Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

President-Elect Obama Talks About Tax Cuts And Stimulus Package

By Peter Anderson 4 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 18, 2017.

Share
Pin
Tweet
Share
0 Shares

In his address this week President-elect Obama talked about how his administration plans to face the many economic challenges that face them this coming year.

In this week’s weekly address, President-elect Barack Obama lays out the challenges that face us in the new year, and his plan for taking them on.

“We need an American Recovery and Reinvestment Plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term,” he says. “And this plan must be designed in a new way—we can’t just fall into the old Washington habit of throwing money at the problem. We must make strategic investments that will serve as a down payment on our long-term economic future. We must demand vigorous oversight and strict accountability for achieving results. And we must restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down. That is how we will achieve the number one goal of my plan—which is to create three million new jobs, more than eighty percent of them in the private sector.”

I certainly hope that they are able to create 3 million jobs, with 80% of them in the private sector.   That would be quite the accomplishment, but I’m a bit skeptical.   I’m always afraid when the government tries to create jobs and big programs to get things moving. When was the last time you saw the government successfully manage a program of this scope?  Will they really demand vigorous oversight and accountability, or will it become a pork-laden special interest spend fest?

So here’s to hoping – new roads, bridges, health care initiatives and more, that they may create jobs, and not bankrupt us in the process!

In other news, Obama stated this week that the tax cuts they want to extend may be larger than signaled previously:

The tax cuts for individuals and couples would be similar to the rebate checks sent out last year by the Bush administration and Congress in a bid at that time to boost the slowing economy. A key difference is that the tax cuts this time around may be awarded through withholding less from worker paychecks. That provision would cost about $140-150 billion over two years.

So no stimulus checks, just more in your paycheck.  I can get behind that.

Obama aides have said the package Obama has dubbed the American Recovery and Reinvestment Plan could cost as much as $775 billion. The president-elect has refused to put a price tag to the plan.

Congressional aides briefed on the measure say it likely will include tax cuts of $500 to $1,000 for middle-class individuals and couples, as well as some $200 billion to help revenue-starved states pay for health care programs for the poor and other operating costs. A large part of the new spending would go for infrastructure projects, blending old-fashioned road and bridge repairs with new programs to advance energy efficiency and rebuild health care information technology systems.

We’ll see how it all plays out once Obama is inaugurated, and congress actually gets to work.

What do you think about the “American Recovery and Reinvestment Plan”?  Does it sound like a good idea, and if so, do you think it will work?

Related Posts

  • Deal Reached Between President Obama And GOP On Extension Of Bush Tax Cuts

    Over the past year or so we've been talking on this site quite a bit about the 2001 and 2003 Bush tax cuts, and whether…

  • President Obama Appoints Geithner and Lew To Negotiate A Resolution To Bush Tax Cuts

    As the end of the year comes ever closer, and Congress gets ready to adjourn for the year, there has still been no action on…

  • Will The Bush Tax Cuts Be Extended By Obama And Congress Into 2013 And Beyond?

    At the end of the 2012 tax year the Bush (or Obama) tax rates will increase to previous levels. Will the President and Congress act…

Share
Pin
Tweet
Share
0 Shares
Last Edited: 18th November 2017 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Commentary, Economy, Post With Video

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

Comments

    Share Your Thoughts: Cancel reply

  1. Miranda says

    I like the ideas of fixing up our infrastructure and investing in renewable energy. This is the stuff we should have been doing for years, rather than giving taxpayer money, in the form of subsidies, to large and profitable corporations. And I do agree that tax cuts are better than stimulus, but I don’t know how practical tax cuts are when you are planning massive spending.

    Mirandas last blog post..What Do I Think About the Economic Stimulus Plan From Barack Obama?

    Reply
  2. liv says

    I’d say that the last time a program like this was done was the WPA, CCC or the highway program under Eisenhower.
    Here’s hoping the new administration doesn’t just have tech and construction jobs.
    http://www.nytimes.com/2008/12/09/opinion/09hirshman.html?_r=1&scp=1&sq=jobs%20for%20women&st=cse

    livs last blog post..hopefully final

    Reply
  3. Cathy Quik says

    I’m with you on the skepticism about 3 million jobs 80% in the private sector…it sounds awesome, but is it possible? Interesting times we are living in huh?

    Reply
  4. Abigail says

    I think people forget that even construction jobs for infrastructure do create other jobs. I’m not big on trickle down (I shudder at Reaganomics) but think of it this way: Construction requires coordination. Those doing the coordination will need administrative help. The hiring of people will require screeners or simply operators to answer questions about this process.

    And for each job that is created, it’s one more person who (after getting back in front of finances) will begin to slowly put some non-essential money back in the economy.

    It definitely won’t be an immediate fix. Just getting the plan implemented will be at least a year, obviously. Actually getting the large-scale hiring started and on track will take a few months. And then for people to stabilize their finances, that will take time.

    But I think it will work. Maybe we won’t see three million. Maybe we will. But, frankly, our infrastructure is in dire need of work anyway, so it’s definitely better than digging/filling/re-digging ditches.

    As far as tax cuts plus spending, well the tax cuts would be for middle class. Probably those in better financial situations will pay more (shocking idea there!). But yeah we will go deeper into debt in the short-term. I think if Obama hits a second term, we’ll see him start to raise taxes again.

    Personally, I don’t mind taxes. It’s not pleasant. I like money. But I also like roads. And maybe one day even quality schools in EVERY state. So that requires taxes. So even if Obama didn’t cut taxes, I would be okay with his plan. But I do kind of get his point — for now, we need to give Americans as much spending power as possible, so they can get back to a stable base for debt repayment.

    I only hope that Americans will actually use their money for good purposes, and maybe not forget these lessons right away, as soon as the economy rights itself again.

    Abigails last blog post..Another sale of interest

    Reply
Previous Post: It’s A New Year. Time For A Fresh Start! 2008 Recap.
Next Post: Have Some Fun This Weekend Without Spending A Lot Of Money
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy