Obama Announces New Economic Package: Save the Working Class

[Emit]

I saw on the news last night that Obama had released his New Economic package. Having just seen Bill Clinton yesterday, who spent some time talking about Hillary's Economic Plan, I thought I'd share this info with others. Here's the only link I found to Obama's updated economic plan, from Kos, although I might have a copy via email. I'm hoping to see Obama today to hear what he has to say, but getting time off work on such short notice might prove difficult.

Obama Announces New Economic Package: Save the Working Class
by JustAngry
Sun Jan 13, 2008 at 12:06:23 PM PST
The press release:

BARACK OBAMA ANNOUNCES PLAN TO REVITALIZE ECONOMY AND PROTECT AMERICAN FAMILIES
Virginia Gov. Tim Kaine and Former Secretary of Commerce Bill Daley say plan will help jumpstart the economy; call for immediate implementation

CHICAGO, IL – Barack Obama today unveiled a plan to revitalize the economy in the short-term with a stimulus package that will immediately inject $75 billion into the economy in the form of tax cuts and direct spending targeted to working families, seniors, homeowners and the unemployed. The plan also includes $45 billion in reserves that can be injected into the economy quickly in the future if the economy continues to deteriorate. Obama will discuss the plan later today at events in Nevada.

"The time has come to bridge the growing divide between Main Street and Wall Street," said Barack Obama. "The American Dream is slipping out of reach for many families whose paychecks aren’t meeting the increased costs of their medical bills and tuition payments. Four months ago I said it was time to put a middle-class tax cut worth $1000 per family into the pockets of workers who deserve it. A tax cut that would eliminate income taxes for seniors who make under $50,000. We can’t wait for the next president to act. We need that middle-class tax cut now more than ever – not five months from now or five weeks from now, but now. I’m announcing a plan to jumpstart the economy by putting money in the pockets of those who need it most and will spend it quickly."

"Strengthening our economy and creating good-paying jobs will be Barack Obama’s priority from the day he takes office," said Governor Tim Kaine, who held a conference call with reporters to discuss the plan. "But we must act today. Barack Obama has offered a plan that will restore fairness to the economy and ensure that hard-working Americans can provide for their families and save for their future. Barack Obama offers us the best chance to revitalize our economy because he has the strength to unite Democrats, independents, and Republicans to pass reforms that will invest in all of America."

Barack Obama’s Plan to Stimulate the Economy and Protect American Families Would:

* Provide an immediate $250 tax cut for workers and their families.
* Provide an immediate, temporary $250 bonus to seniors in their Social Security checks.
* Provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen
* Provide relief to homeowners hit by the housing crisis.
* Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.
* Extend and expand Unemployment Insurance.

Barack Obama’s economic stimulus plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most. Obama’s proposal will immediately provide stimulus using means that do not require lengthy governmental or administrative delays. The plan also reserves an additional $45 billion of stimulus that can be injected into the economy quickly in the future if the economy continues to deteriorate.

A fact sheet detailing Obama’s stimulus plan is available here.

###

FOR IMMEDIATE RELEASE
January 13, 2008
Contact: Obama Press Office; [phone]

http://www.dailykos.com/story/2008/1/13/15459/4404

[MethuenProgressive]

1. Is this any different than the one posted twelve times yesterday?

:shrug:

[Emit]

3. Well, gee, MethuenProgressive

Since I didn't see it, I can't tell you that. Nice.

[bahrbearian]

2. Tax Cut Packages are not going to work.

We need Edwards plan of putting people to work.

[Emit]

4. The tax cut issue was brought up on the thread where we discussed

Hillary's economic plan yesterday, specifically in relation to Bush pushing for tax cuts in his SOTU address, giving "...rhetorical ground in that battle. Especially since the DL fu$%ing C has already called for a stimulus package of tax cuts."

[Emit]

5. I am not finding a recent link that outlines Edwards' specific economic plan

If you can point me in the right direction, I'd be much obliged. I did find these:

From Dec 2007

The Democrat and former North Carolina senator suggests an initial investment of $25 billion for job creation and other aid, with the rest set aside if the economy slides into a recession. He was scheduled to unveil his economic plan at campaign stops on Saturday in eastern Iowa.

~snip~

Edwards' plan doesn't include recommendations for how Congress should pay for the economic rescue package.

"We intentionally do not pay for these proposals because we do not think now is the right time for spending cuts or tax increases. But starting in 2009, we will pay for each of our proposals," Edwards campaign spokesman Eric Schultz said in an e-mail.

He also wants Congress to update the nation's unemployment system, which he said now leaves workers unprepared for hard times. He calls on Congress to help states cover 500,000 additional workers each year, and set aside resources now to keep workers from having to wait for benefits if the unemployment rate rises.

Aid to states also should be boosted to keep them from having to increase property taxes or cut programs such as Medicaid in order to balance their budgets, Edwards said.

To combat the housing crisis, Edwards wants lawmakers to create a home rescue fund to help families get counseling, loans or other financial aid to avoid foreclosure. He also believes that families facing bankruptcy should be allowed to rewrite terms of their mortgage, and write off debt that exceeds the value of their home.

To keep such a crisis from happening again, Edwards said Congress should pass stronger laws against predatory lending and create a federal regulator to oversee financial services products.

Edwards wants Congress to make a major investment in clean energy that he contends would both fight global warming and create jobs to spark economic activity.

