Obama Unveils "Rescue Plan" For Middle Class
TOLEDO, OH -- With 22 days until voters go to the polls, Barack Obama announced a series of proposals designed to help Americans weather the economic crisis, including tax credits to promote job growth and measures to help people stay in their homes.
Obama has been trying to convince voters that he would be a better steward of the economy than his rival, arguing that he offers steady leadership, can relate to the economic concerns of ordinary Americans and will be a champion for the middle class. He routinely portrays John McCain as erratic, out of touch and beholden to special interests, big corporations and the rich. Polls over the last few weeks suggest the Democrat is doing a better job of connecting with voters on economic issues.
"We can’t wait to help workers and families and communities who are struggling right now – who don’t know if their job or their retirement will be there tomorrow; who don’t know if next week’s paycheck will cover this month’s bills," Obama told an audience of about 3,100 people here Monday. "We need to pass an economic rescue plan for the middle-class and we need to do not five years from now, not next year. We need to do it right now."
The four-part plan, billed as an economic rescue plan for the middle class, includes several new components: a temporary tax credit for companies that create jobs in America over the next two years and a 90-day moratorium on home foreclosures for those making "good faith" efforts to pay their mortgages.
He said the Treasury Department must move faster with its plan to put money directly into struggling banks to help free up credit, and he said he wants the Federal Reserve and Treasury to set up a mechanism to lend to cities and states facing a credit crunch.
He is also calling for the temporary elimination of tax penalties for people that make limited withdrawals from their 401k or IRA accounts, an idea he noted McCain also supports and that the Democrat said would help families weather the crisis without having to sell their homes or forego college for their children.
"I want to give credit where credit is due, I welcome Sen. McCain’s proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad," Obama said. "I think that’s a good idea, but I think we need to do even more. Since so many Americans will be struggling to pay the bills over the next year, I propose that we allow every family to withdraw up to 15% from their IRA or 401(k) – up to a maximum of $10,000 – without any fine or penalty through 2009."
The campaign stressed that all of these new proposals should be enacted immediately and that that could be done using existing authority or through emergency legislation. Obama drew a standing ovation when he talked about the urgency of helping "Main Street" quickly.
"Congress should pass this emergency rescue plan, the rescue plan for Main Street as soon as possible," he said. "If Washington can move quickly to pass a rescue plan for our financial system, there's no reason we can't move just as quickly to pass a rescue plan for our middle-class, that will create jobs and provide relief, and help homeowners and if Congress does not act in the coming months, it will be one of the first things I do as President of the United States of America."
Congress is expected to return to session after the election to consider a second economic stimulus package aimed at helping the middle class that could include extended unemployment benefits, new infrastructure projects and a tax rebate.
The McCain campaign sent an emailed response to Obama's speech, saying his proposals would require "massive tax increases."
"As our economy and our financial markets struggle through unprecedented turmoil, one thing is certain: raising taxes on the American people and American business will have a devastating effect," wrote Spokesman Tucker Bounds. "When pressed on this point, Obama has repeatedly said he would consider abandoning his planned tax increases if the economy is 'weak,’ but apparently this economy is not weak enough for Barack Obama."
Bounds argued Americans needed across- the-board tax relief. Obama's plan would raise taxes on people making more than $250,000 a year.
The McCain camp also highlighted an apparent reversal by Obama on a foreclosure moratorium, sending around a newspaper article earlier in the day that noted that when Hillary Clinton proposed such an idea, the Illinois senator had called it "disastrous."
The proposals Obama announced today are in addition to the tax cuts he wants to provide to working families. He said Congress should pass a plan that would allow the IRS to mail the first round of those tax cuts as soon as possible.
He has called for measures to help states avoid property tax increases, increase access to credit for small businesses and help families restructure their mortgages to make the payments more affordable. He also proposed the temporary elimination of taxes on unemployment insurance benefits, fast-tracking the $25 billion in loan guarantees for the auto industry and provide more incentives to build fuel-efficient cars. Obama noted his support, too, for efforts to unfreeze markets for individual mortgages, student loans and other kinds of debt.
The presidential hopeful, who has promised to review the federal budget line-by-line and to eliminate programs that are not working, said the current crisis was a result of not just lack of regulation on Wall Street but unfair lending and irresponsible borrowing and said that once the current crisis had passed, Americans must learn to live more responsibly, save more and borrow less.
Obama appeared at the convention center here in Lucas County -- where John Kerry beat President Bush 132,715 votes to 87,715 votes in 2004. Obama arrived in Toledo Sunday and is set to spend the next few days here preparing for the final presidential debate, which will be held in New York Wednesday night.
