Bush Economic Stimulus

Obama Pushed Into Jobless Economy To Lose Election

The high unemployment in United States has affected those at the bottom of the ladder most, proportionally Africans with double the rate of whites unemployment and even worse amongst their youths. Nevertheless, Africans or African American have survived the worst depression or recession in America, so are the new immigrants. But this latest recession has a k leg because new immigrants are more educated and still suffer more than American born with the same educational standard. Some may say that is not new. If Obama loses the next election, it will be a personal disaster. Those Africans that would rather support Hilary Clinton for President would come roaring that – I told you so. He has not fulfilled his wish to African American communities to leave them better than he met them as President. While Mrs. Clinton could have been bolder for revival projects in African communities as Johnson did for Civil Rights and even Republican Nixon did targeting Small Business Administration to them, Obama would only be able to point to what he did for all Americans. It will not carry much weight amongst African Americans. Obama as the first African American President, in spite of all his accomplishment in just three years has not been so credited. In areas conservatives should support him, they have taken opposite side or managed to take his credit. Osama’s death only gave him a temporary bump. Some conservatives attacked his bombing of Libya as the left; some for lack of Congress approval. Though he saved the world economy from a depression, it will be difficult for him to go into an election with a high rate of unemployment, no matter what else he accomplished. He has been faulted by the liberals of giving in too easily to the conservatives and always comes out with a raw deal of any compromise. One case in point is the economic stimulus that liberal economists thought was too little. Out of the small stimulus he could get in compromise with the Republicans, one third of it was tax cut and cash for some for the states in order to keep schools and essential services like police and fire fighters on the job. Whatever was left could not stimulate job growth enough to help those that suffer high unemployment most in this economy. Usually, in a stubborn recession you want to target group with chronic unemployment. Africans have lost their most valuable American assert, homes, more than anyone else.

A New 2011 Economic Stimulus Package With Obama-Bush Tax Cuts and ...

[Update - No New Taxes with Tax Extensions Approved] President Obama has now signed into law a bill that covers a temporary extension of all the bush-era tax cuts. The new bill also contains extensions to some of the 2008 stimulus tax breaks, and even has some new tax cuts. With this legislation he has essentially created a new 2011 Economic Stimulus package, estimated at around $858 billion. Here’s how various key components of the “2011 economic stimulus package” legislation will affect you:

No increase in federal income taxes as current rates stay the same. The table below provides the potential 2011 tax rates and brackets, which are slated to be the same as 2010 levels. Tax bracket ranges may move slightly when the official IRS tables are published, but with low inflation the changes should be minimal. A rise in tax rates would have cut the after-tax pay by $3,000 for the average tax payer, so this provision is worth a lot given current economic conditions. However, the tax rates extension is only for 2 years, and unless the economy really tanks, don’t look for these to be extended again.

Lower social security payroll taxes = More money in your paycheck. The employee payroll tax, which funds Social Security and Medicare, would also be cut by 2% during 2011 to help spur business hiring. Unfortunately this social security benefit will be of no help to seniors who will not receive another $250 supplementary social security payment (nixed by Congress, due to low inflation) in 2010. Seniors should benefit from the unchanged tax rates, but are probably the group getting the least benefits from all the deficit adding stimulus spending.

Extension of unemployment benefits for 13 months. This will allow the long term unemployed to keep their unemployment benefits longer. Over 2 million unemployed would have lost their benefits this month if the insurance was not extended. However the maximum is still 99 weeks and the growing number o f ultra-long term employed is a worrying trend for everyone.

Small business owners get capital equipment tax breaks. Under the compromise deal,  business’ will get to take a full deduction for equipment purchases that currently must be deducted over time (accelerated depreciation original proposed in small business jobs bill). The proposal would accelerate $200 billion in tax savings for companies in the first year and benefit 1.5 million companies and several million individuals who run businesses.

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