Obama plan to stimulate the economy

Published September 6, 2012 by Tjchase

.Paid for by Obama for America

BARACK OBAMA’S PLAN TO STIMULATE THE ECONOMY

Barack Obama’s economic plan will inject $75 billion of stimulus into the economy by getting money in the

form of tax cuts and direct spending directly to the people who need it most. Obama’s proposal will

immediately provide stimulus using means that do not require lengthy governmental or administrative delays.

The plan also reserves an additional $45 billion of stimulus that can be injected into the economy quickly in the

future if the economy continues to deteriorate.

For most Americans, this is a time of great economic anxiety. People are working harder for less and paying

more for everything from health care, to college tuition, to filling up the gas tank. Recent data reveals that the

unemployment rate has experienced its sharpest monthly increase since 2001 the last time the economy fell into

recession. Jobs have been lost in a wide range of industries, including construction, manufacturing, retail and

the financial services. Last month only 18,000 jobs were created – a tiny fraction of the 125,000 jobs the

economy needs to generate each month to keep pace with population growth.

Limited job growth has been coupled with inflation that is outpacing increases in average wages, meaning that

even those who keep their jobs have less buying power. Consumer confidence levels are the lowest they have

been since Hurricane Katrina and consumers are starting to cut back on spending as evidenced by lower-thanexpected

holiday sales with automobile purchases falling to their lowest level in a decade.

Strengthening our economy will be Barack Obama’s priority from day one as president. Months ago he outlined

a comprehensive package of economic reforms to help ease the burdens on middle-class and working families

while making progress on achieving long-run budget balance. But with the economy getting worse by the

month, Americans cannot afford to wait until the next president takes office to take action. Obama believes the

government should take steps to restore the confidence of consumers and businesses that we will not let things

get worse and encourage them not to cut back further on their spending and investment.

Experts agree that an effective stimulus package must provide immediate, temporary, direct economic relief

targeted to the people who need it and are most likely to use the funds and increase the level of economic

activity in their communities without permanently increasing the budget deficit. The goal should be to lessen

the pain that would occur from an economy-wide slowdown, not to use Americans’ economic hardship as a

rationale for enacting an ideologically driven policy agenda.

Barack Obama’s Plan to Stimulate the Economy and Protect American Families

􀂾 Provide an immediate $250 tax cut for workers and their families.

􀂾 Provide an immediate, temporary $250 bonus to seniors in their Social Security

checks.

􀂾 Provide an additional $250 tax cut to workers and an additional $250 to seniors if

the economy continues to worsen

􀂾 Provide relief to homeowners hit by the housing crisis.

􀂾 Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.

􀂾 Extend and expand Unemployment Insurance.

Paid for by Obama for America

I. PROVIDE AN IMMEDIATE TAX CUT FOR WORKERS & THEIR FAMILIES

Barack Obama believes we must restore fairness to the tax code. Months ago, recognizing the squeeze

on working people in this country and the economic difficulties they were confronting, Obama proposed

tax relief of up to $500 for 150 million workers. This refundable income tax credit will provide direct

relief to American workers facing the regressive payroll tax system, offsetting the payroll tax on the first

$8,100 of earnings while preserving the important principle of a dedicated revenue source for Social

Security. The economy has weakened significantly. Obama believes we cannot wait until he becomes

president to give workers the tax relief they need. He believes we should make half of the tax credit,

$250 per worker, available immediately in order to quickly get money into the pockets of Americans.

This will help maintain consumer spending, strengthen the economy and ease the squeeze so many

Americans are currently experiencing. If there is a three-month cumulative decline in employment,

Obama believes we should immediately provide the remaining portion of that tax credit, an additional

$250 per worker. Stimulus: $35 billion. Additional Reserve: $35 billion.

