Obama Stimulus Check

It’s the question on everybody’s lips. “Will I be getting an Obama Stimulus Check?”. Well read on and I will explain…

My research leads me to believe that as the proposed economic stimulus package has now been accepted, then some people will indeed get an Obama Stimulus Check, whilst others, will receive a stimulus check, however to call it an Obama Stimulus Check would not be strictly correct.

“What is he going on about?” I hear you ask. “Will I, or won’t I, be getting an Obama Stimulus Check?”. Well read on and I’ll explain what I’m talking about…

There are 2 classes of people who are entitled to a stimulus check. These are:

1. Senior citizens who are in receipt of social security. This class of person will receive an Obama Stimulus Check. And are the only true recipients of a stimulus check that could be considered as being from Obama, and this is because this payment relates to the stimulus package that has just been agreed by congress.
2. Those who didn’t receive a stimulus check last year and satisfy certain conditions. Although this class of people will receive a stimulus check, it is better described as a “Bush Stimulus Check” because the legislation was passed during the Bush Presidency.

I now hear you saying “Who cares whether it’s a Bush or an Obama stimulus check, what are the conditions referred to above and if I satisfy them, what do I need to do to get it?”.  Read on…

You are eligible for a stimulus check if you satisfy the following 3 criteria:

1. You or your family receive at least $3,000 from the combination of the following sources: Earned Income, Social Security benefits, Railroad Retirement benefits and Veterans Affairs benefits. Income from SSI (Supplemental Security Income) does not count as qualifying income for the stimulus check.
2. Neither you, nor any member of the family you have listed on your tax return, are a dependent or eligible to be a dependent on somebody else’s tax return.
3. Each member of your family included on your tax return, must have a valid Social Security number.

How much will I get? Well, if you qualify in class 1 above you will receive a $300 Obama Stimulus Check. If you qualify in class 2 then you are entitled to between $300 and $600 per adult and $300 for each child in your family. So a 2 parent, 2 child family will receive a stimulus check of between $1200 and $1800.

If you qualify for a payment, then to receive your stimulus check you must file a tax claim for the 2008 tax year.

If you do not qualify for a stimulus check then you may qualify for the 2009 recovery rebate credit which I will explain in my next post to the Obama Stimulus Check category. If you found this article intersting or helpful and wish to follow all posts relating to stimulus checks please bookmark this category. All the latest news will be published here.

By Gerard Jackson

The economic news is indeed grim and getting grimmer, with rising unemployment flagging the bad news. Nearly 600,000 jobs went in the third quarter with more than 250,000 jobs going in September, which totalled 1.37 million job losses for the year, even though the unofficial unemployment rate stayed at 4.9 per cent. This can be explained by discouraged workers leaving the workforce, something that the U-6 unemployment measure confirmed when it rose to 8.3 per cent.

Regrettably, none of this is real news to me. I have been warning for yonks of the recession and the form it would take. I don’t doubt readers will easily recall that I predicted the recession would emerge in manufacturing and work its way down the production structure. It was in manufacturing, I stressed, that employment would first appear but whose existence would be masked by the unsustainable increase in demand for labour at the lower stages of production. Well, that’s exactly what happened.

September was the 12th consecutive month in which US industrial production fell. And despite the steady and very visible decline in industrial production the great majority of economic commentators ignored it, preferring to prattle on about consumer spending boosting the economy. Consumption without production was what these dimwits were preaching but they were to dumb to see it. But now the results can no longer be ignored, especially considering that manufacturing has laid off more than one million in less than a year and now the rot of unemployment is spreading with dole claims accelerating.

A telling effect of the slowdown has been the fall in commodity prices which appears to be quickening. This is interesting because it’s in commodity prices that one can usually see the first effects of a developing recession, though I believe that the most visible effects always appear in the higher stages of production, which has certainly happened in the US, what some are now calling a “classical recession”.

Now what is of particular interest with respect to commodities and the higher stages of production is that if the Keynesian fallacies were indeed true then any impending recession would first be felt at the consumption stages of production and then work it’s way up the production structure. This is a fact that Keynesians appear unable to come to terms with. To do so would eventually lead them to abandon Keynes.

