What's In Congress' Stimulus Package For This Pandemi

As said, here's what's in Congress' just-approved stimulus package to help the nation deal with this coronavirus pandemic.

Help for families

• The bill would provide direct payments of up to $1,200 for most individuals and $2,400 for most married couples filing jointly with an extra $500 for each child.
• Assistance would start to phase out for individuals earning more than $75,000 and for couples with more than $150,000 in income.
• Unemployment insurance benefits would be expanded, increasing the maximum benefit by $600 a week for up to four months. Benefits would be available to workers who are part-time, self-employed or part of the gig economy. People who are still unemployed after state benefits end could get an additional 13 weeks of help.
• Food assistance programs would get a boost as would programs to help low-income households avoid eviction and a program to improve internet access in rural areas.
• Homeowners with federally-backed mortgages would be protected from foreclosures for as long as 180 days.
• Students with federal loans could suspend payments until October.
• Students receiving Pell grants who have to drop out because of coronavirus would not be penalized. 

Help for small businesses

• The bill would give small businesses access to a nearly $350 billion loan program to cover monthly expenses like payroll, rent and utilities. The loans would not have to be repaid if businesses maintained their workforce.
• The eight weeks of assistance would be retroactive to Feb. 15, 2020 to help bring back workers who have already been laid off.

Help for corporations

• The package includes a financial lifeline to the hardest-hit industries, including passenger and cargo airlines. Another pot of money would be available to help other businesses for a combined $500 billion.
• Companies receiving assistance would be barred from raising the pay of certain executives.
• Any company receiving a government loan would be prohibited from buying back stocks while getting assistance as well for an additional year.
• Businesses controlled by the president, vice president, members of Congress and heads of federal agencies are not eligible for loans.
• Companies that kept on workers despite a significant loss of revenue could get a tax credit.
• The bill provides other tax relief to businesses by deferring tax payments, increasing deductibility for interest expenses and allowing immediate expensing of qualified property improvements, especially for the hospitality industry.

Help for health care providers

• Hospitals and medical centers would get billions to handle surging caseloads.
• Hospitals treating coronavirus patients would also get higher reimbursements form Medicare.
• Hospitals could request accelerated payments from Medicare.
• Across-the-board Medicare cuts that were part of a previous deficit reduction agreement would be temporarily halted.
• Extra funding for the Defense Department includes money to deploy the National Guard and use the Defense Production Act to help fast-track production of needed medical supplies to combat the coronavirus.
• Rules on using and paying for telehealth services would be eased.
• Funding would increase for federal agencies to speed work on therapies and a possible coronavirus vaccine, among other activities.
• When there is a vaccine, Medicare beneficiaries would not have to pay to receive it.

Help for state and local governments

• The package includes $150 billion to help state and local governments, which have had major unanticipated expenses while losing revenue. States would get a minimum amount and other funds would be allocated through a population-based formula.
• Disaster relief funding that state and local governments can access as well as a popular funding program for local governments would also be boosted.
• Child care programs would get a funding boost to help meet emergency staffing needs so health care workers and other critical workers will have child care.
• States, which have been postponing primaries, would get additional funds to make voting safer such as expanding early voting and the ability to vote by mail.
• Public transit agencies, which have lost ridership, would get $25 billion in assistance. Airports and Amtrak would also get billions of dollars of assistance.
• Schools and colleges could access nearly $31 billion to continue to teach students as schools are closed.
• State and local police and fire departments could get help paying for overtime and for medical items like personal protective equipment.
• The deadline for states to meet Real ID requirements for enhanced driver's licenses would be extended a year, to no earlier than October of 2021.

Help for the arts

• Museums, libraries and arts organizations across the country, which have been closing because of the pandemic, could get a boost from grants to state arts and humanities organizations.
• The John F. Kennedy Center for the Performing Arts, which has been closed until May, would get $25 million so it can reopen its doors once the crisis is over.
• The Smithsonian Institution would get $7.5 million to help with teleworking, deep cleaning and overtime for security, medical staff, and zoo keepers.

Contributing: Nicholas Wu and Christal Hayes, USA TODAY.

Be careful, be safe out there, y'all and STAY HOME.

President Obama, America, the "Stimulus Package" and Jobs

So many people blame our current President for our poor jobs situation yet so many don't know or seem to care to know the facts about employment in the last several years.

Here, then, are some facts:

In the 12 months prior to President Obama taking office, we had lost 4.5 million jobs.
Over half of the 4.35 million jobs we lost while President Obama has been in office came within the first 3 months of his first term.

