Chicago Sun-Times
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Obama economic plan fact sheet



Our country faces its most serious economic crisis since the great depression. We have lost
760,000 jobs this year and some leading forecasters project that the unemployment rate will
exceed 8 percent by the end of 2009. Working families, who saw their incomes decline by
$2,000 in the economic "expansion" from 2000 to 2007 now face even deeper income losses.
Retirement savings accounts have lost $2 trillion. Markets have fallen 40% in less than a year.
Millions of homeowners who played by the rules can't meet their mortgage payments and face
foreclosure as the value of their homes have plummeted. With credit markets nearly frozen,
businesses large and small cannot access the credit they need to meet payroll and create jobs.

Over the course of this campaign Barack Obama has championed ideas to address these
problems. Today he is announcing a comprehensive four-part rescue plan for the middle class
that builds on his existing proposals and adds new ways to directly address our economy's
rapidly evolving problems:

1. Immediate Action to Create Good Jobs in America

2. Immediate Relief for Struggling Families

3. Direct, Immediate Assistance for Homeowners, Not A Bailout for Irresponsible
Mortgage Lenders

4. A Rapid, Aggressive Response to Our Financial Crisis, Using All the Tools We Have

All of the ideas in this plan can and should be done immediately. They either use existing
authority or could be quickly passed in emergency legislation. Middle class families have already
waited too long for relief. The time to act is now.

This immediate plan complements Obama's long-term economic agenda, including his tax cuts
for ordinary Americans and small businesses, his plans to create up to 5 million green jobs, his
plans to bring down healthcare costs by $2,500 per family, and his commitment to enacting
broad new financial market regulations to help ensure we never face this type of economic crisis


Who cares about the economy? I am worried about what Obama did when he was 6-8 years old while McCain was winning the Vietnam war.

Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to "spread the wealth around" -- a comment that may only draw fire from riled-up John McCain supporters who have taken to calling Obama a "socialist" at the Republican's rallies.

Obama made the remark, caught on camera, after fielding some tough questions from the plumber Sunday in Ohio, where the Democratic candidate canvassed neighborhoods and encouraged residents to vote early.

"Your new tax plan is going to tax me more, isn't it?" the plumber asked, complaining that he was being taxed "more and more for fulfilling the American dream."

"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success too," Obama responded. "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody ... I think when you spread the wealth around, it's good for everybody."

Obama's remarks drew fresh criticism on the blogosphere that the Illinois senator favors a breed of wealth redistribution -- as well as a rebuke from the McCain campaign.

"If Barack Obama's goal as President is to 'spread the wealth around,' perhaps his unconditional meetings with Hugo Chavez, Raul Castro, and Kim Jong-Il aren't so crazy -- if nothing else they can advise an Obama administration on economic policy," McCain spokesman Michael Goldfarb said in a written statement to "In contrast, John McCain's goal as president will be to let the American people prosper unburdened by government and ever higher taxes."

Obama frequently rails against what he calls a Republican concept that tax breaks for the wealthy will somehow "trickle down" to middle-class Americans.

Obama says he will not raise taxes on anyone making less than $250,000 a year.

However, McCain's aides and supporters argue that Obama wrongly wants to raise taxes on businesses in a time of economic distress.

Both candidates spent Monday discussing how they would resurrect the ailing economy. McCain again pointed to his plan to buy up cumbersome mortgages from homeowners and renegotiate them. Obama unveiled what he called an economic rescue plan for the middle class, which included a 90-day moratorium on foreclosures.

How is either Obama or McCain going to fix our
Social Security. Seems this should be a priority.

Social Security should be enough income for most
American workers to retire on and the American
workers should be able to retire at the age of 60
if they have been in the work force for at least
30 years if they so desire. It is time for
American workers to be rewarded for their labors
not penelized by having to work longer to be
able to retire. This would also help with the rrise in unemployment. And Help create a
future for young people.

Looking at each of the four points of his "rescue plan," I'm left with the question, "what does this mean?" This "fact sheet" of the Obama "plan" doesn't tell me anything! Talk about meaningless rhetoric!


"Create Good Jobs in America"? If you tax the very people who make jobs they will have their products made overseas. Remember, WalMart and the other retailers will tell a company how much they will pay to put a product on their shelf. That includes the company using their own money for Point-of-purchase materials, advertising in circulars and in most cases, pay for the shelf space. So now the price of a picture frame needs to be made for 30 cents. All this money is spent and if the product doesn't sell in the first quarter, the company has to pay to have the product shipped back and refund the money. I have worked with many small companies and the solution is to buy garbage made in China for pennies and repackage it here.
Now look at the work force in the US today compared to 50 years ago. It's a shame. The US education system has dummied down our children and they can't even learn to use a cash register. Guess I vented to much and got off track. Sorry and vote next Tuesday... but not of the B.O it smells funny!

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on October 13, 2008 2:14 PM.

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