What's important about the President Barack Obama's Economic Program is that it is going to contain what would otherwise be just a vicious cycle.
People spend less, therefore others earn less, and therefore they spend less. President Obama says he is going to do whatever it takes contain this problem.
President Obama says he has made it very clear that he is going to do what is necessary to get us out of this economic hole.
The focus is really going to be on moving this economy forward by putting money in the hands of the people who need it the most, America's middle class families.
The focus right now for the president, I believe the focus for all Americans, should be on how we're going to get this economy going. And that really goes to the question of what we're going to do for middle class families."
I think that what he can do, of course, is to continue to appeal to the spirit of the American people to come together.
President Obama can "wield eloquence as a weapon against some of the cynicism and despair that's been out there. Just the change in tone
Barack Obama and Joe Biden have a plan to revitalize the economy:
1) Immediate Action to Create Good Jobs in America
Take additional aggressive steps to jump-start job creation right now.
• A New American Jobs Tax Credit will provide a new temporary tax credit to companies that add jobs here in the United States.
• Give small businesses an additional incentive to make investments and start creating jobs again by providing temporary business tax incentives
• Zero capital gains rate for investment in small businesses to encourage investment in small businesses to help create jobs and turn our economy around.
• Save one million jobs through immediate investments to rebuild America's roads and bridges and repair our schools
• Partner with America's automakers to help save jobs and ensure that the next generation of clean vehicles is built in the United States
2) Immediate Relief for Struggling Families
Relieve the squeeze on families and foster bottom-up growth and are proposing that we implement several measures immediately:
• A tax cut for 95 percent of workers and their families and extend these expedited tax credits to retiring Baby Boomers and retired senior citizens to eliminate taxes for those making up to $50,000.
• Penalty-free hardship withdrawals from IRAs and 401(k)s in 2008 and 2009
• Instruct the Treasury to allow seniors to delay required withdrawals from 401(k)s and IRAs
• Funds to counteract high heating costs this winter
3) Direct, Immediate Assistance for Homeowners, Not a Bailout for Irresponsible Mortgage Lenders
Provide direct relief to help America's homeowners pay their mortgages, stay in their homes, and avoid painful tax increases while protecting taxpayers and not rewarding the bad behavior and bad actors who got us into this mess:
• Instruct the Secretaries of the Treasury and Housing and Urban Development (HUD) to use their existing authority to more aggressively modify the terms of mortgages
• Reform the bankruptcy code to assist homeowners and remove legal impediments to encouraging broader mortgage restructuring by enacting legislation to close the loophole in our bankruptcy code that allows bankruptcy judges to modify the terms of mortgages on investment properties and vacation homes but not on primary residences.
• Enact a 90-day foreclosure moratorium for any homeowners living in their homes who are making good faith efforts to pay their mortgages
• Provide $25 Billion in state fiscal relief to help avoid painful property tax increases
• Create a universal mortgage tax credit for homeowners
4) A Rapid, Aggressive Response to Our Financial Crisis
Intention is to use its recently granted authority to inject capital into our financial institutions.
• Be prepared, if necessary, for broader assurances for credit to banks by taking additional measures by the Federal Reserve to extending insurance to all deposits, or guaranteeing a broader range of liabilities of the banking system including overnight loans
• Extend asset purchases to unfreeze other critical sectors to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings, and credit card loans
• Make credit available to small businesses and state or local governments by supporting non-financial institutions including small businesses and states and municipalities
• Address the credit crisis facing our states and localities by providing a funding backstop to the state and municipal government debt market
• Address the credit crisis facing our small businesses by proposing two immediate steps:
1) A nationwide emergency lending facility for small businesses that could be run through the SBA's Disaster Loan Program
2) To temporarily eliminating fees on the SBA's 7(a) and 504 loan guarantee programs for small businesses and to help increase private lending for small businesses
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