Obama: What he will do and how he will pay for it.
As I cruised through the blogworld yesterday, I waited for the release of Obama’s major policy speech he gave yesterday in a GM plant in Janesville, WI. I wasn’t disappointed. The 36-minute speech was heavy on fixing America and what ails our nation. Some of the highlights:
Combating Fraud: Obama would institute tough new penalties for those who commit mortgage fraud, and create a uniform HOME SCORE that would allow consumers to compare various mortgage products so that they can determine which mortgage best fits their needs and financial situation.
Middle-Class Tax Cut – Obama is the only candidate to propose a middle-class tax cut that will provide relief to 95% of working Americans — $1,000 per working family. He’ll also eliminate income taxes for any senior making less than $50,000.
Affordable Health Care – Obama’s universal health care plan cuts costs more than any other plan in this race – it will save the typical family up to $2500 on their premiums.
Making College Affordable – Obama will provide the middle class a fully refundable tax credit worth $4,000 for tuition and fees every year, which would cover two-thirds of the tuition at the average public college or university.
A Credit Card Bill of Rights – Obama will institute a five-star rating system to inform consumers about the level of risk involved in every credit card and establish a Credit Card Bill of Rights that will ban unilateral changes to a credit card agreement; ban rate changes to debt that’s already incurred; and ban interest on fees.
Reforming Bankruptcy Laws – Obama will reform bankruptcy laws to make sure that those who can demonstrate they went bankrupt because of medical expenses can relieve their debt and get back on their feet.
Rebuilding our Infrastructure – Obama would create a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years. This investment generate nearly two million new jobs – many of them in the construction industry that’s been hard hit by this housing crisis. (This is similar to the Dodd-Hagel bill I wrote about here)
Trade that Works for Workers – Obama will end tax breaks for companies who ship jobs overseas and give breaks to companies who create good jobs with decent wages here in America.
Millions of New Green Jobs — Obama’s energy plan will invest $150 billion over ten years to establish a green energy sector that will create millions of new jobs over the next two decades – jobs that pay well and can’t be outsourced. He will also provide funding to help manufacturers convert to green technology and help workers learn the skills they need for these jobs.
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