The Stimulus Hits Home

[jefferson_dem]

I just received the message below in my inbox and am wondering how many Americans will be receiving the same. Granted, it's not much $ but the reality is -- my only "raise" this year comes courtesy of President Obama and the Democrats in the US Congress. :)

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 into law. This legislation includes a $400 individual income tax credit ($800 for joint filers) for 2009 and 2010 to be distributed through reduced withholding from worker's paychecks. Our tax tables have been updated to reflect this legislation and employees will notice an increase in their paychecks beginning with the March 13, 2009 pay date.

[BobRossi]

1. It should have been more.

The stimulus should be targeted at taxpayers. Trickle up is the only way.

[Myrina]

6. Yep. Agreed, 100%.

Why doesn't anyone in DC see that giving money directly to people will allow those people to pay bills (including mortgages), buy consumer goods and thereby stabilize businesses and allow them to pay their bills (including mortgages and payrolls) and buy goods, and so forth and so on, up the ladder?

:shrug: I'm not an economist, but it's pretty obvious to me ...

[Kalyke]

2. When they say "$13 per paycheck," do they mean a weekly,

bi-weekly or monthly paycheck.

I want to do some figuring before people yell that's not much.

[jefferson_dem]

3. $13 a week.

Which is a bit more than "chump change" in this economic environment.

[asphalt.jungle]

4. that's why even though Roubini is an expert

I don't understand how he can say that this tax rebate approach will fail because of the lump sum approach that Bush took. $13 a week isn't chump change, it's 13 extra dollars that WILL find it's way into the economy (more money to spend at the grocery store for those that have to put things back). Multiply that by the millions who will be receiving it for the next two years and that's not something that's insignificant. It's much harder to save what amounts to a small raise than a big lump sum check that you can deposit directly into your savings account.

[99th_Monkey]

5. Which apparently leaves out people with no withholdings, such as retired, unemployed, etc.

WTF's up with that?

[ClarkUSA]

7. Also, those who are unemployed are getting an extra $100/month if they are drawing UI.

[Beacool]

8. Personally, I wish they would keep it

and use it to reduce the deficit. I felt the same way with Bush's $300. What's $13 to most people? Trillions in deficit DOES concern me.

;(

[asphalt.jungle]

9. yeah reducing the deficit in a collapsing economcy is something

most economists agree on i think.

:sarcasm: