The government has been working hard on getting the $780 billion—plus economic
stimulus package into action. The massive recovery package, a combination of
government spending and tax cuts, is designed to overhaul the economy and
restore the confidence of the American people. Waves of stimulus have been
present since last year, and once key elements of the 2009 grand stimulus
package quickly materialize, the activity will create a positive ripple effect
and bolster the economy. Here is a breakdown of some of the key elements:
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Combating lay-offs, creating jobs, and sustaining job growth are integral to
the stimulus package and to helping the economy rebound. Significant resources
will be funneled into renewable energy to create a demand for jobs. The area of
renewable energy has dramatically grown and gained support because of the
substantial and long-term benefits it can provide. The stimulus package
includes significant spending and tax breaks to fuel green initiatives. The
more support there is for green practices and high-efficiency products, the
more energy costs will drop and jobs will increase.
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Major infrastructure projects are encompassed in the package. Significant
projects that have been on hold can now move forward. Infrastructure projects
include school repairs, highway and bridge construction maintenance, airport
improvements, and environmental restoration to name a few.
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Tax cuts are prominent in the plan because more tax cuts will induce consumer
spending, which the economy needs to gain momentum. For example, one of the
benefits the package provides is a $400 credit for individuals against their
income and payroll taxes this year and next.
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Health care has been positioned in the package to provide greater benefits to
those in need, especially those who have been laid-off recently and no longer
have insurance. One of the measures calls for extending unemployment benefits
from 26 to 59 weeks, in addition to increasing the dollar amount of the weekly
aid check.
Government’s support and aggressive actions are already making a difference and
will continue to be the driving force behind recovering the economy. The road
to recovery is marked with challenges, but having faith in the actions set
forth to renew the economy will inspire optimism and accelerate progress.
