Yet another stimulus package is in the works

It looks like we’re going to be giving away more money. Here’s the full story.

FoxNews is reporting that the federal government is preparing a new stimulus package, though they are not calling it a stimulus package. Democrats have a long list of relief efforts they will be attempting to enact. Democrats are leaving how to pay for these relief efforts until later if even at all. The proposed assistance includes extending and expanding the first time home buyers tax credit. The credit would now extend into next year and encompass more that just first time home purchases. Another option is to create a tax credit for companies that add jobs. The proposal would allow a $4,000.00 tax credit for every job added by a company. This proposal was also mentioned when the first stimulus bill was planned in February however it was abandoned due to not being detailed. This has the makings of another economic stimulus package however democrats are not calling it that due to the negative results of the first stimulus package. The house has already voted to extend unemployment benefits for 13 additional weeks in the 27 states where the unemployment rate is in excess of 8.5%. Democrats later revised this to include all states and would extend benefits for 14 weeks. Another proposal would extend the benefits to workers who have been laid-off to help those individuals keep their health insurance. Several proposals have included an additional payment to over 50 million social security recipients to compensate for the lack of a cost of living increase this year. These payments would cost approximately $14 billiion and would be paid for by applying the social security payroll tax to income beyond the first $106,800.00 of a workers income. Social security payroll tax would now be withheld on incomes between $250,000.00 up to $359,000.00.

Have we not seen already that printing money to hand to people and multiplying the national debt is not fixing the problem. People are not spending money. They are afraid to and I can’t say as I expect them. I have just a little faith in our economy and our leaders as the next guy. And do I really want everyone going out and buying new homes in these economic times. Isn’t the irresponsible lending of money most of what got us into this mess to begin with? I don’t want people doing anything to decrease their financial security at present. I would not have a problem with a tax credit for companies that add jobs though I think it would be hard to manage. There would have to be verbiage as to if this was only to new jobs or any job that was previously vacant and refilled such as positions that had been laid-off. I would also want to see stipulations that companies would have to maintain these added positions for so many years so they just don’t terminate the position after they get their tax credit for it. I can’t say as I’m in favor of extending the unemployment benefits. I personally know multiple business owners that have positions open and receive multiple calls inquiring about jobs each week. The kicker is that the people calling hang up when they learn that they have jobs open. These people are just looking for employers that are not hiring to sign off on their unemployment paperwork so they can continue to live off my tax dollars. Now I am certain that not everyone that is unemployed is a mooch and some are probably truly looking for employment. We had too many people living off the system before this depression and now it is even worse. Oh! I said depression. Yes, we are in a depression. And no, there is no big recovery. The government would call this a “jobless recovery”. I’ve never heard something so stupid. Jobless recovery is an oxymoron. When the economy recovers there will be need for jobs. Its that simple.

I could continue to rant from atop my soap box but I don’t think it would do any good presently. This article does have more information if you would like to read it. It includes an interview with Nancy Pelosi. I didn’t comment on that because it would have all been negative as I can’t stand her. The very type of irresponsible spending that the government is displaying is what got us into this mess to begin with. And instead of training the population to be more frugal we are enacting tax cuts to get people to spend money that they don’t have.