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Power, pop, and probings from ABC News Senior White House Correspondent Jake Tapper
Jake Tapper is ABC News' Senior White House Correspondent based in the network's Washington bureau. He writes about politics and popular culture and covers a range of national stories.
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Obama Pitches Middle Class Rescue Plan
October 13, 2008 3:34 PM
Taking a break from debate prep in the red state of Ohio, Sen. Barack Obama, D-Ill., this afternoon in Toledo, outlined a new rescue plan for the middle class intended to immediately stabilize the financial system and provide relief to struggling families.
Obama outlined four proposals that can be enacted quickly - and urged Congress to do just that.
“Congress should pass this emergency rescue plan – the rescue plan for Main Street - as soon as possible," Obama said, pushing this economic message to a crowd of approximately 3,100 at Sea Gate Convention Center. "If Washington can move quickly to pass a rescue plan for our financial system, there’s no reason we can’t move just as quickly to pass a rescue plan for our middle-class.”
In the new proposal Obama calls for a temporary tax credit of $3,000 per job for firms that create new jobs in the US over the next two years.
“It’s a plan that begins with one word that’s on everyone’s mind, and it’s easy to spell, J-O-B-S. Jobs,” Obama said. “Instead of tax credits and tax breaks to companies that ship jobs overseas what we’re going to do is say to American companies for each new employee you hire in the United States over the next two years you are going to get a tax break that makes sense.”
Second, in a proposal that follows Senator McCain’s lead, Obama called for legislation that would allow families the ability to withdraw 15% of their retirement savings from their IRAs and 401(k)s – up to a maximum $10,000 -- without facing a penalty.
“I want to give credit where credit is due, I welcome Senator McCain’s proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad. I think that’s a good idea, but I think we need to do even more.”
Third, Obama’s plan would require those companies receiving government aid from the recent $700 billion Troubled Asset Relief Program to bring relief to homeowners by providing a 90-day foreclosure moratorium for homeowners acting in “good faith” to pay their mortgages.
“If you are a bank or lender that is getting money from the rescue plan that passed Congress, and your customers are making a good-faith effort to make their mortgage payments and re-negotiate their mortgages," Obama said, "you will not be able to foreclose on their home for three months. We need to give people the breathing room to get back on their feet.
Last, the Obama plan would urge the Federal Reserve and the Treasury Department to establish a facility to lend to state and municipal governments.
“I believe that Treasury should not limit itself to purchasing mortgage-backed securities – it should help unfreeze markets for individual mortgages, for student loans, for car loans, and for credit card loans," said the Illinois Democrat. "And I think we need to do even more to make loans available to two very important areas of our economy: small businesses and communities.”
Obama – who regularly preaches tough love to audiences– said that people need to take responsibility for their own financial situation; that the crisis on Wall Street and Main Street has contributed to their woes – but now is the time for fiscal responsibility in their own lives.
“We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save," Obama said. "Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government.”
Obama told the crowd that his opponent has already made his choice on how to handle the economic crisis by instead focusing on attacking Obama's character.
The mention of his opponent solicited widespread condemnation from the crowd, which Obama tried his best to calm down.
“Now we don’t need that,” Obama said to then, “we just need to vote, that’s what we need to do.”
Obama will spend most of the next two days in Toledo, Ohio, preparing for Wednesday night’s debate in Hempstead, NY.
-- Jake Tapper and Sunlen Miller
October 13, 2008 | Permalink | User Comments (564)
mere-once again I will tell all of you that GWB did not begin this outsourcing our industries. Remember NAFTA. The Clinton administration (Democrats) started sending jobs to foreign countries. All manufacturing jobs like I worked for for 27 years left in the 80's. Went to countries where labor was around .10 hourly. I struggled but was able to rebound through perseverence and teaching myself computer programs and became an administrative assistant. Not what I was accustomed to but I had to do it. This didn't just happen during the Bush administation so Pleaseeeeeeeeeeee get your facts straight.
Posted by: C Good | Oct 14, 2008 2:56:32 PM
“fight for what you believe in.”
The reason many democrats think republicans are uneducated is that although many of them are educated, they use their education in a crooked way. They like to twist the truth and distort facts knowing full well what they are doing. When the facts does not serve their purposes, they resort to hugging the flag and championing Christianity and morality.
Only those who can’t see through that concoction fall for it – the uneducated Yet many of them are immoral and in fact many of the things they are fighting for are immoral. Their favorite phrase is “fight for what you believe in.” To which I say, does it matter that “what you believe in” is wrong, immoral, and inhuman? Why have you refused to think or manifest what your best judgment is telling you – that you are wrong in virtually everything you advocate? Take ‘Right to life” for example. It sounds good, but that’s all they want, how it sounds. But they would rather you have a child you can’t care for so that they can offer him $20,000.00 to go and fight and die for one of their unjust and immoral oil wars.
