Now That's Stimulus!

on Thursday, February 12, 2009

Some argue that tax cuts are better for boosting a sour economy. Others say reasonable, focused government spending is more effective. I say why not do both.

That being said, we already know the government has pledged a trillion bucks for the latter, but how much in tax cuts can American workers expect with this stimulus package:

The $500-per-worker credit for lower- and middle-income taxpayers that Obama outlined during his presidential campaign was scaled back to $400 during bargaining by the Democratic-controlled Congress and White House. Couples would receive $800 instead of $1,000. Over two years, that move would pump about $25 billion less into the economy than had been previously planned.

Officials estimated it would mean about $13 a week more in people's paychecks this year when withholding tables are adjusted in late spring. Next year, the measure could yield workers about $8 a week. Critics say that's unlikely to do much to boost consumption.
A whopping $13 a week?! Thanks, Washington. That's sure to boost the economy.

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