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Obama Stimulus Plan

2009 has started on a positive note for the USA with the President, Barack Obama, presenting a plan designed to stimulate the economy. The Obama Stimulus plan comes at a time when the US economy is at an all time low. With 2.6 million jobs lost last year, the highest in one year since World War II, and manufacturing at a 28 year low, the US is facing unemployment figures of up to 10% by the time the recession ends. Jobs have already been lost in industries including financial services, retail, manufacturing and construction. The dollar is rapidly sliding and one out of every ten home owner faces foreclosure.

Obama met with his economic team at the White House during his first weekend in power to discuss the ramifications of the 2009 stimulus plan. The stimulus plan encompasses the provision of coverage for health care to 8.5 million Americans who are likely to lose their health insurance when they lose their jobs or change them; increase federal aid for Medicaid and children’s health insurance affected by shrinking state budgets; double the amount of energy produced from renewable resources within three years that can power six million households; increase energy efficiency of federal buildings thereby saving $2 billion a year; improve learning facilities for approximately five million students by upgrading 10, 000 schools; increase science undergraduate and graduate fellowships three fold. The Obama 2009 stimulus check should be able to inject some much needed fresh funding into the economy.

The Obama Stimulus plan aims to spend around $600 billion within the first year and a half (around 75% of the total expenditure) to inject cash in to the flailing economy. Rebuilding the crumbling infrastructure is one of the first priorities. Obama’s package has been designed to reduce the burden on the middle class who are working harder but have less spending power.

Barack Obama’s short term plan to energize the economy is to pour in $75 billion dollars in the shape of direct spending and tax cuts aimed at home owners, seniors, the unemployed and working families – those who need it the most. The plan also provides for reserves of $45 billion for rapid deployment if the economy continues to fail. These are all part of the 2009 stimulus payment plans.
Obama’s plan also takes in to account an additional 3000 mile increase in electrical lines; an increase in the security at 90 US ports; and doubling the renewable energy capacities of the US within the next three years.

Obama also plans a tax rebate 2009 offering of $250 to workers and their families. An additional $250 Tax rebate check will also be given to workers if the economy deteriorates further. The plan has also kept provision for a temporary $250 bonus for senior citizens to be added to their Social Security checks immediately. A 2009 stimulus refund is obviously called for.

A lot of questions have been raised about whether Obama stimulus rebate checks should be issued in 2009 or not. The general consensus seems to be a resounding yes.

Tags: cash, check, coverage, Insurance, jobs, Stimulus, tax

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