Posted by: Goodfellow | Oct 14, 2008 2:31:58 PM
At last, viable proof that Senator McCain is wrong in consistantly accusing Senator Obama of being a "tax and spend democrat", (a catch phrase I am so tired of hearing considering that during Bush's first term and three years of his second term it was the republican majority that spent to the point our deficit increased dramatically) and it looks to me like Senator Obama's new plan to aid the middle class and create jobs in the United States for American workers is a tax cut for individuals rather than a tax increase. (Obviously President Bush's tax cuts to stimulate the economy and to get businesses to use their income tax savings to create jobs, lower costs, etc. and that Senator McCain endorsed didn't work.) Trickle down economics didn't work during the Regan Administration either. And as far as cost, although true that Senator Obama's plan would come at a cost to taxpayers, so will Senator McCain's new economic plan, and let's not forget the cost of his health care plan. Regardless of what Senator McCain says, I have done extensive research and most employers can provide more comprehensive and better health care coverage (which may include dental and prescription) at a lower cost because it is negotiated as a plan for all employees. For individuals the cost of private health insurance would be unaffordable. Although I voted for Regan both terms, it was under Regan's and Bush's watch that we had the savings and loan and financial institution debaucles. John McCain was a senator during both periods. Obviously the Republican Party didn't learn anything after the savings and loan crisis. Wanton deregulation that was endorsed by most republican's and started many years ago, including John McCain, has resulted in an drastic increase in food borne pathogens sickening thousands of Americans and in the deaths of others, weakened the oversight for financial institutions and wall street that has led to the current crisis, and made it possible for toxic toys, dog food, and candy to enter the United States from China. Many of the financial regulations were written and passed following the great depression to help prevent another future financial catastrophe. This is only part of what deregulation has caused. Do I support deregulation? Yes, within reason but not at the cost of the health, safety, and financial security of my neighbors, those I work for and with, my children, and my grandchildren. I had great respect and admiration for Senator McCain for many years. But the more I have learned through research on non partisan websites and congressional and senatorial voting records through the Library of Congress Thomas page and the United States government web sites, I have decided not to vote Senator Mc Cain for president. The deciding factor was the the blatant lies and distortions put out by his VP pick Sarah Palin on Senator Obamas relationship with Ayers and Wright. I cannot, in all moral consciousness, support someone who allows their campaign and VP pick to defame another man's character and moral values for political gain. Senator McCain's remarks to the woman at the recent rally that Senator Obama is a honest and decent man came a little too late considering he did nothing until it started to backfire. And regardless of what the media or the McCain camp tries to say, Sarah Palin and others distortions about the extent of Senator Obama's relationship with Ayers and Wright, accusations that he was "pallin around with American terrorists, can't be trusted, is a muslim, has connections to overseas terrorist groups, etc. has made some people afraid of Senator Obama. I have heard remarks myself that validate that fear. As a Christian, a mother, and an American, I raised my children to treat others with respect and dignity regardless of personal feelings. Senator lost my vote and my respect with the Ayers/Wright debacle.
Posted by: jer der | Oct 14, 2008 1:04:13 PM
Obama to Plumber: 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 FOXNews.com. "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
Posted by: Real Story | Oct 14, 2008 12:02:56 PM
I wish people would listen and read all the time instead of some of the time and then make comments on only a little bit of the information. When he is speaking about the withdrawls from 401k plans, he is speaking to those individuals that have exhausted all of their other resourse and have no other choice but to withdraw from their 401k plans. It's bad enough that we are in this situation to have to resule to that, but for those that have not other choise, then at least lift the penalities they will incure by doing so. Families need money now!!! Consider those that may not be as fortunate as you and their 401k plans are all that they can turn to, to help with the lack of funds available to them.
Posted by: Angel | Oct 14, 2008 11:44:34 AM
It has been found out that Palin's husband is part of the Alaska independence party, a group that hates america enough that they want Alaska to seceed from the nation, she herself even said that the Alaskan independence party was doing "good work" it seems that anyone who wants to talk to her must go through her husband she's not even really leading in her own office.
Posted by: Netana | Oct 14, 2008 11:18:03 AM
Here's an idea for when the democrats start redistributing the wealth. First of all, DO NOT REDISTRIBUTE CASH! When you take the money, convert that money to coupons and vouchers that the benefactors could use for: Food (not restaurants or junk food), their Gas and Electric Bills, Clothing and Rent. If you need money for your Health Care programs, that raise the taxes substantially on cigarettes and alchohol. Also add a tax on the worst unhealthy foods out there, you know, the ones that are driving our cholesterol through the roof and making so many diabetics. This way if people want to indulge, at least they'll be paying more toward Health Care. And finally, this country must identify the families that have been in public assistance for generation after generation and who have found the public assistance programs a way of life. They must offer these people the psychological assistance they need to break the string of public assistance in their generation. One more though, why don't we legalize marijuana and tax it like alchohol. Reading the articles recently, the mexican drug cartel is using our National Parks to grow their marijuana and along the way is destroying the environment of these parks. If the government legalized marijuana, farmers would benefit by having another crop to plant. Would hemp also be good to use in bio-fuels?