Let’s look at a 9 month span of job losses covering the 3 months prior to President Obama taking office and the 6 months after:

• Nov: 800,000
• Dec: 650,000
• Jan: 840,000 (Didn’t take office till end of Jan, these go to Bush)
• Feb: 725,000 (Stimulus signed)
• Mar: 787,000 (Announced assistance to the auto industry, aka the auto bailout)
• Apr: 802,000
• May: 312,000
• Jun: 426,000
• Jul: 296,000

In the 2 months following the signing of the 2009 stimulus, job losses went from monthly losses of 700-800K to 300-400K.  For the mathematically challenged, that’s over a 50% decrease in job losses just 2 months after the stimulus was signed.

In other words, over half of President Obama’s 4.5 million job losses happened his first 3 months in office—when none of his economic policies had enough time to make any kind of impact.
Now let’s fast forward to present day…

We’ve had private sector job growth, continuously, since March 2010.  That’s 37 consecutive months of private sector job growth—totaling over 6.5 million jobs.

Oh, and for the record, Obama has only been in office for 51 months.  That means about 73% of his time in the White House we’ve experienced job growth.

So, first and foremost, this President isn't killing jobs or job growth.

Second, the stimulus spending package worked.

Third, then, it seems clear here, too, that any austerity program now is not just irresponsible but flies in the face of everything that makes sense for jobs, for creating jobs and for the health of the nation's and people's economy.

So, to our representatives in Congress, both houses, I say, I ask, once again, would you please, please create a jobs/projects/infrastructure/construction bill?

Please?

Link to original post: Fun Facts Republicans Don't Want You to Know About Obama's ...

Don't think "the stimulus" of the economy worked?

Take a moment and watch this. It lasts 4 minutes.

Because Damnitkage shouldn't be the only one putting this up (guest post)

Things Obama has done

From a facebook post.  Interesting.

I’m sick and tired of people asking “What has Obama done?” So here’s a list of things he’s done since he’s been in office. Remember: He was elected President. He wasn’t elected Jesus.

The list is still growing. Let me know if I (Damnitkage) missed anything.

1.   Saved the collapse of the American automotive industry by making GM restructure before bailing them out and putting incentive money up to help the industry

2.   Shifted the focus of the war from Iraq to Afghanistan, and putting the emphasis on reducing terrorism where it should have been all along

3.   Relaxed anti-American tensions throughout the world

4.   Signed order to close the prisoner “torture camp” at Guantanamo Bay

5.   Has made the environment a national priority and a primary source for job creation

6.   Has made education a national priority by putting emphasis and money behind new ideas like charter schools but speaking directly to school children in telling them they have to do their part.

7.   Won the Nobel Peace Prize

8.   $789 billion economic stimulus plan

9.   Appointment of first Latina to the Supreme Court

10. Attractive tax write-offs for those who buy hybrid automobiles

11. Authorized construction/opening of additional health centers to care for veterans

12. Renewed dialogue with NATO and other allies and partners on strategic issues.

13. Beginning the process of reforming and restructuring the military 20 years after the Cold War to a more modern fighting force… this includes new procurement policies, increasing size of military, new technology and cyber units and operations, etc.

14. Better body armor is now being provided to our troops

15. “Cash for clunkers” program offers vouchers to trade in fuel inefficient, polluting old cars for new cars; stimulates auto sales

16. Changed the failing/status quo military command in Afghanistan

17. Closed offshore tax safe havens

18. Deployed additional troops to Afghanistan

19. Ended media “blackout” on war casualties, reporting full information

20. Ended previous policy of awarding no-bid defense contracts

21.  Ended media blackout on war casualties and the return of fallen soldiers to Dover AFB.

22. Ended previous policy of cutting the FDA and circumventing FDA rules

23. Ended previous practice of forbidding Medicare from negotiating with drug manufacturers for cheaper drugs; the federal government is now realizing hundreds of millions of dollars in savings

24. Ended previous practice of having White House aides rewrite scientific and environmental rules, regulations and reports

25. American Recovery and Reinvestment Act has created 2.1 million jobs (as of 12/31/09).

26. Ended previous policy of not regulating and labeling carbon dioxide emissions

27. Ended previous policy of offering tax benefits to corporations who outsource American jobs; the new policy is to promote in-sourcing to bring jobs back

28. Ended previous policy on torture; the US now has a no torture policy and is in compliance with the Geneva Convention standards

29. . Launched Recovery.gov to track spending from the Recovery Act, an unprecedented step to provide transparency and accountability through technology.

