Who Gets What - Economic Stimulus Package In Detail By Category

Everyone wants to know more about the economic stimulus package in detail, the 1,071-page bill (also known as the $787 billion Obama stimulus) that was signed into law on February 17, 2009.

Here’s a recap of President Barack Obama’s ambitious plan to revive the depressed American economy and to create or save 3.5 to 4 million jobs:

$288 billion – tax relief
$144 billion – state and local municipalities
$111 billion – infrastructure and science
$81 billion – poor and unemployed
$59 billion – health care
$53 billion – education and training
$43 billion – energy
$8 billion – other

Below are more details of some of the economic stimulus packages.

School Stimulus Package

Using an ancient federal formula that’s based on the percentage of poor students, state population, and amount of state money spent per pupil, each state will receive between $1,000 and $1,600 per student.

In 2009 and 2010, $80 billion will be given to states:
•$50 billion distributed based on population of five- to twenty-four-year-olds living in the state
•$25 billion given to the nation’s 14,000 school districts to spend on poor and disabled students
•$5 billion to reward states for exemplary performance

Energy Stimulus Package

As part of the American Recovery and Reinvestment Act, economic stimulus package money will be directed toward weatherization of homes for low-income families. The threshold to qualify is $42,000 or less in annual income for a family of four. The federal money will be allocated over an eighteen-month period and must be spent within two years. The money will go toward:
•caulking doors and windows
•purchase of energy-efficient appliances
•purchase of energy-efficient furnaces
•insulation in attics and walls

Bush Stimulus 2008 And Obama Stimulus 2009

What tends to get lost in the shuffle are the myriad of other economic stimulus bills, plans, and packages that passed in 2008 and 2009. Here’s a stimulus recap:

Bailout Stimulus

Bear Stearns, investment bank – $29 billion
AIG, insurance company – $180 billion, in four separate bailouts
Big 3 Automakers Ford, Chrysler, and GM – $47 billion, in two separate bailouts

Mortgage And Housing Stimulus

Fannie Mae and Freddie Mac, mortgage companies – $400 billion
Distressed homeowners and first time home buyers – $375 billion

Bank Stimulus

Money market fund guarantee – $50 billion
TARP program for banks – $700 billion
Small business lending program for community banks – $15 billion
Toxic asset purchase program – $1 trillion

American Taxpayer Stimulus

Tax rebate checks 2008 – $178 billion
Tax credits, cuts, payments and rebates 2009 – $300 billion