by Colin Lovett, PICurrent Managing Producer
Courtesy of Tracy O
$825 Billion. $825,000,000,000.
As you probably heard Thursday, Democrats in Congress gave us a first formal look at the proposed stimulus package.
The scary thing is the size. Somehow, in the future, we have to pay for this monster. But the current economic problems are so great that most feel its would be worse than wrong to do nothing to help put people back to work. Remember, the unemployment rate hit 7.2 percent last month and is expected to go higher.
So that brings us to the good thing about the new package. We can look closely at not only how much money will be spent, but on what.
Here are a few highlights:
Energy: $58 billion. This includes renewable energy tax credits and money to modernize our electricity grid as well as weatherize low and moderate-income homes. The tax credits will help make green energy more attractive with fuel prices falls. The upgrades to our electric grid and homes will put tens of thousands of people to work and help us conserve energy to boot.
Infrastructure: $90 billion. This includes money for highway construction, rail and mass transit projects, modernizing federal buildings and upgrading our water systems.
Aid to the poor and unemployed: $102 Billion. This includes an increase and extension for unemployment benefits, an increase in food stamp benefits and subsidies to help with Medicaid and health insurance.
There are also tens of billions of dollars for education, housing, science and technology and tax cuts for individuals and businesses.
And this is only the starting point. Many observers expect the final price tag to go higher before being sent to the President’s desk in February. Stay with us next week as we start taking a closer look at some of the numbers and what they mean for ordinary people.
If you have ideas on what should be in this bill, now is the time to call or write your senator or representative. You can use the contract list found here to get their phone number and e-mail address. Remember, they work for you. So give them a ring and let them know what you think. Let us know also by using the comment section below.
For more on this story, please visit:
[...] The recovery package put together by Congressional Democrats and Obama’s team includes a combination of spending and tax cuts that will hopefully begin to jump-start our economy (Read more about the stimulus package, here). [...]
[...] week I wrote about the first look at the proposed $825 billion stimulus plan. Click here to read the article in case you missed it. One of the things I listed was how some of the money may [...]
The laws have to change to benefit the poor and Middleclass. The credit companies rule everybodies life. If you get kicked out of your house or fall behind because of the economy and you need a new job, perspective employeers should not be able to check your credit and deny you a job. Where are people going to move if renters check there credit and deny them? The economy is going to get worse because everybody is going to be declined ourchases, jobs and housing. The Mortgage companies are impossible to work with. I’ve been calling my company for months with no help. Even spoke to a hope counselor. The Mortgage company is so far behind they can’t talk to me for another 3 – 4 weeks. We have to make new laws to help the obvious problems before it is too LATE!