(NBC/NJ's ATHENA JONES)
What? Obama wants to "mail" tax cuts to the middle class? Question #1 - where does he plan to get the money for these "checks" and Question #2, - isn't this just welfare? Praying the folks are smarter than this. We will lose, big time, if he wins. No question about that.
What? Obama wants to "mail" tax cuts to the middle class? Question #1 - where does he plan to get the money for these "checks" and Question #2, - isn't this just welfare? Praying the folks are smarter than this. We will lose, big time, if he wins. No question about that.
MOxrep -- ha ha ha ha ha ha.
He'll get the money for the tax rebate from the same place Bush gets his $10 billion a month for Iraq. Or the $700 billion for the bailout.
After age 59-1/2 there is no penalty to withdraw from a 401(k) or IRA but there is tax to be paid. Does Obama mean to eliminate that tax?
After age 59-1/2 there is no penalty to withdraw from a 401(k) or IRA but there is tax to be paid. Does Obama mean to eliminate that tax?
It's not going to be Obama or McCain.
Here in south west Ohio, not in Alaska or elsewhere, is where the rapture will happen on 11/04/2008.
The forces at work are implacable, just watch:
http://www.eastsideonline.cc/
i can only assume by reading all pro obama pots that all of you are ready to say goodbye to democracy and hello socialism. you are all ready to accept a welfare check from the government ( this is obamas 95% tax cut ) in the amount of 500-1000 per year IF you are one of those that work but do not pay taxes. where will that moiney come from? the rich? nope because they will pass the cost down to the employees (middle class). so guess what? middle class will support the poor and rich will avoid higher taxes by going overseas or investing money overseas. say hello to unemployment line and food stamp line . free medical and housing? socialism. next step after socialism? communism. say goodbye to united states of amercia and hello to unites states of france.
i can only assume by reading all pro obama pots that all of you are ready to say goodbye to democracy and hello socialism. you are all ready to accept a welfare check from the government ( this is obamas 95% tax cut ) in the amount of 500-1000 per year IF you are one of those that work but do not pay taxes. where will that moiney come from? the rich? nope because they will pass the cost down to the employees (middle class). so guess what? middle class will support the poor and rich will avoid higher taxes by going overseas or investing money overseas. say hello to unemployment line and food stamp line . free medical and housing? socialism. next step after socialism? communism. say goodbye to united states of amercia and hello to unites states of france.
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values that reflect greed, materialism, violence, immorality, honesty, integrity, keeping up with the Jones'. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what is really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values that reflect greed, materialism, violence, immorality, honesty, integrity, keeping up with the Jones'. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what is really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values and replaced them with greed, materialism, violence, immorality...Whatever happened to honesty, integrity? Why keep up with the Jones'?. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what it really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values and replaced them with greed, materialism, violence, immorality...Whatever happened to honesty, integrity? Why keep up with the Jones'?. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what it really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values and replaced them with greed, materialism, violence, immorality...Whatever happened to honesty, integrity? Why keep up with the Jones'?. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what it really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
NO way, you guys who state that our country will become socialistic under Obama are wrong; and, in addition, you lack understanding and education as to what a true democracy is all about. Our country did not fall apart because of Bush only, it has fallen apart because of the American people who have walked away from true values and replaced them with greed, materialism, violence, immorality...Whatever happened to honesty, integrity? Why keep up with the Jones'?. In addition, we have stopped caring and reaching out to one another as Americans have done in the past. Read your American history. Remember our ancestors and what they have done for us. Remember what it really means to be an American and connect with that again. That is our hope as a country. That is what Obama is trying to accomplish as an ideal. We can't do it if you have stopped believing and you can't see the forest from the trees. Why would you believe in Bush's or the Republican ideals that are spend, spend, spend,...? Why? What does that say about you? Is your happiness in the wealth of others...that is only meant for a few? Money is not everything or the end all. Big business isn't that answer to bringing happiness to a society. A strong middle class has always been the foundation of our country in the past. Not, hopeless and unrealistic support for the top few. You need to reevaluate what you believe is important. I think that Obama is a breathe of fresh air and hope for this country-that is a long time coming. Should the wealthy pay more taxes? You bet they should! Is it ok for it to go to the middle class. You betcha! We are all apart of this country. And if people are here only to care about themselves and not others, it states that they are selfish, self-centered people. There is no hope is a society like that. Why do you people find fault in every solution--no matter what? You call it a form of socialism. I call it a change and helping our other fellow citizens of this country. I call it unity. Go Obama...Yes...Go Obama
you have a great site!