Mo Money, Mo Money, Mo Money…

Starting today, your paycheck may be a little heavier and your wallets may be a tad bit fatter…

Most low- and middle-income workers will start seeing a bit more in their paychecks today, thanks to the “Making Work Pay” credit in the federal stimulus act.

1) Get the details

How much extra cash you will see depends on your marital status, your salary and how many allowances — or exemptions — you normally take. Normally you take the tax credit – a dollar for dollar reduction in your taxes – when you file, but the administration is trying to goose the economy here and that means getting money out faster – so a little less will be withheld from each paycheck for federal income tax. For singles, you could get an extra $10-$15 per paycheck weekly. If you’re married, filing jointly, you could see an extra $15-$20 per paycheck. And there’s nothing you have to do to claim this. When your employer adopts the new withholding tables, you will get it automatically. Self-employed people can get the credit by reducing their estimated tax payments or claiming it when they file their 2009 tax return.

2) Are you eligible?

SOURCE

No Bonuses for AIG?

I’m watching Fox News and scratching my head. They’re mad, they’re throwing a fit because money the U.S. Government gave to AIG, without strings attached, is going to be used by AIG to give their executives big bonuses. My bewilderment isn’t because I agree with using tax payer money to pad the pockets of big time execs, it’s because Obama is mad that they are wasting our money when we didn’t set any guidelines on its use when we handed them the bailout. What does he expect them to do?

The fiscal irresponsibility on display from these failing banks is nothing compared to the government’s long history of wasteful spending. Bush, Obama and the rest of the goons in congress had to have this bailout. They told us all would be lost if we did not give them billions of tax payer dollars. What happened? They took the money, did not lend it out to the public and went on vacations. They basically wrote them a blank check with no stipulations and are trying to act upset now that they misusing our money. They knew what they were doing and I am not shocked that AIG wants to give more money to the same people that drove the company into the ground in the first place.

… Continue Reading

Chrysler to Close All 30 Manufacturing Plants for One Month

In the most aggressive move yet, Chrysler says it will close all 30 of its manufacturing plants for a month starting Friday.

The company needs to match production to slowing demand and conserve cash.

Tighter credit markets are keeping would-be buyers away from their showrooms, Chrysler says. Dealers are unable to close sales for buyers due to a lack of financing, and estimate that 20 to 25 percent of their volume has been lost due to the credit situation.

Chrysler claims it is nearing the minimum level of cash it needs to run the company and will have trouble paying bills after the first of the year.

Operations at the 30 plants will be idled at the end of shift on Friday, Dec. 19, and will not come back online until Jan. 19, 2009, or later.

General Motors Corp. said last week it will cut 250,000 vehicles from its first-quarter production schedule by temporarily closing 20 factories across North America.

The move affects most plants in the U.S., Canada and Mexico. Many will be shut down for the whole month of January.

Spokesman Tony Sapienza said normal production would be around 750,000 cars and trucks for the quarter.

GM and nearly all automakers who sell in the U.S. are mired in the worst sales slump in 26 years.

Cash-strapped GM is seeking government loans to stay in operation beyond the end of the year. The White House says it may tap the $700 billion Wall Street bailout fund to help GM and Chrysler stay in business after the Senate blocked a measure to provide $14 billion in immediate loans.

I still find myself questioning if a bail-out of the auto industry is the right thing to do.

Say Goodbye To All Of Obama’s Campaign Promises

The past ten days has radically shifted the entire course of the Presidential campaigns… but seemingly not in the way that most people have caught on to yet.

From Firedoglake

I can’t think of any way to sugar coat this, I’m afraid. It’s a bad bill and it isn’t just that Barack Obama voted for it, it’s that everything I’m hearing from the Hill says that he’s been actively whipping it, not just in the Senate but in the House. Barack didn’t hold his nose and vote for this, he made it his bill as much as it is Paulson’s.

With this bill go your chances of having, say, universal health care, or massive infrastructure development, or really getting the US of its dependence on foreign oil, or really rebuilding America’s school system—or whatever other big, expensive project you thought Obama was promising….

….And it’s Barack Obama who turned to Nancy Pelosi and Reid and said “this bill must pass”. It’s Obama who is whipping votes and bending arms for this despite the fact that it is massively unpopular. This is Obama’s bill.

….That’s Obama’s first real act as the presumptive President and as the Democratic party’s de-facto leader.

I both agree and disagree with this article.

While I do agree that the bill as passed is less than great, I disagree with the author’s reasoning behind why the bill is so bad. As I have said before, the bill is a necessary evil and is better than not acting at all, but the bill as it was passed was terrible because of all the pork.

I do agree with the author that all of the projects that Obama has promised are dead in the water now.

Obama’s proposed projects would cost the United States $1.2 trillion… and he just signed on to a bill that eats about $815 billion out of the budget. It will be virtually impossible to add anything else of any size to the budget, even for the god-like Barack Obama.

It’s no wonder that Obama is getting really vague about what he is actually still going to accomplish… especially during the debates

LEHRER: All right. All right, speaking of things that both of you want, another lead question, and it has to do with the rescue — the financial rescue thing that we started — started asking about.

And what — and the first answer is to you, Senator Obama. As president, as a result of whatever financial rescue plan comes about and the billion, $700 billion, whatever it is it’s going to cost, what are you going to have to give up, in terms of the priorities that you would bring as president of the United States, as a result of having to pay for the financial rescue plan?

OBAMA: Well, there are a range of things that are probably going to have to be delayed. We don’t yet know what our tax revenues are going to be. The economy is slowing down, so it’s hard to anticipate right now what the budget is going to look like next year.

But there’s no doubt that we’re not going to be able to do everything that I think needs to be done.

Lehrer went on to press Obama even further and Obama got even more avoidant. The sidestepping during the debate was really interesting to watch though.

With those few deft phrases, Obama has basically absolved himself of actually having to deliver on any promises what-so-ever if he becomes President.

As the author from Firedoglake said… say good by to “universal health care, or massive infrastructure development, or really getting the US of its dependence on foreign oil, or really rebuilding America’s school system—or whatever other big, expensive project you thought Obama was promising.”

The fact is that, because of the price tag of the bailout bill, Obama cannot fulfill a single promise he has made and has as much as admitted it.

John McCain on the other hand can still deliver on his promises. He wants to cut spending and increase oversight to stimulate the economy, increase job creation and keep industry honest and on track.

And, so I will leave you with this…

Knowing all of the above… what is your answer to Bill Clinton’s question now?

For example, you’re a voter, and you have Candidate X and Candidate Y. Candidate X agrees with you on everything. But you don’t think that person can deliver on anything. Candidate Y disagrees with you on half the issues, but you believe that, on the other half, the candidate will be able to deliver. For whom will you vote?