Posted by: Will | Oct 14, 2008 9:18:19 AM
Allowing people to raid their retirement funds is not that great of an idea. The funds these people take out will not be there to benefit the rise back and in most cases, the funds they take out will never be replaced. The whole idea of a retirement fund is to have the money when you retire. Tax credit to employers creating jobs, yeah Joe Business creates 5 new jobs for the tax break and then fires 5 employees right after the tax break, or cuts their other employees work hours so they can hire 5 more employees. If you want to give tax breaks for creating jobs, then work out a tax break that's based on the improvement of the ratio of work hours per employee, or what I'm trying to say is, if the employee number goes up, then the work hours must rise to support the employee number your claiming. As far as the 90 day moratorium, banks wouldn't be foreclosing on mortgages if homeowners were acting in “good faith” to pay their mortgages prior to forecloser. Any re-negotiation of their mortgages should NOT REDUCE the amount of principle owed on the house, just the percentage rate and length of time to pay off, and the percentage rate should not be less than people who have good credit. Funds for State and Municipalities, that's a good one! We all know what happens to money given to states and municipalities. Everyone gets a peice of the pie before it finally lands where it is intended. Talk about trickle down economics.
Posted by: Will | Oct 14, 2008 8:49:59 AM
If everyone takes 15% (up to $10,000) out of their IRS's or 401K's, then you can expect a 15% drop in the market. What do you think will happen to market value if everyone did this? This is a bad idea and will create havoc, not stability in the market.
Taking money out of your retirement fund when it is down this much, is just plain stupid. You will never recover your loses and that money is gone. The market will come back up, as we have seen from yesterday but, it will take some time.
You will still have to pay the taxes on that $10,000 just like earned income. So not only do you only get $7,000 of the 10 you take out but, it will increase your tax liability for the year, BAD PLAN.
A better plan would be to have a federal backed loan program out of your 401k or IRA where you have a fixed amount of time to pay it back without penalty, while the government forgoes the tax during the loan period.
Is anyone listening?
Posted by: Independent minded | Oct 14, 2008 8:32:03 AM
Obama never said anything about taking away money from the people who make <250,000 dollars a year, he never said anything about making greater tax cuts for people who do not pay income tax. There are americans out there who are working 2 and 3 jobs as a family and still do not make over 30,000 dollars a year. There are decent americans who go to work everyday and can't afford the basics in life. Not all people on welfare are leeches who just want a handout. Sometimes, we need to extend our charities to home, to our own country. No one bats an eye when money is sent to third world countries, but when it comes to helping our own people oh, then we have a problem. Someone made a comment in a previous post that he and his wife had two jobs apiece, and they worked hard to pull in over 250,000 ayear well maybe if one or both of them would work only one job then someone else who needs a job could have a job and if the tax cuts are given to the middle income americans they could benefit and spend more with their children.
Posted by: concerned | Oct 14, 2008 6:47:54 AM
"The top 5% have the most because they did something called SACRAFICE, HARD WORK, EDUCATION, LONG HOURS, FAILURE, FAILURE, FAILURE, and then SUCCESS."
Jimbo, unless of course you are John McCain who made his money the old fashioned way by marrying a beer heiress. And how about those people who inherit money from wealthy relatives. What exactly have they done to "sacrifice" besides kissing up to grandpa? BTW, where are Cindy McCain's tax returns? Why won't she disclose them?
Posted by: Boston Guy | Oct 14, 2008 6:27:03 AM
pennsylvaniavoter
That is the state flag of Ohio the state he was in. you did know that there are state flags didn't you.
Posted by: Josh | Oct 14, 2008 5:22:49 AM
What the hell did he do to the flag?
Posted by: pennsylvaniavoter | Oct 14, 2008 5:12:29 AM
While McCain tries to count how many houses he has and struggles to understand what the economy is all about (too late "my friend") Obama tries to give answers and come up with solutions to our current problems. This is what I am looking for on a lider. Obama-Biden 2008.
Posted by: BD | Oct 14, 2008 3:45:11 AM
By the way boscoe McCains healthcare plan is refundable tax credit. btu you failed to mention that I wonder why.
Posted by: Josh | Oct 14, 2008 3:36:45 AM
Ok boscoe you and your wife make over a quarter million a year do you not feel morally obligated to help your fellow Americans that do not have the opportunities you have. I make a pretty decent wage myself not a quarter million a year but I have ablsolutely no problem if my taxes were to go up which they will NOT under Obama's plan. If you can help someone less fortunate than you I feel that it is very Patriotic to do so. Do you realize that some of the people that those higher taxes on people earning a quarter million or more per year will help people who have fought and become injured for yours and my freedoms. Also for people that are physically or mentally disabled how does your moral compass work does it constantly point right back at you. Why don't you just stop paying your income taxes there is no law that says you have to pay federal income taxes. You don't understand the thing taxes are used to pay for do you. Yes there are people who abuse the system and that sucks but there are poor, rich, and lazy people who do it. And a vast majority of the people that our taxes go to helping truly need the help. If there was no such thing as inflation there would be no need for our government to increase taxes ever but inflation exists and always will. And if you are going to tell people where to go to see what Obama's plan is don't send them to an opinion article send them directly to the plan. That is where they will get the real info. Just like if I want to see McCain's health care plan I would go and read the actual plan on his campaign's home page.
