It was a big day today, ladies! And not just because Valentine's Day candy is on sale (sweets are what keeps me going in the job search). Obama signed the economic stimulus package – now officially known as the American Recovery and Reinvestment Act – into law, committing a whopping $787 billion to health care, schools, green energy and transportation. (That's Obama signing his first bill into law on Inauguration Day, but one bill signing looks just like the other, right?)I've honestly never paid much attention to politics or the economy, but Obama's cute smile and contagious confidence (seriously, he is smoooooth!) got me interested over the past year. And then I got laid off, and for the first time, this downturn/recession/economic crisis/whatchamacallit had a direct impact on my life. Now that I spend the day at home writing cover letters, I've taken to watching CNN – unemployment has done wonders for my current affairs knowledge!
But, ummm, what exactly does this whole shebang mean for each of us in our everyday lives? Digital medical records, toxic waste clean-ups, raises for teachers – yay, I'm all for it! Is there any sort of bailout in there for my bank account, though? There's so much involved in the package, it's hard to decipher the government-ese – especially for a newbie like myself. Which is why I love Google; type in "economic stimulus plan" and you'll find this fab cheat sheet. Even easier, here's my highly simplified list of what we can personally expect:
• A $400 tax credit ($800 for couples) will be parceled out in your paycheck throughout 2009 and 2010.
• Tax cuts and write-offs are available if you buy a home, update to energy-saving features or purchase a new car. College students (or their parents) get a $2,500 credit this year and next.
• The first $2,400 of unemployment benefits is not taxed this year. Weekly benefits are increased $25 and extended longer.
• The government will pay 65% of health insurance costs for laid-off workers who elect to extend their coverage through the COBRA program.
My analysis? Lookin' good, Mr. President! I would love to be working, of course, but if a little extra help alleviates my anxiety so I can focus all my energy on scoring an awesome job and getting my finances on track, thank you, thank you, thank you. We ladies who are workin' hard for the money – or workin' hard to find work – need a little relief! Plus, I think the huge investments in education, the medical system, environmental innovations, and social services will bring the country into a much better era. Read the full article and impress your next date – seriously, knowledge is sexy! You can even follow the progress of the spending and new jobs at the government's new Recovery.gov.
So what do you think? What's going to be the most helpful benefit to you? What do you think will have the biggest impact on the future of the country? Does the plan inspire you to make changes to your own finances? Is anyone else as excited as me about the research toward electric cars?
