A Second 2010 Economic Stimulus in President Obama's New Job Programs Focusing on Small Business, Infrastructure and Home Energy Efficiency

7 comments

President Obama has announced three proposals intended to turn around the nation’s ailing job market and spur employment growth, including strengthening investments to small businesses who are finding it hard to get loans in tight credit markets, upgrading infrastructure across the nation and promoting home-energy efficiency projects.

“Having finally moved into positive territory when it comes to economic growth, our biggest challenge now is making sure that job growth matches up with economic growth,” Obama told reporters at the White House yesterday. “The president is not going to unveil the silver-bullet idea” that will bring back the more than 7.2 million jobs that have been lost since the start of the recession, White house press secretary Gibbs said. On the White House blog, called today’s speech a “stepping stone” and that it “will not represent the totality of our plans for continued economic recovery.”

The president also will call for increasing the investment in infrastructure through building and modernizing highways, railways, bridges and tunnels. He also will propose a new program that provides rebates for consumers who retrofit their homes to become more energy efficient. This is in addition to the existing $1500 energy rebate and cash for appliances program

The president also will call for using some of the $200 billion in Troubled Asset Relief Program to help pay down the $1.4 trillion budget deficit. One week after taking his economic message on the road, Mr. Obama is in Washington on Tuesday, offering an outline for his plan for Congress to help boost the job market next year.

The president will argue that using some of the TARP money to help unlock credit for small businesses is in line with the original intent of the program, which was passed in October 2008 to avoid a collapse of the banking system. Republicans in Congress disagree, saying that using the bailout funds would amount to a second economic stimulus.

“Using bailout funds for another spending spree would violate both current law and our pledge to return every dollar to the taxpayers,” said Senator Mitch McConnell of Kentucky, the Republican leader. “Americans’ patience is running awfully thin with politicians who promise jobs, but deliver only more debt.”“TARP was not sold to the American people as a revolving slush fund,” said Representative Randy Neugebauer of Texas, the No. 2 Republican on the House Financial Services Committee. In a letter to Treasury Secretary Timothy Geithner, Neugebauer and 102 other House Republicans said the program should be allowed to expire at the end of the year and unused or repaid money should be returned to taxpayers.

The above initiatives are Mr. Obama’s latest effort to draw attention to the economy and fend off critics who say that a double dip recession could result next year. I’ll provide more updates on the initiatives when available, which you keep up to date with by subscribing (free) via Email or RSS to get the latest news.

More on the Stimulus Programs:
$800/$400 Making Working Pay Tax Credit
2010 Extension of $8,000 New Home Buyer Credit
Tax Breaks in Obama’s $15 billion Small Business Plan
Key Dates for Stimulus Payments
New Car Stimulus Deduction

Leave a Reply

7 Comments on "A Second 2010 Economic Stimulus in President Obama's New Job Programs Focusing on Small Business, Infrastructure and Home Energy Efficiency"


[…] A Second 2010 Economic Stimulus in President Obama’s New Job Programs ~ What NOT to Do With Your 401K and IRA ~ How to Get a Free Copy of your IRS Tax Return ~ […]

francisco juarez
Sunday 3:31 pm
JOBS ECONOMIC RECOVERY THE SILVER BULLET It is a long long shot, and it has to be a real loud shot, a sonic boom, but I believe with every cell in my body that it can happen and if you believe like I do you are welcome to add, improve, share and do whatever you want, but we have to do something now. We have to stop just hoping and waiting on congress to get us out of this global economic crises . We have here in America a communications media that can reach all corners of the world, but are more interested in news that do not benefit anybody, unless it is a political candidate. So now it is the time for all media business local national and international in english. spanish, japanese, chinese, italian,german, etc.etc. to rally in support of an all out blitz of an American led… Read more »

[…] contractor and vendor issues with past energy efficiency programs and stimulus tax credits, the new bill is also putting some more stringent qualification […]

[…] incentive to spend and invest; thereby creating new jobs. This measure, an expansion of a previous tax incentive designed to encourage businesses to invest in equipment, would cost an estimated $200 billion in […]

[…] incentive to spend and invest; thereby creating new jobs. This measure, an expansion of a previous tax incentive designed to encourage businesses to invest in equipment, would cost an estimated $200 billion in […]

[…] are part of the Hiring Incentives to Restore Employment (HIRE) Act. The HIRE act is part of the jobs bill that encourages businesses to hire and help put people back to work and the new tax benefits are […]

[…] of energy efficient homes and  clarifies important standards with respect to the installation of energy efficient windows. The bill would also ensure that tax-incentives for manufacturers of energy-efficient appliances […]

wpDiscuz

Previous post:

Next post:

Disclaimer: The information contained on Saving to Invest (this site) is for general information purposes only and does not constitute factual or professional financial advice. In accordance with FTC guidelines, we disclose that we may have a financial relationship with some of the merchants/companies mentioned on this website. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers. Refer to the Privacy Policy and Terms of Use for more information