The refusal to face economic reality is already being seen in demands for increased government spending and lower rates to stimulate economic activity. That manipulating interest rates is what created the current economic mess is an argument that only a few are prepared, or even able, to make. (At least in America the argument is being made. In Australia this argument isn’t even allowed a hearing, unless you run your own media outlet. Three cheers, make that four, for the net).

That many suspect that the old Keynesian nostrums may not work this time is clear from commentaries making dark references to the liquidity trap, the state of Japan and the hopelessness of “pushing on a piece of string”. The prattling of these commentators only serves to highlight their own hopelessness in the area of sound economic theory.

I don’t doubt America’s capacity to make a rapid recovery without the need for Keynesian snake oil. What I fear is the capacity of politicians and those who influence them to inadvertently sabotage that capacity.

Everyone can get something from the Obama stimulus plan »”>Stimulus Plan.

On the eve of the deadline for tax filing (April 15), the experts in local tax are advising everyone to take time to read the provisions regarding the tax relief that are included in the 2009 American Recovery and Reinvestment Act also known as the Obama stimulus check package. These tax experts believe tax payers may end up having more money than they expected.

According to Esther Strohmer, the 2009 ARRA Act or the Obama stimulus check package has something to offer for each and everyone. Strohmer is currently the office coordinator at the Michigan-based company H&R Block. Some of the people who will be getting a share of the Obama stimulus include the unemployed families, first-time home buyers, as well as senior citizens. Some will receive an Obama stimulus check whilst others will benefit in other ways.

But one should not expect that the ARRA Act benefits will necessarily be felt immediately. People will surely feel some of the benefits of the Obama stimulus check stimulus when they file their tax returns for 2009. The important thing is that people will be aware of the various benefits that they can expect sooner or later.

The H&R Block’s office coordinator also said that definitely, there is a lot for each and everyone in United States. They must be aware of these benefits, whether it’s a straightforward stimulus check, or some other benefit. They should know how much they could gain from the Obama stimulus package.

Below are some of the little known benefits that one can get from the Obama Stimulus Check Package:

1. The 65-percent COBRA subsidy where those who have been laid off can still have the health insurance and would pay only 35% of the total amount. The rest of the payment will be made by the government for the next nine months.

2. Families having three children or more will have extra tax relief.

3. Parents whose earnings are low and have children will get tax cuts.

Continued from Economic Myths Part1 , Economic Myths Part 2, Economic Myths Part 3, Economic Myths Part 4 and Economic Myths Part 5

“And why has there been an increasing use of credit to supplement a drop off in purchasing power of the average American?” he triumphantly declares. Because, my cretinous friend, of the fallacy of the stable price level2 which took root in the 1920s. Most economists now believe that a falling price level is deflationary and must be averted if business is not to contract. But if this were true then the British economy would have been in recession from 1874 to about 1896 because prices steadily fell during that period. Prices fell, however, because productivity outstripped the gold supply (Britain was on a gold standard) causing real wages, and money wages, to rise as output rose and the gold supply lagged.

According to my critic: “You must replace your highest cost of production, labour, with that of the most easily amortizable cost, technology, to drive down your cost of production. Basic law of motion of capital.” (Now he thinks he’s the Isaac Newton of economics). Production costs are driven down by an expanding capital structure embodying new technology and which is fuelled by savings. It’s this process that also raise real wages. In simple English, this twit is completely confused about cause and effect.

He finishes, finally, with: “Get it straight…the last Depression was due to the failure of capitalism to address its most basic paradoxes.” I dealt at great length with the cause of the last recession3. Much as it pains me, I have to say that getting it straight is something way beyond the dismal intellectual capacity of this blustering would-be intellectual. On a moment’s reflection I retract the last part of that statement. There is every possibility that he, she or it really is an intellectual.

Why do I bother? Because some fallacies and myths are so pervasive and destructive that they should never be allowed to go unchallenged.