The Stimulus Plan: Spending Proposals |
Wednesday Mar 18 2009
President Obama's Economic Stimulus Plan includes four key spending proposals that may impact seniors.
- Infrastructure spending. The creation of 3 million new jobs (including 'green jobs') over the next two years in construction and new energy production will not only provide opportunities for people to work longer, but also to salvage their retirement savings plans.
- Health care. With $19 billion being invested in health information technology investments, seniors may see streamlining and coordination of information between doctors, pharmacies and hospitals. $87 billion will to go expanding the federal share of Medicaid, which will minimize the need for state and local taxes to be raised to balance their budgets for this program. Healthcare coverage would be expanded to the newly unemployed (through the Comprehensive Omnibus Budget Reconciliation Act program).
- Energy efficiency. New programs to double alternative energy production and incentives to weatherize homes aim to reduce energy prices, make homes and buildings more energy efficient, and lower home heating costs.
- Financial aid to states. Increased funding to Medicaid and new school construction will help the 46 states facing budget deficits this year. People relying on Medicaid for long-term care or looking for education at local schools and colleges will benefit.
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