Your paycheck bonus from Obama

President-elect Obama promised many ways to stimulate the economy and helping Main Street on his campaign trail. With many families short on cash, Obama's plans could bring home some much-needed money. However, most of his plans will take time. The proposal that will get money quickly in the hands of the people that need it is his Make Work Pay Credit. This would basically be a payroll tax credit, $500 for individuals and $1,000 for couples. The money would be delivered by having employers reduce tax withholding in a person's paycheck. Full credit is limited to those making under $75,000 a year, and $150,000 for couples. Anyone making between $75,000-$85,000 a year (per person) would get partial credit. If a worker received a paycheck every two weeks, they would get $19.23 every paycheck, $38.46 for couples per pay period.

This is definitely the most helpful bill plan that can be put into effect. Obama and his team has made this plan clear and simple for lawmakers and American citizens alike to see. This plan is quick to put into effect and useful. Even though it won't be much, it might be the money that the people need to keep out of debt. However, even the best plans have faults. This money given out to American citizens are supposed to be spent, not saved in banks as many are doing with their unemployment relief checks. This relief money is supposed to be stimulating the economy by consumer spending, not consumer saving. Even though the interest rates in banks are close to 0%, people would still rather save up their money in case of troubles later than help the nation as a whole. Obviously, a person would think about themself first. Obama and his team realize that, but this plan will allow a person to cut down on their own debts. If they save enough, then they will spend, which will eventually stimulate the economy. Another problem is the cost. Obama's total stimulus package will cost over $800 billion (including education, energy, infrastruction, etc.). With a deficit that could go up to $1 trillion before this plan is implemented, it will be hard to decide whether the government can afford to use so much money to bolster the economy. Hopefully, Obama and his plans will bring America out of recession. America brought the world into recession- they must bring the world out. Your paycheck bonus from Obama is the first step for a better economy.

http://money.cnn.com/2008/12/30/news/economy/paycheck_stimulus/index.htm