The Revolution will not be televised. It will be through neighbors talking to neighbors and e-mailing one another and spreading the word about what politicians and special interests are doing with ever increasing taxes.
The revolution has already started.”
(taken from the St. Pete Times site)
With the future new homebuyers tax credit provision in the stimulus bill being passed, what does that mean for the one’s who applied for the $7,500 “tax credit” of last year like myself? From my understanding the new credit doesn’t have to be paid back. Does that mean I will still have to pay my $7,500 back or is it included in the new stimulus bill?
I wondered if it would be possible for the Obama administration to make it mandatory for banks to lower all interest rates on home loans to something like 4%. This would immediately help homeowners and put money in their pockets without adding to the national debt. Other loans and credit cards should also be considered with much lower interest rates, putting the responsibility on the banks that caused this problem in the first place. Lower payments would free up money for people struggling so hard during this whole economic disaster, and perhaps make it possible for people to stay in their homes.
Why are politicians allowed to pass a stimulus package, that NONE of them Read?
Why are we, the people, not enraged about being stolen from, by our Government, our Banking System?
Why do we, as the American people, lay down and take this abuse, and out and out Tyranny?
Why do new sites like this, refer to a 800 / 900 billion dollar bailout, when we as a nation are over 65 TRILLION in debt! We owe more money, that the WORLDS GDP!
How do we, as American’s think that borrowing or creating money out of thin air, is not going to have financial repercussions, that will destroy the Dollar.
My family is fortunate to make around or more than $150,000 we paid over $20,000 in income taxes alone. We actually pay our mortgage, save, and have no credit card debt.
What will we get out of the $787 billion? Anything at all or just giving tons of our money to others?
While I don’t expect any help from the government, I think that I’m getting penalized for working hard. The more you work in the country, the more the government will take away from you. I don’t feel stimulated at all. Maybe I should work part time or ask my wife to stop working. Maybe then, I’ll get some rebate checks or qualify for some bailouts. Way go Obama.
I don’t really get a chance to follow politics much, however what I do know is that we’ve seen tax credits and stimulus packages for the past decade it seems. Sure we need to make sure everyone is eating and protected. However at what point are we going to help the self-employed who drive this nation with ingenuity and the good old “American Dream” – Let’s bail out another company that couldn’t balance its books since it decided to spend funds on junk it didn’t need. Meanwhile, every self-employed American out their struggling to make ends meet, pay their employees and continue to drive this great country of ours forward can’t seem to find a loan to save their lives. Oh yes, they make income and a lot of it, even pay a ton of taxes and pay their bills on time, but try finding a home loan, once you’ve written off your normal operating expense. But hey, that $8000 first time home buyer program really out to get the ball moving – Laughing till my sides hurt. It will sell some homes, but an $8000 check that is taxable would actually enable purchase to happen. A tax credit is great for those that actually have the funds to put the money down to buy the home in the first place. Typically not a first time home buyer… But hey at least we’re trying right? Do you see the issue??
I knew I was going to purchase a home in 2009. For that reason for ‘08 I claimed Single and no dependents plus I withheld extra so I would receive a large return to put down. I had my cpa give me a preview of my return and it’s about $6,000 from fed. Does that mean that I would not receive the extra $8000 for first time buyers ? Total of $14,000? I meet all of the requirements. Is that fair? Did I hurt myself by doing this. Now i heard I can’t receive the bonus untill after the purchase ? How is that supposed to help me get in to a home? Please clarify.
Thanks,
Confused Ray
My wife and I just received a tax refund greater than $8000. Does that mean that we cannot qualify for the $8000 tax credit even if our combined income is less than 150K? We will be closing on a home in June.
We need this stimulus package and of course everyone is not going to agree. But at least with Obama there is progress because with Bush he ignored the little person. They did not count. So, give this stimulus package a chance and the GOP and others need to stop bickering and picking it apart. We need to move forward even if it’s in small baby steps. We voted and we voted for change.
Ronin”Most of you never question the bush regime, as they spent your hard earn money in the quagmire that were in”
The Bush years did run up deficits, but those deficits were due to fighting two war theaters, creating new programs for the U.S.’s security and fighting terrorism after 911 (whether you agree or disagree).
Those deficits were not run up from creating new entitlement programs, and having wish list fullfilled.
Bush deficits: fighting for our security.
Obama deficits: mortgaging our childrens future, entitlement programs and Democratic wish list.
Let’s do the math on the stimulus package.
By BORROWING $800 billion we don’t actually have, and “stimulating” the economy with it, we apaprently create at MOST 3 million jobs. That means, it costs us about $270,000 per $30,000 job created! And, that means we impact only about 1% of the entire population, or 2% of the working population. I doubt that’s going to solve the problem.
Maybe, what we should do instead is drop the names of all 150 million U.S. workers into a lottery bucket. Then,we should draw say 30 million of the names. That gives everyone a solid 20% chance of “winning”. Each winnder could get $800 billion / 30 million = $27,000.
THAT would almost surely “stimulate” the economy a lot better and certainly a lot FASTER too.
How can a Pesident hand the stimilus package off to the house to draw up? Every Pork project wanted is in it…..talking about a Free Ticket!
Not sure where all the money is going (To tired to read this s*#t)but I do not like big government and involvement in private markets.
There are a few thing I remeber as a kid….Seperate church and state (This never seems to be the case) and Private industry. How have we come to GovIndustry? Before we know it the goverment is going to own:
1. Banks
2. Mortgage Industry
3. Auto Industry
4. Waiting for Health care
Do we all see the socialistic trend….time for Gov to let business run and the strong will survive. Natural selection as nature has always done on earth.
Yes, we need to do something but a stimulus package to increase government spending…yeah.
Another perplexing fact is tax credit for first time home buyers and car buyers. Tax credit for a car, wow…go auto lobbyists. How can I get a tax credit for the first house I bought? As seen in a statement earlier offer a discounted interest rate for all so we can all benefit. $150K limites…..that is lower middle class these days and as things are going we need to stock more and more away. No longer are the days of the investing challenged overspending on luxury goods or taking out equity. Who was the brain child to convince these suckers to trade in paper for more debt??? Hey everyone….look at me, my houser is valued at 400K and I owe 300K so I have taken an equity loan for this nice new boat…..
How can I sign up for this package so everyone can get a tax credit for buying Doug’s Yummy chocolate chip cookies?
Instead of bailing out the individuals that ran their businesses unwisely, shouldn’t we use this money to eliminate the debt for the country’s households that make less than, say,$100,000 per year? That way, consumers will have more to spend, and lenders will have loans paid off, albeit with little to no profit, but at least they don’t lose out completely. How much would each household get if we used the $787 billion this way?
We are having a house built,we have received the 7500 tax credit in tax refund. Do we still have to pay that back with the stimulus? Do we still have oppurtunity to receive the difference of the 8000 tax credit? Does the extenision of date to Dec.1, 2009 apply to us although we received the 7500 already?
Thank You
Most of you never question the bush regime, as they spent your hard earn money in the quagmire that were in.
We’re left holding the bag that smart wall street and cheney and cronies got a free pass.
Anybody who can do better than Obama, please step forward. Maybe you can do better. The GOP had 8 years, but instead filled their on coffers with whatever they can put their bloddy hands on like our “war hero” Duke Cunningham.
if we are a country where all people are equal under the law, why is there any income test for getting part of the spendulus graft. Ultimately, this is merely legal plunder by politicians, taking money from those who earn it and give to those who dont.
Has anyone done the math to figure out how much it could cost not to have done the stimulus?
Lost jobs or unemployment benefits costs?
How much we will benefit from keeping the oil money here by the investment in renewable energy?
How much of the money we are spending on roads that needed it for years will we save from future budgets?
I’m sure there are a lot of other things besides these but I just wanted people to realize the real cost is not 787 billion dollars of additional money as we would have needed a lot of it anyway at some point and if you don’t have unemployment benefits or state and city services for thing like trash pickup, fire protection or police protection once people are out of work your be glad to pay these funds now.
The point being people will get crazy if they need food for themselves and there families, if you think crime is bad now just imagine what it would be like with out food or protection!
The media is in an unholy and complicit alliance with Obama…it is a threat to our democracy…much like the soviet union of old with the government and press lying to the people. Poor show CNN, we deserve better.
BTW, what business does government have in trying to prop up housing prices? Isn’t that a cartel? Aren’t cartels illegal in the U.S.
There is not other commodity in which the government steps in and trys to maintain a high price. Aren’t lower home prices actually GOOD for the consumer?
Does anyone remember the depression of 1920? Of course not, because the government did not pass a massive New Deal spending bill and get involved in private markets. The 1930 depression was prolonged for 10 years by massive government spending and crippling private industry.
The economy has highs and lows, and the market will eventually rebound. The government needs to stay out of the way, and at best, act as a watchdog over the markets and not interfere…
My understanding is that a large portion of the funds earmarked for economic stimulus will not truly enter the direct economy. And much of the remaining funds will be injected into the economy overa longer period of time. MY QUESTION: Would not this Economic stablization fund be better used by creating an institution such as the former Resolution Trust in the 80’s, for the purpose of acquiring troubled mortgages based on qualifications, and holding them to prevent foreclosure, then packaging and re-selling to the private sector in the future when the economy stabilizes?
In my view I do not see anything but reactive thinking in this stimulus package. I have no doubt that Washington politics will continue to waste America’s money no matter what political party is giving out the money. Our country’s infrastructure is in dire need of some major work but we all know what the story will be before it gets published in CNN. Because there is such a lack of oversight from our government, the money ear marked in the stimulus package will no doubt be awarded to corrupt contractors by corrupt and/or inept governmental agencies. Shortly after it’s discovered, I am sure one political party will blame the other party. More money will be wasted on fruitless investigations which will bring house and senate hearings, producing sound bites for the American public of some politician accusing some department or contractor of wrong doing.
THE QUESTION;
Instead of wasting all of our time, money, spirit and bankrupting our country, why couldn’t our government simply offer a one year opportunity to get flat 3% mortgage and/or refinancing loan to anyone who could qualify for it?
Run this program for one year, with no cost to get a new mortgage and/or refinancing loan thru our government. The people who are losing their homes would have the chance to keep their homes and have some extra money.
People with higher mortgage interest rates who are secure would be able to free up more money and would have the opportunity to purchase new investment properties.
New home buyers would have a chance to purchase because of lower interest rates.
And best of all our government would actually make money on GOOD investments provided they take the time to really research and approve qualified applicants. I bet that could actually create a few new government jobs just by having government employees cross checking applications with IRS records. Imagine that.
After the year of this program passes, it would be a great opportunity to sell most of it off to the private sector but keep the core knowledge workers to form a banking/mortgage regulatory commission to make sure this nonsense doesn’t happen again because of lack of oversight on the banking and mortgage industries.
Anybody who has followed this closely knows that all the large banks are technically insolvent. Why should people continue to support these banks that refuse to reveal the toxic Level 3 assets they are hiding off the balance sheet? How can any credible plan not address this egregious abuse that does nothing but erode confidence in the entire banking system?
Obama ran on the slogan “Change”. I have seen no change. Same old crap. If he wanted to show me change. He should have posted in Enlish, the itemized items on the bill, on the internet. Let the people know what we are paying for. They always seem to be hiding something. It’s our money, not his. He has already proven that his change, is not change at all. Same old song and dance. The only change is what will be the tax payers pocket after our elected officials get finished with us. With the signing of this bill, I feel victomized, by our government. Hell, the media is no different. I don’t trust any of you.
Can you tell me how to apply for a small business administration loan as outlined in H.R.1 American Recovery and Reinvestment Act of 2009. Do you contact your local state SBA office?
Thank you
I agree with “J. Snyder, Warsaw, Missouri” who’s post is I know everones thoughts. Would Cnn be so brave as to send all these tax payer thought to President Obama? or not?
It needs to be said YES WE CAN..do you remember.
This may be off the beaten track however I feel it is most relevant in this time “when people refuse to take responsibility for their actions…” A stimulus that expands the government and benefits the federal employee more than anything will ultimately do very little to bolster the US economy. Another thing how is the “Madoff Ponzi” scheme any different than the existing Social Security scheme? I have been paying old investors with my money for the past 10 years without seeing any return… will I ever? – A concerned patriot!
Can I believe my eyes????????? With the $80.00 ADD on for food stamps does one really get $166.00 DOLLARS a WEEK.
I think I read it wrong. We would be eating meat twice a day if we had that much money for food. As it is, as a working family not receiving assistance we eat spaghetti and rice and shop only bargains.
What is going to be done about people facing foreclosure, in the stimulus package?? I have tried for the past 6 months to get a modification for my mortgage from Wells Fargo. I have faced nothing but overwhelming red tape and despair. My ARM reset in December. My interest rates are currently 10.75% and 9.75%. Wells Fargo Bank has not helped me at all. It’s like they want me to foreclose. I am a registered nurse supporting a family of 5 on my income alone. My husband is unemployed. My mortgage now is $3300/mo and my take home pay is $4800/mo. Wells Fargo has refused to lower my principal and give me the current interest rate so I can keep our home. Our home currently is worth $150,000 less than we paid for it. I know Wells Fargo got help from the government, but I don’t think they are passing it on. Banks need to be accountable for how many people they are helping and just what they are doing to help. Not have that be at their selective discretion. They should also get back to you in a timely manner not drag out the application process.(each time you apply they make you wait 45 days- which puts you further behind waiting for their decision). I pay taxes too. I need help.
What provisions are in the bill to help middle income taxpayers? It seems that we are the ones that carry the biggest percentage of our income in taxes. And the more successful you are, the more you pay. In the past my husband and I have made too much to quality for any stimulus. We are also the ones that will be paying the majority of this back to the government for years to come.
Solution to Bail Out: Send each taxpayer a portion of the Billions the Government is paying for someone NOT to do their job. In return they will: invest it, buy new homes, cars etc., Save it, Pay off debt. THAT WILL STIMULATE THE ECONOMY! Charge the CEO’s for fraud and force them to pay back billions of dollars in Bonus money NOT earned!
Tax Stimulus Tax Credit
How is the tax credit going to be given to people that only have Social Security income?
If the Housing market needs to recover in order for the entire economy to recover, why is Fannie Mae and Freddie Mac making it harder to get a loan? I have been in the mortgage industry for over 20 years and have seen many actions taken by Government agencies that are nothing more than political maneuverings. If the Housing industry is key to the recovery, why is the Government tightening credit and Loan to Value requirements?
In April, Fannie and Freddie are hiking fees for loans to ALL credit levels. So even if you have Credit Scores above 700 you will pay more. If you have average credit you will be greatly penalized. If you have a credit score below 620, forget it. Most investors have also set a minimum credit score for FHA of 600 or 620. The largest groups of potential homebuyers are getting “risk managed” right out of the picture. Like any buying hierarchy, if the activity at the bottom slows, it slows everything. If the first time home buyer does not buy an existing home it keeps the current homeowner from moving up and so on. This is what the Federal Government is doing. It may be saying one thing, but it is crippling the economy with it’s actions.
Where are the Congressional Hearings to ask the Heads of Fannie and Freddie WHY they are doing this and HOW does this HELP the recovery? Nowhere, because these individuals have been picked by the Congress as the â€experts’ to fix the problem; Congress will not embarrass itself by showing America that the people in charge of Fannie Mae and Freddie Mac have no clue.
These appointments were just political favors being filled by a body of Politicians who have no idea what it takes to be profitable other than raise taxes. The Majority of the Congress has not been in the REAL world, having to make a profit or be fired. They are career politicians and the only thing that they have excelled at is getting re-elected. We need some strong leadership. Someone who will make the hard and unpopular decisions that are required in this current crisis. I am sorry to say that I cannot think of one name that comes to mind that can lead us back to prosperity. How sad is that.
Instead of going after the CEO’s about their bonuses, why not go after the people that approved them. If someone offered me money for doing a bad job, I’d take it.If the goverment let the auto industry go bankrupt, then maybe the Unions would think twice about not giving up consessions to keep their jobs.
We haven’t owned a home since 2002, opting instead for renting in a high-rise condominium on the river.
We are now considering buying a condo now. Will we be eligible for the $8000 tax credit?
We haven’t owned a home since 2002, opting instead for renting in a high-rise condominium on the river.
We are now considering buying a condo now. Will we be eligible for the $8000 tax credit?
I thought I’d heard that people on Social Security and/or receiving SSD would receive a check of $250.00 from the government.
Hi, I see we’ve stolen another big pot of money from our kids. This is almost as good as the Social Security scam we got going. The kids don’t need it as much as we do anyhow. So I’m feeling a little stitch in my side, I got this mortgage I can’t afford, and my credit cards are charged to the max. Can I get bailed out too? How about free medical care? Maybe a little extra scratch in my government check?
What’s my cut of the loot?
Will the people who qualified for the $7,500 First Time Home Buyer of 2008 still be required to pay it back over 15 years while the 2009 buyers get away scott free?
With the present 11 trillion national deficit, and 150 million tax paying households, that comes to a staggering $73K per tax paying household.
Does anyone have any questions about that?
I heard an astute reporter ask President Obama about metrics by which we can evaluate the success of the stimulus plan. In response, President Obama answered by saving and creating 4 million jobs.
The obvious follow-up question is: how will we know if a job has been saved? Is a rise in employment by 1% per quarter too ambitious? Did we just fork over $800,000,000.00 with no expectations of real results.
Sounds like we are giving dollars, and getting no CHANGE.
Will non-wage earners receiving and paying taxes only on a pension, paying estimated quarterly taxes, not withholding, receive a $400 tax credit?
Setting aside whether the gvoernment should print money, What does it mean when people say the government is printing money? How would they execute such a policy? If they did execute a policy to print money does it requiring borrowing money?
I get confused on this point because critiques of the stimulus bill sometimes say that it requires both printing money and borrowing money from countries like China. If you literally print the money it would seem you would not need to borrow it. Can you shed some light on this?
I’m not an economist, but am I mising something? Cheap, easy credit causes people to bid-up housing prices. Prices would not have been that high had it not been for the easy credit.
The government is passing legislation to artificially counter the natural decline in prices because credit has tightened as it should. As I understand it, there is a belief held that assets should not be left to stagnate, but should be allowed to exchange hands in order to place them in their most productive use.
So, government attempts to stave-off exchange of assets by pumping money into the hands of those holding stale assets. As a result, major mortgage-holders call for moratoriums on foreclosure because it sounds politically correct and “worthy” of some government “goodwill” via that tasty TARP money.
In the meantime, mortgages continue to go unpaid. What incentive is there to pay if nobody is going to take it from you?
We have mortgages that continue to go unpaid because the government is trying to figure out WHETHER they should be paid and HOW MUCH should be paid? This does not make perfect sense.
What is the big deal about keeping people in homes where they have zero or negative equity? I understand the value of owning a home, and as I understand it, the value is in the equity. When there is no equity (or negative equity), why the great concern to hang on to a lost cause? Does anybody remeber the real estate crash of the 1980’s? That’s exactly how it worked, and how it will work again.
Actually, wouldn’t it be a better service to people to flush bad debt and get a new start? It would seem that if this is the case, now could not be a better time to do it.
Why pay for a lost cause? This goes for both government and the people. The peoople would be better off walking their mortgages, wouldn’t they? Sure, renting is not as fun as owning, but we ARE talking about value, equity and, in the end, MONEY, aren’t we?
The best and fastest financial work-out would be for people who do not have the means to continue paying for a negative equity asset to walk-away. Let the asset be sold to someone who can afford it at whatever value it really has. Wouldn’t this speed up the process and allow for a quicker landing, so that we can get moving back ahead again?
Which is worse? How low the bottom might be, or waiting forever to reach it? If we looked at it from a jobs and paychecks perspective, it would seem a short, bad shock is better than a slow, numbing fall.
Truth be told, wasn’t (and isn’t) the existence of our economy all about debt? Didn’t the people finally take on more debt than they could afford? Will our economy now operate independent of personal debt? Obviously, not. So, isn’t it better for the old, bad debt to evaporate, so that we can make room for new, fresh credit lines?
By giving huge sums of money to lenders, are we not CAUSING a BIGGER problem? We have lots of people with bad credit, and credit has tightened. Lenders can’t stay in the business of lending without making loans. If we were not extending them a lifeline, what do you think would happen to their lending practices? They will have to speed up the foreclosure process, sell-off bad assets, and finance them the best they can. Isn’t that EXACTLY what we should want?
Why do we continue to provide bail-outs to lenders? That seems to HURT the middle class by denying them the ability to access affordable credit. What incentive do banks have to make loans if they are no longer dependent on INCOME? Government bail-outs just do not seem to be the answer.
Credit will ease if lenders feel the overburden of bad debt AND need to EARN their way through these tough times. We need credit to ease-up for the people. Isn’t government working AGAINST us by bailing out lenders?
When will everyone wakeup and seak the truth about what is really going on. Big Bankers are controlling the T.V. Papers,Governement, the Economy and everything else. It is called the New World Order (Bush said it)and they will make us all slaves to them if we let them, no kidding!
