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Spotlight Economy: How the Economic Stimulus Plan Impacts Americans
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Spotlight Economy: How the Economic Stimulus Plan Impacts Americans
United States - 2/18/2009
By Pete Hurrey
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EDITOR’S NOTE: Last week Congress passed the economic stimulus and recovery plan. After hours negotiating differences between the House and the Senate, the bill is expected to be signed into law by President Obama on Tuesday, February 17. What follows is the second of two articles that take a brief look at how the plan will impact Americans. The economic stimulus and recovery plan also earmarks funds for homeowners looking to save energy, manufacturers and distributors of photo-voltaic cells, wind turbines and those working on a smarter electric grid. The plan has set aside funds in excess of $42 billion in energy-related investments which include tax credits for homeowners, loan guarantees for sustainable energy efforts, and grants for those working on better batteries and wind turbines.
Included in the package is a tax credit for up to $1,500 for those who purchase of a highly efficient residential air conditioners, heat pumps or furnaces. The credit is available to homeowners who replace leaky windows add insulation.
There is a provision in the plan for funding for up to $20 billion in "green" jobs – jobs that are related to the creation of affordable, sustainable and environmentally beneficial energy. Another $5 billion has been set aside to assist low-income homeowners conserve energy.
A goal in the stimulus and recovery plan is to keep teachers on the job during the economic crisis. Because of the disarray of State education budgets it is felt that almost 600,000 teaching positions could be eliminated. The plan creates a $54 billion fund to help States restore some of their budget cuts. $39 billion must be used specifically for K-12 education. Nearly $8 billion of remaining fund can be for modernization and renovation of schools and colleges. The stimulus plan earmarks up to $25 billion to expand No Child Left Behind and special education.
In addition to the monies made available for energy, education, tax relief and to simulate homeownership, the plan has included provisions for $9.2 billion for environmental projects which are thought to increase employment in these areas by up to 100,000 new jobs.
The jobs would be created at the Interior Department and the EPA with funds earmarked to close abandoned mines, to help protect water supplies, and to erect energy-efficient visitor centers at wildlife refuges and national parks.
Specifically for national parks, $735 million has been earmarked for road repairs and maintenance.
The funds made available by the bill's passage also address law enforcement areas. $3.7 billion has been set aside for police programs and for hiring new officers. $2 billion is earmarked for the Byrne Justice Assistance Grant – drug task force, prisoner rehabilitation and after-school programs. $1 billion is to hire local police under the Community Oriented Policing Services program. The plan also has funds for local law enforcement agencies to use fighting crime in rural areas, internet crime fighting, youth mentoring, victims, and border patrol.
The plan has additional monies for higher education including expanding the Pell Grant program for lower income students, computer expenses and more.
Finally, the plan provides available funding for the poorest Americans designed to keep families who live their lives in the edge of the poverty line from slipping deeper into an economic morass. The plan will provide money for food stamps, unemployment, supplemental security income, the elderly and the disabled. There are additional provisions for up to a $3 billion emergency fund to provide temporary assistance to needy families.
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