Several of Edwards' economic proposals, including some of his energy and housing proposals, have been included in other policy plans he has offered over the course of the presidential campaign.

~snip~

http://abcnews.go.com/Politics/wireStory?id=4042900

And more recently,

Leading Economists are endorsing John Edwards in a Press Release from the Edwards Campaign dated today.

http://www.johnedwards.com/


Economists pick Edwards because he will fight for sustained growth, full employment and an end to poverty
Chapel Hill, North Carolina – Today, the John Edwards for President campaign announced that more than 30 leading U.S. economists have endorsed John Edwards for president.
"Economists for John Edwards" includes such notable scholars as James K. Galbraith from the University of Texas at Austin; Deirdre McCloskey from the University of Illinois at Chicago; Thomas Palley, founder of the Economics for Democratic & Open Societies Project; Clyde Prestowitz, president of the Economic Strategies Institute; Harley Shaiken from the University of California, Berkeley; and Edward Wolff from New York University.

~snip~

http://sacramentoforedwards.blogspot.com/2008/01/nations-leading-economists-endorse-john.html

[cooolandrew]

8. The thing witb Edwards he's aways saying whatyou gonna do,but he's applying for the job odd really.

[cooolandrew]

9. The thing witb Edwards he's always saying whatyou gonna do,but he's applying for the job odd really.

[redqueen]

18. Might this help?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2678794

[Emit]

24. I saw that, thanks. But it seemed specific to SC

I was looking for a broader plan.

[redqueen]

25. No... that's the broad, national plan. He mentioned some SC statistics

when discussing the plan, but only because he was in front of an SC audience.

:shrug:

[redqueen]

14. Yeah... the whole "here's a little check with a few dollars" thing...

didn't seem like an effective way to deal with it to me, either.

We need long-term solutions... not short-term band aids.

[madrchsod]

6. i don`t care who`s plan it is

and i bet there hundreds of thousands or hell millions that don`t care either,we need help NOW. we can not wait another year and half.

we need it now and if the democrats had any concern they would start tomorrow...but it`s an election season so nothing will get done.

it`s really fucking sad

[cooolandrew]

10. Elections should be every 5 years really and it should be illegal to run longer than 6 months.

[cooolandrew]

11. Elections should be every 5 years really and capaigns limited to 6 months.

[cooolandrew]

7. Sounds like a man wth a plan to me.

[Tyler Durden]

12. I'VE got a PLAN!

Why don't ALL of them, ESPECIALLY THE TWO SUPPOSED FRONT-RUNNERS, talk about ending the fucking WAR and funneling the over $200 BILLION PER YEAR into the economy.

Seems like that's a little better proposition than a lousy $250 potentially $500 more from Taxes.

I have NEWS for you: $250 MIGHT buy the groceries for my family for a MONTH.

This "Stimulus Plan" is like Bush's "Tax Refund" revisited: and just as useless.

[earth mom]

13. Edwards had a plan for the poor out over a month ago. Obama's a day late & a dollar short.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2678794


So Obama wants to BUY your vote for $250?!!! :wtf: Because $250 is BULLSHIT!!! That is CHUMP CHANGE at todays prices!

BTW, * did a similar thing and look where we are now! :puke:

[redqueen]

15. The two plans don't even compare...

they're like night and day.

[earth mom]

17. Well, I didn't go through them both side by side...

so you're probably correct.

But they "sound" the same. That's what irks me.

[depakid]

16. Hmmm- so where's the money coming from?

Manna from heaven?

Sorry to say, but Krugman's got this guy pegged.

[redqueen]

19. What did Krugman say? (nt)

[depakid]

21. a tax cut originally proposed for other reasons is also a recession-fighting measure — doesn’t that

sound familiar?

http://www.nytimes.com/2008/01/14/opinion/14krugman.html?hp

[redqueen]

22. Thank you! And YES it did sound disturbingly familiar.

:scared:

[InkAddict]

20. This won't work.

A one-time $250 barely buys groceries for a month - consumed/gone. What about the other 11 months?
A one-time $250 isn't enough to purchase a family-sized energy-efficient freezer to take advantage of specials or one's garden or a new washer/dryer to end the gas-guzzling trip to the laudrymat.
A one-time $250 set aside if things get worse - YEAH, RIGHT! Now that's a teaser.

The dollar's tanking out, so even saving it isn't a good option.

I'm with Edwards - this country needs living-wage jobs on infrastructure projects that will decrease our dependencies on foreign oil; larger tax cuts/incentives that offset educational debt principal for anyone who takes the debt on of any age for themselves or another of any age; relief for caregivers and healthcare options that won't financially kill families. Oh, and less bankruptcy punishments for previously financially-capable workers over the age of 40.

[redqueen]

23. ...

:thumbsup:

:kick:

[goodgd_yall]

27. I'm just picturing people using the money to pay bills

That's good for them, but I don't see how that stimulates the economy.

[Leopolds Ghost]

26. Instead of Tax Cuts maybe we could try creating WORKING CLASS JOBS instead of declaring offshoring

a "done deal" and waiting for the jobs to escape before closing the barn
door on tarriffs, as the mainstream pro-business candidates (Clinton and
Obama) are deliberately doing -- if they are willing to talk tarriffs
without getting assassinated by right-wing corporate junta, that is.