But we can resist…no law is in existance that says you have to pay income tax….the more that do this the more it will stop the flow of money they need. Work for your money and put it hwere it is safe from those who will steal it from your investments or savings. Yes we can !!!
people out making a fast buck via the real estae flipping properties business are claiming large gain and they advertise this while selling their prosperity plans and software over TV and intenet does the flipping of properties in any way a part of the downfall of our banks..
After watching the movie SICKO by Michael Moore, I now wonder why this stimulis bill, or one in the future, would not want to create millions of jobs and have free national healthcare for everyone, just like Canada, Cuba, France, and the UK. There is nothing wrong with the health care one can receive in the United States. The only thing wrong with the health care system is the insurance companies. Get rid of health “insurance” and provide everyone with free health care.
Let’s see some specifics on the jobs being created – where are they, what are they, how many jobs will be created, when will they begin, and how long will they last.
Re. tax cuts/credits, the President should eliminate the 7.5% threshold required before you can deduct medical expenses.
I hope Congress and Prez read these comments. People with jobs are struggling too, we need a real tax rebate so we can buy a new car or take a vacation or remodel a house. Computerizing health records? give us a break.
I plan on closing on my first house next week. I owed (and already paid) $2,000 in taxes for 2008. If I file an amended return after closing, how much will my rebate be?
Daniel, Roswell, GA wrote:
I already did my taxes this year, but now I’m hearing college students like myself will get a $2500 credit. Am I missing out on this? Or is this
something that I will get in the 2009 tax season?
ANS:
This is and expansion of Hope tax credit, Line 50 on the 1040 or line 31 on the 1040A.
See http://www.irs.gov/publications/p970/ch02.html for details on it for this year.
I have two questions. I have already filed my taxes for 2008. My situation is that I receive social security disability income as well as some earned income from my long-term disability policy. I understand that I may receive some stimulus money in the near future. First, will this money affect my 2008 taxes or will it apply to 2009 tax year? Second, is there any reason that I need to revisit my filed 2008 taxes due to the stimulus package?
Let me know if you need additional information to answer my questions. Thank you for your time.
What happens when this money runs out and the economy continues to dive?
Does Congress spend another trillion?
What about after that?
Assuming the worse case scenario, how long does America have before we are officially “bankrupt” and no longer self governing?
TOO MUCH NEGATIVE TALK. SINCE THE PRESS KNOWS THAT THE MARKETS ARE
NEGATIVELY AFFECTED BY NEGATIVE TALK, WHY POOR FUEL ON THE FIRE???
People need to see through this “STIMU LESS” because that’s exactly what it is. It does very little to get people out and spending on things that matter, like cars, TV’s, furniture, etc., the things that are going to get the manufacturers back to work, goods and services moving around the country and the rest of the globe. If you want to stimulate the economy, give the people their money back and they will spend it, pay their mortgages, and credit cards and that’s what will help our economy and it wouldn’t cost $780 Billion. This is just another example of the government, so-called knowing what’s best for the “American People”. When are we going to wake up and see what’s going on…that we keep voting into office a bunch of out of touch, self-indulging, hypocrites, who continue to take our money and make bad decisions with it, then chastise and blame Wall Street for doing the same things! PLEASE…
The tax credit is misplaced. I purchased a home in Jan. 08 and the market had already been dismal at that time. Those who purchase now will enjoy a further reduction in the median sale price as well as lower rates. This credit should be extended to anyone who purchased in the past two years; those who buy now have an incentive, those who bought a year or two ago are the ones who need the help. Good ol; Congress! These shmucks should be run out of town on a rail. Why are we still listening to these idiots?
The government is supposedly going to create 3 million jobs and is spending almost 800 billion to do it. That’s about $266,000 per job. I am sure private industry could not of come even close to being that efficient at job creation.
I say we get all of the people who lent out all the money to people who could not afford to pay it back and put them in jail for life. It is not only their fault but the peple who took out the loanes…WHAT WERE YOU THINKING!!!!!!! Very few people in the united states seem to be showing any more money restraint than a 5 year old!
In the case of Bernie Madoff, there were regulations in place to prevent the situation that occurred. However, the people in the positions of power were not smart enough to understand the regulations, or Madoff’s scheme. It sounds to me that more regulations are pointless until they ensure that someone smart enough to understand things, is in the proper position to do something. What is the Government doing to make sure the right people are in those positions?
Also, my wife had a one bedroom condo before we were married, but it was too small for us together. We now have a 2 bedroom town home that fits our needs. However, the condo has lost nearly 20% equity and in order to sell it, we would have to bring $10,000 to the table. Our realestate agent advised us to foreclose, but we don’t want to ruin our credit rating. We are renting it out, but between the mortgage and the HOA dues, we are about $200 in the hole every month. We live very modestly, and we are making all of our payments, and covering our bills. Is there something in the stimulus to help people like us? It sounds like only people who miss their payments, or lose there jobs are going to get help. We are very concerned about our long term stability, as we are not able to save what we should. I heard that there was going to be some help with mortgage rates. Do people who make there payments and have good credit scores qualify for some relief?
I feel like i got screwed with my pants on. A lot of these infrastructure projects are going to be buying materials directly from Non-US companies. Why? Because countries such as China as subsidizing their Steel industry and allowing products to be sold for LESS than cost. Yet, we cannot put in “buy american” clauses because it would be protectionist. How is a “buy american” clause against international trade laws but China subsidizing their manufacturing industry not against it?
It seems that most of the effort of the stimulus goes to reward the underproductive citizens, and continues to penalize thoase that pay most of the taxes?
As for the government stimulus my question is how come the majority of the money is being spent to stimulate government and not the creation of jobs? Isn’t it supposed to be an “economic recovery bill”? Isn’t it OUR money they are spending? What a friggin joke.
My first question is when are we going to arrest the members of Congress who chastised the regulators that told them in hearings in 2004 (5 years before this mess)that Fannie Mae and Freddie Mac were cooking their books and who actively pressured Fannie Mae and Freddie Mac to buy up the stinkey loans from the banks to promote the “home ownership” ability of people that could not pay? My second question is why isn’t Frank Raines the former CEO of Fannie Mae in jail instead of serving as an adviser to Obama on his ecomonic policy? My third question is why are we now allowing Congress and the President to use the presently insovent Fannie Mae and Freddie Mac AGAIN as the vehicle to refinance the homes that are in foreclosure knowing that if these people default again the taxpayer will responsible for guaranteeing these loans? I will be waiting patiently for your answer.
Come on are you kidding me! This is a joke! 15 dollars a pay period? Give us a little now to shut us up,so we don’t fell left out. The government is stealing from us right in front of our faces. Just look how much more we will be paying back?And how much our kids will be paying back also! The government is giving billions away to companies that run themselves into the ground,so now they can take more money and waste it. We the people of this country are letting our elected officials steal from us! All these CEO’s should have all there properties seized and taken from them just like a drug dealer would if they got caught. All these CEO’s are walking away rich and the government doesn’t care. How can you reward someone for stealing. Corporations are way to big and controlling everything.They need to be broken up by the government. We need more smaller businesses with more competition It’s only clear that the majority of these government officials are corrupt. You show me one person in government that doesn’t have a fat bank account? If we took all the Government officials and all the corp. CEO’S assets and put the money together and then gave every person an equal amount I bet it would be more than 15 dollars a pay period, and there would be some money to spend to get this economy working again!… It’s the small guy that makes the economy work,So if the small guy doesn’t have money to by stuff,then how are you going to create jobs by giving money to the already rich who don’t need nothing cause they already have everything,except their greed were they need more money from the small guy? Something seriously wrong is going on with this stimulus package here?
We purchased our first home in June 2008 – I know we can add the $7,500 tax credit as a first time homebuyer but we have to pay it back over 15 years. If we take this interest-free loan (since we don’t qualify for the $8,000 rebate, unfortunately), can this be paid back by reducing our tax refund over the next 15 years?
How many of the players with respect to the economic bailout (govt, bankers, investors) know how to create qualitative supply & demand curves? Such an exercise may be useful as much of the existing policy and attitudes seem to be pulled out of thin air.
Also are terms like “free market” and “moral hazard” still in use these days?
How much will individuals be getting from the stimulus package? That’s for a middle income person who files a tax return.
So it has come to this…. A woman in SC is “thankful to President Obama for $15 so she can buy more bread and eggs” The government is just giving her a few pennies of her own money back and she is “thankful”. We are surely doomed as a great nation if this is the thought process of the population that elected this man.
Instead of 13.00 dollars more each pay period why did they not just give us a rebate check like last year. How is this supposed to stimulate the economy? Also my wife does not work so does this mean she will get a 250.00 one time payment?
Why is the typical government solution to throw money at the problem until it goes away, or until they’ve figured out how to capitalize on it?
I dont believe that this stimulus will work in the long run. I have heard many so called “economists” give their predictions on how we will be out of this next year and so on. The truth of the matter is that this problem is too large to be solved in a matter of a year or two. The majority of the two stimulus packages so far have given the majority of the money to the banks that got us in this mess in the first place. Masking the problem with money and feel good feelers by the economists and our president who cant seem to find people that can pay their taxes to run our financial system is not giving me much confidence. This recession is going to last for at least for the next 5 or six years. My two year old daughter is the one that is going to pay for our mistakes with this stimulus plan. The best thing to do now is to SAVE SAVE SAVE as much as you can and ride it out. P.S. Dont tell the government that you are saving money. That is the bottom line!!!!
Nakia Simpson writes:
…$15.00, for us means I can buy two more half gallons of milk, a dozen eggs and a loaf of bread each paycheck. …
Am I to understand that a gallon of milk, a dozen eggs, and a loaf of bread costs $15 in Raleigh, NC these days? Oy, have you got problems!
Why is it acceptable that Senators complained about not having time to read the Stimulus Bill? The media just took that excuse and ran with it. Isn’t it their JOB? If they have to pull an “all-nighter” then that is what each of them should have done. Working people don’t have the luxury to not meet deadlines – it could cost them their job. Further, if the Senators had read the first version and were familiar enough with it, they could have easily compared them and recognized the changes. Why doesn’t anyone call them out on their laziness?
This is more of a comment than a question…but maybe you can address this? I’m disappointed to hear people on CNN belittle the extra $15.00 per paycheck that Americans will be getting. It may seem impossible for people who don’t have to live check-to-check but to me $15.00 does make a difference. My husband and I make $50k between us before tax and have two children. We have not a penny in savings and our paychecks are gone within a few days of receiving our paycheck. We pay our bills on time and we spend very little on food, even though we should spend more. $15.00, for us means I can buy two more half gallons of milk, a dozen eggs and a loaf of bread each paycheck. Its sad that there are people who don’t “get” that. Further, for people living on tips, minimum wage or low wages that $15.00 amounts to a couple of hours of work. I guess people who are doing well don’t think much about money. I’m glad that President Obama still understands the value of a dollar to struggling Americans. And I thank him for it.
Does any one know if the firts time home buyer $8000 tax break can be applied on your 2008 taxes even
if you buy your home in 2009?
Mike, I agree and I say the same thing every election cycle. Unfortunately, the same idiots get voted in each time(both parties). What we need in congress is real people (housewives, plumbers, trashmen, etc). The only ones who can fix things again are real people, not corrupt politicians. I think this time, our country is unfixable, A Hugo Chavez will be in power. Everything our ancesters fought for will be in vain. I never thought I’d see the USSA fall but I think the time has come.
what if you’d already recieved your tax refund? How would the $400 tax break fall or would there be some amount refunded?
How will the College credit work? Does it have the same requirements as the Hope Tax Credit? If so that is completely bogus, and I want my money back.
I know for a fact I have never claimed any education credits and every year I’m not eligible for the Life Time Learning Credit or the Hope Credit. I just returned to college in 2006 and had to take another break for 2 years because of military obligations.
I often hear mention of abolishing the fed as they are part of the problem. My question is who receives the interest profit of the fed?
It’s a real slap in the face to those who took the leap in 2008 and bought a house for the first time. 2008 was not much better than 2009. The difference of having to pay back the $7500. over receiving the $8000. for free – is absolute nonsense. I am fine with the repayment program and I not fine with others receiving “free money”. Nothing is ever for “free”. The rest of us not benefiting from this new program will be sure to pay for this.
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank, the Federal Reserve.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
There are many people out there who are under the misconception that an $8,000 or $15,000 tax credit will suddenly turn the real estate industry around and property values will begin to rise. The first problem with this notion is that real estate values are a direct reflection of supply and demand. Even though some people may be talked into buying a house because of the tax credit, it will only affect a very small percentage of the current inventory. Prices will continue to fall until big money investors determine that the market is heavily undervalued. They won’t care about any useless tax credits and will start buying up properties by the thousands. The rich will get richer praying on the misery of the working class. Once the rich investors have bought up the excess supply, then property values will begin to rise and the rich investors will sell their properties for a handsome profit. If you would like an example of this from history, then look at the 1870’s and the 1930’s. The rich will always find a way to profit from the misery of others. The other problem with the notion that a tax credit will stimulate sales is that the home buyer won’t even see the money for up to a year. Instead of a tax credit, it should be issued to the buyer at the closing table and added to the buyer’s down payment.
There is a way to help the people who really need the help and to turn the real estate industry around at the same time, but it would require the people that were responsible for the problem to pay for the solution. For all delinquent mortgages or REOs of properties that were purchased between 2003 and 2007, the Federal government should seize the properties from the banks and hold a lottery style drawing. Houses will be awarded free and clear to the SS# that is drawn for that house. If the winner already owns a primary residence, then they will receive $15,000 and the house will go back into the pool. Drawings will continue until all of the properties have been awarded. This would immediately eliminate all of the REO and short-sale properties on the market help to balance the supply and demand in the housing market and it will go a long way towards providing housing for the homeless. The best thing about this plan is that it would be funded by the greedy bankers that created the problem in the first place.
what nerve by congress! they complain about people signing mortgages without reading them or understanding them, then they pass a “TRILLION DOLLAR” debt on us without reading or knowing what’s in the bill. Politicans are the problem with our country, I hope americans remember this bill when re-election comes around in 2 years.
Federal Income Tax Free for one year for $75,000 or less. 50% reduction for $75,000-$150,000 for a year, then reduce the tax break back to normal over the next 1-2 years. $100-$600 “A WEEK” instant income for 95% of america. and a amount that will stimulate economy, create jobs through supply/demand, and help those in need. “THE TAXPAYER”, “OUR MONEY”. He can keep my $13 JOKE!
1 Trillion dollars for Pelosi Pet projects, $13 for the taxpayers?
If they are not smart enough to get it right, then they could of gave 200,000,000 workers $5,000 each. That is stimulis we can believe in!
will we get another stimulus check like we did last year. and why are A.I.G bosses getting a retention pay, why do they want to keep them if there the ones who got them selfs in that mess in the first place. And you always refer to middle class income between 70.000 to 150.000 thousand a year. you must mean newsanchors. In my neighborhood . the average is 30.000 per year.
What a Joke on american taxpayers! $13 a week tax break for lower and middle class. I agree with Infastructure jobs for bridges, roads, dams, flood walls, water supply, etc through DOT and Civil Engineers. Not money grabbing politicians. But this is supposed to be targeted, effective, instant spending to stimulate economy, create jobs. Instead of scaring americans into passing garbage, 20 year pet projects and repaying campaign supporters. here is a few things that would help our economy, jobs, and happen instantly.
As stated in campaign, promise tax relief to 95% americans. Since 5% pay 95% of all taxes, my ideal would not hurt anyone and help millions. He did keep his promise of tax break “$13 a week” what a joke on americans. Why not make all workers with income $75,000 or less be 100% exempt from paying Fed tax for one year (Starting NOW), $75,000-$150,000 be 50% tax free for a year. This would instantly put $100-$600 A WEEK in your pocket. Could keep people out of foreclosure until renegotiating mortgages, purchase retail items, pay bills, by a car, invest, etc. That is enough to help middle america, and it would put a demand for products, cut off housing foreclosures and result in creating jobs. Plus for everyone! Plus it’s our money, I don’t need pelosi to decide who needs it more.
Why not put a large portion into state employment to extend benefits, but mainly to pay for the unemployed to attend “TRADE SCHOOLS” to meet all these newly created jobs and it does not take as long as attending a formal college. Increase the amount of unemployment to survive during retraining. Increase the size of the military and homeland security by over a million members to relieve the over stretched services. Renovate and build bases and equipment and jobs to support new size of military. Reduce corporate tax rate, we have one of the highest in the world, reduce it to creat jobs, as proven in the 80′S. Build more Fed and State Prisons (construction jobs and raw material demand), roads, bridges, flood walls, border security, alternative energy tax breaks, and then a few tax breaks to help heal housing, auto purchases, etc. this infusion of income would make a drastic difference in middle americans daily life that are hurting, create millions of jobs due to increase supply of goods to meet demand, possibly stop most ofthe housing and auto crisis, and touches every area of the american economy instantly. then you back it up with longer term solutions for career jobs.
What a joke, $13? Pelosi Pet Project Plan (PPPP?), do something that helps ALL AMERICANS, not a select few in your district.
How many jobs will the stimulus bill create by Christmas, let alone by Memorial Day? How much of the bill creates those new jobs this year, vs. how much of the bill is not stimulus we can believe in?
I have been laid off since December 17, 2008 and I have already paid two months worth of COBRA. How do I seek reimbursement for what I have already paid (65% subsidy)
I am 59 and retired. Will i get a check for my wife and me. Will any tax cut count for my pension check each month.
Hello,
I am Prince, I just bought a house in Sept. of 2008, and I just filed my 2008 tax requesting for the $7500 first time home buyer credit. Do, I have to pay this money back?, and What about the new $8000 first time home buyer credit? Am I qualified?
What was the determining factor for the removal of the 15,000 tax credit for all home buyers? Why did it end up going back to 8,000 only for first time home buyers?
There will definitely be less of an impact on home sales.
I’m five months pregnant, a first time home buyer. In March 2009 I will close on a modestly priced new house which was built in 2007 and has been on the market for about a year and six months. I make $130,000 a year working in NYC. How I am going to benefit from the stimulus package? I don’t see a single dollar of it going to me. How on earth is the stimulus package going to stimulate New Yorkers to buy homes? In order to be able to afford a house in New York, you have to make a lot more than $75k a year, which is the maximum income allowed to receive the home buyers tax credit.
How soon do we all forget which administration got us into this mess in the first place. Do I think Obama is a God – no of course not… But I do admire him for assuming this mess that was created over the last 8 years.
I am no longer proud to be an american. personally i am embarrased to be a citizen of this country. i have to agree with person who said maybe it is time to move to canada. that has gone through my mind alot lately.
Hello,
My wife and I have been fighting the Disability Process now for myself for nearly 3 years,..we have nearly lost everything in doing so,..I see there is a 500 Billion dollar award to the Social Security System,….Is there any idea as to what that may mean for us? We may get seen this year? Our date for “perhaps” a court date may,..be October 31st this year (Meaning 4 years at that point) Also, my wife in an effort to keep us afloat was working,..and was laid off,…her unemployment has now run out,…are there Unemployment programs in this bill that Extend benefits again? She is working hard with the WIA program and currently in re-training,.. full time,.. to be a Nurse,..but the unemployment was what kept us ,… basically,…with a roof over our head,… I see as well a 13% increase in Food stamp programs,…I am so thankful for this!!!! Food COSTS ALOT for two people,.. especially one like myself with VERY strict nutritional needs due to my illnesses. Any Ideas on this? Please email back,…or,..I will be watching at 4 for an hopeful answer! Thank you in advance!!!
Simple solution to the economic situation, this idea will save billions of dollars which can be used to create jobs and cut taxes here it is: Anyone getting any kind of financial aide whether state or federal such as WIC, Foodstamps etc. should be required no forced to be on birthcontrol!!!!!!!!!!!!!!!!!
I already did my taxes this year, but now I’m hearing college students like myself will get a $2500 credit. Am I missing out on this? Or is this something that I will get in the 2009 tax season?
I was watching CNN/I and representative John Boehner (R-Ohio) was patting a huge stack of papers saying the republic party plan was better, smarter, faster. One might say Darwinian if he were willing to be exposed as a heretic and completely ingnorant of what Darwin was writing about. My problem is that when I went to his website all I found was three paragraphs. Was there anything on those papers he had in congress? Why not put them on the web? Where were those fantastic ideas last year or even six months ago! I know the democrats set the agenda but I am willing to bet if the repulic party had an idea and put it forward they may have had a chance to keep a few seats. These people keep reminding me of the bureaucrats that can’t think for themselves and only exercise the power or authority to say no.
I would just like to know if I can file suit against our gov’t for negligence with out tax dollars? I don’t have a PhD in math or a masters in economics but come guys how is $13 bucks extra in ones paycheck going to stimulate the economy? The last round of tax rebates did nothing and those were quite a bit larger. Seems like our elected officials are making the US look real stupid to the rest of the world. Now where do I go to file suit?
