Obama unveiled details of his economic plan live this afternoon. For long term help to the Main Street Obama mentioned a multitude of plans.
- Tax cut- Obama again championed his tax cut for 95% of Americans
- Eliminate the income tax for seniors making less than fifty grand a year
- bring down the cost of health care
- Give credit towards a college education to those who perform community service
- Invest in energy technology to create more jobs
- Invest in infrastructure- create millions of jobs rebuilding our own nation
For the shorter "economic emergency" Obama proposed a rescue plan for the middle class. The highlights of his plan include:
- Temporary tax credit for businesses that hire American workers
- An end to the capital gains tax
- Invest in energy efficient cars made here in the USA to create technology and jobs
- Provide money to state and local governments to fund infrastructure-building projects
- A tax rebate check ASAP implementing the first round of tax cuts
- Extend and expand unemployment benefits
- The ability to withdraw 15% (up to $10,000) from IRAs and 401ks penalty free
- A 90 day foreclosure moratorium for homeowners acting in good faith who's banks received bailout funds
- Modifications to mortgages and bankruptcy laws
- Pressure the Treasury to unfreeze the credit market and
- Promote responsibility and living within your means
Now, all this is well and good. I think they are great ideas and should certainly be worked towards. However, I have to ask how the U.S. can afford this. I agree if we can bailout Wall Street, we should be able to help out Main Street, but how do we do it without further digging ourselves into debt. If Congress acts on this now, the government deficit will only grow. Even if this matter is set aside until after the election, I'm not so sure cutting government programs and forcing them to run efficiently will recover enough funds to pay for all this. It is an expensive plan, even if it does seem to be beneficial. Even should this go through and the economy recovers, will the taxes gained during this time of prosperity come anywhere near covering a significant portion of the cost of these programs/initiatives?
I love the theory and ideas, but I'm hesitant when it comes to their final cost. Our deficit is already huge, and China owns much of our debt. Do we really want to risk add more debt on top of the current crisis?
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Well, I think that if we put an end to that mistake in iraq we can use those funds to help our nation. Also i think that by investing in other energy sources and bringing them to main street we can cut the money we send to all those terrorist nations. I think we need to focus in the long run instead of focus in our current debt, otherwise we wont be able to go forward because any plan includes spending. We need a plan that yeah will bring in more debt but that in the long run will help us to pay everthing off. Thats why i fully suppor Barack Obama's economic plan.
Well, I think that if we put an end to that mistake in iraq we can use those funds to help our nation. Also i think that by investing in other energy sources and bringing them to main street we can cut the money we send to all those terrorist nations. I think we need to focus in the long run instead of focus in our current debt, otherwise we wont be able to go forward because any plan includes spending. We need a plan that yeah will bring in more debt but that in the long run will help us to pay everthing off. Thats why i fully suppor Barack Obama's economic plan.
Because tax cuts make everything better
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John, I wish it were that simple. Truly I do. But like it or not, we lit the spark that started a Civil War in Iraq, and we're going to have to deal with the worldwide repercussions from that. That being said, I do think it's time we start doing something more to get out of there.
Dan, I don't think the economic troubles we're having will be solved overnight. And I wouldn't trust the word of anyone who tells you differently. The question is whether or not Obama's plan will work...and I think it has long-term merit.
Where does this long term merit stem from? Playing a political robin hood?
At least he's doing something feasible instead of issuing a bail-out we can't afford.
Oh lord, how is that feasible? Take money from people who worked hard and earned it, and give it to people who "can't", be it laziness, disability, or what have you. Keep your hands out of my pockets, I worked to fill them. And as for the bailout, it is NOT the best option, but something had to be done, or the entire economy would've fell through. Please try to keep up.
So, Bob, people who are disabled are just SOL because they have the misfortune of not being able to work? Is that what youre saying?
Steven Hawking is doing ok, as was Christopher Reeve. Survival of the fittest, I believe.
No, you keep up, Bob. Social Darwinism died out quite a long time ago. And the rich bastards who "worked hard"...are you talking about Bush here? Nicole and Paris Hilton? Cause those three, and other like them, didn't. They just take what daddy gives them.
Way to lump ANYONE more successful than yourself into such an undesirable catagory. Self made buisiness men, like my own father, high school education but yet top 3% of income in the US. And he didnt earn that? He should have to share?
I'm actually not, I was just pointing out that there are many people who don't even have to work for their money - why shouldn't they have to give some of it to their country, which enabled them to climb to such a high status?
Being a citizen of a country - any country - affords certain protections BUT ALSO demands certain responsibilities. You can't just get the good without paying your dues. Taxes are fundamental for a country to run, and it makes perfect sense to me that those with the most money should pay the most. And as for the people who are wage workers - have you ever been one? Have you had a boss screw you out of hard-earned money or fired you for no reason other than he'd have to give you a raise? I have. Try reading Nickle and Dimed...it's a good book and you might learn something about the hardworking people who are oppressed by us, the upper-middle class.
Bob, so, only if you are wealthy BEFORE you become disabled, you have survival rights? Bob...Your DAD is in the top 3 percent income bracket? Do YOU have to work, Bobby, or are you leeching off daddy? LOLOL thanks Booby, the more I read you the more I laugh.
Fact : the top 3% of income doesn't even break 200k. So people in that bracket aren't super rich snobs that love the smell of their own farts.
And no, no one should HAVE to give their hard earned money to welfare collectors. What possible basis is there for that? Taxes need to support a country, yes, but not deadbeat citizens.
Bob, Im aware of that fact. YOU are the one who pointed out daddy was in the top 3 percent. I dont care if hes a billinaire. It doesnt make you a better person.
Newsflash-the disabled are NOT deadbeat citizens. Along with people being BORN such, and becoming so after work accidents,many of them are Veterans who served and fought to protect your right to spew your crap. Guess what? These people are all part of OUR country.
Billinaire=billionaire. THAT was a typo-not a misspelling ;-)
You will never listen to my points, because you either have no empathy or are unwilling to use it. Put yourself in somebody else's shoes. And not all poor people are deadbeats, in fact, most of them work harder than we do every day. Call me a socialist but I still believe in equal opportunity. There is none in this country.
Dina, unfortunately, many conservatives dont have any empathy, and are completely out of touch with reality when it comes to this matter.
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