Posted by: Josh | Oct 14, 2008 3:22:47 AM
JimmyTmac: Gates and Buffet don't care much about this. They have enuough money to put up with Obama. The rest of us (except those getting the handouts) will feel the pain from Obama's redistribution of wealth. We will see our taxes go up to support welfare recipients who find responsibility a foreign word
Posted by: speedy_453 | Oct 14, 2008 2:27:16 AM
speedy_453 - You call it redistribution of wealth, I call it tax breaks for people that actually need it. Warren Buffet doesn't need an extra $700,000. But I could sure use an extra $70. Bill Gates can afford to pay a little more than 15% taxes on his income. It would sure help me heat my home this winter if I were paying less than 33%
Posted by: JimmyTmac | Oct 14, 2008 2:08:25 AM
Obama's Plan according to Obama: He wants to REDISTRIBUTE wealth!
Is this what you want? Say hello to the welfare checks for irresponsible people who think having babies is a good way to earn an income. Say hello to QUOTAS! Is this want you want? Do you want OBAMA to redistribute your money?
Posted by: speedy_453 | Oct 14, 2008 1:55:56 AM
Can somebody explain those strange flags behind obama in this blogs video? Please dont tell me that Obama has now redesigned the american flag.
Posted by: Badger | Oct 14, 2008 1:44:42 AM
Explain how you as a democrat feel morally justified in stealing from me and my family and giving it to someone else. I have two jobs and my wife as two as well. We work hard to save, send our kids to private school, and next year they start college. But what right do you think you can come and take money from me and give it to people who aren't paying taxes, in the from of tax credits. That is the same attitude that theives have. You have it and I want it. But i DON;T WANT TO WORK FOR IT.
Posted by: bosco5021 | Oct 14, 2008 1:10:36 AM
I'm sorry, what was John McCain's plan again? Oh, that's right - he's married to a multi-millionaire and he doesn't need one. He'll get back to us sometime. He has a new one every other week. Now he's pretending he didn't vote for the bailout plan. It sure doesn't look like those people in the battleground states are buying a word of it.
Posted by: mara | Oct 14, 2008 12:42:37 AM
"Hillary gave a rousing speech for Senator Obama today! "America will once again rise from the ashes of the Bushes!"Bloggers are saying it is the best speech she has ever delivered.
"
Of course they are. When she was running, they treated her like a piece of trash and now she's their hero. They love their little monster.
Posted by: Mack | Oct 13, 2008 11:39:05 PM
RE:
The Wall Street Journal OPINION piece (folks, that is somebody's "Take" on something not a fact finding mission)... this article is flawed.
One reason is the numbers it gives for percentages of Americans getting "tax checks" (which includes "tax return checks") and those paying no tax at all is remarkably similar to today's numbers.
The article has a bunch of language and very few salient points -- meaning... it is misleading.
The author and/or authors are entitled to express opinion. Their service should be to get others to think, research and make their own informed decisions.
Conclusion: Opinion is not fact. Test... and discover your own intellect.
Posted by: dassis | Oct 13, 2008 10:53:51 PM
William Ayers is a lecturer or proffesor at an American university. God forbid that anyone who's ever taken his class should run for office in this country, even if they don't endorse his views.
Posted by: Goodfellow | Oct 13, 2008 10:53:10 PM
TPE - Everyone has a right to their opinion - what I find fault with is stupidity. When a voter votes against his or her own best interest, slams the liberals, calls them names, cite mistruths, and yet can not state anything positive about McCain's campaign or his plans for this country, that is just plain ignorance in action.
Posted by: sandy | Oct 13, 2008 10:52:20 PM
Hillary gave a rousing speech for Senator Obama today! "America will once again rise from the ashes of the Bushes!"Bloggers are saying it is the best speech she has ever delivered.
Posted by: sandy | Oct 13, 2008 10:48:35 PM
Socialism is needed because right now:
You can't live without
MANDATED INSURANCE -Those that sit and collect other peoples money for doing nothing.
LAWYERS -Those who's existance justifies Mandated Insurance.
IRS -Those that collect everyones money so republicans can use it to invade other nations and call it capitalism.
GAS COMPANIES -Those the republicans fight wars for with our tax money.
LARGE FINANCIAL CORPORATIONS -Those who make sure you can't start or sustain your own company.
It's so hard to succeed, the only way out is socialism. Big dreamers want the freedom in creating their own company. Small dreamers just want a job and listen to republicans that give them NOTHING!
Posted by: Goodfellow | Oct 13, 2008 10:47:08 PM
Martin Luther King once said "Don't judge a man by his color, but by the content of his character". I am sure that doctor King, unlike Obama, would of rejected the Militant ideology of Rev. Write and Ayers. Martin Luther King was a leader and an example to us all, black and white, chines and hindus. Obama is not a leader but a political apparatchik. When you wake up to that reality, Obama will be the president and America will be lost.
Posted by: LostDemocracy | Oct 13, 2008 10:46:46 PM
Work Hard to support yourself and family? Obama is going to take your money give some of it to druggies with no jobs and give other money to his corrupt friends. Gotta love it.
Posted by: chattyway | Oct 13, 2008 10:42:58 PM
Its amazing how many of you think he supports us.How short we forgot when Obama was in san fran and said these people are klinging to their guns and religion.This guy stands for poor black people i am sorry but this is fact.I know his grandparents are white.But look at his history,acorn,wright,he is not for the avg American.Robinhood is not going to work the more you taxe companys the more they charge for their svcs or they fire people because they cant afford to do business.I know what about exxon well the made all these billions look how much they pay in taxes more than any other company on he planet.