The House and Conference committee eviserated the plan by reducing the $15,000 tax credit on all home purchases to $8,000 for First-time buyers with income limitations. The root cause of the entire economic crisis is the drop in housing values. By creating an incentive for people to purchase homes again, we will stop the decline in values, create jobs, reduce the inventory of unsold and vacant homes and turn the entire economy around in a short period of time. I’m all for helping the unemployed but I truely feel that the best idea in the entire Stimulus package was the unlimited $15,000 (or 10%) tax credit that the Senate bill contained and the House reduced and modified it in such a way as to render it nearly useless in returning our economy to solid footing! What were they thinking? That portion of the package would have cost very little in comparison with the tax breaks for workers they authorized which is going to put an extra $15 every two weeks in our pockets. I’ll take the 12 pack every two weeks but that is estimated to cost $110 Billion or so whereas the $15,000 tax credit for purchases instead of $8,000 would perhaps have cost an extra 4-5 billion. The way I see it, I would gladly forgo the $15 apaycheck to turn around the economy!!
It really is insane that because I bought my home in July of 2008 that I can have a tax “credit” of $7500 and then have to pay it back. Really wishing I would have waited a measley 6 months and then I could have this $8,000 true tax credit.
This is not an original idea but why don’t we save a ton of money by first ensuring no money from the stimulus goes to the congressional districts who voted against it (they can have the tax cuts)? Then we can look at the welfare states that receive more money in federal spending than they contribute. I saw a map once that was strikingly similar to the red/blue election maps and the red states were those states that received far more than they contribute (Texas was the only exception). Suddenly these congress people have figured out that we are going to have a debt. Please help me understand. What is the actual national debt? I mean all of it not just this year’s. Have we ever been out of the debt we were in when President Reagan was in office? I understand we had a surplus once but not really because we had a lot of unpaid debt. I am getting this right yet? Why would the taxpayer have to foot the bill for the debt? I googled for the net worth of the wealthiest one percent of America and was somewhat surprised to find that their net worth is approximately the same as our national debt (at least what I think it is). Also, the current years deficit (1.3 Trillion +) is the same as the tax cuts given to those same people. Supposedly the tax cuts were given to all Americans but if that one percent controls eighty percent of the wealth… I suspect we may still have use for Guantanamo Bay yet. We can tell them it is their new offshore location to hide their money. (You really need to have a spell check with this so I don’t seem as dumb as I seem crazy)
Here is a better way to cap executive compensaton of public corporations: Excutive compensation shall be not more than a fixed multiple of the compensation of the lowest full time employee. For example, if the lowest full time employee’s compensation is $20,000, and the multiple is 25, then the maximum executive compensation is $500,000. Compensation needs to be defined and should include salaries, bonuses, stock options, and benefits of every kind. If the leadership wants additional compensation, then this could be done but only by raising the compensation of the lowest paid full time employee.
Is there a requirement in the stimulus package that requires contractors who obtain a stimulus project’ contract employe documented US citizens to work on this project? For example: Infrastucture Projects–bridge, highway, water, sewer work projects.
PHD Dennis F. Paulaha’s stimulus plan is: “THE US GOVENRMENT OFFERS EVERY US CITIZEN A 30-YEAR MORTGAGE AT A 1 AND 1/2% FIXED RATE OF INTEREST.” I would add that the mortgage is limited to a first mortgage on the primary residential home
The benefits are enormous, but what are the downsides?
If the stimulus dollars are broken down into professional titles/positions,whom will recieve the most? i am quite curious about that and would like an answer, if possible.
Here’s my plan to get the economy back on it’s feet ASAP.
Just layoff all those lazy workers and the ones with no talent or skills.
This will save company lots of money.
Trust me they layoff all the talented and skilled workers who are making good money because the lazy ones are kept because they are either jealous or getting paid low. Also get rid of the Outdated old people who don’t want to advance to new level. They are just there waiting for there retirement to come.
I hope those FI and ebiz people will be laidoff soon!
They are a joke to work with…
When you say it won’t work you are giving in to the fear that is driving the engine of this down turn. This negative cycle must end with you the people and as always, we the people with love, compassion and understanding, will find a way to future prosperity. Hope is not a blindness but a light that can overcome this deep cycle of being a victim instead of a leader, of being fearful instead of courageous and of being negative instead of moving forward with a positive light and breadth.
My question is how can this bailout help foreclosure, repo, people behind in Credit card payments, if they cannot get a loan from the banks because of bad credit rating/report? The banks will not lean to someone with a bad score, so banks will sit on the money. So who will win? Answer: BANKS
Wouldn’t it be a lot easier to eliminate taxes for business in the United State so they would be able to export their goods and services to other countries where people can afford our goods and charge a little more than what it will take for that country to manufacture those goods we export. That way everyone will benifit and we will not have an influx of foreign workers, terrorist and etc. We need to be able to sell our products to the lowest denominator in each country and inturn by not paying taxes, our businesses can offset the losses by not paying taxes and still have enough to ensure the american worker is making a decent livable wage. This will also work in the other countries we do business with. I know this will be a heavy task for the commerce department to monitor, but it can be done. For the countries who take their businesses out of the United States should be taxed, because they are benifiting from cheap labor and this is okay too because they are benifiting from the cheap labor and providing a good relationship with the other countries in free trade.
Banks should be regulated when charging interest and should be no more than what an individual can charge on a debt. This include the IRS. Get rid of the fexible interest rates charged.
As for bailouts, no one should be bailed out and what about the people who sacrificed to pay their bills, mortages and paid off their mortages. What to they get for that sacrifice?
Obama is doing what he feels is best. Truth is Bush screwed us up royally and went down as THE WORST president EVER.
The truth is that the greed and corruption of this country has lead to this situation in large part.
People loosing their homes, millions without jobs yet certain company executives still get their millions in bonus money.
What is wrong with that picture?
Why did it take congress so long to pass this bill? Because as country we are NOT United in any way. We are very much the opposite, unfortunately.Each and every bastard in congress and the senate has their own agenda!
Why did we go to war? Because Bush had to finish the job his dad did not. I respect our miliarty extremely, but think that the war was a complete waste of money and human life.
Feed the rich and bury the poor is the truth.
Our government is to blame for all of this. Not only that but as a nation, we are pretty dumb to have voted for Bush for 8 dam years! The first 4 were a disaster why would the last 4 be any better?
The government does not have our interest at heart, if that is not obvious to everyone by this point that you are living in a dream world!
God help us! Its going to get rough, but for a change, I think we have an intelligent person in power, as opposed to the other looser who, should have been impeached bringing this country to its knees!
We are in large part in the trillion in debt due to this spending for what? the war?
So….I’m single, less than 10 yrs to retirement, my 401K has tanked, I own my home what is in it for me? I don’t disagree but I see a lot of people getting assistance that got into trouble because they were irresponsible or there are circumstances beyone their control. I have paid all my bills on time and I won’t miss mortgage payments like others are doing just to be able to qualify to refinance. The credit card companies are playing games with me which may cause me to get into some shaky ground. Being able to refinance or streamline my loan would keep me from getting in a shaky situation but I’m told that I’m responsible so I don’t qualify. The best I can see is an extra $13/wk in my paycheck. While anything will help even a little, why do others with my same status get more than me? Wouldn’t it be more fair to just lower eveyones mortgage rate? Wouldn’t it be more fair to require credit card companies to honor the agrements made instead of changing them after the fact (adding a monthly service fees because the interest rate you have is too low – Chase is the example). Anyway, I agree something needs to be done but I wish it was more fair across the board. Thank you.
My wife and I are both disabled, she was collecting SSI disability, but when we married, she lost everything, including her medicaid health care! We live on my social security disability, and medical bills are out of sight, what kind of help will we see? We are told to get divorced, but that is not an option, even if we fall thru the cracks and die, at least I will be with my wife, the love of my life!
I am a divorced woman who cannot sell my home – my mortgage comsumes over 50% of my income. I have been advised that in order for me to get mortgage help I must be delinquent on a payment. I will not intentionally default in order to receive help. The current bank moratoriums merely delay the inevitable of foreclosures and I am hoping that somewhere in this stimulus package there is help for those responsible homeowners like me who are barely making their payments. I have contacted my mortgage company and they would charge me standard fees that I cannot afford to pay in order to re-finance at the current lower rates. Do I have any avenues available to me for help? Does the stimulus package offer any relief for helping with re-negotiating a currently held mortgage?
How will the $ 400 tax credit work exactly. Will it be a credit for the year of your taxes, meaning it will be deducted from your total taxes. And the $ 250 for non workers, how will that work?
The negativity has to stop! This country has been through much worse in the past; we’ll get through this. Hopefully lessons will be learned and the greed (by everyone) will subside. As for some of the comments I’ve read, people please check your facts before you post. Alvena in Paducah: if they gave just $5K to everyone you’d be doubling the stimulus package to over $1.5 Trillion. Quit complaining and let’s get behind our president.
I am a first time home buyer that bought a house on 9-1-08. I claimed the $7500 tax credit. Now with the $8000, can I make an amendment on my taxes since I’ve already filed or do I not qualify and also do I have to pay the money back since I originally had to but now it seems you don’t?
I have not completed my 2008 taxes yet. I am a 1st time home owner. I purchased the home in Novemner of 08′. I now see there is an $8000 credit out there on the final bill. Will I have to pay any money back with the new bill???
We bought a GM vehicle in November 2008. Will we get to use the sales tax and interest right off? The way I heard it you have to buy it this year. We wanted to help the economy and then look what they do. We totaled our car in July 2008. I sure wish we would have waited 2 more months! I am disabled and my husband is retired. It sure would help us!
will the 2008 $7,500.00 tax deduction taken by first time home buyers have to be repaid over 15 years as previously reported?
How exactly is this $15/week ($400/$800) going to be given out in our paycheck? Is it based on the number of deductions we have? How does our employer know if we are married or not to be sure the give us the correct amount. In our 2009 taxes, are we going to have to pay the same % as in 2008, but the gov just did not withold as much, (so we have to pay for this next year).
My husband and I are retired. We get our pension plus my husband is on SS Disablility. Is there any tax cuts, etc. for retirees?
How long will it be before the Oil Companies and Oil Investors deliberately JACK the gas prices back up to $5.00 a Gal in an effort to suck up as much of that money as they can,Higher food prices,Etc, I do not see where the initial problem has been solved yet, They are already starting to increase gas prices now,while oil is still low, Hey if I only have enough money to pay my Food,Gas,Electric and vehicle gas to get to work to make a paycheck then my Mortgage payment can wait while I save what I have left to get an apartment and let the HOUSE go, some have gone to the extreme of living in their car just to keep a paycheck, now a lot are living in there cars with NO job, If we allow it, they WILL put us back into the toilet again!!!!!!!
What safeguards are there now to keep them from doing this ?
If there is NONE, Count on them doing it again, You can be absolutely sure they WILL!!!!!! GREED!!!!!
If you legalize Cannabis,and tax it, at least Industrial Hemp. It would generate immediate jobs in unprecedented numbers. And the tax that is applied to it could go along way to pay for this bill, if not pay for it all together, and could very possibly pull us out of this recession all together!
My son recently married. He’s only done odd jobs most of his life and now needs a “real” job but can’t find one. How can he benefit by the stimulus? Could he draw unemployment?
Can you please break down “those not working”. Will people over 70 who are receiving SSI get a refund?
Thank you for your answer
Do we actually get a stimulus check in the mail ? Giving us the money directly would definitely boost econmy. Wht give billions to business, give us the money and we will spend it on the companies we see fit.
If I live in a state that does not have sales tax (OR), what benefit do I get from buying a new car? I as understand, you get a tax credit equal to the amount of sales tax you pay
As a former Republican, I want to THANK our President for this package!!!! I was recently laid off at 61 years of age and wondering how I would pay for insurance! Now I can have my same insurance for the price I paid when working!!!!! It REALLY made my day!
While it is definitely immoral, is it not illegal for a sworn representative to vote on a bill that they have not read?
In about 2 years, the economy of the entire planet will be trash. How does spending more money (the stimulus package) fix a problem which was created in the first place by spending money? The stimulus package is a typical government response to a problem; throwing money at it! Dow 7800 or Dow 0, it just doesn’t matter! It’s all crap from here on out. The people in this country (myself included) are idiots! We piss and moan to each other and on internet forums about how we disagree with our elected leaders and do nothing other than this really to change the situation we’re in. Do you think that any elected official is going to read one of these posts and say to himself “Oh yes, they’re right, my quest in life from now on is going to be to serve the people who elected me”? Politicians don’t care about regular people; they don’t care how much gas or groeries cost because they don’t pay for them. They don’t even shop for that stuff like you and I do. Our taxes pay for someone to do that kind of thing for them. They own multiple house which you and I pay for. Do you think that any Senator sits down at their desk or drop-top bureau and writes a check to their mortgage company each month? They don’t worry about the affordability of health care or whether they’re going to get laid off next week. Even if they don’t get re-elected, they’re set for life because of the policies they’ve enacted while they were in office. They have chefs, housekeepers, nannys, butlers, and personal assistants who take care of their every need. And they would have the nerve to tell you that by having those people work for them, is in effect keeping those people gainfully employed so they can spend the money that they earn, thus pumping up the economy. Wake up people, there is no bottom to this economic downturn we’re in. If you’re lucky enough to still have a job, be responsible, saves some money for a rainy day, and spend most of your hard-earned money because you deserve to. You worked hard for it! Take care of those dear to you and make you little world the best that it can be. Short of a physical revolution in mass, none of us can really change anything but our own little world anyway. Don’t worry about the rest of it, it’s pointless. Government and banks are too big and too corrupt to change. It’s sad really that future generations who’ve had nothing to do with creating the mess we’re in will have to pay for our sins. We’re at a tipping point in history. Personally, I don’t think there’s a chance that we’ll come out of this mess for the better or any wiser. The longer this goes on, the faster we will approach the end, and it won’t be pretty. I’m sure I haven’t expressed anything in this post that most of you haven’t said, thought of or felt. Don’t wish ill on the people in power. They’re after all just people like you and me. The best things in life are free, and love is the greatest gift of all. If you truly believe that Jesus died on the cross for your sins and his blood will wash you clean, you really have nothing to fear. Yes we all have a survival instinct, and people are scared to die, but maybe this (life) DOESN’T beat the alternative!
A lot of complaining here but really, what are we going to do about it? We vote to put these people in office and then complain about everything they do. This bailout will not work nor will any other that they come up with. This is a correction and the people/businesses that are failing should have to do what everybody else has always done….pay the consequences. If they don’t what are we teaching? That greed and excess is ok?
Billions for business, precious little for taxpayers.
They could have given $500K to each family and still had plenty for their blessed businesses. Put $500K in each family’s bank account and you’d see the economy bounce like a acrobat. What were they thinking?
Instead I’m supposed to be impressed with $15 a check?
The french were right ==> now, where did we put that guillotine?
Why not give all tax payers (workers, social security recipients, veterans, disabled), ones who work, not the Leaches of our society the $8000 first time buyer credit, instead of just first time homebuyers? A bet a bunch of houses will get bought then. Give the leaches the $400 tax credit, which they won’t get since they they don’t work.
If a company already got a bailout, too bad, make it work or shut down.
Shut down some of the credit card companies, Citi, Juniper, Capitol one. We have tried on several occassions to cancel out accounts, but they refuse. Remember when you couldn’t use a credit card when the limit was maxed? Now you can use it, but you get an additional $39 fee attached to your bill for being over the limit.
Quit taxing the smokers for all of the countries money issues. Why should I pay for my kids health issurance when smokers will pay for it, with the bill recently passed?. If all of the people who smoke, quit, what would the country do then?
Why should the taxpayers bailout the car companies? When my vehicle had a problem, GM told me it wasn’t covered, and more or less we don’t need your business. I will never do business with them again, and never have. If they aren’t selling cars, why make more? Shut down until demand picks up again.
I think the best way to stimulate the economy is for banks and mortgage servicing companies to reduce the interest rates to 4% across the board. The note should be amended to reflect this so the homeowner does not have to go through a refinance and “re-qualify”. This would drop mortgage payments drastically and put cash in tax payers pocket. This in turn would create spending. At the same time, the government should use stimulus money to make delinquent homeowners current. This would cost the government less money, the banks would still make money (4%), and the foreclosure rate would be greatly reduced.
If the recent presidential election was held today I wonder if the result would have been the same. How many of the people voicing their opinions below that voted for President Obama would not have?
I agree with S Walnut from California. I have lived BELOW my means for years and have no credit card debt, no car loans and bought a home with 20% down payment, 30 year fixed rate mortgage. It’s not easy following a strict budget with 4 children but it’s possible. Where’s my bailout when bailouts are being offered to greedy, financially irresponsible Americans ? My home price has depreciated while my neighbors are walking away from their homes and financial obligations and my 401K savings are being wiped out. When did America turn to socialism ?
This is a pork ladened bill written by Nancy Pelosi and her Democratic collegues in the House of Reps. Obama had nothing to do with it, although I doubt it could have been any worse with his input! If the people of this country don’t vote out people such as Pelosi, Reid, et.al. then THEY deserve what they get. And what we are getting is a Socialist/Communist nation.
Pork example: $8 Billion for a “fast train” between Los Angeles and Las Vegas. Guess Harry Reid got his hand in the “cookie jar.”
A great country was founded when settlers came to this country
seeking a better way of life free of no representation, high taxes, religious and personal freedom. I feel like it is being taken away by this muslim president and his cronies and no one is willing to say no…This guy has no clue except to run this country in the ground and make it more dependent on the government..Wake up!
I sure hope that nobody on this comment board voted for The Great Obama! If you did, shut up and enjoy the misery for the next four years and lord only knows how long we will pay for what a mess he has created in less than 2 months. If you voted for him, deal with it.
At least we have money in the stimilus for the Homeless!
Homeless: $1.5 billion is directed to homelessness prevention.
Giving money to homelessness prevention is sure to boost the economy. What A Joke!!
I was laid off in October. My husband bought health insurance from the company he has a pension. My health insurance was under my husbands coverage while we were both working. Can I get COBRA from my company even though I did not take the medical when I was working for them, and can I get a credit or something. It would be cheeper than my husband buying it from his company he retired from
Is there any honest US Cit that realy believes Oboma knows what is in the Stim Bill? In fact does any one believe that any one knows what is in it at this time.
Seems like no one person has had time to read the entire pacakge, but has approved the Bill.
No prudent person would spend big dollars without reading the fine print.
But our Rep’s just have!!
My wife and I bought a house for the first time in May of 2008. We received the $7500 tax credit that we would have to pay back. With the new package do we still have to pay this back?
I’m looking to buy a home this year and the $8000 fist-time homebuyer credit is going to give a big boost, in my opinion. Think about it. Homebuyers typically need to spend money once they move in to furnish a home, maybe do some landscaping or keep up the existing landscape by purchasing mower, etc. Also, as a first time buyer, I’ll have to buy things other buyers probably won’t need to — renters typically don’t have Washers & Dryers, so they’ll be buying that for the first time, among other things. Spending will give the economy a kick.
Also, folks, let’s get real. No bill was going to be perfect and the average Joe has no idea what will stimulate the economy (even the so-called expers can’t agree). If this is successful, all the nay sayers will suddenly remember that they rooted for this bill after all. Hindsight is 20-20. There are no guarantees.
And the idea that more tax breaks should have included eludes me. Haven’t taxes been low the past decade. Look where we are now. Do we really think LOWER taxes are the cure-all.
Like someone else who mentioned the homebuyer credit, I’m gratified to see that ridiculous $15k the senate came up with was swatted down. It wasn’t refundable folks. That means it just reduced your tax obligation, and I manipulate my withholdings thru-out the year to make sure I don’t get a large refund (I’d rather have that money all year, not let Uncle Sam earn interest on my money). Now, a refundable credit, I can see a lot of uses for the money people will get back. Some will save it or maybe pay down debt, but a first time homebuyer will likely still be working to make their house a home, and much of that money will be spent investing in things for their home, so there’s that later boost to the economy.
Years of government subsidizing housing costs, in the form of tax deductability of mortgage interest and of real estate taxes, has to be given some blame for the unsustainable prices we have. I goes to reason, to buy over your head if the government is paying xx% of your cost. Prices should be allowed to fall to a level such that the median income of a median family can afford the median price (exclusive of subsidies).
Why is the health insurance for laid off workers only from 9-1-08 to 12-31-08 eligible? That’s not fair for the rest of us!
I noticed that in a CNN article online it stated that unemployment benefits will be extended by 33 weeks in states deemed to have high unemployment rates. It stated 30 states are now deemed this. Exactly which states? I think a lot of people are thinking that this extension applys to every state since it was in the stimulus. Is this not the case? Please clarify for everyone.
