2010 Stimulus Check

Currently at this time there is no 2010 Stimulus Check.

President Obama has recently gone to Congress to get them to approve a bill that will allow those on Social Security and Veterans to receive a $250 check similar to that of the 2009 Stimulus Check.  At this time there is no official word on when or if these stimulus checks will go out.  However it is likely that these checks will go out late spring / early summer in 2010 if and when they do happen.

For the rest of America that are currently employed.  There more then likely won’t be a 2010 Stimulus Check because of the tax credit that has been set aside for everyone.  Remember how you are paying ~$20/week less in taxes over the year as a Stimulus Check?  That same amount will be deducted from January 1 to the end of the year, so it is possible that it will be more like $12-$15/week instead.

Stay tuned to this site for all your 2010 Stimulus Check updates.

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2010 Stimulus Check Update

The 2010 stimulus check has been rumored for many many months now, going back to fall of 2009 if there was going to be one or not.  There was hope of a 2010 stimulus check after the major successes of the 2008 stimulus check sent out by President Bush and the 2009 stimulus check sent out by President Obama.

However, at this time, there is no 2010 stimulus check planned for 2010.  Had there been a stimulus check this year, it would have already been in the process of going out starting sometime around may or june of this year.

Keep checking back to see if there are any updates on the 2010 stimulus check.

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2009 Stimulus Check

In the recent stimulus package passed by President Obama earlier this year, otherwise known as the American Recovery and Reinvestment Act of 2009, Obama provided many forms of stimulus and stimulus checks to provide the economy.  The only mentions of a 2009 stimulus check for the American public were in two places in the recently passed Stimulus bill.

The first is a 2009 stimulus check for those on social security incomes, military pensions and railroad pensions.  This is a $250 2009 stimulus check that is a one time payment similar to the 2008 stimulus check that President Bush issued last year.  To qualify for the 2009 stimulus check you had to have already been on social security by the end of 2008 to receive your 2009 stimulus check in May 2009.  If you started your social security income January 1, 2009 or later you do not qualify for this years stimulus check.  However if there is a 2010 stimulus check similar to how the 2009 stimulus check worked you would qualify next year for that stimulus check.

The second part of the 2009 stimulus check is a tax rebate that amounts to $400 if you are single or $800 if you are married over the course of 2009.  Starting in April 2009 the government is lowering the taxes withheld from your paychecks to the amount of about about $20/week so that over the course of the year it would amount to $400 (or $800).  This is the only 2009 stimulus check that is available to those that are working.  The 2009 stimulus check is essentially a $400 check paid over the course of the year.

This 2009 stimulus check that is being paid out weekly via a tax rebate will be in effect for 2010 as well.  The amount of the money making up the 2010 stimulus check on a weekly basis is less then this years $20/week because it is spread out over the course of the entire year instead of 8 months.

There is not a singular 2009 stimulus check for those on employment, it is split up into several incentives.  President Obama provided the following ways to help those on unemployment through the 2009 stimulus package.
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Stimulus Check

Stimulus Check is a term that first used during the 2008 year when President Bush sent out $600 Stimulus Checks to every man and women in American in hopes of stimulating the ailing economy.  The 2008 stimulus check was sent out over the course of several months based on the recipients last 2 digits of their SSN.  The stimulus check became popular because it was free money that the government was handing out to everyone.  At this point the economy was showing signs of slowing down as the lay offs were continuing to mount.  People were looking forward to their stimulus check that was supposed to be used to spend in retail stores to stimulate the economy, but many people used this stimulus check money to pay their bills.

In early 2009 people were wondering when there 2009 stimulus check was going to come and if they were going to get one and when.  The stimulus check was once again being eyed as free money that was to be handed out to everyone to help cover their  bills and expenses, not so much as the original purpose of the stimulus check in 2008 when President Bush designed the original stimulus check to stimulate the economy.

During late 2008 into 2009 what started with President Bush and later President Obama began to bail out many of the large corporations right and left.  It was several billion here for this company then another similar amount for another.  In Feb 2009 President Obama signed the $800 billion American Recovery and Reinvestment Act of 2009 into effect that provided stimulus funds for companies for bailouts and stimulus checks for retried and other tax benefits for those working.  The large out cry from the American people about where is my stimulus check.  Had the government taken that bailout money and given a single stimulus check to everyone, it could have amounted to several grand each.  Instead President Obama sent out the 2009 stimulus check and other stimulus initiatives outlined by the 2009 stimulus act.

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Why stimulus checks are the best form of stimulus

There is a reason why stimulus checks are the best form of stimulus checks to help stimulate the economy.  When stimulus checks go out to the public they go to all three groups of people, those that are wealthy, the middle class and those making under $40,000 a year.

When the wealthy get stimulus checks they save the money that they get which in turn doesn’t help to stimulate the economy.  The middle class use the stimulus check to either pay off debt or to help pay other bills.   Those making under $40,000 tend to either buy things and stimulating the economy or else using it to catch up on other bills like the middle class.

Compared to the tax cuts that people really don’t see because they are so small taken out over a longer period of time, having another stimulus check in 2011 would be very helpful to the entire country and many millions of Americans.

As the unemployment rate has risen over the years it now is nearing 10% unemployment.  The government is hard at work to help as much as they can such as extending the tax cuts we do have for another 2 years, extending unemployment benefits to 155 weeks and home refinance stimulus package and the loan modification program.

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White House and Republicans extend tax cuts for 2 more years through 2012

In a recent turn of events President Obama and the Republicans in congress came to terms to on a tax cut extension through 2012.  That means that all of the current tax breaks that are currently in effect will remain in effect for another 2 years till the end of 2012.