Posted by: jcl4tx | Oct 13, 2008 10:40:11 PM
This guys is just great, at least he thinks about the middle class, all Mcsorry, & dumb Dora talk about is Ayers, Wright, & Iraq. Let's face it we will all be under Dumb Dora's bridge to nowhere if these 2 country first republicans get into office.
Posted by: wane | Oct 13, 2008 10:39:07 PM
timepreps,
QUIT LYING.
OBAMA IS RAISING TAXES ON SMALL BUSINESS OWNERS.
Remember Obama thinks 200k and any small business owner who employs lot of staff will be TAXED MORE under OBAMA.
HIGHER TAXES does not create more jobs.
Posted by: Greg h | Oct 13, 2008 10:38:53 PM
Sandy, you find fault in everyone who doesn't worship the "one" I feel kind of sorry for you. You and I do have a choice you know.
Posted by: TPE | Oct 13, 2008 10:36:03 PM
Obama has a Rezko plan for everyman.
Posted by: Pineapple | Oct 13, 2008 10:34:35 PM
Since last November when I started actually watching and research this campaign, I have noticed thar Senator Obama is really trying to divide our nation based on race, ecomony, age and gender.
I can not vote for a socialist who tries to divide and conquer. Each day, his rhetric and policies are more profound and scary. Redistribute the wealth is the bottom line for Obama.
Posted by: Mary | Oct 13, 2008 10:34:24 PM
Palin scolded her own supporters at a rally today? . The funniest part is when her husband tried to tell her they weren't
protesters and she shut his ass down right away...like go away dammit!
Posted by: sandy | Oct 13, 2008 10:33:18 PM
Republicans, if you can't stomach jumping ship for Obama you can still vote for Bob Barr on the Libertarian ticket. Go to and read the platform. It's more likely matches what you believe than the Republican platform anyway. McCain is just a nasty old man with a short fuse and a clueless running mate and he's not going to win. Vote Libertarian and send the right message. McCain and Obama differ on Iraq but they both agree we should have an interventionist foreign policy in the other 129 countries where we have troops. (And did you see the size of the new embassy in Iraq? Those troops are going nowhere.) Both of them believe you should foot the bill for other people's health care. Both of them voted to hand your cash to Wall Street and won't talk about you how you're already spending $250 billion a year just paying interest on the national debt.
Posted by: Skeptic | Oct 13, 2008 10:33:08 PM
Ok so the 6% of Americans and,we all no some of them.Who dont pay any taxes,i dont mean self employed i mean the ones who pay taxes all year long then get back everything plus like 4,000$ depending on how many kids they spit out.I paid 17,000 in taxes last year and still ended up getting 600 back,but my wifes friend whos boyfriend lives with her got back 7,000$ together they made over 45,000 bt she didnt claim him only the kids.he paid 0 she got 7000 dollars.And now they will get more.Its amazing how happy we get screwing our neighbors out of their money.Its not the govts money to spend its our money to keep the country we built running.Obama was busted today saying he does beleive in marxism listen to him speak in Ohio.I should keep my money nit give it to people who dont work.
Posted by: joseph l | Oct 13, 2008 10:32:51 PM
“Congress should pass this emergency rescue plan – the rescue plan for Main Street - as soon as possible," Obama said, pushing this economic message to a crowd of approximately 3,100 at Sea Gate Convention Center. "If Washington can move quickly to pass a rescue plan for our financial system, there’s no reason we can’t move just as quickly to pass a rescue plan for our middle-class.”
I saw an estimate of 3 trillion dollars for this part of the program. It's possible that includes the 700 billion program. I have read so much today that some things are running together.
“We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save," Obama said. "Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government.”
Answering one of the debate questions about how to survive of recover from the 700 billion just authorized, Senator Obama responded with four investment plans. Where does all this money come from?
Posted by: bspring | Oct 13, 2008 10:32:25 PM
The top 5% have the most because they did something called SACRAFICE, HARD WORK, EDUCATION, LONG HOURS, FAILURE, FAILURE, FAILURE, and then SUCCESS. Maybe the top income earners have the most income because they worked their asses off to get it....what point of that is not understood. I have a sister that spent well over $100,000 on a 4 year degree and a masters degree. She sacraficed family time, friend time, bar time, leisure time to get straight A's. And then, she took a job offer in Chicago, hundreds of miles from everyone she knew and all her family, why? Because she was willing to sacrafice to have that and the large income she received. Why should her hard work go to those who sit back and don't put real effort forward. What is this equal crap, in this country anyone can be or do whatever they want, which means succeed or fail, give up or try again, get knocked down and stay down and complain and whine or get back up. I have $40,000 in school loans myself, I do not want anyone elses hard earned money to "help" me be more equal or to pay my debt, that I accrued...no one else ran my credit card at Target or forced me to take college loans, if I want more, I'll go get more. (Warning, this might not be easy to do). This use to be the land of opportunity, I guess I need to forget that because it's becoming the land of equality. Some people sacrifice having large incomes for more family time and friend time and leisure time, THAT IS THEIR CHOICE. I can not stand the free hand out people. I don't want another "stimulus" package that won't work, I am one of few people left that actually takes pride in my work and feels a sense of dignity when I work hard for my money. Maybe more people should try this approach and see how good it feels before they rip it. But, then again it is easy to just waste an opportunity of living in the USA with just slowly wasting your life away bitching about what others won't do for you that you could do yourself. Maybe people live "High on the Hog" because they busted their butts to be able to do so, so what! If you don't want the American dream, then don't go after it, but then don't cry about it when it isn't just freely passed down to you. I'm moving to Australia, so many cowards in this country who can't even fight for themselves. Pathetic.
