Last week, this country moved one step closer to economic recovery as President Barak Obama signed the American Recovery and Reinvestment Act of 2009. While this recovery package is not a silver bullet for our fiscal woes, it does provide immediate resources to help individuals and families to get through this current crisis.

Immediately relief will be seen in paychecks, especially of working families, as the yearly 'Make Work Pay' tax credits of $400 per individual and $800 per couple are phased in immediately. Additional resources will be provided to families by increasing the Earned Income Tax Credit and up to $1,275 through the Child Tax Credit. Veterans and seniors will also see immediate relief as one-time payments of $250 will be issued to help pay bills and other necessities.

The unemployed will also immediate attention. Not only will they see their benefits increase by $25 a week, but will also see their eligibility extended an additional 33 weeks through December of 2009. Just as important, the government will pick up 65% of their COBRA payments for nine months, allowing them to continue their pre-unemployment health insurance -- even if they originally choose not to extend it. Our social safety net is further strengthened by the 1.3 billion statewide that will be distributed through increased Food Stamp benefits and programs like WIC.

Overall, the stimulus will also bring 24.6 billion in federal funds to New York State, with an estimated 5 billion coming to New York City alone. Some of these appropriations will go to fund specific programs like Medicaid, perform important maintenance work on housing developments or fund needed school construction projects. However, a significant amount of money will go to bridging local budgets, enabling both the city and state the flexibility to avoid layoffs to civil servants and cuts to important social service programs.

However, the stimulus is not just about plugging holes, but also laying the groundwork for future growth by providing increased education funding.  Over 2 billion will go statewide to fund not only early childhood programs like Head Start, but also college aid.  Close to 300,000 families in New York will save $2,500 a through a more generous college tax credit. The more than 450,000 students who receive Pell grants statewide would also be eligible for an additional $500 in aid per year. Small businesses are also being given tax incentives that allow them to not only immediately write off certain expenses, but also hire local residents, especially in areas of high unemployment.

Of course, no matter how big a bump this legislation provides the economy, long-term stability cannot be sustained unless we also move on important issues like health care, tax reform and debt reduction. Yet, this legislation provides jumpstart we need to get America back on its feet. In the end, over 95 percent of taxpayers will receive at least some relief, money that will allow people to not just buy groceries and help pay down rent, but also keep small businesses afloat. Just as important, it will give local governments the flexibility they need to maintain important services and jobs, ensuring that our communities remain hopeful and within striking distance of the American Dream.

This OP-Ed was originally published by Harlem News.

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