30. Ended previous practice of protecting credit card companies; in place of it are new consumer protections from credit card industry’s predatory practices

31. Ended previous “stop-loss” policy that kept soldiers in Iraq/Afghanistan longer than their enlistment date

32. Energy producing plants must begin preparing to produce 15% of their energy from renewable sources

33. Established a National Performance Officer charged with saving the federal government money and making federal operations more efficient

34. Established a new cyber security office

35. Expanded the SCHIP program to cover health care for 4 million more children

36. Expanding vaccination programs

37. Families of fallen soldiers have expenses

38. . Provided the Department of Veterans Affairs (VA) with more than $1.4 billion to improve services to America’s Veterans.

39. Federal support for stem-cell and new biomedical research

40. Funds for high-speed, broadband Internet access to K-12 schools

41. Responded with compassion and leadership to the earthquake in Haiti

42. Immediate and efficient response to the floods in North Dakota and other natural disasters

43. Launched Business.gov – enabling conversation and online collaboration between small business owners, government representatives and industry experts in discussion forums relevant to starting and managing a business. Great for the economy.

44. Improved housing for military personnel

45. Improved conditions at Walter Reed Military Hospital and other military hospitals

46. Changed failing war strategy in Afghanistan.

47. Improving benefits for veterans

48. Increased infrastructure spending (roads, bridges, power plants…) after years of neglect

49. Donated his $1.4 million Nobel Prize to nonprofits.

50. Increasing opportunities in AmeriCorps program

51. Provided tax credits to first-time home buyers through the Worker, Homeownership, and Business Assistance Act of 2009 to revitalize the U.S. housing market.

52. Increased pay and benefits for military personnel

53. Increased student loans

54. Instituted a new policy on Cuba, allowing Cuban families to return “home” to visit loved ones

55. Cracked down on companies that deny sick pay, vacation and health insurance to workers by abusing the employee classification of independent contractor. Such companies also avoid paying Social Security, Medicare and unemployment insurance taxes for those workers.

56. Limited salaries of senior White House aides; cut to $100,000

57. Limits on lobbyists’ access to the White House

58. Protected 300,000 education jobs, such as teachers, principals, librarians, and counselors through the Recovery Act that would have otherwise been lost.

59. Limits on White House aides working for lobbyists after their tenure in the administration

60. Children’s Health Insurance Reauthorization Act on February 4, 2009, provides quality health care to 11 million kids – 4 million who were previously uninsured.

61. Lower drug costs for seniors

62. Making more loans available to small businesses

63. Many more press conferences and town halls and much more media access than previous administration

64. . Signed the Christopher and Dana Reeve Paralysis Act, the first piece of comprehensive legislation aimed at improving the lives of Americans living with paralysis

65. Negotiated deal with Swiss banks to permit US government to gain access to records of tax evaders and criminals

66. New Afghan War policy that limits aerial bombing and prioritizes aid, development of infrastructure, diplomacy, and good government practices by Afghans

67. Announced creation of a Joint Virtual Lifetime Electronic Record for members of the U.S. Armed Forces to improve quality of medical care.

68. New federal funding for science and research labs

69. New funds for school construction

70. Ordered all federal agencies to undertake a study and make recommendations for ways to cut spending

71. Ordered a review of all federal operations to identify and cut wasteful spending and practices

72. . Negotiated deal with Swiss banks to permit US government to gain access to records of tax evaders and criminals.

73. Phasing out the expensive F-22 war plane and other outdated weapons systems, which weren’t even used or needed in Iraq/Afghanistan

74. Reengaged in the agreements/talks on global warming and greenhouse gas emissions

75. Provided tax credit to workers thus cutting taxes for 95% of America’s working families.

76. Reengaged in the treaties/agreements to protect the Antarctic

77. Removed restrictions on embryonic stem-cell research

78. . Helped reverse a downward spiral of the stock market. On January 19, 2009, the last day of President Bush’s presidency, the Dow closed at 8,218.22. In February 2010, the Dow closed at 10,309.24

79. Renewed loan guarantees for Israel

80. Restarted the nuclear non-proliferation talks and building back up the nuclear inspection infrastructure/protocols

81. Provided attractive tax write-offs for those who buy hybrid automobiles.

82. Returned money authorized for refurbishment of White House offices and private living quarters

83. Sent envoys to Middle East and other parts of the world that had been neglected for years; reengaging in multilateral and bilateral talks and diplomacy

84. Unveiled a program on Earth Day 2009 to develop the renewable energy projects on the waters of our Outer Continental Shelf that produce electricity from wind, wave, and ocean currents. These regulations will enable, for the first time ever, the nation to tap into our ocean’s vast sustainable resources to generate clean energy in an environmentally sound and safe manner.