II. PROVIDE AN IMMEDIATE SUPPLEMENT TO SOCIAL SECURITY FOR LOW- AND

MIDDLE-INCOME SENIORS

Research suggests that older Americans are particularly likely to spend rather than save additional

money they receive. Obama understands that seniors living on fixed incomes are squeezed by higher

prices. Obama is calling for providing middle- and low-income seniors – who would not benefit from

the workers’ tax credit – an immediate, one-time $250 supplement to their Social Security benefit. And

if there is a three-month cumulative decline in employment an additional temporary supplement of $250

per Social Security beneficiary should be provided. These payments would not alter the Social Security

program and would not use revenue from the Social Security trust funds. This would provide immediate

consumer spending in a feasible way. By piggy-backing on the Social Security Administration’s highly

efficient payment system, these supplemental payments will stimulate consumer spending in the most

rapid way possible. Stimulus: $10 billion. Additional Reserve: $10 billion.

III. ESTABLISH A $10 BILLION FUND TO HELP FAMILIES AVOID FORECLOSURE

In addition to taking important steps to prevent mortgage fraud from occurring in the future and to

prevent credit cards from turning into the next subprime housing crisis, Barack Obama has called for

establishing short and long-term programs to help responsible homeowners facing foreclosure. Obama’s

plan will help people stay in their homes and renegotiate with their lenders. It will not help speculators,

people buying vacation homes or people that falsely represented their incomes. It is meant to help

responsible homeowners through this difficult period. Given the downturn in the economy, Obama is

calling for immediate creation of his Foreclosure Prevention Fund that will dramatically increase

emergency pre-foreclosure counseling, and will work through the Federal Housing Administration,

Fannie Mae and Freddie Mac to allow families facing foreclosure to responsibly refinance their

mortgages or sell their homes. By helping families avoid losing their homes and preventing a further

decline in property values, this measure will help lessen the impact of a national foreclosure crisis on

state, local and family budgets. Obama was one of the first to speak out about the risks of fraudulent and

deceptive lending practices. He will build off of that experience and his work with community based

organizations to bring American homeowners and housing markets effective relief when he is president.

Stimulus: $10 billion.

IV. PROVIDE $10 BILLION IN RELIEF FOR STATE & LOCAL GOVERNMENTS HARDESTHIT

BY HOUSING CRISIS TO PREVENT CUTS IN SERVICES SUCH AS HEALTH,

EDUCATION & INFRASTRUCTURE

Because of the housing crisis and the weakening economy, many state and local governments are facing

significant revenue shortfalls. Already, 19 states have a projected budget shortfall for their next

financial year and balanced budget requirements in most states will force them to cut programs or raise

taxes in the face of the downturn. This will worsen America’s economic slowdown and leave millions

Paid for by Obama for America

without a safety net. State and local governments provide important services to low and middle-income

families, including services like health care, housing, and income assistance that are particularly

necessary during a recession. In addition, as the economy slows, it is important that state and local

governments not postpone major infrastructure spending since doing so would exacerbate the economic

slowdown. Barack Obama believes that in the areas hardest-hit by the housing crisis we should provide

immediate, temporary funding to state and local governments so that the decline in property values does

not cause them to slash critical public services and cut vital infrastructure spending. Obama’s plan will

provide $10 billion in immediate relief to the states and localities hardest hit by the housing crisis.

Stimulus: $10 billion.

V. EXTEND AND EXPAND UNEMPLOYMENT INSURANCE

The last time America had a jump in the unemployment rate as large as the most recent one it indicated

the start of a recession. But in many ways, our current situation is worse than when the 2001 recession

began. The long-term unemployment rate – the share of workers having been unemployed for at least

six months – is nearly twice as high now as it was then. Barack Obama believes we must extend and

strengthen the Unemployment Insurance (UI) program to address the needs of the long-term

unemployed, who currently make up nearly one-fifth of the unemployed and are often older workers

who have lost their jobs in manufacturing or other industries and have a difficult time finding new

employment. As job growth stagnates, the long-term unemployed face additional difficulties re-entering

the job market. Providing these workers additional assistance in a time of economic distress is

necessary to ensure consumer spending remains at an acceptable level and that they have a chance at

restarting their careers. Expanding UI is one of the most effective ways to combat economic turmoil;

every dollar invested in UI benefits results in $1.73 in economic output. Obama is calling for a

temporary expansion of the UI program for those who have exhausted their current eligibility. Obama

also believes that the extension of UI benefits should be coupled with an expansion of UI eligibility to

more workers, including many part-time and non-traditional workers who are currently left out of the

program. Stimulus: $10 billion.

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