Posted by: Jimbo | Oct 13, 2008 10:31:56 PM
Famous for being famous, I always
thought Barack Obama was the Paris
Hilton of politics. That ain't
really fair to Paris Hilton because
Paris Hilton has done a movie, and
a cd. It ain't the greatest movie or
cd of all time, but at least she has
Something to show for all the air she's
been sucking up, which is more than
I can say for Barack Obama.
What makes anybody think that the
congressman who did nothing, who became
the senator who has done nothing, is
gonna turn into a president who does
anything?
Posted by: Jerry | Oct 13, 2008 10:31:55 PM
RCP POLL AS OF TODAY JUST INCREASED OBAMA'S ELECTORAL LEAD TO OBAMA 304 TO MCSAME'S 158. OBAMA ALMOST HAS TWICE THE ELECTORAL AND LEADS IN ALMOST EVERY BATTLEGROUND STATE EXCEPT ONE.. YOU REPUGS JUST KEEP BLOGGING, I AM SURE YOU CAN SWAY ABOUT 25 MILLION PEOPLE TO CHANGE THEIR MIND ON HERE! HAHAHAHAHA
OBAMA/BIDEN 08'
Posted by: timesupreps | Oct 13, 2008 10:30:08 PM
Gotta love the quote!
"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 FOXNews.com. "In contrast, John McCain's goal as president will be to let the American people prosper unburdened by government and ever higher taxes."
Posted by: r2d2 | Oct 13, 2008 10:28:49 PM
lillij~ You may want to get your information on Dr. King from a more legitimate website than a right wing conservative black forum.
The notion that Dr. Martin Luther King was a rebublican is a long, worn out, fabrication started by blcak conservatives.
This happens to be an excerpt from a Wash. post story regarding your "claim."
Your claim, by the way... nonsense.
By Darryl Fears
Washington Post Staff Writer
Thursday, October 19, 2006; Page A04
When a black conservative group ran a radio ad proclaiming that the Rev. Martin Luther King Jr. was a Republican, reaction was swift. "We've gotten some e-mails and telephone calls filled with vitriol," said Frances Rice, chairman of the National Black Republican Association. "They've called me Aunt Jemima, a sellout, a traitor to my race."
In the battle for the black electorate, liberals, who make up the overwhelming majority of black voters, have long disagreed with conservatives over ideology, public policy and economic strategies to better the lives of African Americans. But when conservatives placed the civil rights movement in a Republican context, black liberals said, they crossed a line.
The debate over the ad, run by a black conservative group, is the latest in the battle over the legacy of the Rev. Martin Luther King Jr. (Jab - AP)
Political Ads Database
Ad: "Dr. King Was a Republican?"
"To suggest that Martin could identify with a party that affirms preemptive, predatory war, and whose religious partners hint that God affirms war and favors the rich at the expense of the poor, is to revile Martin," said the Rev. Joseph Lowery, the former president of the Southern Christian Leadership Conference, which the slain civil rights leader helped establish.
Rep. John Lewis (D-Ga.), who marched with King in the 1960s, called the ads an "insult to the legacy and the memory of Martin Luther King Jr." and "an affront to all that he stood for."
Posted by: Jay | Oct 13, 2008 10:28:13 PM
It doesn't matter if McCain comes up with some wonderful plan in the next three weeks. As long as he has Palin on the ticket, Americans won't vote for him. These are troubled times and she just isn't smart enough or qualified to be VP or possibly president. I get sick when I think that some people vote for the person they want to have a beer with. I vote for who I want in a meeting with world financial leaders. I will vote for the smart and educated Obama/Biden and you know what. . . . I would rather have a beer with Obama or Biden.
Posted by: MJ Donaldson | Oct 13, 2008 10:28:03 PM
TPE - then you need to hone your research skills - they seem to be very faulty.
Posted by: sandy | Oct 13, 2008 10:27:01 PM
GREG H, QUITE LYING. OBAMA IS RAISING TAXES ON THOSE MAKING 250K OR MORE A YEAR. OUT OF THE APPROXIMATE 18 MILLION SMALL BUSINESS IN AMERICA, ONLY A SMALL FRACTION ABOUT 4% ACTUALLY MAKE 250K OR MORE A YEAR. THE MEDIA ALREADY DEBUNKED MCSAMES COMMENT ON THIS AFTER THE DEBATE. STILL REPEATING A LIE...
