Obama Announces New Economic Package: Save the Working Class

[killbotfactory]

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/2008/1/13/15459/4404/119/436176

[Horse with no Name]

1. Politics at its finest

Would have been nice a year or so ago.

[Dawgs]

2. You're kidding, right?

Why does it matter when he proposes a good plan like this one?

He's not President, yet.

[sandnsea]

9. I'm interested in his emergency stimulus

Hillary's appears to put the mortgage industry first, with tax cuts later. I like that Obama includes the tax cuts to regular people too. Does Edwards have an emergency plan with the recession looming?

[Barack_America]

11. I'd like to know how...

...all of them are going to pay for it. Neither Obama nor Clinton give specifics.

The other side of the bookkeeping is just as important!

[sandnsea]

14. Agree

I'm really not a fan of this seat of the pants economic stuff, but I do like that Obama at least thinks of people first instead of relying on trickle down stuff.

[Barack_America]

20. Well, I think that the economy trumping Iraq...

...in polls came as a surprise to everybody (except Edwards, in fairness). So I'm not surprised that we're hearing some rather reactionary sounding plans.

[sandnsea]

23. Oh he has a great poverty plan

It's been on his site since I can remember.

http://www.barackobama.com/issues/poverty/

Gave a pretty good speech on urban economy too, a lot of which would work well in rural America, particularly stuff like "Baby College".

http://www.barackobama.com/2007/07/18/remarks_of_senator_barack_obam_19.php

[surfermaw]

3. Gosh are they going to copy every word Edwards says?

[Dawgs]

6. Is Edwards the only one that can fight for working families?

:shrug:

[Horse with no Name]

8. Not at all--but nobody cared until Edwards message was out there

Now Obama is co-opting the main message of Edwards campaign.

[sandnsea]

10. No, this is about the looming recession

Hillary released something yesterday.

http://firstread.msnbc.msn.com/archive/2008/01/11/572486.aspx

[bvar22]

35. And Hillary and Obama are just noticing NOW...

that Americans who Work for a Living have been struggling since the 90's?

They (Hillary/Obama) seem to be a little removed from the problems of the Working Class.

[Dawgs]

15. Then you should be happy that the other candidates are talking about something that's so important.

[bobbolink]

19. What would make us "happy" is to give credit where credit is due.

[killbotfactory]

30. You mean Keynes?

http://en.wikipedia.org/wiki/Keynesian_economics#Active_fiscal_policy

[bobbolink]

32. Actually, surprisingly enough, I meant what I said.

Edwards has spoken out about all this for a very long time.

He deserves that credit.

If what you're wanting to do is pick a fight, it's no sale.

[killbotfactory]

36. So has Obama

so have many politicians.

Edwards wasn't the first to figure out the system isn't working for working Americans.

[bobbolink]

43. He was the first to SAY it, and campaign about it!

Since Kucinich is touting his "first" on the war, then it should be OK for Edwards *supporters* (as far as I know, Edwards himself isn't mentioning this) to remind voters that he was waaaay ahead of the curve on this one!

[Horse with no Name]

7. They see that it resonates with voters n/t

[Dawgs]

16. So, is that why it's become the them of Edwards campaign?

[Horse with no Name]

40. Not at all. It's why it was the FOUNDATION of his campaign

Not just an afterthought.:)

[bobbolink]

18. Kinda looks that way, doesn't it? Vote for the leader, or the one parroting the leader...

At least We Know Edwards is out front, speaking for us!

[chascarrillo]

4. deleted

er...

[chascarrillo]

5. deleted

er...

[TwilightGardener]

12. My same comment as with Hillary's package--how to pay for this?

[truedelphi]

29. That is a problem isn't it?

Sort of points out how important it is to NOT give our leader the power to wage eternal war using infinitely increasing deficits, doesn't it?

[Zynx]

13. Now where are the Obama people who questioned how Hillary was going to pay for her package?

;-)

This is good policy as well as good politics. I fully support this.

[sandnsea]

17. I am totally right here

I like that he makes sure it helps everybody, not just mortgage companies. But yep, I want to know how he's going to pay for this for sure.

Although we also know from FDR that sometimes you have to spend money whether you can pay or it right away or not.

[Zynx]

26. Exactly. There's nothing wrong with a deficit when it's needed.

I support an economic stimulus package at this time and am glad both Hillary and Obama have proposed packages.

[Barack_America]

21. Dude. Please read the posts, this is being discussed upthread...n/t

[Zynx]

25. I see only one firm criticism. I saw dozens when Hillary proposed the same thing.

[sendero]

22. I think it's funny..

.. that now that the recession is so looming that it cannot be denied, that HRC and Obama are all about stimulating the economy and the working and middle classes.

