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Stimulus Package

The House of Representatives and the U.S. Senate today voted today to approve the American Recovery and Reinvestment Act of 2009. This act known to most as just the second stimulus package, is promised to provide the boost our economy needs to get out of this recession. The bill text doesn’t appear to be available yet. You can get the full text of the bill, as of February 10, at the online library of congress. This copy of the bill still seems to include the $15,000 home buyers tax credit which word is has been reduced to $8,000 in the approved bill. You can find the text of the bill on line at the Library of Congress Website listed as the congressional report on H.R.1. The bill does list that the first time home buyer tax credit is increased from $7,500 to $8,000 for homes purchased after December 31st, 2008 and before December 1, 2009.

Here is the kicker on this whole deal, as I write this article the Senate is still awaiting the 60th vote from Senator Brown D-OH. This Senator is being flown in on a jet, by the White House, to make his vote, and will then be flown back to OH so he can attend a funeral. I am all for this person attending funerals, or doing whatever else they need to do but I am not paying for this, seriously we call out GM for flying a jet to DC and then we shuttle Senator’s around on the White House’s dime. Bet McCain didn’t get picked up by Air Force One to make it in for his vote today.

— Enjoy your weekend I am turning the news off.

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One Million Dollars

$1,000,000.00

The picture to the right was an exhibit at a children’s museum I visited, the box contains $1,000,000 in $1 bills.  As the United States Senate ponders President Obama’s stimulus package, I am wondering what else they could do with $827 billion. It sure is a lot of money, but what does it look like in terms we can all understand:

  • 4,510,909,090,909.09 eggs
  • 260,062,893,081.76 Gallons of milk
  • 7,169,633,351.71 bottles of beer
  • 1,687,755,102.04 lbs of $1 bills
  • 32,954,545.45 miles of $1 bills laid out end to end (the shortest distance from earth to Venus is around 25 million miles).
  • $5,992.75 for every tax payer in America (based on 2007 IRS Estimate of 138 million taxpayers)
  • $2,756.67 for every person in America, assuming 300 million people.
  • 177 Nimitz Class Aircraft Carriers ($4.5 billion each, the U.S. only has 10)

Now tell me that this “Plan” is going to do more for our economy than cutting an almost $6000.00 check to every taxpayer in America, or better yet why don’t they just buy the beer and we can all get drunk and forget about the woes of our 401k.  What would you do with $6000.00, leave a comment and let us know.

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capitolbuilding2Major news channels are reporting tonight that the senate has arrived at a “compromise” on the American Recovery and Reinvestment Act of 2009. The bill is reported to now have 42% tax cuts, and 58% spending. No details were released and while the Official Documents maintained by the Library of Congress show Amendments 100-555 to the original bill passed by the House of Representatives, none of the text associated with the Senate amendments is documented.

Reports are stating that out of the 219 Republicans in both the House and the Senate only 2 actually support the bill. This is hardly the bipartisan support which Barack Obama raved about during his campaign. Without the details of the actual tax cuts being released yet I can’t really render an opinion on it. But it definitely worries me to see so few Republicans supporting this bill.  The amount of money involved is now closer to $800 billion and the first votes on the bill could come as early as Sunday afternoon. What have you actually heard about either the original bill or this “compromise” I am  afraid that not enough of America is actually aware of what their elected officials are voting on as we prepare to mortgage our kids and grand kids future.

Photo: (truello)

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