85. Signed national service legislation; expanded national youth service program

86. States are permitted to enact federal fuel efficiency standards above federal standards

87. Students struggling to make college loan payments can have their loans refinanced

88. Successful release of US captain held by Somali pirates; authorized the SEALS to do their job

89. The FDA is now regulating tobacco

90. Ended the previous stop-loss policy that kept soldiers in Iraq/Afghanistan longer than their enlistment date.

91. The missile defense program is being cut by $1.4 billion in 2010

92. The public can meet with federal housing insurers to refinance (the new plan can be completed in one day) a mortgage if they are having trouble paying

93. The “secret detention” facilities in Eastern Europe and elsewhere are being closed

94. US financial and banking rescue plan

95. US Navy increasing patrols off Somali coast

96. . Signed the Weapons Systems Acquisition Reform Act to stop fraud and wasteful spending in the defense procurement and contracting system.

97. Visited more countries and met with more world leaders than any president in his first six months in office

98. Improved relations with Iran

99. Improved U.S. policy on climate change

100. Set timetable for exiting Iraq (already started removing troops)

101. Improved relations with Russia

102. Improved relations with the Islamic World

103. Made progress towards grater cooperation on limiting nuclear proliferation

104. Economic stimulus plan has created jobs, decreasing the unemployment rate


105. Drastically slowed the recession

106. Saved Wall Street

107. Passed the Lilly Ledbetter Act (equal work for equal pay) http://en.wikipedia.org/wiki/Lilly_Ledbetter_Fair_Pay_Act_of_2009

108. HEALTHCARE REFORM

Once again, this is a lot to accomplish in such a short amount of time. He was elected President, he wasn’t elected Jesus.

Link to original post:  http://damnitkage.com/2010/10/things-obama-has-done/comment-page-1/#comment-3818

Chill, people

For everyone paying attention to what's going on nationally and internationally, financially and economically--and particularly for those who aren't--it's important to see that we all need to get good information about what is going on and stay calm.

It's easy to see, already, how the demagogues in the past--say, WWII and before that, in the Great Depression--got started and got their audiences.

Awful things happen--and are happening now. We go into new territory of one kind or another--in our case, financially--and people become overcome by fear and a lack of knowledge.

Instead of listening to calm, cool, informative sources of news like National Public Radio (NPR) and PBS-TV (Public Broadcasting System) because, heck, it's dull, they either watch horrible, one-sided, emotional knuckleheads like this Larry Kudlow guy on CNBC--who's constantly yelling out at us on the television--or they listen to "Porkulus", Rush Limbaugh on the radio. (I was on vacation for a few days and got trapped into seeing and hearing Kudlow. Sheesh. What a blow-hard.)

So instead of getting intelligent information and news, they get rumors, viewpoints and emotion.

And that is no way to make any headway and success on where we are and what we need to do.

So I'm clear on this, let me also say that we can't just listen to the likes of "Mr. Sanctimonious", Keith Olbermann, or Jon Stewart for our news, either. We have to know what's truly going on. No "slant" to it.

Public radio and TV are more important right now than probably ever before.

So let's chill, people. Let's either read and listen to non-biased sources of information as much as humanly possible, or shut the hell up.

President Obama's weekly radio address 02.21.09

Sorry I haven't posted for a few days, folks. I was out of town on a short vacation for a few days. I'll be writing later today.

Let's stop pretending

Okay, the "stimulus package" is going to pass, for better or worse, it seems.

All the economists say for the better so let's stick with those people. It's an economy, after all. They should know what they're talking about.

But let's stop pretending we live in a capitalistic, free-enterprise society any longer. (Beats being in an oligarchy, in my view).

Geez, between W's 350 billion dollar give-away, right at the end of his 8-year reign of terror and this apparently necessary, nearly one trillion dollar prop-up of the economy, and the fact that the government now owns so many banks and that they're going to own a bunch more this year, let's stop living in the past or kidding ourselves or out-and-out lying to ourselves or whatever it is we're doing.

The United States is now, truly, officially, a socialistic state, at minimum.

