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I think I contributed to the American economy yesterday. I bought clothes worth $79.78c from Old Navy. All in the name of 'stimulating' the economy ofcourse...
Well if you look at the stimulus plan in detail ( I don't think you can though..it's over a 1000 pages long) but if you did and if you also heard the Treasury Secretary's "plan" on reviving the economy, you would probably understand why it's upto regular folks like us to stimulate the economy.... While some believe that we should leave stimulating the economy to the government, i hold the opposite view. Well... not an extremely opposite view... I mean you needn't go bankrupt to stimulate...but a few indulgences here and there would be just what the doctor ordered for this ailing economy.
In any case, I thought I would note some interesting facts on Prez Obama's plan including some that could directly affect some of us:(easier than reading 1000 pages, no?)
I think I contributed to the American economy yesterday. I bought clothes worth $79.78c from Old Navy. All in the name of 'stimulating' the economy ofcourse...
Well if you look at the stimulus plan in detail ( I don't think you can though..it's over a 1000 pages long) but if you did and if you also heard the Treasury Secretary's "plan" on reviving the economy, you would probably understand why it's upto regular folks like us to stimulate the economy.... While some believe that we should leave stimulating the economy to the government, i hold the opposite view. Well... not an extremely opposite view... I mean you needn't go bankrupt to stimulate...but a few indulgences here and there would be just what the doctor ordered for this ailing economy.
In any case, I thought I would note some interesting facts on Prez Obama's plan including some that could directly affect some of us:(easier than reading 1000 pages, no?)
- It appears to be the longest congressional vote in history after requiring 5-hours and 17 minutes.
- An income tax credit of upto $400 for individuals and $800 for couples in 2009 and 2010. Individuals earning upto $75,000 and couples upto $150,000 will qualify for a full credit.
- First time homebuyers will be able to claim a tax credit of upto $8,000 for purchaszes made by Dec1, 2009.
- Accelerated depreciation for businesses.
- More highways and bridges than mass transit ,which is expected to ceate close to 835,000 jobs.
- Money for high speed rail was quadrupled to $8 billion...wholly inadequate by some accounts, California estimates it will cost $45 billion to build its high speed rail.
- For the jobless, the federal government would offer premium subsidies by paying 65% of the cost of group health benefits under the Cobra law for upto 9 months.
- 7 Democrats joined 76 Republicans to oppose the bill in the House.
- According to an analysis by the Congressional Budget Office, over 74% of the money will be spent in the next 18 months.
These and more details can be viewed in a concise and easy to read image here. (Courtesy the New York Times.)
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