President Obama talked about how he plans to get us out of the recession last night. One thing that caught my ear was a Web site he set up to explain how he is spending the $800 billion bailout (aka the American Recovery and Reinvestment Act, or ARRA).
The site is called Recovery.gov and it has a chart, above, that divides the massive spending bill into eight categories. Tax relief gets the biggest chunk, at $288 billion.
The site will soon have information about how the money is being allotted by state, congressional district, and federal contractor. You can share your recovery story as an individual or business owner. Or read FAQs about the site. The site’s goal is to be so transparent with how our tax dollars are being spent that citizens get involved and feel confident their money is being well spent.
Does Recovery.gov make you feel better about the $800 bailout? It assuages my fears, if only a little.
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
No, it does not make me feel better. Most of the “tax relief” is really wealth transfer. The “state and local relief” is needed, but boosting Medicaid and unemployment funds will not stimulate the economy and provide new jobs. “Protecting the Vulnerable” – I don’t know what that means, but I know the unborn are pretty vulnerable and I don’t think there is a move from Obama to protect them. Sorry, I’m still not sold.
Interesting. So what do you think would be a better way to create jobs and stimulate the economy?
The recovery.gov link in the 2nd paragraph isn’t working.
Thanks for the heads up. Just updated it.
Yes, I watched the speech last night. I felt like I was at a pep rally, the only missing was Nancy needed some pom-poms. I hope, for all our sakes, the programs work. I just don’t like bailing out people who took out loans they knew the didn’t qualify for.
I totally know what you mean. It all sounds great, but will he be able to deliver? For everyone’s sake, I hope so. Did you notice that Obama laid part of the blame on ‘people who bought homes they couldn’t afford’? I feel like politicians have been so reluctant to point fingers at regular Americans, but many regular people were driven by greed just like Wall St!
I agree with frugal dad. It’s not going to help with an economic recovery unless jobs stay in the US. The highly skilled and/or educated workers are the bulk of the big spenders in this country. Not the rich, and not the working poor. In addition, those who lost or are losing homes that they shouldn’t have owned in the first place because they lied about their income should not be entitled to lower payments while others who were honest continue to pay their full mortgage. Shame on the banks, greedy realtors, mortgage brokers and anyone else who lied.
Great speach by Obama and very reassuring. Food stamps and unemployment insurance puts money right back into the ecomony and makes me proud of our country.
I was disappointed in Obama’s speach by the total lack of specifics. Additionally, blaringly lacking is any appropriation for National Security!!! (Was he sleeping on 9-11? Has he even read a newspaper lately regarding Iran and N. Korea? $900 BILLION to the Palestinians in Gaza?) People flee countries who have his agenda – socialized medicine, government owned banks, distribution of wealth… Where is individual responsibility, and what will this do to the incentive to work and strive for advancement? I’m doubting this man reflects true respect for the needs of our nation.
I think the best thing we can do is be positive. We have to be optimistic and try a different approach, to get us out of this rut. Lets be realistic, we all don’t have to agree how things get done, they point is that its gets done and correctly, so we continue to be strong as a nation. The last couple of years we have been spiraling downward and I’m glad that Obama is making things happen quickly, so the we can try to move pass this crisis. It is unfortunate that some people did purchase homes, that perhaps they couldn’t afford, what’s more unfortunate is that the people who got some of those poor homeowners in a mess, were those who sold them dreams and failed to educated them. Im sure these people are feeling the pinch now since, home sales prices are lower and have to work twice as hard for the same commission they would have gotten from one sale only. Don’t get me wrong there are some honest people out, now if we could find some. Its time we stop pointing fingers and get to work as a whole to make this nation as strong as it was before.
Good point. We can spend a lot of time blaming other people or we can try to find solutions and move forward. Everyone is in a tough spot these days.