This is pure socialism! The problem with socialism is that eventually the government will run out of “other” peoples money. A government who robs Peter to pay Paul can always count on the support of Paul. Oh well, all of you clowns voted for this, you know who you are, thanks for the CHANGE.
What is the point of credit risk if the banks will remodify the loans of people with terrible risk? What kind of a break do responsible people get? The kind of people who didn’t get into an option ARM, or didn’t buy more house than they could comfortably afford, or the people who make other financial sacrifices to make sure their loans/credit cards/mortgages are up to date and paid on time.
I happen to work for a bank and I have to shake my head everytime i hear a story about a customer who charged up crazy credit card debt because they knew they would be able to pay it back some day. That day never came, they owe more on their house than its worth now, and they can’t curvive. Those kinds of people are the reason this whole problem is a problem.
Why can’t the banks just say sorry, we shouldn’t have loaned money to you in the first place? These banks need to face reality, where life says you can’t just get a blank check from the government for writing tons of bad loans.
Well, I will finalize on my first house next month. It was great that for ONCE I got something out of these crazy spending bills. I went ahead and purchase a house over $200. I have 35% to put down. I was suprised by how EASY it was to get credit. Credit was approved in 15 mins.
Anyway, I find it ironic that the one provision that gets the most attention in the stimulus bill is the Housing Credit which is a REPUBLICAN idea. If they had followed the Republican suggestions last year it would have been a $15000 for all buyers.
It is funny if housing is what started the problem, then it should be the first thing focused on to fix it.
I have loved the drop in prices on housing. It made it affordible and I could get a nice house for the price. Actually housing prices dropping is a good thing and opens it up to a number of people who have been smart with their money.
I put myself through 8 years of school, including undergraduate and professional school to become a pharmacist. As a result, I have around $70,000 worth of debt. In 2008, I paid over $35,000 in taxes. It’s funny that people who pay the most taxes into the system get the raw end of the deal with this stimulus package. I don’t qualify for the work tax credit or the first home-buyer because “I make too much.” Excuse me, but in California, $100,000 does not go a long way. Whatever happened to the American idea that if you work hard, you will reap the benefits? It seems to me that my neighbors are benefitting more than I am.
It is the end of the world as we know it. Prediction: Depression.
Quit rewarding the lazy zombies that drool over Obama. They cannot see past tomorrow.
Its amazing that in this bill still they are not doing anything to help people (not banks) from losing their homes….. AMAZING….
worked hard , paid my taxes , invested prudently , did not cheat , lied or used my house as an ATM and still doing the same, while I saw people using every loophole in the system to cheat , buying houses with no down cashing out and living the high life and now they are crying foul as the gravy train has left the station but guess who is the one the govt is rushing to bailout ? , I just want to know is playing by rules no longer the right thing to do ? what about me and my family ? , no tax rebate for my family , no break on my home loan , no break for my family period . I feel cheated out of my American Dream.
Where do these old farts get off spending my hard paid tax money on programs for std research? Or global climate shifts studies? If these elected officials do not realign their ideology with the people that have elected them then they may need to find a new job. I am tired of hearing the republicans did this last year or the democrats said this. Do the job we elected you for. If that is too hard maybe we need a little house cleaning.Maybe a little Federalist movement like back in the 1820. Americans are disillusioned with the state of politics. Currently politicians are so corrupt and unable to deal with vital issues—that at some point the public will desire a viable alternative to the Republican and Democratic Parties.
This is a call to arms Blue and Reds if you do not fix your parties and get things back on track somebody will. (Without you)
Ok..I have completed and submitted my 2008 taxes. I am a 1st time home owner and did claim the 7500 credit. I purchased on October of 08′. I now see there is an $8000 credit out there on the final bill. Can I do an amendment on my taxes to get the additional $500…also, will I have to pay any money back with the new bill???
The $8000 tax credit for first time home buyers won’t work to stimulate the housing market. I live in NYC and housing is expensive. The tax credit phases out completely for people making over $75k, or $150k for a couple. In NYC, if you don’t make more than $150k then most likely you can’t afford to buy a house anyway. I don’t think adding $500 to the existing $7500 tax credit is going to create a flood of people wanting to buy a new house. The Senate’s original proposal was to give first time home buyers a $15K tax credit. Now that is serious money and might have persuaded more people to buy a house. The proposed $8K tax credit is not going to inspire anyone. The housing crisis will remain, and so will the poor economy. Why doesn’t the U.S. help home buyers like the way the U.K. does? The government should offer to defer interest on mortgage payments for two years until a homebuyer gets another job. The current situation or proposals do nothing to help existing homeowners and does little to motivate people to buy houses.
I save for the rainy days. I have no debt. I bought a small house eventhough I can easily afford a much, much bigger house in a better neighborhood. I plan my kids college with 529. And now the government basically is taking my savings and give it to those who are reckless and spend way beyond their means. I am not going to qualify for the full tax rebate because I make too much. I am not going to qualify as first time house buyer. All these are telling me it is time to move to Canada. Wonder what US will become when all the so called upper middle class leave?
I’m glad to see that you all are as frustrated as I am with this bill. We need to vote all of these clowns out of office or the country goes down the tubes from here. This is the most ridiculous bill I’ve ever heard of!
Early when this stimulus package was being discussed, it was mentioned that they would patch the AMT again this year. in this revised stimulus, there is no mention of this. Any idea whether they will be fixing/patching that again this year? As a middle income person that has been hit by this, it is very discouraging.
Will lending companies that hold a homeowners mortgage be forced to re-write a loan if the homeowner meets certain criteria?
For example:
>30, 60, 90 days late
>About to go into foreclosure
>Already in foreclosure
>DTI more than a certain percentage?
I fall in the later category. My wife and I purchased a home in 2005 with a option ARM for $425K. The ARM was fixed for 2 years. We refi’ed in 2007 before the loan adjusted so that we would be able to afford the new payment. The home is now only worth $285-300K. We can’t sell because we’re upside down $125 – $140K. We’re basically trapped in our house like rates in a cage. Our current Mtg payment is 60% of our total monthly income. We’re able to responsibly make our house payment on time every month. However, after car payments, insurance, gas, power, water, cable, phone, food, etc…there’s really not much left. (Thank God we don’t have and children). We stopped adding to our 401K and have very little in savings. Not to mention that we had to borrow $35K from our 401K just to get the house refi’ed in the first place. I can’t remember the last time we bought a luxury item such as a new pair of shoes, dinner at a restaurant, movie, etc…(All luxuries to us at this point.
I did hear of a program that will allow homeowners to refi at a lower interest rate and possibly extend the mortgage if their Debt to Income ratio is over 31%. Will these companies be forced to refi homeowners in my situation who have a DTI of 60%????
Thank you for your response.
I am loosing my house in forclosure, how can I get out of the debt if my house is auctioned and sold for less than what the mortgage amount is? Will the bank take the lost or will there be a judgment against me to pay the difference? Is the bailout money going to help the banks for the lost they are taking from the forclosure?
I am glad the $15000 credit got axed, and the $8000 put in its place. The $15000 wasn’t refundable, and wouldn’t have done jack for people like my husband and I, who are about to buy our first home. We were responsible, put up with renting until the insane bubble burst and prices became more realistic, and we are now, finally, able to buy a modest starter home. That is one less vacant house harboring crime and depressing the neighbors’ property values.
How will that $8000 help? It will mean that we can buy appliances, and maybe a car. It will mean that we hire an electrician or a plumber to come do some work. Those things are what will stimulate the economy, not giving some rich person who makes over $100,000 a year a big break on their taxes if they go buy another ridiculously large house out in the suburbs because the 2500 square feet they have now just isn’t [i]spacious[/i] enough.
I am so tired of hearing about how things that help first time homebuyers are helping “nobody.” When people my age got out of high school into a recession, it was just too bad for us. When financial aid started to disappear and college costs skyrocketed, it was too bad, better us than you. If we got scholarships and worked our way through school, and were saddled with huge student loan debts, too bad. No starter homes anymore? Rent costs jumping 35% in a year? Too bad again — guess we should have thought twice about being born when we were!
Now, for once, the timing is right, and we get half a chance to get established. I’ll take what I can get and be happy for it. It’s not as though the last couple of generations haven’t been mortgaging our future for years anyway — at least this time I might get something out of the deal.
It’s clear that too many of us taxpayers have not paid as much attention to Washington as we should have, myself especially, I’m guilty. The past year has been a real wake up call for me. I plan to start speaking up, and become a part of holding our US government to their job – to serve the people. Currently it the other way around – we’re the governments servants, along with serving all the “illegals” in our America….how bumb are we?
In reguards to bailout money…. unfortunatly I personally have done business with those institutions that have received bailout money. Rest assured I will NOT support any of those institutions for the rest of my life. If all Americans took that one immediate step, we could have an immediate influence on where out tax money goes, and show our elected “servants” that we will require them to perform their jobs once again….for the fat cats receiving bailout money it would be an death sentence if us American tax payers act in unison! Maybe then they would get back to work and quit begging.
ok..I have completed and submitted my 2008 taxes. I am a 1st time home owner and did claim the 7500 credit. I now see there is an 8000 credit out there on the final bill. My question is…Can I do an amendment on my taxes and get the additional 500 dollars? I want to get all that is possible as would any one. Thanks.
One part that drives me “nuts” with the whole stimulus package is the “first-time” home buyer program …
* First it was an interest-free, 15-yr. loan of $7500, now they convert that into a free $8000 loan.
* What about the people who bought in e.g. 2005 and were even prudent enough to go w/ fixed-rate and only as much house as they could afford?
We are under-water, but we can still relatively easily manage our monthly payments; but do we get a “good job” message from the government etc. for being prudent, e.g. in the form of some extra cash etc.? Nope! The prudent ones get only handed the bill … 
I am a first time home buyer and purchased my home at the end of December 2008.
Why is it that the new stimulus is only retroactive to January 1st? Why is it that I will be paying it back for the next 15 years and someone under the same impression I was who purchased a week later now gets a free ride?
In fact my taxes will end up going to those who do not have to pay it back. It is so unfair for the politicians to not apply it to everyone receiving the credit!!!
Wasn’t it Ben Franklin that said” A republic will last only until the people figure out how to vote themselves moey out of the national treasure”
We privatize profit for a few of the wealthy and socialize loss. What a deal… Starting to sound alot like The old Russia we were so afraid of just a few years back…
Does anyone study or teach History anymore?
By JUDY SHELTON
Let’s go back to the gold standard.
If the very idea seems at odds with what is currently happening in our country — with Congress preparing to pass a massive economic stimulus bill that will push the fiscal deficit to triple the size of last year’s record budget gap — it’s because a gold standard stands in the way of runaway government spending.
Corbis
Under a gold standard, if people think the paper money printed by government is losing value, they have the right to switch to gold. Fiat money — i.e., currency with no intrinsic worth that government has decreed legal tender — loses its value when government creates more than can be absorbed by the productive real economy. Too much fiat money results in inflation — which pools in certain sectors at first, such as housing or financial assets, but ultimately raises prices in general.
Inflation is the enemy of capitalism, chiseling away at the foundation of free markets and the laws of supply and demand. It distorts price signals, making retailers look like profiteers and deceiving workers into thinking their wages have gone up. It pushes families into higher income tax brackets without increasing their real consumption opportunities.
In short, inflation undermines capitalism by destroying the rationale for dedicating a portion of today’s earnings to savings. Accumulated savings provide the capital that finances projects that generate higher future returns; it’s how an economy grows, how a society reaches higher levels of prosperity. But inflation makes suckers out of savers.
If capitalism is to be preserved, it can’t be through the con game of diluting the value of money. People see through such tactics; they recognize the signs of impending inflation. When we see Congress getting ready to pay for 40% of 2009 federal budget expenditures with money created from thin air, there’s no getting around it. Our money will lose its capacity to serve as an honest measure, a meaningful unit of account. Our paper currency cannot provide a reliable store of value.
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So we must first establish a sound foundation for capitalism by permitting people to use a form of money they trust. Gold and silver have traditionally served as currencies — and for good reason. A study by two economists at the Federal Reserve Bank of Minneapolis, Arthur Rolnick and Warren Weber, concluded that gold and silver standards consistently outperform fiat standards. Analyzing data over many decades for a large sample of countries, they found that “every country in our sample experienced a higher rate of inflation in the period during which it was operating under a fiat standard than in the period during which it was operating under a commodity standard.”
Given that the driving force of free-market capitalism is competition, it stands to reason that the best way to improve money is through currency competition. Individuals should be able to choose whether they wish to carry out their personal economic transactions using the paper currency offered by the government, or to conduct their affairs using voluntary private contracts linked to payment in gold or silver.
Legal tender laws currently favor government-issued money, putting private contracts in gold or silver at a distinct disadvantage. Contracts denominated in Federal Reserve notes are enforced by the courts, whereas contracts denominated in gold are not. Gold purchases are subject to taxes, both sales and capital gains. And while the Constitution specifies that only commodity standards are lawful — “No state shall coin money, emit bills of credit, or make anything but gold and silver coin a tender in payment of debts” (Art. I, Sec. 10) — it is fiat money that enjoys legal tender status and its protections.
Now is the time to challenge the exclusive monopoly of Federal Reserve notes as currency. Buyers and sellers, by mutual consent, should have access to an alternate means for settling accounts; they should be able to do business using a monetary unit of account defined in terms of gold. The existence of parallel currencies operating side-by-side on an equal legal footing would make it clear whether people had more confidence in fiat money or money redeemable in gold. If the gold-based system is preferred, it means that people fully understand that the purpose of money is to facilitate commerce, not to camouflage fiscal mismanagement.
Private gold currencies have served as the medium of exchange throughout history — long before kings and governments took over the franchise. The initial justification for government involvement in money was to certify the weight and fineness of private gold coins. That rulers found it all too tempting to debase the money and defraud its users testifies more to the corruptive aspects of sovereign authority than to the viability of gold-based money.
Which is why government officials should not now have the last word in determining the monetary measure, especially when they have abused the privilege.
The same values that will help America regain its economic footing and get back on the path to productive growth — honesty, reliability, accountability — should be reflected in our money. Economists who promote the government-knows-best approach of Keynesian economics fail to comprehend the damaging consequences of spurring economic activity through a money illusion. Fiscal “stimulus” at the expense of monetary stability may accommodate the principles of the childless British economist who famously quipped, “In the long run, we’re all dead.” But it shortchanges future generations by saddling them with undeserved debt obligations.
There is also the argument that gold-linked money deprives the government of needed “flexibility” and could lead to falling prices. But contrary to fears of harmful deflation, the big problem is not that nominal prices might go down as production declines, but rather that dollar prices artificially pumped up by government deficit spending merely paper over the real economic situation. When the output of goods grows faster than the stock of money, benign deflation can occur — it happened from 1880 to 1900 while the U.S. was on a gold standard. But the total price-level decline was 10% stretched over 20 years. Meanwhile, the gross domestic product more than doubled.
At a moment when the world is questioning the virtues of democratic capitalism, our nation should provide global leadership by focusing on the need for monetary integrity. One of the most serious threats to global economic recovery — aside from inadequate savings — is protectionism. An important benefit of developing a parallel currency linked to gold is that other countries could likewise permit their own citizens to utilize it. To the extent they did so, a common currency area would be created not subject to the insidious protectionism of sliding exchange rates.
The fiasco of the G-20 meeting in Washington last November — it was supposed to usher in “the next Bretton Woods” — suggests that any move toward a new international monetary system based on gold will more likely take place through the grass-roots efforts of Americans. It may already be happening at the state level. Last month, Indiana state Sen. Greg Walker introduced a bill — “The Indiana Honest Money Act” — which would, if enacted, allow citizens the option of paying in or receiving back gold, silver or the equivalent electronic receipt as an alternative to Federal Reserve notes for all transactions conducted with the state of Indiana.
It may turn out to be a bellwether. Certainly, it’s a sign of a growing feeling in the heartland that we need to go back to sound money. We need money that works for the legitimate producers and consumers of the world — the savers and borrowers, the entrepreneurs. Not money that works for the chiselers.
I guess CNN Money is the best place to ask this question: Is the government more of a private company or a public company and if it is public would you buy stock in it?
In my opinion, it is a private company; there is no stock, so why are shareholders/taxpayers buying something that obviously does not exist. There is no way the executives/politicians of this Company/America are looking out for the best interests of its shareholders/taxpayers by passing this so called “Company/American Reinvestment Bill”. These executives/politicians are trying to clean up the mess that they created while getting rich (Enron). If this were any publicly traded company all of these clowns would have been prosecuted to the extent of the law. I am pretty sure that it don’t state anywhere in the Practices of The Company/Constitution of the United States that anyone is entitled to a free ride or a break paid for by the shareholders/taxpayers. This is exactly what the banks have done in the past (due to laws passed by these clowns)which is the entire reason we are in this mess and look at where it got them. So now our so-called executives/politicians are going to go down the same road again. What kind of management makes the same mistake twice? None, because the first time they screw up they are out. I dont think worse business practices have ever been so well documented.
Why should people get a free $8000 to buy a house in 2009? Or why did people get $7500 to buy a house in 2008 that they have to pay back over 30 yrs? My wife and I bought our house in 2007 after we saved for a long time. We were frugal for years, traded in our nice cars for older and smaller models, and pinched every penny. We closed with a 6.25% on a 30 yr. fixed. So our being financially responsible means that we have to shoulder our mortgage(which we should, we signed the paper), but others who didn’t take the time to sit down for an hour and realize what they were getting themselves into get help? Why does this seem rediculous to me? You signe up for hundred of thousands of dollars worth of mortgage and you have the nerve to complain that you didn’t understand how an adjusted rate loan works?!?! Than why in the world would you take the loan! But its okay, we’ll just fix it for you. Thats the trouble with people these days, they don’t want to take responsibility for their actions! And now their mommies and daddies can’t bail them out, so someone else needs to. I’m 22 yrs. old, and my wife and I paid for our house with our money. Why can’t you?
this stimulus package is crap. we need to stop spending and give the tax payers some relief. as a tax payer i am tired of bailing out banks and the auto industry. these ceos of the banks should be made accountable for what they have done to this economy. they should have there sorry butts in jail instead they still have their jobs and rake in bonuses. is our goverment stupid or what!!! i shake my head in disbelief that we still are giving them money. when does this stop?
It is unseemly that the vast majority of people making comments, or asking questions, are correlating the bailout with expected failure, and “our” politicians actually voted in overwhelming approval. The only positive comments are questions, mainly from people who clearly don’t understand what the consequences of creating #1.2 trillion dollars, then throwing all that paper into the economy. What happens to the value of the paper I already have? Naturally, it has gone down. So, like Ron Paul asked the congress, how is inflation going to solve the problem of inflation? How is $1000 for one year going to do anything, especially for those who most need it, like our elderly who’s monthly medicine bill is $1000?
What needs to happen is what happens to everyone when they fail, sell your s#@$ & file bankruptcy. You failed. That’s life.
If banks had to restructure their debt in a chapter 13 filing, their debtors would no longer owe the balances originally owed. If I file chapter 13 on, say $500,000 worth of debt, the judge can reduce that obligation to, say $150,000. Then, the monthly payment would drop, the creditor would still receive something, and if they are savvy, can still post profits.. just like they did up until recently. The housing market would level because realistic values would reemerge.
Those of us who bought in 2008 and took the $7500 credit should get together and protest to make sure we dont have to repay the credit like those who buy in 2009
The stimuls bill will not get to the City and counties needing the money for projects. The reason is the States will bail themselves out first and nothing will be left for the lower half of the public sector. California is dying financially and it will take years to recover. I will move to Canada and become a citizen there free benefits and lots of work. Here our goverment gives all the money to the illegal population.
Would you tell me how giving millions to the Smithsonian and the National Endowment of the Arts is going to stimulate the economy? Get real. Give the money to the American people and let them decide how to stimualte the economy. Yes, some will pay off bills and learn to live within their means (wow, what an idea!!!), others will buy cars, homes, tvs, etc., and there might be a few who actually save a few dollars.
For too long credit has been too easy. We need to learn how to work and save for items we want/need, then buy them. Many people bought more house or vehicle than they could afford – now you want me to pay their bills??? Don’t punish me because I am fiscal responsible. There has got to be a more common sense approach to this crisis. I pray our leaders will pay attention to what they do. They WILL answer to the higher power!
my husband and i both lost our jobs this year. we worked for the same big bank we’d worked for for 16+ years. and the the ceo made out like a bandit!
the ceo’s sure don’t mind taking huge bonus checks as they layoff their employees and send job’s overseas.
Until the Feds write legislation forcing banks to modify the tens of millions of underwater, toxic mortgages bringing the consumer economy to its knees there will be no bottom.
