Obama Unveils New Economy Plan
TOLEDO, Ohio – The foot-stomping crowd of 3,100 wanted more red meat, but Barack Obama gave then dense policy prescriptions for what he called “an immediate economic emergency.”
In the end, the capacity crowd at the Sea Gate Convention Center left happy, exiting doors to urgent chants from Obama volunteers: “Go vote now. Vote early. Go vote now.”
I’ll get to Obama’s four-point plan in a second, but I want to first note new lines to his stump speech about frugality.
Obama said for years “everyone was living beyond their means.” That was true of Wall Street (greedy buying,selling and leveraging), Washington (too many tax cuts for the rich and too much spending) and even Main Street (where people knew they couldn’t afford homes but “bought them anyway.”)
“We’ve lived through an era of easy money,” Obama said, noting this era was coming to an end — whether we like it or not.
On policy, Obama outlined four new ideas:
* Two-year lifting of the 10 percent tax penalty on early withdrawals from 401K plans, up to $10,000 (regular withdrawal taxes would apply, consult your tax adviser for details).
* 90-day moratorium on home foreclosures for lenders accessing funds in the $700 billion rescue plan. This, Obama aides said, is to expedite the re-work and re-purchase of distressed mortgages (not at face value, by the way, as John McCain proposes, but at a price below “face value” and above “fire sale.”)
* Credit line from the Federal Reserve to cash-strapped states and cities to help with short-term credit needs.
* Tax credits for new job creation.
Obama also wants to help Detroit to re-tool and build more energy-efficient cars and provide more federal support for extended unemployment benefits.
Total price tag for these ideas: $60 billion over two years, according to economic adviser Jason Furman.
The RNC has noted Obama criticized Hillary Clinton before the Super Tuesday primaries for proposing a 90-day foreclosure moratorium.
Republicans call this a flip-flop. Furman says the criticism was more directed at Clinton’s call for an interest freeze on home mortgages, though transcripts from the time don’t substantiate that.
Furman’s defense is Clinton’s moratorium was universal, while Obama’s plan is targeted only to lenders who seek help from the taxpayer-funded rescue plan.
Obama’s speech also mentioned the need “to set priorities as never before.” To that end, Obama said he would “have to defer on some things we’ll have to do without.”
He explicity said doing without his middle class tax cuts is not an option. Obama has built a huge wall around these tax cuts, elevating them to untouchable status – no matter what happens in the coming months to the federal deficit (which is creeping toward $500 billion this fiscal year). This promise, it appears, will be among the first that will test Obama and the Democratic Congress he expects to work with if he wins on Nov. 4.
It may not be stretching things to say the fate of Obama’s entire first-term domestic agenda may ride on how fully he and Congress live up to this promise.
What this country needs is to spend less and tax it’s citizens and businesses less. Obama never mentions that stuff in his stump speeches. He just promises more “lollipops” (handouts) and entitlements like the tax rebates (funny name for money hand out given to non-taxpayers).
The fundamental problem with Obama is that he’s a full blooded Socialist and the idea of cutting back on Governmnet spending is totally against his beliefs. His vision for change is to “spread the wealth around”. He said that to Joe the Plumber, and that’s his mission for America. He’ not the right person for America as we work our way out of the financial mess and recession that we currently are in. Experts tell us that FDR type solutions will prolong and deepen the recession, and that’s what Socialist do over the long run, no matter what he says now to get votes.
We need Reform of Governmnet and Wall Street not Socialism !
Of course OBAMA will lie to the masses of the people, re prioritize (change his mind) on his plans to meet State and middle class requirements as well as to ensure the democratically controlled congress (House and Senate) takes control of a new ‘Socialized’ government just to WIN votes. He is just a ‘preacher’ in politicians clothing and the liberal masses are falling hook, line and sinker to this fraud. He is dangerous and shall take our country back to Jimmy Carter’s days…….if he wins.
We can NOT stand for a Socialized Government in which Hard working middle class Americans and small business owners hence forth Pay for the tired, weary and too-lazy to work citizens who breed off from the government tax dollars. We would become an over glorified welfare state which appeases dictators, criminals, and terrorists. His Middle Class Tax cuts and benefits are truly meant for the uneducated, poor folk who are too lazy to work to begin with.
We will all suffer and if he wins the tide will change and Republicans will DOMINATE the following four years thereafter when all Americans learn first hand what a false-preacher he really is. *(with the likes of Wright and Ayers).
I READ THIS REPORT AND WONDERED , HAS OBAMA EVER WORKED AT ANYTHING? HE LOOKS AT THE VAST OCEAN OF TAX MONEY AND DOESN’T SEE THAT THAT OCEAN IS ALL THE BLOOD, SWEAT AND TEARS OF HARD WORKING PEOPLE, PAID OVER THEIR WHOLE WORKING YEARS…IS IT NOW TO BE LADLED OUT AS MONEY TO WELFARE? AND ANOTHER THING…HE SAID PEOPLE WERE MADE TO FEAR HIM…JOE THE PLUMBER MAY BE THE PRIME EXAMPLE OF WHY ONE HAS TO BE AFRAID….ASK THE WRONG QUESTION AND PAY THE PRICE OF MEDIA MASHING…HE HAS THE POWER OF THE POPULAR PRESS DEFENDING THE DEMOCRATS AND PUNISHING UNWANTED QUESTIONS FROM “THE WORKING CLASS GUYS”. IT’S LIKE SAYING” SHUT UP! WE KNOW WHAT IS BEST FOR YOU!!!! BEGONE UNWASHED ONE!!!! ALL I WANT FROM YOU IS YOUR VOTE (LEGAL OR NOT) GO TAKE YOUR GUNS AND BIBLES AND FADE INTO THE FOREST OF NO VOICES. YES, HE DOES MAKE ME VERY AFRAID….CHINA MAY HAVE HIS VERY SAME APPROACH, BUT WE KNOW THAT’S SOCIALISM. BUT THE PRICE FOR SPEAKING OUT MAY SOON BE THE SAME.
I have to hand it to him, not many politicians would tell the people they have been living beyond their means and are going to have to do without some things a few weeks before the election. McCain’s campaign of slander is losing to Obama’s “STRAIGHT TALK”.
Who would have imagined?