Posted tagged ‘Stimulus Package’

TIME Magazine Article (I’m In It)

February 19, 2009

We’re in the print issue dated March 2 and should be in stores soon!!! Kate Winslet is on the cover, just FYI!

UPDATE: I’m on the COVER too in a small picture in the top right corner next to the March 2, 2009 date 🙂

But if you want a peek, the article is available online now.

Its a brief 2-3 paragraph mention near the end of the article but it’s still great to be a part of an article in TIME Magazine.

I’ve got a link to it below and the full text of the article and an “OK” picture of us (no kids though) 🙂

I love the “worried” look on my face! The only thing I wish could have been included in this article is how much my in-laws were a help to us. I feel as though the section is too slanted to how we helped them when in reality, we helped each other. They were very instrumental in making things work and I don’t want to come across as looking as though we supported them. This is not the case. We supported each other 🙂

Now we can be as famous as Casey Anthony! Without the drama that comes with it of course!!

Credit: Mark Richards

Credit: Mark Richards

From TIME:

Jennifer Bliss was no fledgling lawyer when she moved back in with her parents. At 39, she had burned through her retirement funds after losing her law-firm job in July 2007. She gave the bank the keys to the home she was unable to sell in Grand Rapids, Mich., and last November, she packed up her two Great Danes and moved about 60 miles, to Lansing, to live with her mother and stepfather. “This has been awful,” says Bliss, who has sent out some 600 résumés nationwide looking for legal work or a managerial position in another field. “I went to law school to have a solid profession so that I wouldn’t wind up in a situation like this.”

The term boomerang children used to refer to young adults moving back in with their parents, but the recession is forcing people in their 30s and 40s and older–often with a spouse and kids in tow–to bunk in with the ‘rents until they regain their financial footing. Since the recession began in December 2007, the U.S. has lost 3.6 million jobs. An AARP survey released in May found that more than a third of retirees have had to help a child pay bills in the past year. And the number of multigenerational households has increased from 5 million in 2000 to 6.2 million in 2008, according to AARP. Cramped quarters, wounded pride and general anxiety about the global economic crisis do not the most pleasant living situation make. But there are ways to ease the transition.

Talk about expectations. And be sure to discuss one another’s needs up front, says Brian Carpenter, a psychology professor at Washington University in St. Louis, Mo. Failure to do so can lead to a lot of friction. That’s what happened when Michael Gallagher, 40, moved in with his mother in Los Angeles in October 2007 after he was downsized from his job as an audio engineer. “When he came home to live, I was thinking ‘family,’ and he was thinking ‘roommate,'” says BJ Gallagher, 59, an author and a video producer. “I would feel bad when he wouldn’t say hello when he walked in the door.” At the same time, her son felt she was checking up on him and “lurking” around, she says. “We both ended up disappointed and annoyed until we discussed it and dealt with it.”

Donna Butts, executive director of Generations United, an intergenerational advocacy group based in Washington, says it’s a good idea to create an approximate timetable for achieving specific goals (à la “get a job,” “move out”).

Build in privacy. If possible, everyone should have at least some space of his or her own. For instance, when Michael Gallagher took over the part of his mother’s house that she had been using as an office, she moved her computer and video equipment into a much smaller room adjoining her bedroom. “We each needed our own space. There was no way around that,” BJ says of the rearranging she did to accommodate her son.

Share household expenses. Pay parents rent, or help with bills, and take over chores like mowing the lawn. “This way, everyone is helping in some way, and no one feels taken advantage of,” says Elizabeth Carll, a psychologist in Huntington, N.Y., who is an expert on dealing with stress. Bliss does all the cooking and cleaning. Michael Gallagher buys his own food, and beyond that, his mother says, he has “paid in trade” by persuading her to have the hip replacement she had needed for a while and by taking care of her postsurgery.

Grandparents rule. In late 2006, John Kreuzer, 30, and his wife moved from Portland, Ore., into his in-laws’ house in San Jose, Calif., because he got a p.r. job in Silicon Valley. They decided to keep staying there–with their two little kids–because Kreuzer’s father-in-law was laid off. As the job market got tighter, it just made sense for everyone to share living expenses in such a high-cost area, Kreuzer says.

