East Texas Recession Survival Guide: Obama's Economic Plan - KLTV.com - Tyler, Longview, Jacksonville |ETX News

East Texas Recession Survival Guide: Obama's Economic Plan

Most likely, you've heard President Obama's economic plan, but what does his nearly 800-billion-dollar economic stimulus package mean for you?

"Well, a big part of the plan, about 41% of the money that Obama's going to receive to execute his tax plan, is going to go towards tax cuts," said Michelle Price a Financial Advisor with Edward Jones.

If you are not a small business owner don't expect a check in the mail, but perhaps a tax break: somewhere between 500 and 1,000 dollars per family, which you would receive when you file your taxes.

"The consensus is that it's going to be based on what your income was, and if its within a certain limit then you'll get the break," said Price.

And while it won't exactly be money in your wallet, the stimulus package is basically a four-prong approach: spending hundreds of billions of dollars on infrastructure, education healthcare and energy programs

"We need to put money in the pockets of American people, create new jobs, and invest in our future," said President Obama.

If you are among the eleven million of Americans currently unemployed, one claim is that the plan would create three to four million jobs in the next two years, primarily in construction and manufacturing. Still, even with the stimulus plan, Obama's economic advisors expect a 7% unemployment rate at the end of 2010 -- only two tenths of a percentage point lower than it is now.

ABC material provided by ABC NEWSONE. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly