Obama unveils new measures to help the economy

In a speech yesterday in Ohio, Obama laid out several major initiatives to help the struggling economy.  Here are the highlights:

1.  A $3000 tax credit to businesses for each new efull-time employee they hire over existing employee levels next year;

2.  A measure to allow folks to withdraw up to 15% from their IRAs and 401(k)s without the existing 10% penalty; 

3.  A 90-day moratorium on home foreclosures;

4.  A $50b government loan guarantee for auto makers (doubling the current $25b); and

5.  Eliminating income taxes on unemployment benefits.

There’s more, but these are the ones I think are most important to every day folks.  It should be obvious how each would affect the pocketbooks of Americans.  Obama’s package would cost a total of about $175b, including about $60b for the steps he outlined yesterday. 

For more on the Obama / Biden economic plan, see http://www.barackobama.com/issues/economy/.

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Filed under Barack Obama, The Economy

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