The Economic stimulus bills affect on America and the State of Connecticut

February 16, 2009
Matt Isleib

 

On Friday the 13^th the economic stimulus bill passed through congress. Being as optimistic a person as I am even I do not think this is going to be the cure all. It is a start but we still have a long way to go. I hope that I am wrong. The bill itself however is going to help a lot of people in both the State of Connecticut and the country. One important part of the bill is the tax credit that was extended through the end of the year. If you are a first time homebuyer you can receive a tax credit of $8,000 for buying a home. Some of the other highlighted points for Americans are tax breaks for families that send their children to colleague purchase a new car or make their home more energy efficient.  Health insurance which is a prominent topic in this financial downturn is being addressed. Workers who lose their health insurance due to the loss of their job will find it much cheaper to carry that coverage through COBRA. Some of the other highlighted sectors are infrastructure where money earmarked here will help keep and or create new jobs. Energy, in the recent package has $20 billion aimed at “green” jobs. There is also money allotted for schools, the environment, police officers and higher education, all of which are aimed at sustaining or creating new jobs in these fields. There is also help for the less fortunate in the way of more food stamps, extra funds in unemployment checks as well as tax credits. Here is an itemized list of how the State of Connecticut will benefit from the stimulus bill.

-$1.3 billion in Medicaid assistance

-$613.8 million is state stabilization grants

-$378 million for highway and bridge construction

-$162.9 million for transit projects

-$132 million for special education

-$97 million for Title 1 education

-$63.5 million for weatherization

-$28.7 million for public housing

-$20 million for HOME Investment Partnership

-$17 million for homelessness prevention

-$12 million for Community Service Block Grants

-$4.6 million for Head Start

-$1.1 million for emergency food and shelter

 

The bill will also is expected to provide a $400 tax credit to about 1.4 million Connecticut residents.