For those of you that think “throwing the lying homeowners in the street” is the answer…think again. I’ll make an analogy to what Paul Bremer did in Iraq by disbanding the entire Iraqi army by the stroke of his pen…sometimes knee-jerk reactions feel good at the time, it’s just that in the long run they don’t usually work out that well (see “Iraqi Insurgency”). Plus, if having all these greed-infested banks bailed out already to the tune of $700 billion in TARP funds without any strings doesn’t enliven any feelings of empathy in you for the American mortgage payers I don’t know what will.
The Obama administration needs to start driving policy and legislation with the political majority they were mandated with. What good is power if un-exercised?
The bottom won’t be pretty…if action isn’t taken in the next 3-6 months it’s time for each of us to start thinking of a skill (brewer, barrel-maker, armorer, blacksmith, farmer). If you think I’m kidding, good…I’ll be rounding up your foodstocks and good looking women with my merry feudal lords come Christmas 2012.
Tschuss!
DvonB
Q.
How will this package specifically help me keep my house which is at the moment half the value of what I owe ($200k under water)
(Comment) Unless they force/incentivised the lender to re-sell me my own house for market value at ongoing interest rates AND eat the difference (as they would if they foreclose on me and sell it to Joe Blow instead), I can’t see a good reason not to go ahead and stop making payments, foreclose, go rent, then 3 years later, buy again; most likely an equivalent house for the same price it was 3 years back when I walked out. Unless they do this for all of us, foreclosures will continue, prices will remain low/lower until all homes have been foreclosed; an endless spiral down, it seems.
This option however WILL stop foreclosures NOW, thus stabilizing prices which will prevent future foreclosures, prices will eventually rise, thus preventing even more future foreclosures. Homes are selling now, eventually we’ll eat up all the inventory (since there is no more foreclosures), new construction will start, people go back to work, economy improves, values go up, we build equity again, etc, etc; un upward spiral effect instead.
If we use the lessons from the Great Depression and think about job creation as a constructive way to fix this mess – I think that is a beginning. A certain number of homeowers can’t probably be saved because they owe far more in mortgage debt thatn they can afford (even with low interest rates). Those we can save and rewrite the mortgages to either forgive principal, extend the loan term to 40 years and/or adjust the payment to 33% of their gross income I think should be a priority. As a Country I think it is timne we all realize that we cannot continue living in this drunken spending spree we’ve had for the last 5 years. We can all spend money smarter and save more. The day we knew we were in trouble was when a report came out at the end of 2006 saying that as a Country our savings were in the negative. The sooner we recognize this fundamental shift in thinking -the sooner we can all regain financial health!
How much of the stimulus will come soon and how much will come in the out years just in time to stoke the fires of inflation and then hyperinflation. How much will the taxpayer be fleeced to bail out the banks and their greedy execs?
Why isn’t anyone talking about the ramifications of this bill? I’d like the senate to come up with a pros/cons list and submit it to the American people. All you hear is doom and gloom if this is not passed…and fast.
From what I’ve seen of this bill, which is hard to get a copy of, is some spending on infrastructure, a make work pay “tax break” that equates to nothing (when gas prices go back to $2.25 there goes my tax break) I say keep it. A dollar a day today will mean 2 tomorrow for me and my children.
I say; ‘You have got to be kidding….’ My husband and I just turned 50, we have 2 children 18,21. We own a home (or the bank owns our mortgage). We are fortunate. We both have jobs (for now). We did not get caught up in the mortgage fiasco, although it was very tempting. My 401k is a quarter of what it was worth in 2007. It’s only numbers, not real. I see little relief for us. We see our insurance, food bill, utilities and taxes increase, our income did not. We will not buy a home or a car just to get a tax break. We do not need to incur more debt! What we know is, the US is in debt up to its eyeballs. The oil companies made billions, at the people’s expense. The mortgage brokers, car makers, and stores all enjoyed very fruitful years. Now the taxpayers are called upon to relieve their debt. We cannot fail, we will not fail as a country. These are trying times. We are facing unwelcome realties. You notice I say ‘WE’, because there is no ‘ONE’!
Thanks for the “Change”, as in pennies, Obama. Looks like his ratings will be in the Bush category real soon. Typical politician, he tells you what you want to hear and then flips 180 degrees.
Rather than poor more money into the banks, insurance companies and other assorted companies / people who have proven that they can not manage money and therefore should not get any. Think of the stimulus of putting 7500 dollars into the pocket of every adult over the age of 20. Given our current census data we could do that for the same price. I’m sorry but 400$ or 8$ per week is laughable in terms of the impact it could possibly have. The fact that we keep a banking system that is ethicly and morally bankrupt afloat with our money is, well… in a word… disgusting.
It seems that our President, Representatives and Senators have no regard for hard working people who live within their means and pay their taxes. Passing any form of stimulus aid without addressing the housing crisis first is a complete waste of money and demonstrates poor stewardship of our best resource, the people who create wealth.
People and businesses that make bad financial decissions should be allowed to fail. Investors that take risks must be allowed to fail. Rewarding failure and punishing those who succeed is a crime in itself.
The poor reasoning and pure rationalization of the “stimulus plan” without addressing housing is nothing more than robbers lifting everything within their graps, including the power required to legalize the theft!
I never did understand why everything had to be in one package. The only reason I could come up with was it’s how the Democrats get what they want since separately the items would NEVER pass.
Now, we the public, will have to revolt and become politically active and come to DC to be heard. It will get much easier to get signatures and votes to do the will of the people if we still have a country.
We need to stop the invasion on our soil. Non citizens should get NO money, NO jobs, NO homes, No rights. They should get the hell out on the other side of the fence. We have a system for becoming a citizen. After all we need not let in criminals or non workers or non English speaking people.
We need to lower the qualifications for the death penalty, allow one appeal to one higher court, carry out sentencing within a week of losing appeal.
Congress need to be on Social Security like the rest of us.
This Stimulus Bill is only one part of the fix..The Treasury holds an important key as does the Federal Reserve. The bigger problem we face is self interest of our elected officials with regard to stayng in office as opposed to what they are hired for. Whether conservative or Liberal, Unemployment Chowder tastes the same!
Additional programs are needed such as a “true” foreclosure mitigation program where the homeowner exchanges part of their equity for a govt. subsidized, low interest rate mortgage where they prove that thay can make the payments.
This way, its not a total bailout.
The other huge part relates to oversight..Oversight for all culpable participants who created this mess..Let’s not just target Wall Street! The Mortgage profession is inundated with unlicensed hacks who are neither accountable or responsible when it comes to servicing the consuming public with one of the biggest decisions they’re likely to make in their life!
I am tired of the political BS. This ountry is in shambles because of the lack of of goverment monaturing. Their was no one saying that your home could not double in value with in 1 year, No one said that we are spending too much in irak, no one said that the banks could not create crazy Mortgage loans, No one said you could not send our jobs to other countrys nor did any one say that you had to buy american. It,s clear that the cost of living in this country is rediculas. Look at the cost to have utilitys in your home lone. Car prices are and have been extreem for years. The bail out should have started with the Tax Paying American and not the banks How many banks do we need anyway? bailing out the banks so they can lend more money to Americans who cant afford the loans they have already am I stupid am I missing somthing. If tax paying americans were bailed out we would have funds to pay our Mortgages and bank loans. I think it’s clear the cost to be an American is too much and to think we are paying to kill our solders in other countrys is crazy
I once saw where every 1Bil in trade deficit equals to 20,000 job losses. I sure hope that all of this spending is only spent on items produced within the US or Countries that we have a level trade balance with. It is our tax money it should only be spent on items manufactured in the US or Countries that are spending more with us than we do with them.
I have seen nothing out of these bank bailouts except for fraud. I was for it when it came out but there was no accountability for the first 350Bil. At least now the Obama administration is taking the time to do it right. I do my business at local banks…they did not need any bailout because they are smart run banks not big and sloppy. I heard a long time ago when you get big you are sloppy or have to work to be neat. Big corporations are sloppy and are full of waste and abuse. I think now we should of let all of the big banks fail and smaller banks would of picked up that business and in the long run we would all be in better shape.
We need to spend money now on energy sources so that our manufacturing facilities can be competitive. We are loosing jobs overseas now not only due to labor rates but due to energy costs.
I heard last week that the economy should be ok now because even though over 7% out of work that left 93% with jobs buying products. What they failed to include is that probably another 5-10% are going to loose jobs and over 50% of the working people do not know if that will be them.
We live in a great country, I for one spent six years of my life in the military working for the freedoms we have. My sacrafice nowhere compares to the milions of others before and after me that had tougher jobs or missions. Now is not the time to point fingers at a politcal party. Take the time to study an issue know both sides and vote next time. A lot of the same people calling the current spending pork were ok with 10Bil a month going to fight the war in Iraq. A war is one thing but for those of you that have not been in one or don’t know how they are fault now it is a different game. Not so long ago a person in the military cooked your food, cleaned your clothes, built temorary housing, etc. now those are lucrative contracts given to yet more big sloppy companies. We need to look at building a strong military and using them in critical roles like TSA. TSA would of been a perfect job for the military, now it is another federal job that is on the books forever.
Okay, a simple question. People are understandably upset about their 401Ks and other retirement and/or stock market losses after the last year+. The stimulus bill’s champions have trumpeted their plan as a way to fix the economy, and therefore stabilize Wall Street and shore up our savings.
BUT, the early reviews are in and the market has not responded favorably to this plan. Just as it reacted negatively to Geithner’s vague bank rescue plan on Tuesday, it has reacted negatively over the past few weeks to everything connected with the stimulus. It responded to today’s passage of the bill by the House and its seeming likely passage by the Senate tonight by dropping yet again.
From an information standpoint, this is good news. We now know how the economy will react to the stimulus because we in fact get to see how the economy is reacting to the stimulus. As I say it’s good news if we have the wisdom to listen to the audience (as measured by the only yardstick that counts, whether they’re actually buying on this news or not). It’s as if a studio could get real box office return info on an expensive blockbuster movie without having to actually film the movie. We now know we have an Ishtar on our hands – but the great news is, we haven’t yet had to irreversibly actually make the movie. We already know it’s a dud and we can stop before it’s too late.
So why aren’t even more economists and maybe some prudent lawmakers who are half-hearted supporters paying attention to the warning signs? We’re trying to fix the economy. The economy itself says this is the wrong plan. Why not actually listen to the feedback and try proposing a different plan?
I would like to have had time to review the Bill. The citizens did not get the 48 hrs to review as promised or the 5 days to review that the President promised. Why is this being forced down our throats? One more week would not hurt the overall effects of the bill.
Special interest stimulus is what we have as a result of the latest legislation. The democrats are always tagged with being pro “big government” and now we, the taxpayers, have it like we never had before.
Too bad our political body has no faith in the people. Seems to me that the calculation made recently regarding distributing the monies directly would result in each taxpayer receiving approximately $10,000. We, of course, can’t do that because we might be foolish enough to save it. Yeah right! With all the consumer debt present, seems that most of the money would be utilized to reduce debt or pay for something foolish like food and shelter.
Can’t wait for the change in control of the census so we can have even more democratic votes.
Yea!! $46.00 a month. Yahoo!! I can now make that motrgage payment on my monopoly house.
The banks charge 30% interest, 3 to 4 dollar atm fees, and get a bail out.
All they had to do is make the banks lower the mortgage interest rates by 3 points, and every homeowner would have money to spend. then there would be no layoffs because we would shop and buy cars etc, etc.
My husband is self emploed, how will he get his $15?
I JUST hired a contractor to build an addition and re-roof the house. I don’t NEED the addition, but I want it. Will someone reimburse me for that?
Oh please. Come on folks. Learn the difference between “needs” and “wants” and stop hoping the gov’t will bail you out for your stooooopid decisions! You drive cars 4 & 5 years old? Oh boo-freakin-hoo!! I drove a 1995 car until just last year (that’s right, the car was 13 years old when I finally upgraded). Stop whining and work for what you want.
I thought Obama was going to be thinking “new”, like an aggressive energy development plan. But this is just same old same old, creating few jobs. We don’t qualify for any of the “stimulus” perks, but living in California we will be hit with all the new taxes our state will be handing out. So whereas we normally spend between 80 and 100k each year, now we won’t be buying any luxury items or hiring of subcontractors. $800 b should be helping the poor and creating a lot more jobs that this program.
Our politicians still do not get it. The party is over! Printing more money that they are unable to pay back is an old trick that no longer works. We have shipped all of our manufacturing jobs offshore, we do not make anything in the U.S. anymore and there is no middle class as a result. Washington DC has to learn to live like the rest of us….. on a budget. Adding to the deficit is not the answer. The ship has sailed. The economy WILL get much worse. Look for a DOW of 4000 and foreign investment will dry up.
So let me think about this. We have a stimulus that will cost the 150 million americans who pay taxes $5,333.33 each and double that when interest is included. So roughly $10,000 for each tax payer to pay back is going to help the economy? This is nothing short of stupid.
It is clear the the US Government (ie, politicians) has decided that the interests of the US business and banking elite are more important than those of the tax payers.
Why are we going to subsidize mortgages that are at risk of forclosure? Why are we going to prop up a failing housing market?
We need to step in as a nation and ReFi those who are equiped to pay their mortgage for the next 30 yrs at 4% and do that before doing anything else.
Housing prices have fallen for a reason and banks should not be getting subsidized while still enforcing 8% or higher APRs.
As a tax payer my individual burden for the Stimulus and Tarp is approaching 10,000$. I will see approximately 400$ of that 10,000$ while the other 9,600 goes to those undeserving of it.
People are not mad about “only” getting 8$/week (what it works out to for individuals at 400$/year). We are mad about paying 192$ a week for this stimulus and getting 8 bucks of that money back ourselves while watching our “nation’s leaders” piss the other $184 into the wind.
We are witnessing the biggest raid on the US treasury in history. The bankers who are foreclosing on our homes are getting personally bailed out with tax dollars from the forclosees while the stoopid taxpayer is getting it shoved up their butts.
There is no mistaking it: we are in a full blown depression. Yet we pass a pork-laden money-wasting so-called stimulus bill designed to create jobs and it will–Lots of jobs for the Chinamen who will make the steel, lots of jobs for Indians who will do the engineering, and lots of jobs for the illegal aliens who will do the construction. All this while American unemployment goes up!!
Just more evidence of the dumbing down of America. If the crooked pols had tried this 50 years ago, there would have been another Boston Tea Party and we would have taken lying jackasses like Obama and Ben Shalome out and pants-ed them.
We were not among the reckless people who bought houses when they knew they couldn’t afford them. Many bought as many as ten or twenty apiece expecting to become the next Donald Trump. We leased a house and waited for the market to stabilize. We were planning on waiting until mid-2009 to purchase a home. Unfortunately, even though we had a valid lease and had never been late on a lease payment, we were evicted from the home that we were leasing because the owner stopped paying the mortgage payment and HOA fees. We were forced into buying a year earlier than we wanted to (August 1, 2008). We did our part and acted in a prudent and responsible manner, and now we are not eligible to receive the new home tax credit because of some arbitrary cut-off date. It doesn’t pay to be honest and responsible in this country. If you don’t believe me, then ask any CEO on Wall Street.
If you already filed your 2008 taxes and got a refund will this stimulus bill result in any immediate funds for the average taxpayer? It seems like the provisions made don’t give those still employed, single and struggling any relief.
New President and Administration. Same old crap of policital grandstanding and no pulse on the American people.
Our country is in debt and no way out. The people are in debt. The goverment is in debt. Over-inflated home values of the past are now settling into reality. People are scared, their savings are demoralized (if not wiped out), and all the stupid politicians want to do is claim victory with a non-sense stimulus bill.
It won’t work. There is no accountability or tracking mechanism. We don’t have the money (but the Feds will gladly print it). And as a struggling home owner, self-employed (in the mortgage business), and feeling no relief, I’m ready to give up. America is no more “by the people”, its now Socialistic and “by the government.” And that’s not the America I believe in, its not the America our country was founded upon, and its not the America that my natural born citizenship cares to be apart of any longer.
America the beautiful no more.
Are they ever going to make some sort of provision so that people who bought a home in 2008 under the $7,500 tax credit don’t have to pay it back? If they don’t do anything and people in 2009 get a free $8,000 while the $7,500 people are paying it back, it is like a slap in the face.
Also, I agree with many people out there, an extra $30 a month will do nothing to make me spend more.
Hello all,
What should be done is….the government should just match your adjusted gross income on your 1040. if you make 50k/ year, you get 50k from the government. problem solved!
How does the stimulus would help to trap homeowners with high interest rate? Why can’t they just refinance all of the confirming Loans at 4% or 4.5% to prevent foreclousers because of high interest rate?
We are a middleclass struggling couple in our fifties, just barely paying our mortgage by the 30th every month (thank you to Countrywide for not willing to do anything until we default..and those were their words) – working out some liquidation plans with our credit cards (some were very nice – others not so much)- shutting off our land line – driving very little on the weekends so we have enough gas to get to work during the week (thank you OPEC for all your care and support in these trying times) – never going out to dinner or buying anything that is not a ‘need’ at the store, keeping our electric heat to 63 degrees (thank you to CL&P in Connecticut for raising your prices so our usage goes down this year but the bill remains the same)- trying to help one son get a job (he is crossing his fingers that a local supermarket will hire him), one daughter graduate college (she had to pay for her final year and graduate school with loans because we cannot afford any more), one daughter get into college (of you have a scholarship she will apply for it) and one daughter in finding a job this summer (she just wants to work so she has her own money since we cannot just hand out spending money) …what is in this package for us? We cannot buy a new car (have to keep driving the 4 and 5 year old cars we have)…we cannot sell our house unless we are willing to take 45,000.00 less than what we even owe…what can we expect? The $15.00 per person per pay period (maybe I can get the Phone land line back…YEA!!!)? Or do we just wait until the unemployed find jobs, people start buying homes and eventually the prices will start to go up so we can see a profit, the car companies stabilize (and if they were smart merge into one big Auto company since we know all three will not survive), the stock market regain trust in political moves (but then when are we going to trust the people in the stock market), the freaking Democrats and Republicans learn to play nice. There is a very big group of us in the middle trying not to fail…our backs cannot carry everyone until balance is brought back to our economy. So what do we do??? How do we survive???
I am losing my job, and I have a mortgage to pay, but I will try to keep it afloat by paying the mortgage on time every time from my savings. It won’t be long before I cannot pay the mortgage, and by then, I would have used up all my savings. I will go broke and live on the street. What can I do?
Everybody and all the jornalists believe they are economists. George Bush’s administration left us in a very deep hole and it will take time and various strategies to get us out. Yeah, the package could have been better with more infrastructure spending but let’s all give it a chance and stop the whining. Solving the bank mess will be a bigger challenge!!
Will first-time home buyers who made purchases within the original time window but before Jan 1, 2009 still have to pay back the $7,500 “tax credit”
Someone here said “Then reward people for spending money by reducing sales taxes. This way everyone is guaranteed to have more disposable income.” — But if they reduce sales taxes, I still don’t want to spend money. It is not just US that have bad economic. Right now, it is a globle economic problem all around. I think US should promote self-sufficient policy. US made, US buy. That way, we create job domestically and spending in the country.
That which you subsidize, you get more of. That which you tax, you get less of. This is an economic “stimulus” that rewards non-earners and punishes working taxpayers; that rewards spendthrift states like CA and punishes competent states like SC; and that rewards greedy house speculators who got burned in trying to make a quick buck flipping (boo-hoo) and punishes prudent buyers and responsible renters who decided to wait till they could actually afford to make their mortgage payments without having to lie on their credit application. It will simply result in more non-workers, more states spending irresponsibly and expecting Obama to force other states to bail them out, and more speculative real estate bubbles. And it does all this by saddling young people with crippling future debt. You have to admire the cynicism of it. Children can’t vote. Adults who don’t pay taxes can. Why not sell out the former to buy the votes of the latter?
But I’m through hoping that our Congress will listen to the people and stop the Generational Theft Act. My question for your experts is, where do I go to switch sides? I want to quit working and paying taxes, and join the legion of moochers and start receiving large monthly checks for engaging in dysfunctional behavior. Is there an application to switch sides? Can it be filled out online? Do I have to file a plan stating specifically how I will be wasting taxpayer money (drugs, fathering illegitimate children, performance art, gambling, etc.)? Or can I just get my cash up front and decide later? Thanks in advance.
Due to my wife’s recent job loss, it will be difficult to pay our mortgage. We are current will all of our bills, including our mortgage, and never pay them late. Our mortgage company ignores our request for help because we are not in default. The incentive is to stop paying the mortgage and pay off other debt, then we will get help, which works out well for us. What is in the Stimulus Package that will help us not default?
Editor’s note: Nothing. The stimulus package was not designed to prevent defaults. That mission was rolled into the foreclosure-prevention plan announced in mid-February.
Will the new homeowner credit make the old $7500 credit non-refundable also????
Editor’s note: We answer this question here.
Where is the support for mortgage interest rates??
Also, where is the rest of the story? On the section where tells you how it will “affect your wallet” they only show where $432.25BB are being directed. Where is the rest of the $354.75BB going?? You know, the OTHER 45% of the package? Not exactly thorough.