Along the way, there have been differences of opinion when it comes to child-rearing. Kreuzer has explained to his children that they must abide by their grandparents’ rules, e.g., no roughhousing indoors. “My in-laws really help out with the kids while my wife and I are working,” he says. “I know that once we move out, my children will miss their time together with Grandma and Pop-Pop.”

Once we move out? That brings up one last point.

Be realistic. The economy has to turn around someday, and in the meantime, rents are falling.

In March, Kreuzer and his family are moving into a nearby town house with rent so cheap, he can continue to help his in-laws pay their monthly bills.

Michael Gallagher also found a killer deal on a rental. He moved out of his mom’s place in November, but she has yet to rearrange her stuff. “I’m not moving anything back just yet,” she says. “With this awful economy, he could boomerang right back in here.”

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Barack Obama Signs Stimulus Bill

February 17, 2009

President Barack Obama finally signed a much hyped $787 billion economic stimulus bill into law today.

Time to see if this will help stimulate an economy that needs all the help it can get!

From USA Today:

President Obama called his $787 billion stimulus package the “most sweeping economic recovery act in our history” as he signed legislation in Denver Tuesday to create works projects and tax cuts designed to stimulate the sagging economy.

“I don’t want to pretend that today marks the end of our economic problems,” Obama said. “But today does mark the beginning of the end … the beginning of what we need to do to provide relief” for families that can’t pay their billls.

Before the signing Obama toured a solar panel installation project at the Denver Museum of Nature & Science in order to highlight the “green jobs” projects that are part of the stimulus package.

The bill will create or save 3.5 million jobs.

“We’re putting Americans to work, doing the work that America needs done,” the president said before signing the legislation.

From Reuters:

Obama, who has described the package as one part of a plan to solve his country’s economic ills, was expected to lay out a strategy on Wednesday to stem home foreclosures and address the housing crisis that sparked the financial sector meltdown.

Meanwhile financially strapped General Motors Corp (GM.N) and Chrysler LLC raced to finish restructuring plans that must be submitted to the Obama administration by the end of the day as part of efforts to keep America’s biggest carmakers afloat. [ID:nLH623622]

Obama, speaking in Denver where he visited a solar power installation, has staked his political reputation on the package, a mixture of tax cuts and spending projects, saying its success will determine his success as president.

“We’re putting Americans to work doing the work that America needs done in critical areas that have been neglected for too long … work that will begin real and lasting change for generations to come,” Obama said.

The White House has said it will take about a month for the money to start flowing from the package. Some economists, however, believe the measures will come too late to have an effect in 2009, when many forecasters predict full-year output will contract.

The package includes working class tax cuts, infrastructure spending, help for the poor and unemployed and investment in alternative energy.

Obama has predicted that the stimulus plan will save or create more than 3.5 million jobs over the next two years.

Though a major success for his young presidency, the stimulus debate in Congress laid bare bitter divisions over how to boost an economy suffering a rising jobless rate of 7.6 percent and a banking crisis that has nearly frozen lending.

Only three Republicans voted for the measure in the 100-seat Senate, and no Republicans broke ranks to support it the House, arguing it had too much spending and not enough tax breaks. The final plan was split into 36 percent for tax cuts and 64 percent in spending and other provisions.

Tentative Stimulus Deal Reached

February 6, 2009

Amid major new job losses and the latest bank failure, key senators and the White House reached tentative agreement today on an economic stimulus measure at the heart of President Barack Obama’s recovery plan.

From MSNBC:

Senate Democrats were now mulling the compromise, which would cap the package at $780 billion. The package had grown to $937 billion after senators added to it, and Obama has said he’d accept a deal around $800 billion.

“There’s a proposal that is sufficiently flushed out that we can have a caucus and discuss it,” said Sen. Kent Conrad, D-N.D. “This is a proposal that involves many of the interested parties.”

Sen. John Kerry, D-Mass., said the $780 billion proposal breaks down this way: 42 percent is for tax cuts and 58 percent is new spending.

A spokesman for Senate Majority leader Harry Reid, D-Nev., said that “Senator Reid needs to talk with his caucus before we can announce a deal.”

The breakthrough came after a bipartisan team of senators worked to lower the cost, reducing the overall package to $780 billion, NBC News reported.