Edwards has been there all along.

[sandnsea]

24. Obama's poverty plan

http://www.barackobama.com/2007/07/18/remarks_of_senator_barack_obam_19.php

http://www.barackobama.com/issues/poverty/

He isn't new to this. He's been working on it his entire life.

[sendero]

34. Edwards' message is NOT...

... a "poverty plan" so please don't compare Edwards' focus on some lame assed "poverty plan".


Sheessh.

[bobbolink]

27. Exactly. Yet, he is critisized and ignored.

I don't get the impression that people are honestly concerned about our country.

:cry:

[krabigirl]

33. totally. But maybe offer something other than tax cuts. Unemployed people don't pay taxes.

[usregimechange]

28. What an excellent plan!

[bvar22]

31. First, they copy Edwards' HealthCare Plan,

now his Economic Populism.
I think I will vote for The REAL Thing and not the copycats.

Hillary even copied Edwards "Its Personal for me" last week.

[FrenchieCat]

37. Actually, Obama was on this issue a while ago.....

But when an individual chooses to follow only one candidate, it appears that they put on blinders as to what other candidates propose.

It's a built-in bias that makes one not always able to due diligence.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=4054504&mesg_id=4054504

[lumpy]

48. Oh hell, I thought this was McCain's plan !

Sounds Repub

[Muddy Waters Guitar]

38. Edwards and Obama both

have the best plans on the market to assist the working class. They need to work together.

[goku2008]

39. obama plan

guess you guys can't say obama doesn't have substance

BARACK OBAMA’S PLAN TO STIMULATE THE ECONOMY

Barack Obama’s economic 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 pe
quire 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.

For most Americans, this is a time of great economic anxiety. People are working harder for less and paying
more for everything from health care, to college tuition, to filling up the gas tank. Recent data reveals that the
sharpest monthly increase since 2001
recession. Jobs have been lost in a wide range of industries, including construction, manufacturing, retail and
the financial services. Last month only 18,000 jobs were created – a tiny fraction of the 125,000 jobs the
economy needs to generate each month to keep pace with population growth.

Limited job growth has been coupled with inflation that is outpacing increases in average wages, meaning that
even those who keep their jobs have levels are the lowest they have
been since Hurricane Katrina and consumers are starting to cut back on spending as evidenced by lower-than-
expected holiday sales with automobile purchases falling to their lowest level in a decade.


ease the burdens on middle-class and working families
nce. But with the economy getting worse by the
month, Americans cannot afford to wait until the next pr

get worse and encourage them not to cut back

Experts agree that an effective stim e, temporary, direct economic relief
to use the funds and increase the level of economic
activity in their communities without permanently increa
down, not to use Americans’ economic hardship as a
rationale for enacting an ideologically driven policy agenda.

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

¾








Paid for by Obama for America
I. PROVIDE AN IMMEDIATE TAX CUT FOR WORKERS & THEIR FAMILIES
the tax code. Months ago, recognizing the squeeze
on working people in this country and the economic difficulties they were confronting, Obama proposed
tax relief of up to $500 for 150 million workers. This edit will provide direct
relief to American workers facing the regressive payroll tax system, of
$8,100 of earnings while preserving the important principle of a dedicated revenue source for Social
Security. The economy has weakened significantly.
president to give workers the tax relief they need. He believes we s
in order to quickly get money into the pockets of Americans.

Americans are currently experiencing. If there is
ining portion of that tax credit, an additional
$250 per worker. Stimulus: $35 billion. Additional Reserve: $35 billion.

II. PROVIDE AN IMMEDIATE SUPPLEMENT TO SOCIAL SECURITY FOR LOW- AND
MIDDLE-INCOME SENIORS
ly likely to spend rather than save additional
money they receive. Obama understands that se
prices. Obama is calling for providing middle- and
ate, one-time $250 supplement to their Social Security benefit. And
mporary supplement of $250
per Social Security beneficiary should be provided. These payments would not alter the Social Security
program and would not use revenue from the Social Security trust funds. This would provide immediate
consumer spending in a feasible way. By piggy-backing on the Social Security Administration’s highly
ts will stimulate consumer spending in the most
rapid way possible. Stimulus: $10 billion. Additional Reserve: $10 billion.