Those on unemployment can now except to see up to 155 weeks of unemployment benefits.  The number of weeks that can be extended for has been increasing over time as the percentage of people unemployed has grown.

Posted in 2010 stimulus check, Obama, Stimulus, Stimulus Check, Unemployment | 1 Comment

Home refinance stimulus package and the loan modification program

Recently President Obama passed a new package called the home refinance stimulus package and the loan modification program.  This new program is geared towards those people who are having a hard time being a place to financially pay for their home loans.   The program is set to help nearly 9 million people for over $75 billion dollars in loans.

There are two parts to this program that will be helping Americans. The mortgage refinance program and the loan modification program.

The refinance program is being run through Fannie Mae and Freddie Mac to help people refinance their homes to avoid foreclosure.    The loans will be guaranteed by either loan company Fannie Mae or Freddie Mac in addition to that the homes must be used as a primary residential home that people are currently living in.  This would make rental homes and other vacant or second homes exempt from this condition.

The loan modification program will allow home owners to stay with their current loan company and reduce the loan % that they are paying to as low as 2%.  This reduced interest rate will lower the monthly payments thus making it easier to stay in their homes.

Posted in 2010 stimulus check, home refinance stimulus package and the loan modification program, Obama, Stimulus, Stimulus Check | 1 Comment

President Obama said that the Stimulus is working, but is it in your opinion?

Recently in a 60 Minutes interview President Obama went on the air and said that the stimulus program is working better and faster then expected.

“One of the interesting things about the Recovery Act was most of the projects came in under budget, faster than expected, because there’s just not a lot of work there.” – President Obama

This statement was based on projects that were funded by the stimulus program were coming in under budget and faster then expected.  Because of that President Obama and the Democrats are pointing to how this stimulus program is working effectively.

You can easily see through at why these projects are coming in under budget and even faster then expected.  With the downturn in the economy there isn’t much construction work and it is ultra competitive for the bids that are coming.  Thus driving down the costs of the projects and even speeding up the time in which they are completed because of the additional man power available.

Even though President Obama said that most of the projects were coming in under budget, in actuality many of them were coming in under budget.

What is your opinion.  Do you think the stimulus projects are working?  Is this a good use of your tax dollars?

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Economy is slowing down in second quarter 2010

There is a new report coming out of Washington showing the economy in the United States is slowing down compared to where it was a year ago.   The economy is even slowing down from the first quarter of this year.  This recent slowdown in the economy shows how the fragile the economic turnaround is and how it is unlikely to be providing many new jobs in the coming months.

The growth percentage in the 2nd quarter in 2010 was 2.4% and 3.7% growth in the first quarter.  Both numbers were down from the 4th quarter in 2009 of 3.7%.  This data suggests a deeper recession then any other data previously suggested.

Many analysts have attributed the downturn to the housing tax credit expiring, as well as the lack of stimulus checks and other stimulus style benefits that were helping the economy rebound.  There are economics that are suggesting another round of stimulus checks would be key to helping in the recovery of the recent downturn.

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How has the 2009 stimulus act done for creating new jobs?

Have you ever stepped back and thought about one of the original reasons the 2009 stimulus act was created and how it measures up to what actually happened?  The stimulus act was originally set up to provide new jobs to help with the ever raising joblessness rate.  If you look at how the money was split up, it didn’t do very well to create new jobs.

By tracking the money it was split up into roughly three thirds.

The first third was used as tax breaks to those that already had jobs.  Yes, it was nice for those of us that had jobs, but the little amount that we did save was meant to be spent to stimulate the economy.  Which is hard to track how well that worked out.

The second third was used to add funds to health care and education budgets to help teachers and other people make it through the falling incomes collected by taxes to pay salaries.  Teachers and other people in this field keeping their jobs is a good thing, since teachers are teaching the youth of America.  That is a field we can’t do without.

The final third was meant to create new jobs.  The money was sent out to grants and other channels with the intention of hiring those that didn’t have jobs.  The road improvements by far did the best for creating jobs and also doing something that has been needing to be done for a while now.  As for the rest of it?  There have been numerous reports of spending the money on needed upgrades in equipment and keeping people on payroll instead of laying them off.  With very little going towards hiring new people.

How did it fair, not very well if you ask me.

To figure out how this relates to the 2009 and 2010 stimulus checks that money would have been part of the tax breaks.  It has been helping people keep afloat in this tough economic times and not really spent on random things to keep the economy going.

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Government Stimulus Check

The Government Stimulus Check that was issued in 2008 and 2009 was a stimulus check that provided many Americans with checks ranging from $250 to $600 dollars.  These checks were aimed at stimulating the economy.

The Government Stimulus Check that was sent out in 2008 was to every American 18 and over.  These checks were $250-$600 per person.  In 2009 it was a $250 check sent out to every on social security.

At this time there is currently no plans for a government stimulus check in 2010.

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Stimulus Plan

The stimulus plan that President Obama signed into law last year with the large stimulus package was a stimulus plan that was designed to stimulate the economy to keep businesses moving.  There was large amounts of money set aside as tax breaks for those employed, and additional funds for those retired or not working.

There were also plans to allocate funds for roads and other projects.  By supplying funds for roads it helps employee people to repave the roads, roads which were long over due for maintenance.

Even all of the bailouts of large companies such as AIG and others could be seen as part of the stimulus plan.  Keeping large companies from folding kept thousands of Americans employed.

For many of those, the stimulus plan was a success in many ways.  For others, they are still wondering why there weren’t getting more stimulus checks in the mail.

Posted in 2009 Stimulus Check, 2010 stimulus check, Second Stimulus Check, Stimulus, Stimulus Check | Tagged | 7 Comments