OBAMA/BIDEN 08'
Posted by: timesupreps | Oct 13, 2008 10:26:09 PM
Hey wakeupamerica, the Brookings Institute analyzed both tax and economic policies and found Obama would accelerate the economy while offering tax breaks of approximately 1200.00 dollars a year for families making 60k a year and increasing taxes for those making 200k or more a year. Under MCSAME's plan 60k families would only get an average of 300.00 dollars a year (or a .006% pay raise) while McSame would give an average of 50k in tax breaks per year for those making 600k a year (or a 8% pay raise). Ya that is far, give the rich a 8% pay raise and the middle class a .006% raise, READ AND DO RESEARCH D**BA$$!!
OBAMA/BIDEN 08'
Posted by: timesupreps | Oct 13, 2008 10:23:15 PM
I know it's hard to accept that McCain is losing, but he IS losing. It seems like a dream, so surreal for him to be losing to the likes of someone like Obama. McCain is out of touch. For those supporting McCain, I know it must be truly difficult. McCain won't win this election because it is not his to win.
Posted by: liz | Oct 13, 2008 10:23:11 PM
Obama has stated today that ‘he wants to spread the wealth around’. At least now he is honest about his redistribution of wealth ideology.
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” - Winston Churchill
Posted by: LostDemocracy | Oct 13, 2008 10:22:55 PM
Sandy, I believe in researching the facts for myself, not the elite media.
Posted by: TPE | Oct 13, 2008 10:22:31 PM
Senator Obama's economic plans/policies are fairy tales--like the Tooth Fairy, Easter Bunny and Santa Claus. Most kids believed fairy tales until 6 or 8 years old so that means those who believe BHO have an mental age of 6 to 8. He talks to the weak minded.
The Democrats caused the sub-prime mortgage mess and unfortunately the Republicans had to bail out the mess. Why doesn't Obama tell the truth?????????????????????????????????
SOCIAL IS WRONG AND EVIL. OBAMA IS THE TRUE SOCIALIST---REDISTRIBUTION OF WEALTH.
Posted by: Mai | Oct 13, 2008 10:22:30 PM
Nothing new on here that has not been said by the Repubs on every blog over the last 2 months. In fact all the same lies.. WHERE IS YOUR SOLUTION FOR THE ECONOMY? WHERE IS YOUR SOLUTION FOR STOPPING OUTSOURCING OF JOBS? WHERE IS YOUR SOLUTION FOR AFFORDABLE HEALTH CARE (NOT JUST HANDING COMPANIES 5k). AND WHO WILL PAY FOR THAT. MULTIPLY 100 MILLION OR MORE BY 5K. NOW WHO WILL PAY FOR THAT TRILLIONS OF DOLLARS WHEN MCSAME IS GIVING TAX BREAKS TO THE RICH, THE MIDDLE CLASS THAT IS WHO, IDIOTS, WE ARE GOING TO GET SCREWED BY THAT STUPID IDIOT!! THINK ABOUT IT. WHO WILL PAY IF THE RICH ARE GETTING BREAKS, THAT LEAVES US TO PICK UP EVERY TAB!! MORONS..
Posted by: timesupreps | Oct 13, 2008 10:21:02 PM
Wake UP! Wake up wake up wake up!!! Senator Obama is not the messiah, nor does he possess magical powers! And anyone who thinks they are going to get something for nothing is obviously under a spell! The Senator's claim that he will reduce taxes for 95% is not true; The Tax Foundation estimates that under the Obama plan 63 million Americans, or 44% of all tax filers, would have no income tax liability and most of those would get a check from the IRS each year. The Heritage Foundation's Center for Data Analysis estimates that by 2011, under the Obama plan, an additional 10 million filers would pay zero taxes while cashing checks from the IRS." 44%, not 95%! Get it? And guess what happens next: anyone who has worked hard all of their life will be expected to pay for those too lazy to work for themselves. As Thomas Jefferson once explained, “To take from one, because it is thought his own industry and that of his father has acquired too much, in order to spare to others who have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, “to guarantee to everyone a free exercise of his industry and the fruits acquired by it.” Grow up and take responsibility for your self and stop expecting the government to take care of you. If that is what you want, go live in a socialist country.
Posted by: Michiel W | Oct 13, 2008 10:20:24 PM
Obama is quoted today saying.. "I think when you spread the wealth around, it's good for everybody."
That's Obama's plan? And you democrats are good with that?
I'm a lower income wage earner and I will take what I make. I don't need the rich or the government to support me.
If you like socialism..then your gonna love Obama.
Posted by: republicanmom | Oct 13, 2008 10:18:34 PM
Hey wakeupamerica, the Brookings Institute analyzed both tax and economic policies and found Obama would accelerate the economy while offering tax breaks of approximately 1200.00 dollars a year for families making 60k a year and increasing taxes for those making 200k or more a year. Under MCSAME's plan 60k families would only get an average of 300.00 dollars a year (or a .006% pay raise) while McSame would give an average of 50k in tax breaks per year for those making 600k a year (or a 8% pay raise). Ya that is far, give the rich a 8% pay raise and the middle class a .006% raise,
OBAMA/BIDEN 08'
Posted by: timesupreps | Oct 13, 2008 10:14:17 PM
I heard his rescue. It sounds good. JOB.
His idea is better than what Bush did with the outsourcing of high tech jobs and turning America into a service country. I still remember GW Bush words when he said "We are no long a high tech country. We are now a service country".
And look how well our country has turned out since he made that speech. Wasn't that sometime in 2002?
