about new stimulus bill?
So let me get this straight, they passed new bill today with a tax break if you buy a new car, which the american people cant afford b/c they have either lost their jobs or hours at work. Then no relief for homebuyers who are on the verge of foreclosure b/c of their jobs, but the banks get bailed out with most of their CEO's making millions, and we were told we as taxpayers were going to get another stimulus check to help us out, but thats not in the bill anymore. So i guess my question or thought from everyone is how as taxpayers or just a normal american going to benefit from this, I only see us paying for the bill, not being helped by the new bill.
- Joe FinkleLv 71 decade agoFavorite Answer
The stimulus plan is three pronged, The bill that passed yesterday is for job creation. A lot of the tax cuts in it were targeted for specific purposes, a lot of them were pretty useless and used for political purposes such as to get enough republicans on board to avoid a filibuster. There's plenty in that bill that you will benefit from, primarily a lot of jobs created or saved, which means more cash in people's pockets, which helps the private sector and everyone else.
Also announced yesterday was the plan for the remaining TARP money, half of which Bush squandered. The plan was criticized for being not specific enough. Uncertain investors sold a LOT stock, primarily in the banks companies expected to fail down the road. We'll have to wait and see when more details come out about that. If successful, this will help you as well, as credit will free up, enabling people to buy homes and cars and other things on credit. Don't know if that will work, it's the most complicated part, but there's some reason for cautious optimism about it.
The third prong is home foreclosures. It's unclear what Obama plans to do about that, but he should be announcing it soon. It wasn't intended to be a part of what was announced yesterday. I've heard a bunch of ideas, but I don't know what Obama's actual plan is yet.