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/.