Posted by: mere | Oct 13, 2008 10:14:12 PM
Obama scams government and foundations--by raising spending (it's why he has never voted to cut spending on anything)--then he arranges his corrupt friends and family (such as his wife's cousin and Rev. Wright) to receive the large portions of the money.
Anyone with any common sense-knows there is no way that the government can afford to give these welfare payments that idiot Obama talks of. Send the corrupt socialist back to whatever hole he crawled out of.
Posted by: chattyway | Oct 13, 2008 10:11:55 PM
sandy - my words are from the MOUTH of democrats themselves...I watched the interview..no slanted journalism here (unlike ABC)..just the truth.
Posted by: maverickforprez | Oct 13, 2008 10:11:51 PM
Democrats Smeared MLK in the 1960s
MLK's niece, Dr. Alveda C. King, affirms that her uncle Dr. Martin Luther King, Jr. was a Republican
By Frances Rice
WHY MARTIN LUTHER KING, JR. WAS A REPUBLICAN!
It should come as no surprise that Dr. Martin Luther King, Jr. was a Republican. In that era, almost all black Americans were Republicans. Why? From its founding in 1854 as the anti-slavery party until today, the Republican Party has championed freedom and civil rights for blacks. And as one pundit so succinctly stated, the Democrat Party is as it always has been, the party of the four S's: Slavery, Secession, Segregation and now Socialism.
It was the Democrats who fought to keep blacks in slavery and passed the discriminatory Black Codes and Jim Crow laws. The Democrats started the Ku Klux Klan to lynch and terrorize blacks. The Democrats fought to prevent the passage of every civil rights law beginning with the civil rights laws of the 1860's, and continuing with the civil rights laws of the 1950's and 1960's.
During the civil rights era of the 1960's, Dr. King was fighting the Democrats who stood in the school house doors, turned skin-burning fire hoses on blacks and let loose vicious dogs. It was Republican President Dwight Eisenhower who pushed to pass the Civil Rights Act of 1957 and sent troops to Arkansas to desegregate schools. President Eisenhower also appointed Chief Justice Earl Warren to the U.S. Supreme Court which resulted in the 1954 Brown vs. Board of Education decision ending school segregation.
SO, please before getting into the racism thing,look into history
Posted by: lilij | Oct 13, 2008 10:10:44 PM
TPE -you really do believe all the crap the Republican talking heads put out there. I float on many blogs and those points are same things repeated over and over and over again by neo-conservatives. Do you people ever think for yourselves?
Posted by: sandy | Oct 13, 2008 10:10:10 PM
maverickforprez - so you watch FAUX News - no wonder your post leans so far to the right. FAUX News - LOL!
Posted by: sandy | Oct 13, 2008 10:07:10 PM
Obama couldn't get a job with the FBI because of his shady pall's. Obama baby, you are a good speaker but you are also the most liberal candidate from the corrupt South Side political machine. You are indeed a child of that system and I don't want you anywhere near the Oval Office... have a nice day.
Posted by: TPE | Oct 13, 2008 10:06:32 PM
Why isn't Palin/McCain talking about the issues? Can someone answer this for me. McCain keeps talking about Ayers, Wright, trying to link Obama to terrorists, and Obama is surging forward trying to find solutions. I'm afraid of McCain and Palin. Their campaign is really down and dirty and they are not addressing the issues. Don't they realize people are losing their jobs every day. Frankly, the dirty politics turn me completely off.
Posted by: liz | Oct 13, 2008 10:06:21 PM
wakeupamerica - and McCain's plan?
Posted by: jamarier | Oct 13, 2008 10:04:39 PM
Hold the phone on those middle class tax breaks!
In today's Wall Street Journal: Obama's 95% Illusion. Key excerpts:
"The Tax Foundation estimates that under the Obama plan 63 million Americans, or 44% of all tax filers, would have no income tax liability and most of those would get a check from the IRS each year. The Heritage Foundation's Center for Data Analysis estimates that by 2011, under the Obama plan, an additional 10 million filers would pay zero taxes while cashing checks from the IRS.
The total annual expenditures on refundable "tax credits" would rise over the next 10 years by $647 billion to $1.054 trillion, according to the Tax Policy Center. This means that the tax-credit welfare state would soon cost four times actual cash welfare. By redefining such income payments as "tax credits," the Obama campaign also redefines them away as a tax share of GDP. Presto, the federal tax burden looks much smaller than it really is."
How many of you Obama supporters realized under the Obama plan millions of tax filers will be paying no taxes, and then sitting back and getting a check from the IRS? How many of you realized the IRS will be sending your tax dollars to someone else under Obama's plan? Let's see those hands! C'mon, raise 'em up! What? Nobody?
This is why many people, including myself, feel Obama is a socialist at heart. He's abusing the IRS and tax system to send people welfare checks. You can put lipstick on something called redistibution of wealth, it's still redistributin of wealth.
Posted by: wakeupamerica | Oct 13, 2008 10:02:08 PM
Yes, Obama has a plan. Only thing is that he won't tell you he will raise more tax for small business than the tax credit. I was watching TV today and a plumber was asking him this question, why Obama didn't just tell him that I have a plan?
Posted by: Mike | Oct 13, 2008 9:58:56 PM