Welcome To Stimulus Bike!
With Barack Obama now in office, the House and Senate are working hard to create the new economic stimulus package to help our economy. Last year, when George Bush asked us to spend more in poor economic times, Americans only became more in debt. Many learned the hard way that an economic stimulus check that went towards a new plasma TV was fun until the next credit card statement came. Let’s use our money wisely this time, and invest in ways to save money over time.
The American Recovery and Reinvestment Act of 2009 is still in development but will include around $275 billion in tax breaks and $550 billion for ready-to-go projects to create new jobs as fast as possible. It's still possible that republicans may trim funding to $500 billion, or pressure for more projects may increase the amount up to $1.2 trillion. In a recent interview with CNBC's John Harwood, Obama stated that he plans on $775 billion to be in this plan, with a good possibility to grow. See the interview >>
So what is your portion? The majority of this money will go towards major projects such as infrastructure, while approximately $275 to $310 billion may be allocated for tax breaks. Individuals may receive $500 per person ($1,000 per couple) in the form of reduced tax withholding over 4 months. For those that receive a paycheck every two weeks, expect around $60 more on each paycheck.
What should I do with this money? Use your economic stimulus money to buy a bike! Buy a new bike, a used bike, fix up your bike, get one for your kids, or donate the money to bike advocacy groups. A bike is a cheap yet effective way to get around, especially in combination with trains and buses where available. Many Americans just made New Year’s Resolutions to be green, to lose weight, or to budget their money better, and biking is a fantastic way to do all of those.