I am not having trouble paying my mortgage payment as we bought our house over 20 years ago and did not “move up to be like the Jones’”. We live out in the country and would love to get sewers, city water, and repaved roads but I’m sure those improvements will all go to city dwellers. What benefit will we get from all of the upcoming handouts getting passed around? Should I stop paying on my home so I can get some of the bennies?
My husband and I are a same-sex married couple living in New York, which recognizes same sex marriages performed in Canada. I am 58 years old and retired but not yet eligible for social security or medicare. My husband lost his job at the beginning of this year and we are currently paying a huge amount of money per month for family health coverage under Cobra through my husband’s former employer. $1,400 a month to be exact. I gather that 60% of the cost of 9 months of Cobra coverage will be paid for by the federal government under this stimulus plan. How is this to work. Will this subsidy be provided directly to the employer or to my husband or will we have to claim this on our 2009 tax return. If the later is the case, I can’t see how it’s going to quickly stimulate the economy. Also, am I entitled to this 60% subsidy since same sex marriage aren’t recognized by the federal government, although they are recognized by New York State. Hopefully the right to disciminate against same sex couples is not being written into the stimulus bill!
QUESTION – I bought a condo in November 2008 – how does the ne home buyer tax credit of $7500/$8000 apply to me???
I cannot wait for the increase in taxes to pay for TARP, auto bailout, stimulus, TARP 2,3,4,5, etc….
Oh by the way, I am sure everyone has forgotten that social security will be out of money shortly.
NICE, looking forward to it.
Would be great if the government increased the $3K maximum tax write-off for investment losses for 2008. The auto industry gets help with losses and so does the banking industry, why not individual investors too? This relief would allow investors to spend more in 2009 and or turn around and invest the savings in the market.
I sold my house in Knoxville last year to take a job here in Virginia. i want to buy a house here. Problem is I’m not a “first time” home buyer and not eligible as I’ve owned a home within the last 3 years – that’s part of the definition of “1st time”.
This mess has occurred WITHIN the last 3 years so, people who have had to move to get jobs or who have lost their home in foreclosure yet who are qualified to buy a house – even under tighter lending rules -get NO benefit from the home buyer tax credit.
Can’t somebody change the definition of “1st-time”? Lets put some juice into the housing market and stimulate folks to buy a home that they can afford – under the newer stricter mortgage lending guidelines.
The final bill is very disappointing. My extra $13 a week won’t stimulate me to buy a house.
I don’t understand why the Governement doesn’t make it simple for the Auto Industry. They could send every taxpayer a check for $18,000.00 to purchase an American made vehicle. If the individual wants to purchase a more expensive car then they just add the extra money themselves. If the $18,000.00 was taxable income, then the Government would get a portion back in income tax. Think about what a shot in the economy this would do. It could virtually save the auto industry and would make the taxpayers happy, as they would see something for their money. Less people would be out of work because it would take people to build the cars. This all works as long as the Corporate Officers of the auto industry would not take bonus’s for meeting their quotas.
This stimulus plan is a total waste of the US citizens’(future) money. The government should just back off and let the economy recover on it’s own. By blowing the “crisis” all out of proportion the media and government are scaring the public into not spending and investors into making panic trades. The ’stimulus’ is just making the economy worse.
I read this morning in the Washington Post that the cap on executive pay was scraped from the Stimulus Package.
Who is responsible for getting this item scraped? Someone needs to be held responsible.
Who needs a stable currency? Lets just keep printing money! Lets just keep borrowing from China and print the money for the interest. Inflation? No that wont happen… after all, we need those property values to keep artificially raising!
What a shame. The extra $15 in my check is certainly not going to prompt me to spend. Where can I get a car payment for $60 a month? Had we gotten another $600/$1200 like we got last year, then yes, I would certainly have considered putting a down payment on a car or buying a new tv. This is really sad.
I am sick of hearing about people saying that they shouldn’t be using “OUR” money. I hate to break the news to everyone we are paying taxes to the “GOVERNMENT”. Once it leaves our hands it is their money and their decision to make. It is not like we all got together and decided to bailout the banks with money in our bank accounts. Lets be realistic here people and stop repeating what we hear on tv.
Disappointing to say the least. The Senate got it right when they approved a $15,000 tax credit for anyone who buys a house in 2009. But instead, we now have an $8000 tax credit, only applying to first time home buyers with the promise they don’t have to pay it back if they live in the house 3 years.
Why are current homeowners who would very much have considered upgrading to a new home pushed out? It makes no sense and was a horrible compromise. I’m a mortgage banker. All my realtors were ecstatic about the possibility of the tax credit. Now, it’s just more rhetoric and will do little to nothing to stimulate home buying. I don’t know how first time home buyers, who can maybe afford houses in the $150,000 ballpark move inventory that averages $180,000?
Again, just ridiculous.
Making work pay, huh? So far, the only families who get anything from this “stimulus” package are people who don’t work. $75K is the cutoff for getting any of this “lavish” $400 credit? Well, thanks for nothing.
I knew Obama’s definition of “rich” would be just about anyone who isn’t on public assistance. Amazing this little nugget received little airplay on the major networks.
Maybe Jeannette was correct about what is to come about and about our new Prez.
If you keep messing with “We The People” we will rise up against the government.
Its in our natural and in our history in our blood.
I have some ideas that might fuel the economy and would like to provide them to our state representatives in Washington for consideration:
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(1)Â Â Â Â If one of the root causes of the economy is Consumers are not spending, then the need is to help them obtain expendable cash. Minor changes in tax rates the results in a few more dollars each pay check will not do this. What could provide a strong incentive is to allow people to access accounts such as their 401k plans as well as other examples such as cashing in Government Bonds WITHOUT paying any taxes on these sources of income. This solves a multitude of problems: It does not cost the Government anything in today’s dollars. It provides individuals access to their own money that may be used to get out of heavy credit debt, make a major purchase such as automobile or house or could be used to finance education. Many people have these assets but to use them they face not only normal taxes, but in many instances additional tax penalties. Rather than pumping billions and billions of dollars into the banking and auto industry, why not allow people to utilize their existing assets giving them “no tax incentive” to do so. As people utilize and spend this money it would fuel the economy in doing so and help get us out of the vicious circle the economy is in.
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(2)    A Second simple regulation change that would benefit the majority of individuals and the majority of businesses, particularly small businesses, would be to take the current manner in which social security taxes are spread, particularly FICA, and make it a flat rate with no monetary limitation. Consider the following. I have rounded numbers to make my illustration simpler. Today’s rules are that up to roughly $100,000 in income FICA is applied at 7.65% to the employee and assuming the employer matches this also 7.65%. First make the assumption that the rate is reduced ½ to 3.3% for employees and 3.3% for employers up to $200,000. Theoretically, this might result in slightly less income generated. Now make the assumption that the rate is applied at 1% to employees and 1% to employers with NO Income Limitation. This would mean a drastic savings to individuals and their employers with incomes of less than $100,000 as well as significant savings to employees and employers with incomes less than $200,000. So who is going to make up this difference? The very people that the American people are so Frustrated with: Overpaid CEO’s who have betrayed us, overpaid sports stars with signing bonuses and salaries in the multi million dollar ranges, overpaid investors who benefit by the very frauds they have caused. THE PRIMARY RATIONALE OF THIS PLAN IS IT SAVES MONEY FOR THE WORKING CLASS AND THEIR EMPLOYERS AND MAY PERHAPS MOTIVATE ALL INDUSTRIES TO PUT SOME LOGIC AND VALUE IN THE ABSURD SALARIES BEING PAID IF THE EMPLOYER MUST PAY THE FICA AMOUNT ON THE RIDICULOUS SALARIES AND BONUSES THEY PAY. I BELIEVE THIS WOULD BE GREAT SAVINGS TO SMALL BUSINESSES TRYING TO GET STARTED. How many of these start up companies are paying more than $200,000 salaries and very likely are all primarily less than $100,000.
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I keep reading about the urgency of change and as I watch my savings dwindle I believe these changes could be enacted OVERNIGHT if I could get someone to bring these messages and ideas forward. Most all of us normal Americans are flabbergasted about talks of billions and billions dollar bailouts to financial institutions (and the very concept no one knows exactly thus far where the money’s gone and obviously the little to no impact it has had so far) as well as billions to the auto industry with the primary perception that if the economy doesn’t get fueled, a couple of them will go bankrupt anyways.
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I hope that these ideas will be at least considered. In fact, the only people who would disagree would be the very rich and those employers who pay the very rich as they would have to pitch in more.
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This is a VERY Quick FIX and One that Does not Cost the Government ANYTHING Today.
Of all the varying opinions on any media outlet the only common thread is that our financial crisis started with the sub prime mortgage meltdown. It seems that many think it will end with the housing crisis.
With that said, shouldn’t much of our attention be on lowering the inventory of houses sitting empty not generating any income for our economy.
As of february 2, on the table was a 4 percent 30 year fixed mortgage and a 15000 tax credit for buyers. It seemed that of all alternatives in this stimulus plan this made the most sense. Get people buying, injecting money into economy.
Now, the 4 percent mortgage is off the table? The 15000 tax credit is down to 8000?
What is that going to do??
1) Aren’t we going to have potential homebuyers sitting on the fence because why would you buy now if maybe down the line there might be a 4 percent mortgage coming??
2) Is it true that only 6 billion of the 787 billion is being dedicated housing?
3) Please tell us there is more attention going to potential homebuyers.
4) Wouldnt homebuyers buying large ticket items(houses) immediately inject money into the economy?
Is there anything that will help people who’s home values have plummeted so much that they can’t even refinance due to being upside down on their loan? My home has lost 40% value in 2 years and my appraisal will not allow a refinance. I can make the payments now, but I’d like some extra change and maybe I could help stimulate small businesses and actually have some spending money. All the great credit scores and fiscal responsibility in the world doesn’t help me in my situation. Yet the government aims to help those that perhaps haven’t been so fiscally responsible. I don’t get it.
I find it amazing that Obamamaniacs actually thought government could “change”!! Its just more business as usual in Washington – and its money out of the taxpayers wallets.
This is a very sad day for U.S. citizens. My husband and I did not receive one benefit from the total amount of the package. Not $1! However, Obamamaniacs will be back in 3-6 months with a tax hike to pay for it all.
So much for change!
The stimulus package is really a welfare package and a poor one at that. Let’s face it, those of us who are financially responsible and employed will get no relief. In the summer of 2006 I was required to transfer to the Washington, D.C. area by my employer. Fortunately, over the last 15 years I picked up a good deal of equity in the two homes I have owned and was able to put a down payment of 200G on a 490G home. I did this knowingly. If I had to move now, in all probability, my house would sell for a 150 thousand less. We are all gonna have to take our lumps. The government’s current course will only prolong the pain and make things worse.
I AM A DISABLED VETERAN AND i HEARD THAT WE WILL GET A ONE TIME PAYMENT OF 250.00 DOLLARS. When will this happen?
For a bill that was such an emergency for immediate needs…can you tell me how much will be spent in 2009, 2010, 2011, 2012 and in the future?
I would love to see a timeline of the anticipated spending.
1/3 tax relief = good
1/3 spending = bad idea
1/3 relief = rewarding bad behavior, which is appalling. Let the greedy banks, speculators and those shamelessly living beyond their means fail. The country would be better off for it in the long run. This bill will prolong the recession and in the end we will have more debt and little else to show for. What got us into this mess was excessive credit and spending. The way we’re trying to get out is by more debt and more spending. It’s not going to work.
In regards to people who purchased homes that qualified for the prior homebuyer tax credit wondering if they will still have to pay it back, based on what I read on the house website you will still have to, this is the section of the bill pertaining to it (from sec. 1006):
(D) WAIVER OF RECAPTURE FOR PURCHASES IN 2009. In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008, and before December 1, 2009
(i) paragraph (1) shall not apply, and
(ii) paragraph (2) shall apply only if the disposition or cessation described in paragraph (2) with respect to such residence occurs during the 36-month period beginning on the date of the purchase of such residence by the taxpayer.
you notice it specifically says this applies to homes purchased after decemeber 31, 2008, which means to me at any rate that it doesn’t cover anyone who purchased prior to that date. Its still an interest free loan which is a good deal, just not quite as good as the one people purchasing right now are getting.
I thought the best suggestion for a “stimulus package” was to suspend the Federal Witholding for a year. This puts money in my pocket today. I honestly think that far too many of the components will take way too long to effect the economy (e.g. bid processes on road projects are long and drawn out).
This should be an act based on jobs – no tax cuts to the individual. People earning money is what is going to stimulate this economy, not a few extra dollars in a paycheck. Too many people are too far into debt to make small amounts of money to do any good. And so far, this bill does nothing to address the looming problems of debt burden by the individual. We owe to much and make to little – or nothing at all.
Why not break this bill up into several smaller ones? A tax break bill, an infrastructure bill, etc. That way, you can pass some now and sit and iron out the debatable ones. Also, the gov’t should take the rest of TARP and start a re-fi program. All are allowed to re-fi with them. That way, they get the interest and can use that to close the deficit. I’d rather pay the gov’t than the greedy bankers.
When will the changes to the AMT Tax mentioned in the stimulus package go into effect? 2008 Tax Year?
Thanks
Well, everyone who elected him voted for “change” and those of us that wanted to know what this “change” was were ridiculed and ignored. So here it is…I hope everyone is happy.
Oh, do we have a cabinet yet? Don’t we need one of those?
I’ll Tell you what would work stop congresses paychecks and cap them at $50,000.a year! They have been ripping off the middle class for years.Remember they are not in our league.Congress would never give up there lavish lives to live the life of a middle class family. They get the best of the best, while we suffer through. They can take their misely $15.00 and shove it where the sun don’t shine. They are a disgrace to the american people!
How are they going to dole out the $400 credit for unemployed people who don’t get a paycheck? Is the $150k limit based on 2008 or 2009 income? We have enough confusion already on last year’s tax rebate. Is unemployment check and severance money counted in the $150k income limit for stimulus? Finally I think Omaba deserves a kudo that he is more in tune with the suffering unemployed than Bush.
Instead of giving money to banks, and spending on things that will never help the average citizen, why don’t you divide all the billions up among Americans 18 and over. You want spending, you’ll get spending. Their plan will not work. Giving money to the people will save homes and get them spending again.
They should take $787 Billion and give it to all the legal citizens in the US and that would stimulate the economy.
This STIMULUS STINKS!!! Agree with previous comment about giving our family $30 per check. I will not spend a dime extra. If they were to give me the $800 lump sum I probably would spend some of it.
Plus, over 1/2 of the Stimulus is going to AMT (alt minimum tax) relief. I thought Obama was a democrat. Lower the tax burden on the upper mid-class up will stimulate spending but do nothing to relieve the family in a spending freeze.
I am a Republican but I was actually excited about Obama bringing energy and new thoughts to DC. He has done neither. His cabinet stinks, his stimulus stinks, and his ratings are going to hit rock bottom soon.
Why aren’t the MEDIA talking about the RATIONED MEDICAL CARE and the Health ID that this Stimulus package contains. If you are 65 and your wife needs to have her hip replaced, the GOVERNMENT will send you home and tell you to just “Deal with the realities of AGING!” If the People knew that the RATIONED MEDICAL CARE was in this package, none of the older folk would have voted for Obama. Too bad, how you vote really matters to the future of this country.
I am ANGRY! I see no help for us (lower) middle class folks. The fat cat companies got a handout. The people that bought whatever they wanted, whenever they wanted whether they could afford it or not are getting handouts. The people that don’t work even though they could are getting handouts. Where is the payoff for doing things right? We pay our debts and don’t buy more than we can afford. I see my family of 5 falling further and further behind. I see my husband working longer and longer hours in a desperate stressed out attempt to keep his job. I am constantly worrying and thinking how we can cut corners and stay afloat until things get better. I wonder what will happen when our 1995 vehicle bites the dust? We are almost 50 years old and have to wonder if we will be able to take care of our (young) children because even at this stage there is NO security. We have always tried to save for our retirement but we might as well just have spent it on fun and nice things for ourselves and our kids because it’s all gone anyway. Maybe I should divorce my husband and take the kids so then I can go on the dole and collect welfare and foodstamps. Between my (soon-to-be ex)husband’s shrinking pay and my (new) public assistence, we might just weather this storm. People that played by the rules are getting really messed over. It’s not right!
All of the country’s financial “guiding lights” have degrees, they knew and know history and that this financial meltdown has happened repeatedly throughout time. Degrees are granted to intelligent people after progressing through structured learning disciplines; universities or colleges. What really were they thinking? “It” can’t happen to them? What type of special traits, mental abilities or powers makes them impervious to the same foibles and imperfections that afflict the rest of us? Kryptonite hurts no matter which you are when you think you are super.
The salary caps are a joke unless applied retroactively and across the board (close the loopholes), but then what is constitutional about Government interference in this manner into any and all business sectors? Say that if the minimum wage is rolled back, or if employers are made to pay double COMP funds “for the good of the economy” during these perilous times, would that be alright? Where is the line? Let business run, but if you need to tinker then modify the codes of business through the laws of incorporation and taxation as the government has always done in the past. The business machine ain’t broke, it is operator error.
No strings attached to the money given to financial businesses under TARP? I don’t think so, and why aren’t we pulling that money back and/or at least modifying our understanding so that now there are strings? Just giving away $350BIL of taxpayers, my, hard-earned money because they aided and abetted the creation of the whirlpool disaster we find the country in now? What is that like? Giving a shiny toy to a mis-behaving kid to distract him from his bad behavior so that maybe he’ll straighten up? What sort of good parenting skills hatched that brilliant idea? No wait; don’t tell me, they have degrees, right?
Give the banks and other financials, those who stepped into this mess with eyes wide-open, say 90 days to begin writing down the terms of ALL held and packaged mortgages starting with those in risk, near risk or most at risk of delinquency or foreclosure. Also give them a deadline for completion and make compliance mandatory. Include terms for struggling mortgagees to easily negotiate better terms at little to no cost, or negotiate a smaller write-down with costs. How to ensure policing or process oversight? Let that be hashed out, but suggest the FDIC have a strong interest. Fannie and Freddie have proven they can’t handle the truth.
Job creation is the key to turning around the country? The old New Deal was not a proven winner, why does this make the new New Deal better able to succeed? Oh, wait, that’s right, they have degrees! The administration’s response for us all to pass this bailout quick and not look behind the curtain has more than a few of us very concerned. Working on retro-fitting government buildings, offices and departments to be “greener” is a noble ambition. Yes, it can save us, the taxpayers, some few dollars over the next few years, but that effort pales when compared to the infra-structure needs in America’s cities. That is where the focus must be to get the greatest results. Government offices don’t need the latest whiz-bang technology, but America’s cities do need to replace the 150 year old water mains, the 125 year old nationalized rail systems and the 100 year old bridges. There can be no comparison. Our policticians do not need comfortable offices; America’s cities need life support.
The only thing that is going to change is your face. You’re going to look 20 years older in 4 years.
The whole thing makes me sick! Maybe I should quit my job so I can receive government hand outs. They should use the education money for more economics classes in public school…… maybe then people will realize the government is screwing us all.
While it’s nice to get a “stimulus,” can’t the gov’t see that giving people like my wife and I a couple dollars more on each paycheck isn’t going to increase our spending? Really, what do they think–that my extra $30 is going to make me want to go out and buy a TV? This is a “stimulus” package, which, by definition, is intended to stimulate the economy by increasing spending. Honestly, the only thing that this can really do to increase people’s spending is go get a “no interest, no payments” financing deal at Best Buy. Which, odds are, will put people in an even worse situation than they’re in today—with even more debt in 18 months.
No…this is where they got it wrong. And part of the problem is that $800 spread out over a year does nothing for my wife and I. Why? Because we shouldn’t be included in the plan. You see, we make too much money for this stimulus to really make a difference. Simply put, we just don’t need a couple extra dollars per week. And we’re not even close to the $150k cutoff.
The other part of the problem is that they’re looking at this proposal as a “stimulus” package instead of an “economic relief” package, which is what those who receive it will treat it as. Everyone in America understands the current fragile state of the country. Spending is not on anyone’s mind…saving/conserving is.
So what the gov’t should do is cut the number of stimulus recipients in half. Instead of $75k/$150k, reduce the cutoffs to $30k/$60k (although I’m unsure if this will reduce the number of actual recipients in half, the point is still valid). Then, take all that money saved, and give those that are eligible twice the amount, and in a lump sum. This will enable those that truly need the money to get themselves in a better situation NOW. This isn’t about teaching all of America fiscal responsibility by spreading out the amount so you can only spend a little at a time (i.e., rationing). This is about immediate relief. To help people pay bills…keep their cars….and keep their homes.
Put relief in the hands of the people that need it now.
Why can’t they understand that most of the things they are doing are not going to help!
if they want to help ROLL BACK PAYROLL TAXES!!!!!! It is easy and it helps everyone from day one.
