In an effort to win public support for the massive stimulus bill being debated in the Senate, the White House announced today what potential benefits would exist for each state in the country if the bill becomes law.
Here's what the Obama administration envisions for California, according to a media release from the White House:
• -- Creating or saving 421,000 jobs over the next two years. Jobs created will be in a range of industries from clean energy to health care, with over 90% in the private sector.
• -- Providing a "making work pay" tax cut of up to $1,000 for 12,420,000 workers and their families. The plan will make a down payment on the President's Making Work Pay tax cut for 95% of workers and their families, designed to pay out immediately into workers' paychecks.
• -- Making 522,000 families eligible for a new American Opportunity Tax Credit to make college affordable. By creating a new $2,500 partially refundable tax credit for four years of college, this plan will give 3.8 million families nationwide - and 522,000 families in California - new assistance to put college within their reach.
• -- Offering an additional $100 per month in unemployment insurance benefits to 2,395,000 workers in California who have lost their jobs in this recession, and providing extended unemployment benefits to an additional 506,000 laid-off workers.
• -- Providing funding sufficient to modernize at least 1,208 schools in California so our children have the labs, classrooms and libraries they need to compete in the 21st century economy.
So what will this mean to the California economy? Is it enough? Is it too little? Is it inflationary? I'd love to know your thoughts...