We probably were--and still, likely are--some form of oligarchy where the rich rule--and so many of us like it that way, clearly. But we are no longer a free-enterprise, capitalistic group of people.

No way.

Have you seen or heard what's in the apparently necessary boondoggle that was passed Friday night? Here's a glimmer:

• $3.5 billion for energy-efficient federal buildings (original bill $7 billion)

• $75 million for Smithsonian

• $600 million for Environmental Protection Agency Superfund (original bill $800 million)

• $327 million for National Oceanic and Atmospheric Administration

• $100 million for law enforcement wireless

• $300 million for federal fleet of hybrid vehicles

• $300 million for FBI construction

Don't get me wrong. I'm a follower of Paul Krugman (professor of economics and international affairs at Princeton University, centenary professor at the London School of Economics, op-ed columnist for The New York Times and winner of the Nobel Memorial Prize in Economic Sciences last year) and he has made it very clear he thinks this stimulus is very important for the country, to the point of keeping us out of, in his words, a "catastrophe".

But there is both a huge bundle of "pork" in this bill and it furthers the Federal Government's extension into our lives. This extension being financial.

And then there's the fact that it seems insane to try to fix a financial problem that grew out of everyone--banks, individuals, companies, everyone--having and using too much credit.

Finally, there's the whole idea that this will likely cause a great deal of inflation.

That's a lot of things to go against this bill and the ideas behind it.

But what, exactly, are we supposed to do, as a country and as a people, to keep the country from spiraling down, into a 2nd "Great Depression", if we don't do this?

Is there some other option?

If there is, no one's come up with it.

Krugman has also made it clear he thinks the package should also, possibly, be even bigger.

Wrap your mind around that one.

I will say that building the bridges and roadways we need seems necessary and smart. Same with switching us to clean, renewable energy as soon as is wisely possible.

But are we just supposed to let everything fall apart and then try to clean up the mess?

That doesn't seem like a good option.

So this is the path we're going down.

It seems like our only option.

Let's hope it is.

Just don't expect any details. I've spent some time looking and there's nothing out there to tell us what's in this boondoggle.

What does he know?

There's a report out just now that President Obama (God, I love to see that) has warned anew, this morning, that unless his economic stimulus package is put through, the recession will turn into "a catastrophe":

"A failure to act, and act now, will turn crisis into a catastrophe and guarantee a longer recession, a less robust recovery, and a more uncertain future," he said. "That's why I feel such a sense of urgency about the Economic Recovery and Reinvestment Plan."

Now, supposedly Mr. Obama is a cool, calm decision-maker and not prone to exaggeration.

Wouldn't you love to know just exactly what he's seeing and what he knows?

There are bloggers all over the internet predicting some awfully bad futures for the United States and the world.

One of them, "Automatic Earth", is particularly good at giving simply raw data and statistics on the US' and world financial and economic situations:

http://theautomaticearth.blogspot.com/

If you go there and read very long, it makes you think it's this kind of data the President is must be getting and reacting to.

And it doesn't sound good, by any stretch of imagination.

When I read and think about this current economic situation of America and the world, I begin to feel as though I'm on a roller coaster in utter darkness--and it's scary, getting bad and I fear what's coming up ahead will be much worse.

Link to original story:
http://news.yahoo.com/s/ap/20090204/ap_on_bi_ge/congress_stimulus

Good news/bad news

Two bits of news have come out this morning.

First, it looks as though President Obama's $825 billion stimulus bill will go through.

For better or worse--and we hope not worse--hopefully this will be a positive stimulus to the economy, what we need to get banks and businesses working again so more people don't lose their jobs.

Hopefully, too, it won't just be pork barrel politics with millions and billions wasted.

Hey, I'm an optimist.

The Dow is up on this news so that's good, too.

The second note is that the price for a barrel of oil just jumped, too, to $42.00 a barrel.

And there's a rub.

Can you imagine how many speculative dollars are going to flow into oil futures if anyone senses that even the American economy begins to recover, let alone the world? How about just the United States, China and India?

There will be so many people buying oil futures, there's no telling how high it would return.

This points out that we have to put back into place the curbs on speculation that our government took out in 2000. The ones we were missing when oil went to $147.00 a barrel and it was in the range of $4.00 a gallon at the local Kwiky Mart.

If we don't, forget about business recovery.

We'll have a small contingent of oil millionaires and everyone else choked off from work.

Here's the links:
http://news.yahoo.com/s/ap/obama_economy
http://www.rigzone.com/news/article.asp?a_id=72189