I believe it is time for the American tax payer to stand up and be heard. No one in polotics is listening. No more bail outs, no pork filled stimulus! We should all refuse to pay any taxes due this April until we are listened to! This is my money they are playing with. Makes me sick!
Greg, Atlanta, if you did not buy your house in 09 you will not get the $8,000 tax credit for first-time home buyers so not thing they will do will halp
What is the government going to do for people that are stuggling to pay their house note (due to unusual cercomstances, like divorce) that are not in forclosure? I work 2 jobs to do the best I can and billions of dollars is going to welfare. I am aware some can’t help it but there are many more that can.
Obama promised a tax cut for seniors making less than $50,000?? where is it? $250.00 wont eveb pay for my medicines for 6 months. Just another lying politician…
This compromise makes no sense. The very things that would have helped the consumer stimulate the economy were reduced or elminated. If you want people to buy automobiles then let them deduct the tax and interest. If you want to stimulate housing the Senate proposal to provide a $15000 tax credit for any buyer would have produced a waterfall in the real estate market for a cost of only$19B. The miniscule $400 and $800 tax credits are that miniscule. TI voted for Obama and teh Democrats, but Democratic pork spending has diluted this bill for the very people that needed it, everyday Joe.
Amanda from Orlando,
When a company decides not to buy a jet, it puts all the people out of work whom build that jet. Aircraft companies are one of the many companies letting people go. How many people lost their jobs because that company jet couldn’t be bought? It’s not that simple.
I heard that there is something in the bill that allows current homeowners to refinance their homes at a fixed 4.5% rate for 30 years. Is this true? If so, what are the details surrounding this benefit? Thank you.
The bailout plan has already become a joke. I simply do not understand why our government leaders seem to think that flushing another enormous sum of money down the economy’s toilet a SECOND TIME will make a difference. I’m afraid that the current “stimulus” plan will just add insult to injury at the expense of every single taxpayer in America.
If you really want to stimulate the economy, reward people and businesses for making money rather than punishing them for it. Do this by significantly reducing income taxes so there is more money to spend. Then reward people for spending money by reducing sales taxes. This way everyone is guaranteed to have more disposable income.
Here’s a question that’s been bothering me for awhile.
A lot of our elected officials talk about affordable housing, and in achieving this goal thay managed to wreck the whole economy.
Now housing prices are falling, becoming more affordable, and everyone wants to stop this process. why is that?
The more we ask the Federal Government for help, the more socialist we become. We as the people of the United States of America are obligated to help each other out. We are the ones who run this country. The senate and the house are supposed to act on our behalf but you would be surprised at how few of our citizens write, e-mail or call thier reps with their vote/opinions on matters. I see the rich begging for help to keep their riches and the poor and middle class losing big. How can we agree to give a multi million dollar company help and expect it to affect the little guys. You’ve seen it, they just go and buy (or try to) private jets and stuff like that while everyday on the news we hear of families loosing their homes and jobs. I know of several companies who are holding off on raises and extras just to keep the jobs they have for their employees. If the poor and middle class has to make sacrafices why can’t business do it to in order to save jobs? If we are too selfish and greedy then we are doomed to fail as a capitalist society. The original signers of the constitution must be rolling in their graves!
Many people believe that this economic crisis started with the current drop in home values. The only item I noted in the Stimulus Package to help improve the residential and commercial real estate markets is a $8,000 tax credit for first-time home buyers. As a potential home buyer looking to “trade up”, why should I expect this package to stablize property values?
What a joke! 20 billion of this stimulus is being spent on additional food stamps and extending unemployment benefits. In return, they give a $15 tax credit per pay period to the working class. Why does the gov’t reward the weak and helpless and punish the middle working class. We are moving towards a socialist society. I might as well quit my job and sit on my a#$ like the other 6% of the country and reap the benefits.
This is the wake up call America! Who is working for who in this society? Is Government really ‘taking care’ of us or their personal interest first? With that many wonderful ideas on this and many other blogs, why they still missing the point: we, the bees, need pollen to make honey, and using plastic flowers does not help! Aid the people by lowering the mortgage to 4%, give more home buying incentives, give better tax brackets, and make Financial Institutions accountable for their mistakes, and I assure the wheel will start to move!
I heard an interesting idea on a financial talk show the other day that I have not heard discussed. How about utilizing money that belongs to individuals to stimulate the economy? The idea involved allowing individuals access to funds currently in their 401K or IRA accounts. Put a cap on the amount that can be withdrawn (for ex. $50,000.00), with a greatly reduced tax liability on the amount withdrawn (lets say between 5-10%) with NO early withdrawal penalty. This money could be used to paydown large debts (ex. credit cards that currently are out of reach for most of us to address at this time) owed to banks/businesses. Other types of spending would also be stimulated. This would reduce the amount of government money being loaned to banks which in turn could be targeted to address other issues. The tax on this money would paid to the government and could also be utilized for addressing other issues. I realize that the tax money from the 401K plans would normally be collected at a later time at a higher rate but the issue is for people to not lose their houses NOW and this is money that could be utilized with no cost to the government while helping out people NOW, when they need it.
I have one simple word for all Americans “GREED” and not Republicans or Democrats are responsile for the mess we are in. But simply greedy people from both sides who forgot about the people they were serving. This did not start yesterday 20 years ago I was laid off from AT@T along with hundreds of others but that same year while we were worried about our families the CEO received millions in bonuses. I was born in Cuba and saw the horror of Socialism lets stay on track, no handouts but JOBS so we can pay our mortgages and support our families the good old fashion way.
What is the qualification to the home purchase credit? Did they really go back to first time buyers only? If so, qualifies as a first time buyer? And how does it work if one spouse qualifies as a new buyer and the other does not? This credit could encourage us (and I’m sure many like us) to buy a house if we can qualify. Hopefully they haven’t stripped all of the real market stimulus out of this package. Stimulating the house and auto market seemed like a good idea in the Senate package to get money flowing and people working, but it sounds like the final version has really limited this impact.
How much of the infrastructure funds goes towards roads and bridges? How will these funds be allocated to the states?
How much longer is the American tax payer going to support illegals.The tax money spent on providing their medical care, education, crime prevention, incarceration, border protection is estimated to cost American tax payers over $100 billion annually! Enough is enough! deport them now! Our pocket books are empty.
I wanted to ask if the first time home buyer credit for home buyers in 2009 can be retroactively taken on your 2008 tax return?
…and how does funding ACORN $2,000,000,000(that’s billions) help stimulate the economy? Oh, and how does does funding Planned-Parenthood $1,000,000,000 (that’s billion) help stimulate the economy?
I think we need a “clean sheet.”
Simple and non rhetorical question… How is $400 per individual ( $1.86 per day ) supposed to help the economy? Aside from the added 116 BILLION in shared public debt, PLEASE explain how this is supposed to help! Because, it looks to me like a catastrophic waste of money.
This bill continues to increase the size and power of the federal government. If the economy recovers, when will these stimulus programs be closed so that we do not completely become dependent on government guidance of the market. FDR’s welfare didn’t shrink until Reagan, is it going to be another 40 years before this massive welfare spending stops?
My question is regarding the housing credit of $8,000. Previously Congress was discussing making this credit available to ANY home purchase, not just for first time home buyers. Is that still the case for this new bill about to be passed? My husband and I purchased a second home last month, but it wasn’t our first time. Will we qualify for the credit??
Great questions … where’s the answers?
A credit for homebuyers (first or not) would go far to stimulate the economy, would it not?
what happened to the tax relief for people who had to use their 401k’s since this recession … the 10% penalty is out of line in these times
I liked the CNN quick Vote of today but it wouldn’t let me put both correct answers:
Q: How effective will the $789.5 billion stimulus plan be in reviving the economy?
A: It costs too much AND It’s not nearly enough.
It won’t work, just like TARP is not working. Draw qualitative supply and demand curves for housing before and after the bubble burst and it is easy to see why.
How can all this spending be sustained? Why is Obama only helping the stupid and the rich while insisting on holding the little person down by keeping home values artificially high and out of reach? The economy needs balance. If home prices are going to be propped up wages need to be supplimented as well.
Accountability. It should be mandated that all of the stimulus money be identified and provided on a web site so everyone can see where ALL of this money has been distributed, down to the corporate or organization name level. Lets see where all of this stuff is going! After all, it is taxpayer money, … isn’t it?
My question is, how is Obama going to get the money? Is he going to print them, or borrow them?
And how does he plan to pay them back? When? At what interest?
And why reward the incompetent people: the bankers, speculators, and those who bought homes they can not afford? Why punish those who saved up money and bought homes they can actually afford? What is the messages this will send? Don’t worry about your actions, the government is always there for you!
Instead of what Obama has in mind with stimulus money, why not send a $9500 Debit Card to every American. Everyone must spend the money within 1 year and it cannot be deposited into a bank. What ever money is left goes to their state government for items needed for that state, as the states know better than Obama about what is needed in their states.
Also wouldn’t it be a great stimulus for jobs to just stop ALL imports from China cold turkey? Let their economy tumble. They have taken advantage of U.S. CEO greed for years and they are partly at fault.
How about we pass a law that CEO Total Compensation cannot exceed what the U.S. President makes, heck he is running a whole country on $400,000, you would think a CEO could run just one company on that.
With everything going on now, wht will congress do to save Social Security? We need to ensure some economic stability for the future as well and many will rely on this for at least part of their retirement.
I agree 100% on Barry’s comments and fully support/second it!!
__________________________________
I hear all these mind boggling numbers being thrown around like they are nothing. I have one main question that no one seems to have brought up:
What is in this for the people who did things right? Those people who bought a house within their means, they save instead of buy things they can not afford. They make their house payment every month even though it is hard at times to find the money. That pay their taxes on time. This is what is wrong with our country, the government is basically giving money or tax breaks to all the people who really are at fault for the way the economy is.
I understand some people were really tricked by lenders into loans they thought they could afford but really could not. The majority are people who wanted more than they could afford and now I have to bail them out. Explain to me what incentive does that give me to keep doing things the right way.
If the answer is $400 or $800 sent to me, then you can keep it, I would rather not have to pay it back over the next 30 years at a cost of thousands to get a few hundred today.
Posted By Barry Mt. Pleasant Michigan: February 13, 2009 12:59 pm
I would like to know when salaries and positions of every government official in Washington are going to be reviewed and reduced. It apprears the American people can not continue to pay all the salaries and cost of living increases they so grant themselves. It is time to cut the unnecessary commitee and positions created. This would seem the logical thing to do, since Washington is supported by our taxes.
Homeowners Welfare after robbing our banks, Wow
The people who financed 95-100% then went back to refinance 100,000-400,000 more have been called victoms,They created this mess and our federal Government gave them a Federal Tax break on The debt that they created that they will not pay back, while the homes on the block that are being paid for have gone down in value 40-50% these are the tru victoms, our ignorant policy makers now want to cut the mortgage payments to 31-38% of income !! WHY havent they stolen enough, we need to audit each one and hold them accountable. Why on the credit application did they report enough to qualify and now they dont make enough. how about cutting the rate on performing mortgages to 4% on principal residences and have the government act as the secondary market so someone who has a 6% mortgage saves 2% so on a 400,000 mortgage they now have 8,000 a year of discretionary income to spend they do not have to use credit to spend, this in turn will create sustainable spending of income rather than borrowed money… this will correct the economy, the people who fail to make the mortgage payments with the modified rate need to have the home go into foreclosure and cycle to someone who will make the payments.
Why is it Harry Reid stick in at the last minute 8 Billion Dollar’s for a Railroad from Calif. to Vegas and what else was put in at the last minute that we do not know about and wait until Pelosi gets her hands on the Stimulus Package in the House. None of these people care about their and they call should be ashamed of them selves.
Maybe I just don’t get it. So a large part of this “Stimulus” bill will be handed over to the States who have also done a horrendous job of living within their means. So this amounts to one, large overspent bureaucracy (Fed Govt) borrowing more money and handing it over to another bureaucracy(the States), an entity that will use the money to keep their own fiscal heads above water only temporarily. When that money evaporates, the States will once again be forced to make tough politically damaging choices.
Why can’t the US Govt and the States admit once and for all they are bloated messes and do something constructive to balance themselves? We Americans are smarter than they give us credit for. Please stop lying and let’s have some true transparency.
Someone explain to me how $15 a week extra is going to “stimulate” the economy? May as well keep the $15. Thank you to those on the Hill who simply could care less and was too busy making the bill less. Thank you for wasting time to come up with something this pathetic. Remember this when another economist mentions this package was yet another failure.
This legislation is more burden than stimulus. Don’t bet on the tax cuts next year when the bill comes due.
Why would we keep an unConstitutional monetary policy in place that will just continue to create these bubbles & business cycles?
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank, the Federal Reserve.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
Had our government operated strictly within it’s originally created Constitutional boundaries, this financial system collapse & 9/11 would not have happened.
This is not a political issue – period. This all comes down to greed on Wall Street, insurance companies, and MBS investors. The housing bubble popped and would have under anyone’s watch (repubican or democrat).
I did not vote for Obama but do support him as he attempts to resolve our economy. Hopefully our leaders shall come to an understanding that mortgage issues is what brought us down and that is where the focus should be – not pork belly spending.
We should let the companies fail if the market demands it to be – there is no excuse for the “too big to fail” attitude in Washington.
We should focus on a government entity to take over toxic mortgages like they did after the great depression (which made a profit) and sell non productive mortgages off via an “RTC” like entity.
We should apply 15k/8k/7.5k (whatever amount) home buyer credit to apply for ALL homebuyers and retro back to last year when the plan 1st started. This part of the package is urgently needed. If done correctly, it will grant each homebuyer a min. of 7.5k to go spend within our economy and at the same time it would help retain market values and in time alleviate the current housing slump.
We need the package to address our country’s issues Today not in a year or two.
Housing and greed got us into this mess – we must address what started the issue prior to placing bandaids around the outer edges of an extremely deep wound.
Why was the tax credit for new car purchases taken out? Last year we could already claim the sales tax on major purchases like a car. This will NOT help the auto industry. People should be responsible, I agree with many posters here. Where is the benefit to those of us who managed our finances and saved?
This whole thig makes me sick, sick, sick, sick!!! What is in this for people that are working, trying to stay afloat in all of this mess. 15.00 per check, are you kidding??? Is that really supposed to make me want to go out and stimulate the economy?? What an insult to me. I do not think that this package will work and then what? I can’t hardly stand to read about it it makes me so mad.
I want someone to detail exactly what the healthcare “investment” will really mean to the taxpayers and their health
For the Making Work Pay tax credit, is a married couple only eligible if they both work (dual-earner), as referenced in CNN’s expanation on the website? My wife is a stay-at-hom mom, and I make more than the single limits, but significantly less than the married limits.
First a question/observation. Does noone recognize that even the chinese are not buying the treasuries to back this porkulous bill? If you think that the economy is bad now, wait till you see what happens when inflation sky-rockets.
And to Chris in Greencastle, PA who wrote “Blame the Democrats if you want but remember the REPUBLICANS got us into this” You are an idiot. And I am sure that the Democratic party enjoys having you as a supporter, as well as the millions like you. The statement lacks any insight or rationale. This economic turmoil has nothing to do with party lines but government as a whole, and the intense greed that has consumed Washington D.C. Both parties have provided grave injustices to the American people over the last 16 years. Do not be so foolish to create a party argument out of this mess.
There is no simple solution to the economic crisis, but there are simple principles that will not work, you cannot fix a government spending problem by spending more money, and you cannot fix a free market economy by implementing socialist principles.
We as the American people need to limit the involvment of government, not increase it. And the best way to do that is through education. There has been a Socialist attack on America since FDR, And the new poster boy is Mr. Obama. Took a look at history and see what programs FDR implemented that burdon the taxpayer, and with that the sense of entitlement that has followed. Do we really want to repeat our mistakes of the past?
My wife and I purchased our first home in July 2008. We filed our taxes already this year and submitted for the $7,500 previous First Time Home buyer Tax Credit. Does the new Home Buyer Tax credit retroactively remove the “pay back” part of the previous Housing Stimulus Bill? Or is the non-payback money only for the new stimulus package?
All I hear is WAAAAAAAAAAAAH. I’m sick and tired of people blaming politics for issues that are derived from their own doing. They are rescuing those that are deemed FIT to rescue. They are spending to help FIX the economy. They are working towards making things better. Yea, people are losing their jobs. Yea, the outlook is grim. That is why our government is acting NOW instead of waiting until it is too late. It takes more money to do anything these days- just look at what $50 buys you in a grocery store or at the gas pump. Billions now were millions just 20 years ago- quit looking for problems and become part of the solution. You can always move to Mexico.
Why are Republicans so against funding education at the federal level. It is becoming clear that leaving education solely in the hands of the states is not good enough. The United States continues for fall behind in education but Repulicans seen to prefer passing the blame rather than creating a solution.
If Repulicans want to have education be the burden of the states then they need to stay out of educational policy.
NCLB could have been great but NCLB with 30% funding is nightmare.
Wouldn’t allowing everyone with a home mortgage that is current with there payments lower their interest rate to say between 4%-5% be the best way of stimulating the economy? Why give all this money to banks that didn’t run their business properly have all this money? Why not reward the people of America that are making their payments and working hard to do the right thing get the break? It’s these people that would then have more money to inject into the economy.
I hear all these mind boggling numbers being thrown around like they are nothing. I have one main question that no one seems to have brought up:
What is in this for the people who did things right? Those people who bought a house within their means, they save instead of buy things they can not afford. They make their house payment every month even though it is hard at times to find the money. That pay their taxes on time. This is what is wrong with our country, the government is basically giving money or tax breaks to all the people who really are at fault for the way the economy is.
I understand some people were really tricked by lenders into loans they thought they could afford but really could not. The majority are people who wanted more than they could afford and now I have to bail them out. Explain to me what incentive does that give me to keep doing things the right way.
If the answer is $400 or $800 sent to me, then you can keep it, I would rather not have to pay it back over the next 30 years at a cost of thousands to get a few hundred today.
Where is the transparency that Obama promised. Where is the stimulus bill listed on the internet for everyone to see? Where’s the change? No we can’t.
Note from editor: The full bill is posted on the House website. Congress posts all of its legislation for people to review.
February 10, 2009
To whom it may concern:
I am feeling very angry and frustrated with the system, your stimulus package and with congress, who seems to be “out of touch” with the American public. It seems they have their own agenda and I believe that our government has let us, the American Citizens down. Why have we been paying for the consequences that the government and congress has done to all of us? Why do we get cut backs and layoffs and businesses closing because of your budgets? Why are we the ones suffering? We didn’t do this. We didn’t create this mess. The government and politicians did, not us!
To me it’s all about the politicians the government, the CEO’s and the Superintendents of the schools, they have all the power and wealth. It’s all about you and “The Powers that be” and how much you can spend on yourselves and not help any of us.
I am a mother of 3 children, 1 going into college, 1 going into 9th grade, and 1 going into 8thgrade. Why cut education? Why cut the teachers and principals pay? Why not cut the superintendent’s pay and administrator’s pay? They only care about their paychecks not about the education of our children. Put that extra money towards education, teachers. Also, Cut the CEO’s pay and the Politicians pay… You don’t feel the crunch. You do not have a clue.
If you gave every tax paying citizen $100,000, they would pay down their mortgage or filter it through the system by spending. Giving it to the banks and whatever else you are doing, is not helping any of us! I as a loan consultant am seeing how hard it is to get a loan through. Nobody is helping anybody. We as citizens should be able to have a say in what’s happening. We didn’t create this mess, our government and greed and power did! We are suffering. Our parents and children are suffering, for what? This isn’t fair. I know I am sick of it and I’m sure there are a lot of people who feel the same way. Hopefully, somebody reads this.
We the citizens need to stand up and have a word in what’s going on. When will it be our turn to be taken care of by our own government? None of you even come close to feeling any of this hardship. I myself don’t think you are helping. How is this stimulus package supposed to help us? By lining the pockets of the wealthy? By filling the deep pockets of lobbyist? I could keep going on but I don’t think the government really cares what happens to us. Hopefully, you will read this and care enough to write me back. Thank you.
Sincerely,
Beth Roberts
Pinon Hills, California
I will be voting against every clown in office from now on! They are all alike, line their pockets and their friends. Whos’ the moron that things $500 over a year would help anyone? ? ? LOL
In 1929 they had a republican president, in the 1980s when the last big recession happened we had republican presidents and congress now with this big failure under bush junior we have republicans in charge and more republican policies. There seems to be a pattern here.
To fix this problem we need to do something about the cause. It could start with a public apology from all republicans then maybe they resign, pay back their ill gotten gains and go do public service the rest of their lives as penance.
The government is going to assist those unemployed with the cost of continued insurance. What about those hard working indivduals who do not make enough to afford insurance preminums, but still do not qualify for Medicaid? They are falling through the cracks.
