John McCain says Barack Obama will raise taxes for everyone.
Obama says McCain will give the rich tax cuts while cutting needed services.
McCain accuses Obama of giving government hand-outs. Obama accuses McCain of not being in touch.
Aside from the accusations, where do the presidential nominees stand on the economy? Following is a summary of Barack Obama’s plans for the future, as well as his past actions to improve the economy.
The Future
- Senator Barack Obama plans to jumpstart the economy by enacting an Emergency Energy Rebate to American Families. This long term plan is to provide middle class families with $1000 a year or more for energy relief.
- He plans to prevent 1 million Americans from losing their jobs by preventing cutbacks in key areas like road, bridge maintenance, education, health, and more.
- He plans to eliminate taxes for seniors making less than $50,000 a year, and simplify tax filings for middle class Americans saving time and tax filing fees for both groups.
He plans to fight for fair trade. This means pressuring the WTO to stop subsidizing countries that do not follow agreements, amend the free trade agreement so that American Workers also benefit, and provide assistance for American workers who have been displaced or who are in danger of being displaced. This also includes eliminating tax breaks for companies that send jobs overseas and rewarding companies that support American Workers.
- He plans to create 5 million green jobs by investing in the manufacture of clean energy and technology.
- He plans to create new jobs by building bridges, roads, ports, air and train systems, and improve the overall infrastructure of the United States.
- He plans to create new jobs through investing in innovation such as sciences, and next generation broad band.
- He plans to support small businesses through tax relief and start up companies. As well as create more business incubators.
- He plans to support the creation of labor unions and will fight for the Employee Free Choice Act.
- He plans to protect home ownership and eliminate mortgage fraud while closing the bankruptcy loophole for mortgage companies.
- He plans to address predatory credit card practices by creating a credit card rating system and establishing a Credit Card Bill of Rights to Protect Consumers.
- He plans to reform bankruptcy laws in order to protect working people. This will ban executive bonuses for bankrupt companies, protect families in medical crisis, and also cap payday loans and improve disclosure.
- He will finance measures that support a work/family balance. This includes expanding the Family Medical Leave Act, encouraging states to adopt paid leave, expanding after school opportunities, expanding child and dependent care tax, protect caregiver discrimination in the workplace, and expand flexible work arrangements.
The above information is paraphrased from Barack Obama’s campaign website.
The Past
With all this said about what he plans to do and what he hopes to do, the question remains, what has Barack Obama done for the economy lately?
- Stop Fraud Act to increase penalties for mortgage fraud.
- Called attention to predatory lending issues in Illinois and lobbied to regulate such practices.
- Patriot Employer Act of 2007 to provide a tax credit to companies that maintain as many or more US workers as those they hire outside the US.
For a side-by-side comparison, check out John McCain’s plans for the economy.
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.
