Plans to add $6.7 billion to $7.3 billion in infrastructure spending in a new stimulus package will come as a surprise to many economists.
The $6-billion stimulus plan announced by the White House on Wednesday is an attempt to stimulate the economy, but it is far from a plan to bring in enough money to help the millions of Americans struggling with unemployment.
It will do little to solve the problems facing many people, who rely on the federal government for basic necessities like food and housing, but the plan’s biggest contribution is to help people like Tom Schreiber, an unemployed real estate broker in North Carolina who said he is worried about his future and what his family will have to put up with.
“There’s a lot of people that are really struggling and I just want to make sure that when I get out of this job, that they get their own place and they have a place to live,” he said.
The stimulus plan was released just two days before Congress returns to work after Memorial Day.
The plan includes a new $2.3-billion federal aid package to help low-income people purchase new homes and help families stay in their homes, as well as new subsidies for those who buy a home, purchase a business or start a business.
It also includes $1.8 billion to build more affordable housing in the nation’s poorest communities, with $1 billion to be given to states and $500 million to help communities that have already been identified as priority areas.
There will be $2 billion to create a new Federal Housing Finance Agency (FHFA), which will help foreclose on foreclosed properties and help build new housing in communities that are not already eligible.
It is the second stimulus package that has been announced for 2018, and President Donald Trump has made it clear that the president is not happy with the current levels of spending.
“We will never stop spending, but we will never make any promises that aren’t made in the interest of the American people,” Trump said in a tweet.
The Obama administration’s stimulus package has been criticized by economists, who say the money is not enough to make a dent in the housing market.
The FHFA is supposed to help foreclosures, but some foreclosed homes are still sitting empty.
The new stimulus program, which is funded by the Federal Housing Administration, is expected to provide some help, but experts warn that it will be too little too late.
“The FHA is not going to be enough to fix all of the problems, particularly in the low- and moderate-income communities,” said James Pethokoukis, a senior fellow at the Center on Budget and Policy Priorities.
“It’s really a stopgap solution, and there are other things we can do to help address that, and the FHTA will help a lot.”
A spokesman for the FHA told the Associated Press that the agency was not immediately available to comment.
Pethokokouki said the stimulus package is “inherently inadequate,” and added that the government is only supposed to spend what is needed to cover shortfalls in spending.
“This proposal does nothing to help those who are already struggling, and it is certainly not going do anything to help struggling families or small businesses that have had to sell their homes and move,” he added.