Let me give Congress some ideas on simulating the economy… First stop all companies from shipping jobs overseas…Penalize any company that moves over there 25k per person job that would be lost….Then we will se the money come back into the USA..2nd-any past presidents that are living need to give up there retirement salaries and pension for 3 years to help with this economy (including the current president) hell he gets groceries other stuff on my dollar. 3rd for the $400 or singles or $800 or couples money leave it were it is..B/c when I get it I will increase my 401k contribution for that time period of $15 until it stops being in my check…I think the US need to file bankrupty and move on from there and that is the real way we just may have to put ourselves up from the bootstraps.
I have read reports that Citi and JP Morgan have put a moratorium on all foreclosures…Is this going trickle down to all investors and servicers?…Also at what point are lenders going to be forced to lower principal amount on properties?…which is the real problem…They can lower interest rates on modifications to 3% but people are walking away from homes that are underwater…Who wants to pay monthly into something when they hold a negative equity position!!!
Why are we rewarding those irresponsible, greedy and ignorant people? All this mess are of their wrong doing. They deserve to lose their homes that they never own anyway? Isnt the no-down, cashout-refinance, interest-only, minimum-payment or live-free-while-intending-to-walk-away-fr-their-pretend-homes, not enough reward for these people. How about us who lived modestly within our means, who still have our modest homes and are debt-free bec we did not show off and avoided living up with the Jones’s? Where is justice? Are greed, vanity and ignorance rewarded now??? They deserve more than losing their pretend homes!
Wow! $15 a week extra on my paycheck. Thanks. I would be better off unemployed, getting a benefit of $25 extra a week, going on food stamps as payments are going up 13.6%, take the one time payment of $250 for those who don’t work, let you pay 65% of my health care, and take the Earned Income Tax Credit that has now increased. You inspire me.
I have a better plan!!
1. Re-do the banking executives pay as if they were government employees if they take any part of the bail-out money. The paygrade should be the same as a govenrment employee with similiar responsibilities.
2. Use the stimulus money to change the balance of mortages that are in default or are below the amount owed so that all those bad mortages will become good ones. Also changes the payments to reflect the new, lower values. That will fix the mortage problems.
3. Offer all companies that have moved their operations out of the U.S. in the last 10 years tax and cash incentitives to relocate their factories back in the U.S.. That should solve the employment problem.
4. Nationalize the health care system or regulate it with price and wage caps, similiar to medicare fixed pricing.
The amount of the stimulus is mind boggling. Almost everyone I know lives from week to week, wondering which bills to pay and which can wait. I am almost 67 years old, having worked all my life, I have lost my home and am renting a house that costs more to keep than what I receive from Social Security. My savings have long been gone and I find myself in a situation I had heard of, but never dreamed it might apply to me one day. Even with Medicare there are times I must decide whether to buy my medicine or another necessity. I am by no means complaining about my lot in life. I am grateful to live in this country, grateful for the freedom we enjoy. I just believe one who has not been where I am cannot possibly know what it is like, because I did not know until I was there. The $250.00 will be like a child at Christmas receiving the most wanted present. Oh, boy! This month I can pay the electric bill.
I don’t think Congress understands that the housing market is key to resurrecting this economy. What good are so many stipulations on what people earn in order to qualify for the credit? Today the average couple, especially with a family needs to earn at least $150,000 per yr or more to survive. If the good qualified 1st x homebuyer can buy their 1st home, than that seller can retire or move up to a larger home if needed. If that process continues, whether SF or TH type homes, you have to know that they will need curtains, paint, screws, hardware of sorts, pumbing supplies, maybe total renovations or updates, etc. Is it not seen how this will trickle down to many industries and or vendors of one type or another? Following the housing market, it never seems to fail that the Commercial market will follow. Those thinking about starting a new business, or opening up their own professional office will than start to absorb that market.
The rest of the bill, other some minor health benefits seem ludicrous to me. To send me $800.00/$400.00, or whatever has got to cost the govt more than it’s worth.
Basically, I feel all of these theiving institutions should be allowed to crumble, because always out of the ashes the intelligent entrapenaur rises and rebuilds the economy with ethincs and principles. This bill is taking so long that it’s giving time to those who want to, figure out how to steal from it will.
Are we really to think that more debt, more inflation, more manipulation of the money supply, bigger government, and more government spending are going to solve our economic problems? Aren’t these the root causes to our current economic crisis? Sounds like a definition of insanity: consistently making the same choices and doing the same things but expecting different outcomes.
We think our economic crisis is near catastrophic now, wait until our government finally succeeds at destroying the dollar. Only a matter of time now.
How is this helping my family if we have no debt except our house because we were responsible with our money? We have 3 children and make less than $150,000 a year. It seems to me that the irresponsable non working leach off the goverment type of people are the ones being rewarded and we are having to foot the bill.
I still don’t see how this is helping those people who have always paid taxes and have recently been layed off.
Explain why do we need ATV trails again?
Whatever happened to “ask not what your country can do for you, but what can you do for your counrty?” Thanks CNN for highlighting what’s wrong with this country.
What do we do if/when this does not work and we have shelled out over a Trillion Dollars of money for nothing? I am concerned that the process is aimed at a quick fix and not one that is going to fix the underlying problems that led us here in the first place. I am a long way from retirement but I do not want to have to worry in 30 years the way that my parents are concerned now.
Way to go oh wonderful president. Good job sticking it to the middle class again. Maybe we should all quit our jobs, loose our houses and live off the system so we can get some help from your wonderful stimulus plan. Oh almighty wonderful president. Take from the middle class and give to the poor. Motivate them more to sit around and do nothing with their lives while my tax money pays their bills and feeds their numerous kids.
I am waiting for the president to fullfil his promise to eliminate taxes for those of us are retired.why is this been left out of this package>
I would like to know why Obama thinks that the middle class that is stuggling right now, wouldn’t prefer a check right now instead of a tax cut?
The cause of this financial problem is simply an over valuation of assets with an aggressive stance on lending to those assets. Now that the asset values have corrected, how does the stimulus plan correct the systemic problem without addressing the debt associated with those assets. A jobs creation stimulus will be a short term fix. Income produced from those jobs still cannot handle the debt created. We will be back in the same boat eventually. The only way to fix this problem is to spend the money to pay down the debt. Tax payers should get vouchers to pay down debt and a moratorium on foreclosures instead of a jobs package. Once the debt is under control, the jobs and the rest of the economy will fix itself.
The stimulus offers benefits for those buying homes. What about those of us planning to build a new home? Are there any benefits for us?
With more people unemployment numbers at 20 year highs why would the stimulus package call for 20 billion dollars to increase food stamp allotment to $668 per month for a family of four? Why not keep the food stamps to around $500, but offer assistance to more families? There is a big disparity between getting $8,000 worth of free food per year and barely missing the cutoff and receiving $0 in financial assistance.
It seems to me that the countries around the world are relying on the same people that had no perspective insight in the not so distant past to get of out of the mess that they so willingly let happen in the first place.
Do the people really have a voice when over two-thirds poled were against the first $700,000,000,000 yet it was so quickly approved and given out anyway or are these stimulus projects just another ploy for greedy politicians and big business to line their pockets?
My only question is WHY? Why are we even considering doing this? I understand our economy is in turmoil. I understand this is arguably the worst recession we have seen in decades. I understand we need to stimulate the economy in some way. But why is this the solution. I don’t know much about what is included in this bill, but honestly I do not see a whole lot that I feel will be effective, nor do I see anything that is going to tackle the major issue we have, foreclosures and unaffordable mortgage payments. I am all for creating jobs, which the bulk of this money is intended for, but there are issues. First we have already lost a reported 3.4 million jobs since last year, and job los is still incredibly high, which means even more losses. The administration estimates this bill will save or create 2-4 million jobs, doesn’t seem to be enough, so why not spend the money on something better. Additionally, the jobs being created are infrastructure, roads, state and city projects. This is all great, but the people who have lost their jobs are not from these industries, and I just can’t see that great of a benefit. I would rather spend that 500 billion on fixing the housing mess. stabilizing home values, increasing equity positions, allowing people to keep their homes. This is what will make people confident in spending again. This is what will make us feel wealthy again. This is what started it, why aren’t we focusing on this? Congress was floored when Bernake asked for 700 Billion dollars to unfreeze the nations credit. Congress basicly refused and only allowed 350 billion. I think that is why the change happened to invest in banks rather than buy the toxic mortgages, there just wasn’t enough money. How can congress act in such a way by the magnitude of the money requested, but then turn around and ask for even more? Does it have to do with the fact that they are the ones spending? Absolutely! So I ask again, why are we doing this? Is this the best solution we have? And why have we continued to ignore the real problem, the housing crisis that is still unresolved? I know the administration is putting together a plan to attach the housing issue, but the have only commited 50 Billion to this, is that enough?
Same question as a few others who bought their first homes in 2008! So totally unfair if we have to pay back the $7,500!
Could you explain the details of the tax credits available to moderate income families who make their homes more energy efficient in 2009 (e.g. new furnace, windows, etc.)?
Is the provision which requires the federal government to supervise my health care still in the bill?
How will the new education credit work. Is it in addition to the Hope Credit or just simply bumping the amount of the Hope Credit? Also how does this and the pay credit stimulate the economy if they are not available in full until we file next years taxes?
The executives and bankers on the receiving end (who the money is going to) do not have a vested interest in the American workforce or people. The markets have switched to China, India, Africa and other such growing economies. Yet, we reward the corruption, greed and incompetence of these executives and save them from failure. Why? Would we not acheive the same goal if we were to return this money directly to the American homeowners who have valid social security numbers? I know, I for one would like my 3 children to go to college and would pay down most (if not all) of the debts that I currently owe. Yet, my elected representatives will take more money from me and give it to those who already have so much. Both political parties are playing the same game and blaming each other for the same injustices that they have caused and are only compounding the root cause of the problem.
i purchased a home back in oct 2008, i just recently filed my tax return with the new tax credit of 7,500, that i have to pay back.
with this new stimulus bill, and i eligible to receive the 8,000 that i don’t have to pay back?
I want to know if this stimulus package passes today will it change the current first time homebuyer program? Currently the $7500 applies to all first time homebuyers if you purchased after April 8, 2008. The new plan says it applies to homes purchased after Jan 1, 2009. Will the April date still apply? We bought our first home in Dec, and need to know if we need to file our taxes now to qualify for the $7500, we just don’t want to miss out if they push back the purchase date.
I would love to know as close to the penny as possible, how the money will break down by state. It seems to me that there were a group of people that lived outside their means and that these people also tended to resided in states that lived outside their means. Now those of us that lived within our means have to pay for the welfare of those that didn’t.
My guess is that a state like California ends up getting a LOT of money per resident, whereas a state like Texas gets the shaft.
Once again Congress comes up with a plan that is too little, too late! By giving first-home buyers $8000, they are essentially de-valuing homes on the market. Moreover, $8000 represents a very small down-payment in the grand scheme of things… certainly not enough to help someone who can’t *really* afford a house. This will not stimulate first-time home buying if those first-time home buyers have no other source for a down-payment or are unemployed. Lastly, a watered-down first-time home buyer credit was passed last year. Those who took the credit are obligated to pay it back. Why shouldn’t the recipients of the new version of this credit have to pay it back? Better yet, why make those people who took the old version of the loan pay it back? Again, Congress and its wishful thinking is going to put more people on the hook for loans that they can’t afford.
I will qualify as a first time home buyer, and am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?
I see there’s the new vehicle tax credit….does this mean that the vehicle needs to be new in the calander year sense or will leftover models also be considered ‘new’ regardless of the number of years ‘old’.
It seems that the most fundamental cause for the current economic problems that we have is people and families living beyond their means. They spent money that they didn’t have, over paid for houses by getting mortgages that they couldn’t afford in the long run, and assumed that some future economic miracle would save them. To solve this problem the federal government is going to spend much more money that it doesn’t have, pump money into the economy so that prices for goods keep their inflated values, and assume that future generations of workers will save them. How does it make any sense to take a paradigm that fails so miserably at a personal and family level and implement it at a federal level?
I purchased a home in Oct 08 and as a first time home owner I was entitled to a $7500 housing credit (which was one of the reasons we went forward with the purchase). Now with the current changes how does that affect me?
Given that the recession started toward the end of 2007, is the package going to extend the New Home tax credit back through all of 2008? Specifically, will a new home buyer from 2008 receive the tax credit and not have to pay it back if they live in their homes for three years? It blows my mind that the tax credit would only include ‘09 purchases… who has money to buy a house in this market?
I closed on my first home November 26, 2008 and claimed the $7,500.00 15-year interest free loan when I recently sent in my taxes. I’ve read that the housing credit in the stimulus package is for homes bought after January 1, 2009. Am I going to completely miss out on this credit and still have to repay the $7,500.00?
I just turned 62 and I am planning on retiring in March 09 and start drawing my SS. My AG income for 2008 was 69,000 and my earned income for 2009 will be around $15,000. I have already filed my 2008 return. When will the tax break kit in, for 2008 income or 2009 income? Also, I will be drawing SS in 2009, will I be entitled to the $250. I am single, no dependants.
I am thinking about buying a house within 2-3 months. How will I receive the home buyer credit? I read this morning that now the credit is $8000? In the Senate version of the stimulus plan, the credit was non-refundable, not sure what that means?
Does it mean that I will only receive the funds that I owe as taxes not the max credit? My income is under the $150,000 threshold for married couples.
Thanks!
Democrats are truly evil! I was glad I did not vote for Obama nor any democrats. I would never, ever!
How come Democrats remove the $15K taxt credit from any home buyers? Why they cut $500 to $400 for each taxpayer? How come stupid democrats forget the housing crash is the key of this crisis and do not support 4% mortgage subsidy Repulicans propose?
The economy will surely suffer one more year or longer, given that fact that Democrats took control of the White House and Congress.
Why does Obama take use my tax money to subsidy insane subprime homeborrowers? Unfair!
Why doesn’t the government entice home owners to pay down thier mortgage by matching every dollar the home owner is willing to pay down. I think this would a smart idea, because this would get the home to pay down thier mortgage that are in some of these toxic mortgages. This would give the home owner a chance to benefit and would help out the Fed. Gov.. Right now thier is more insentive to let your house go into foreclosure, and the situation is not getting any better, and this would help un motivated home owners do some thing.
What happens to the homebuyer credit based on the old law where people who bought a house after april 9 2088 were gonna get 7500 tax credit?
Does the new 15000$ credit apply to those folks also or just the ones who wil buy a house going forward? Also if the new folks dont have to pay the money back do people who qualify udner previous law have to pay back the 7500$ credit?
What ever happened to the proposal that the Republicans made about a 4% mortgage/refi?
It’s this kind of talk that is delaying any recovery. Who is going to buy a house at this time – with the prospect of a 4% mortgage pending?
Is it true that the $400 tax credit will be spread out over 26 payments meaning I will get an extra $15 on my pay check for the next 6 months???? An extra $15 on my paycheck will go unnoticed and will not stimulate me to do anything.
These clowns we have representing us in Congress have NO idea what they are doing or not doing. Do they honestly think that a tax break for the sales tax and excise tax on a new car purchase is going to make a difference in car sales? Or a miniscule 8000.00 tax credit for NEW home buyers is going to help? Give me a break. This is one of the reasons why myself and millions of others are not in favor of a stimulus, auto bailouts, and bank bailouts. If you’re going to do it, for crying out loud, do it big enough the first time. They honestly think they are better informed than their constituants. I’m a mortgage officer and my wife is a realtor. Why dont they ask the people who are in the trenches each and every day what might help with a housing recovery. No. Barney Frank would rather stumble through an interview and try to pull the wool over our eyes. They should all contact their villages as the villages are missing their prime idiots
I bought a house last year and recieved part of the $7500 housing credit. Now I hear under the new bill that these loans do not have to be paid back. Do I still have to pay mine back?
Is the $8,000 homebuyer credit a refundable or nonrefundable credit?
Editor’s note: It is refundable.
Hello,
I would just like to know where does this money actually come from? Does the Federal Reserve just print it? Are we borrowing it from other countries? If so, where do the interest and loan payments come from?
The first two sentences sum up the confusion of this country right now. We, the taxpayers of this country, are about to give our president a $789.5 billion blank check and we don’t even know exactly how it’s going to be used. Doesn’t that seem a little backwards?
Not one aspect of the bailouts or stimuli address our monetary policy which is responsible for creating these “Bubbles”.
Free Markets should be steering this ship, however to get to a truly Free Market we would have to reject the interest rate being monopolistically dictated by a single private central bank, the Federal Reserve.
The public will continue to be robbed by inflation and devaluation of personal property and life savings unless we demand a Constitutional monetary policy.
WHY ARE WE NOT FIGHTING TO ELIMINATE BUBBLES?
I am not a first time home buyer but will be purchasing a home in a few months. Will there be an additional tax credit or deducition for taxpayers like me?
With all of the talk about billions going to schools, “green” initiatives, and may other areas, will the average tax payer be seeing a refund check similar to the last stimulus package?
How can Harry Reid just add billions of dollars to the stimulus package after an agreement was reached with the three republicans? It was my understanding that the republicans that voted for the package did so after some of the pork spending was taken out, but now just willy nilly the democrats can add it back in?
If the bill contains the subsidizing of mortgages, will the government own a stake in equity if principle balance is reduced when the housing market comes back? Also will the 28/31 dti ratio apply to home owners who aren’t late?
The Obama Administration has changed their stimulus language from create millions of jobs to “create or save 3-4 million jobs. How can we really measure or gauge whether jobs were saved?
My wife and I purchased our first home in May, 2008. We will be taking the $7,500 First-time Homebuyer Tax Credit on our 2008 tax return, that was originally passed into law. Do we no longer have to pay this credit back because of the new stimulus?
I cannot see where the section is, that corresponds to “Post your questions below”.
But here is one question from me that I am putting into the Comments section. Namely, as follows:
—————————————
How can a Stimulus Package do better at “stimulating” than the spending that people and businesses will do anyway? Isn’t it likely that the government package will create less than a buck of payback for each buck spent?
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I don’t know how to better construct my question. But the background to my question is my personal belief that any Stimulus necessarily has to drain the wealth that productive sectors of the economy create. It will handicap those specific productive sectors from doing more of what they are good at.
The money won’t come from those who don’t have it and it won’t come from those who don’t create wealth and employment in our economy. Nor will it come from those whose business models are broken.
That is, whatever method the government uses to finance the stimulus, won’t it hurt the real economy? Won’t it cause net UNemployment to go up?
Won’t it hurt those who can help us best in the future? Won’t it lengthen the time, rather than shorten the time, until real recovery happens?
How can the government more effectively use those resources that it confiscates from the private sector, so as to leverage that expropriated wealth to presumably create more wealth?
Is the private sector not better able to select winners than the government? Isn’t the government always better at picking losers?
Does the private sector not better reflect our needs and preferences as consumers? How can the government know what we prefer to do with our money?
Is the Savings Paradox to be so feared, that we are not to be allowed to save? How did we allow ourselves to get to a point where the Savings is a Paradox in the first place? Isn’t that the main underlying problem in our Economic System today?
Is it not a Broken Model of debt-based consumption that has been so promoted by the Central Banks of the world that the authorities are still trying to resurrect? Is that day not finally over?
Isn’t that what a depression is? That is, our final repudiation of the use of debt to the degree our political authorities and central bankers have always preferred we use? Isn’t that why our Central Banks keep interest rates so low? That they really don’t want us to save at all?
Those funds the government will need for the various Stimuli it conjures up won’t come from bankrupt companies or those companies which are currently making losses.
The government IMO has only 3 sources of funds: (1) current tax revenue or (2) debt (which is future tax revenue) or (3) printing of money by the FED (which causes price inflation eventually, which is an unlegislated indirect tax on people with money).
I understand that there is a time element in play here. That is, that the government hopes it can unleash an economic boom that will pay for the borrowing to pay for the stimulus package, before that package’s bill comes due.
But is that not a forlorn hope? Especially if it picks economic activities will little or no spin-off. Sure the Hoover Dam helped people who came of age in the 1940-s and 1950-s and thereafter. But who (other than the workers and companies who worked on it) did it really materially help in the 1930-s? How long can we wait for the drops to trickle down? Can we wait until 2020?
I also realize that people are probably changing their own spending habits and saving preferences. That is, many are moving from debt-based consumption behavior to one that is savings-based.
And that behavior, going from a debt- to a saving-proclivity or propensity, will cost jobs and will take time, as people repair their personal finances.
But what other way is there?
Isn’t the rest of it just smoke and mirrors?
Isn’t it all just political imperative? Where the new administration and newly-elected Congress has to be seen to be doing ’something’? Just ‘Any Thing’ is better than ‘No-Thing’?
Even if it is all just an empty gesture from an economic point of view?
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Will this $8,000.00 tax credit extend in 2010 for the state of Indiana I see on google there are some states receiving this thru July 2010.