Will the economic stimulus work?

President Obama’s economic stimulus package has passed its initial test in the U.S. House of Representatives. So, prepare for stimulation!

The average worker will see an additional $12 to $13 a week, thanks to lower withholding, according to an analysis by the New York Times. The unemployed will see a continuation of unemployment benefits.

Republicans want more tax cuts, and they all voted against the package, a factoid that is being headlined this morning by a media that is infatuated with political good and bad guys rather than an analysis of what’s in the bill.

The Tax Policy Center has issued a report card on all of this. It gave generally high grades to provisions that puts money in the hands of low-income people, because they’re more likely to spend it. Obama’s plan calls for a $500 tax credit for individuals and $1,000 for couples. A letter-writer in today’s Star Tribune suggests that people who make more than $105,000 should be taxed higher in Minnesota, revealing a shortfall in the calculations of how effective the package is going to be: Of the money being sent our way, how much will be siphoned by increases state, county, or city taxes and fees?

Are you thinking about buying a home? There may be some incentive coming along, CNN reports.

The cost? About $6,000 per taxpayer or $2,800 for every person in America.

Will it work? At the heart of the stimulus philosophy: No matter how you benefit, you have to spend it. Will you?