T Nation

A Second Stimulus Package Proposed

I am not positive and couldn’t find, but friend of mine called and said that Obama wants to push a second stimulus package that only goes to those on welfare, using food stamps or cannot pay their variable rate mortgages.

Has anyone heard anything about this?

It was supposedly on the news today.

[quote]apbt55 wrote:
I am not positive and couldn’t find, but friend of mine called and said that Obama wants to push a second stimulus package that only goes to those on welfare, using food stamps or cannot pay their variable rate mortgages.

Has anyone heard anything about this?

It was supposedly on the news today.[/quote]

Googled it, found this:

Chicago, IL - Barack Obama today unveiled a plan to revitalize the economy in the short-term with a stimulus package that will immediately inject $75 billion into the economy in the form of tax cuts and direct spending targeted to working families, seniors, homeowners and the unemployed. The plan also includes $45 billion in reserves that can be injected into the economy quickly in the future if the economy continues to deteriorate. Obama will discuss the plan later today at events in Nevada.

“The time has come to bridge the growing divide between Main Street and Wall Street,” said Barack Obama. “The American Dream is slipping out of reach for many families whose paychecks aren’t meeting the increased costs of their medical bills and tuition payments. Four months ago I said it was time to put a middle-class tax cut worth $1000 per family into the pockets of workers who deserve it. A tax cut that would eliminate income taxes for seniors who make under $50,000. We can’t wait for the next president to act. We need that middle-class tax cut now more than ever - not five months from now or five weeks from now, but now. I’m announcing a plan to jumpstart the economy by putting money in the pockets of those who need it most and will spend it quickly.”

“Strengthening our economy and creating good-paying jobs will be Barack Obama’s priority from the day he takes office,” said Governor Tim Kaine, who held a conference call with reporters to discuss the plan. “But we must act today. Barack Obama has offered a plan that will restore fairness to the economy and ensure that hard-working Americans can provide for their families and save for their future. Barack Obama offers us the best chance to revitalize our economy because he has the strength to unite Democrats, independents, and Republicans to pass reforms that will invest in all of America.”

Barack Obama’s Plan to Stimulate the Economy and Protect American Families Would:

  • Provide an immediate $250 tax cut for workers and their families.
  • Provide an immediate, temporary $250 bonus to seniors in their Social Security checks.
  • Provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen
  • Provide relief to homeowners hit by the housing crisis.
  • Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.
  • Extend and expand Unemployment Insurance.

Barack Obama’s economic stimulus plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most. Obama’s proposal will immediately provide stimulus using means that do not require lengthy governmental or administrative delays. The plan also reserves an additional $45 billion of stimulus that can be injected into the economy quickly in the future if the economy continues to deteriorate.

( http://www.barackobama.com/2008/01/13/barack_obama_announces_plan_to.php )

So, it appears most, if not all of the money will be going to working folk and the elderly… except for the part about “extending and expanding Unemployment Insurance”…

http://ows.doleta.gov/unemploy/uifactsheet.asp has this to say about Unemployment Insurance:

“In general, the Federal-State Unemployment Insurance Program provides unemployment benefits to eligible workers who are unemployed through no fault of their own (as determined under State law), and meet other eligibility requirements of State law.”

So, assuming that the expanded UI will only go to those who are out of work through no fault of their own (as defined), his proposed stimulus package is absolutely nothing like what your friend said.

So you are comparing 75 billion to 1 trillion. You are aware of the vast difference between the two. That’s 75 billion for 40% or more of the population and 1 trillion for the top 1% of the population.

That’s fare, since the 1% doesn’t have to pay there share of the taxes. It’s only right the rest should pay for their fuck-up.

No that is the one he campaigned on,
These are supposed to be changes he is making to the Package Bush wants to put out, I saw it on the late news here but still can’t find anything online.