Highlights of $825 bil. Economic Recovery Plan

2 comments January 15th, 2009

Here are highlights of the $825 billion economic recovery plan drafted by House Democrats and President-elect Barack Obama’s economic team. Most provisions are temporary.

SPENDING

Energy: $32 billion to fund a so-called “smart electricity grid” to reduce waste; $20 billion-plus in renewable energy tax cuts and a tax credit for research and development on energy conservation, energy efficiency and renewable energy, and a multiyear extension of the renewable energy production tax credit for wind, hydropower, geothermal and bioenergy; $6 billion to weatherize modest-income homes.

Science and technology: $10 billion for science facilities; $6 billion to bring high-speed Internet access to rural and underserved areas; $1 billion for the 2010 Census.

Infrastructure: $32 billion for transportation projects; $31 billion to build and repair federal buildings and other public infrastructure; $19 billion in water projects; $10 billion in rail and mass transit projects.

Aid to the poor and unemployed: $43 billion to provide extended unemployment benefits through Dec. 31, increase them by $25 a week and provide job training; $20 billion to increase food stamp benefits by 13%; $4 billion to provide a one-time additional Supplemental Security Income payment; $2.5 billion in temporary welfare payments; $1 billion for home heating subsidies; and $1 billion for community action agencies.

Education: $41 billion in grants to local school districts; $79 billion in state fiscal relief to prevent cuts in state aid; $21 billion for school modernization; $16 billion to boost the maximum Pell Grant by $500; $2 billion for Head Start.

Health care: $39 billion to subsidize health care insurance for the unemployed and provide coverage through Medicaid; $90 billion to help states with Medicaid; $20 billion to modernize health information technology systems; $4 billion for preventative care; $1.5 billion for community health centers.

Housing: $13 billion to repair and make more energy efficient public housing projects, allow communities to buy and repair foreclosed homes, and help the homeless.

Law enforcement: $4 billion in grants to state and local law enforcement.

TAXES

Individuals: $500 per worker, $1,000 per couple tax cut for two years, costing about $140 billion; greater access to the $1,000 per-child tax credit for the working poor; expanding the earned-income tax credit to include families with three children; a $2,500 college tuition tax credit; repeals a requirement that a $7,500 first-time homebuyer tax credit be paid back over time.

Businesses: An infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two; bonus depreciation for businesses investing in new plants and equipment; a doubling of the amount small businesses can write off for capital investments and new equipment purchases; allows businesses to claim a tax credit for hiring disconnected youth and veterans.

Partnering to Create Jobs in the Community

Add comment January 15th, 2009

Rockford, IL- Goodwill Industries of Northern Illinois and Wisconsin Stateline Area, Inc.
is proud to partner with the U.S. Census Bureau to create jobs in the greater Rockford
area. Goodwill will be one of the locations for the 2010 U.S. Census testing. To
perform, the 2010 Census the Bureau needs to create hundreds of jobs. These
positions pay anywhere from $9.75 to $16.00 per hour and range from part time to
fulltime employment.

The upcoming 2010 Census affords the greater Rockford area hundreds of
job openings during this increasingly difficult economic time. On January 20th, 21st,
22nd, and February 3rd, 4th and 5th, the Machesney Park Goodwill store will host the
Census Bureau testing. The Machesney Park Goodwill store is located at 8010 North 2nd
Street, Machesney Park Illinois, 61115. Other testing sites are also being set up, so the
Census Bureau asks that all interested applicants please call their toll free number:
1.866.877.8339 to find the nearest testing site and register for the testing.

“We are pleased to partner with the U.S. Census Bureau in order to assist them in
finding persons to fill these vital positions, especially in these trying economic times,”
stated Sam Schmitz, President of Goodwill/Abilities Center.

Retail Sales, what’s the Real Story?

Add comment January 15th, 2009

Here are the headlines….

“Sales at U.S. retailers dropped a steep 2.7 percent in December, government data showed on Wednesday, as a deteriorating economy forced consumers to cut back on spending during the key holiday period.

The dour data suggested the economy shrank even more sharply than had been thought in the fourth quarter, setting the stage for another big drop at the start of 2009 and raising chances the more than year-old U.S. recession will be the longest since the Great Depression.”

What is the reality?  Did the NUMBER of things sold go up?  Remember, the stores were discounting heavily AND they started the sales in November.  I recall the “Black Friday” sales UP over a year ago; the Internet sale WAY UP from a year ago…so were sales pulled from December INTO November?

I think these type of announcements are very superficial and are doing nothing more than feeding on people’s psychology.

Oh, yes, I forgot, Wednesday morning will be a new world!