by | October 14, 2008
While in Pennsylvania yesterday campaigning for the Obama-Biden ticket,
Hillary Clinton rewrote the Republicans’ favorite “Drill, baby, drill!” chant to reflect what Americans need right now:
“Jobs, baby, jobs!”
That was
the message Barack Obama delivered as he outlined an economic plan that “begins with one word that's on everyone's mind, and it’s spelled J-O-B-S.” Building on his previous proposals, the plan will go a long way toward helping the middle class, creating jobs, keeping people in their homes and providing help to struggling communities.
Obama’s
specific proposals include:
- A $3,000 tax credit to companies for each new job they create over the next two years.
- New legislation to allow families to withdraw 15% of their retirement savings without facing tax penalties.
- A 90-day moratorium on foreclosures for any homeowners making good-faith efforts to pay their mortgages.
- The creation of a Federal Reserve and Treasury program to lend to states and cities with fiscal problems.
Also
included in Obama’s plan: eliminating income taxes on unemployment benefits, doubling loan guarantees to American automakers, and pushing the Treasury Dept. to unfreeze the markets for mortgages, car loans, student loans and credit card loans.
After several days of confusion and mixed messages from his campaign,
John McCain unveiled his own economic proposals today. His plan focuses on cutting taxes for the wealthy, accelerating tax write-offs for bad investments and reducing the capital gains tax. McCain offers no tax cuts for middle class income or investments, doesn’t encourage the creation of new jobs and does nothing to help cash-strapped states and municipalities.
Maybe that’s why new Quinnipiac polls of four battleground states released today show
voters have overwhelmingly rejected McCain’s approach to the economy. Less than one in four polled think McCain has “shown effective leadership” in dealing with the financial crisis.
Barack Obama, on the other hand, has continued to demonstrate the steady leadership we need, and his solutions will help restore America’s economic prosperity. Many of Obama’s proposals can be put into place right now under the existing bailout or through new emergency legislation – and they will all be implemented when Barack Obama is our next president.
Paid for by American Federation of State, County and Municipal Employees PEOPLE (1625 L St, NW, Washington, DC 20036) and not authorized by any candidate or candidate's committee.