III. ESTABLISH A $10 BILLION FUND TO HELP FAMILIES AVOID FORECLOSURE
In addition to taking important step
prevent credit cards from crisis, Barack Obama has called for
establishing short and long-term programs to help responsible homeowners facing foreclosure. Obama’s
te with their lenders. It

is difficult period. Given the downturn in the economy, Obama is
calling for immediate creation of his Foreclosure Prevention Fund that will dramatically increase
emergency pre-foreclosure counseling, and will work through the Federal Housing Administration,


decline in property values, this measure will help lessen the impact of a national foreclosure crisis on
state, local and family budgets. Obama was one of the first to speak out about the risks of fraudulent and
deceptive lending practices. He will build off of
organizations to bring American homeowners and housi
Stimulus: $10 billion.

IV. PROVIDE $10 BILLION IN RELIEF FOR STATE & LOCAL GOVERNMENTS HARDEST-
HIT BY HOUSING CRISIS TO PREVENT
EDUCATION & INFRASTRUCTURE
Because of the housing crisis and the weakening economy, many state and local governments are facing
significant revenue shortfalls. Already, 19 states have a projected budget shortfall for their next
states will force them to cut programs or raise
taxes in the face of the downturn. This will worsen America’s economic slowdown and leave millions
Paid for by Obama for America
without a safety net. State and local governments provide important services to low and middle-income
families, including services like health care, hous
onomy slows, it is important that state and local
nding since doing so would exacerbate the economic
slowdown. Barack Obama believes that in the areas hardest-hit by the housing crisis we should provide

not cause them to slash critical public services and cut vital infrastructure spending. Obama’s plan will
provide $10 billion in immediate relief to the states and localities hardest hit by the housing crisis.
Stimulus: $10 billion.

EMPLOYMENT INSURANCE

nt situation is worse than when the 2001 recession
began. The long-term unemployment rate – the share of workers having been unemployed for at least
six months – is nearly twice as high now as it was then. Barack Obama believes we must extend and
ogram to address the needs of the long-term
are often older workers
who have lost their jobs in manufacturing or other industries and have a difficult time finding new


necessary to ensure consumer spe and that they have a chance at
e most effective ways to combat economic turmoil;
every dollar invested in UI benefits results in $1.73 in economic output. Obama is calling for a
temporary expansion of the UI program for those who have exhausted their current eligibility. Obama
also believes that the extension of UI benefits should be coupled with an expansion of UI eligibility to
-time and non-traditional workers who are currently left out of the
program. Stimulus: $10 billion.

[eridani]

41. So he wants to spend 75 billion without raising taxes on the upper 1%?

Well. unlike Republican borrow and spend, at least it's for a good cause. Not sure what impact $250 is supposed to have, though. Even if your income is zero and you are homeless, that isn't even a security deposit in most urban areas.

[Didereaux]

42. an almost exact copy of Clintons...all fluff, mirrors and band-aids!

Borrowing ideas from other candidates is not working well for Obama, and this time it's simply ridiculous! The Clinton plan is simply political fluff that will in all probability pretty much be passed in congress this year. But will not in the slightest help the fundamental underlying causes of our present economic woes.

But it is election year, and so Band-aids for all is the cry, when in fact tournequettes and organ transplants are called for.

[lumpy]

47. Hear hear-

Yes, underlying causes should be addressed. The question, why is the US experiencing an economic crisis, poverty, joblessness ? The money Ban-aid is not addressing the basis for our economic and social problems.
The GOPers could come up with such a similar Bush-like Band-aid solution.

[Thrill]

44. Wonder what they will say now. Obama showing his subtance

behind his speeches.

I guess they'll go back to reminding people he is black again

[redqueen]

45. That band-aid tax-cut stuff doesn't sit well with me. I'm with Krugman on this...

"The Obama campaign’s initial response to the latest wave of bad economic news was, I’m sorry to say, disreputable: Mr. Obama’s top economic adviser claimed that the long-term tax-cut plan the candidate announced months ago is just what we need to keep the slump from “morphing into a drastic decline in consumer spending.” Hmm: claiming that the candidate is all-seeing, and that a tax cut originally proposed for other reasons is also a recession-fighting measure — doesn’t that sound familiar?

Anyway, on Sunday Mr. Obama came out with a real stimulus plan. As was the case with his health care plan, which fell short of universal coverage, his stimulus proposal is similar to those of the other Democratic candidates, but tilted to the right.

For example, the Obama plan appears to contain none of the alternative energy initiatives that are in both the Edwards and Clinton proposals, and emphasizes across-the-board tax cuts over both aid to the hardest-hit families and help for state and local governments. I know that Mr. Obama’s supporters hate to hear this, but he really is less progressive than his rivals on matters of domestic policy."

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

[lumpy]

46. Oh sure, throwing money at us will certainly take care of the

underlying problems...no corporate regulation, unfair taxation, unregulated 'free trade' practices, labor exportation, workers rights and welfare etc etc etc..
Sounds like a plan the Republicans would support....or initiate.