When the President signed the stimulus bill into law last year, he said he wanted to make the United States “more competitive in the global economy.”
But what exactly is the $700 billion of stimulus that has been put together to do?
Here’s a quick look at how much it will cost the country.
The Stimulus Act The bill was designed to pay for the costs of the financial crisis and its aftermath.
It was a huge undertaking and a complicated one.
In order to pay back the nation’s debt, Congress mandated a massive bailout of the banking industry, which included $700.7 billion in taxpayer bailouts, $2.2 trillion in tax increases, and $100 billion in new spending.
To finance the stimulus, Congress gave $1.4 trillion in new tax revenues to the Federal Reserve, which created a new money supply called the “Taper” and set a new interest rate of 1 percent per year.
That rate is tied to the rate of inflation, which is currently hovering around 2.5 percent.
In exchange for that $700bn in tax cuts, Congress created a number of programs, including the Troubled Asset Relief Program, or TARP, which helped finance the rescue of the country’s banks, and the Federal Deposit Insurance Corporation (FDIC), which insured the government’s deposits.
To pay for those programs, the legislation included a series of additional government programs, such as the Supplemental Nutrition Assistance Program (SNAP), which was designed specifically to feed the poor and the elderly.
In the end, the stimulus package was intended to reduce the federal deficit by $1 trillion over 10 years.
In addition to providing additional tax relief to the economy, the bill also contained new programs designed to spur job creation.
The Troubled Assets Relief Program (TARP), for example, was meant to be used to provide relief from mortgage foreclosure and the risk of financial loss.
In this case, the funds would be used for refinancing home mortgages.
The bill also included a $1,000 credit for individuals to buy a home, known as the Home Equity Line of Credit (HELOC), that was intended for people who were foreclosed on by their banks and who could not find a mortgage.
The federal government also created a mortgage credit insurance program called the Community Reinvestment Act (CRA), which provided financial relief for low- and moderate-income Americans who were underwater on their mortgages.
Despite the $800 billion of new spending, many Republicans were wary of the program, calling it “a giveaway” to Wall Street.
In a February 2009 speech, Sen. Jim DeMint, R-S.C., said the stimulus program was “not a bailout of Wall Street,” and he accused the administration of “flouting the laws of the land” to “give trillions to the banks.”
Sen. Rand Paul, R.C. and Paul’s wife, Jessica, were among those who criticized the legislation as a giveaway to Wall St. After a number Republican members of Congress expressed their concerns about the stimulus in an op-ed in The Wall Street Journal, the Senate voted to hold up the legislation until the House and the president approved it.
While there are some areas of the stimulus that may not have been as controversial as they were in the Bush years, like the inclusion of the Affordable Care Act and the mortgage relief, many lawmakers remain concerned that the spending has been insufficient to address the economy’s ills.
A few notable exceptions include the TARP and the Community Revolving Loan Program (CRLP), which helped low-income homeowners who were struggling to make their mortgages, and student loans, which were intended to provide college education for millions of Americans.
While the former has had some success, it has also been criticized for being overly burdensome, and Congress has been struggling to come up with new ways to pay off the debt.
What the Stimulus Can Do for the Economy The $1 Billion of the Stimulum The Stimulus includes $700 billions of stimulus spending that is tied directly to the U.S. economy.
The money is meant to fund the construction of infrastructure projects, including roads, bridges, airports, and rail lines.
It also provides money to help businesses invest and expand, including providing a $500 billion boost to the Energy Department’s Advanced Technology Vehicles program, which builds the next generation of electric cars.
It provides $500.7 million to help low-wage workers make their living from small businesses, as well as a $200 billion boost in grants for public housing projects.
The total amount of money that is available for stimulus spending is $1 in the billions of dollars.
The program is set to end on March 31, 2021.
For more on the stimulus’s impact on the economy and the overall economy, we recommend reading the following blog posts: The Economy and the Stimpson: How to Know What’s Going On The Great Recession, What