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Government Leaders Turn to Economic Package to Jump-Start Economy

[Feb 19, 2008.]

 

You may have heard about the economic stimulus package being signed by the President. However, you still may be in the dark about what the package contains.

The legislation would place a $300 check into the pockets of nearly every American. That would include those at the bottom rungs of the economic ladder. Those who receive Social Security benefits, as well as those who receive disabled veterans benefits, would also receive $300, provided they earned at least $3,000 in 2007. Meanwhile, those who pay income taxes could achieve rebates of as much as $600 per person and $1,200 per couple. Those with children will receive $300 per child.

Still, the rebates would be limited to those earning $75,000 or less and couples earning $150,000 or less.
Businesses would receive more generous expense allowances in the hopes that they will prompt a tidal wave of investment. Homeowners will also be receiving a bonus - those with subprime mortgages will have an easier time refinancing. It should also be easier for families to buy homes, thanks to a boost in Fannie Mae and Freddie Mac loans.

The housing market is currently experiencing its worst slump in some 16 years. The problems began in the subprime loan market, where foreclosures have become epidemic. As a result, the housing crisis and the fragility of the overall economy have become key issues in this year's Presidential race. Many Americans say they will choose their candidate for the White House based upon that individual's stand on economic issues.

Meanwhile, the Federal Reserve is expected to enact additional rate cuts in an effort to breathe new life into the economy. Forecasters predict the housing crisis will continue until at least the middle of this year - maybe longer. In fact, some real estate experts do not expect a full recovery until the year 2010.

Julie Ann Amos
Febraury 19th 2008

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