Barack Obama and the Economy

http://www.barackobama.com/issues/economy/

Barack Obama believes that two major factors are at the basis of our economy's problems. First, he believes that since the price of living has increased over the past several years, workers need to be payed more. Wages have remained steady as the costs of health care and other essential needs have increased. This has caused Americans to have very low personal savings rates. Secondly, Obama believes that Bush's tax cuts only benefit the wealthy, and therefore plans to make more tax cuts that benefit working families and middle class Americans because he believes "we are all in this together" because "the more Americans prosper, the more America prospers."

Obama plans on fixing the taxes by cutting the income tax rate by $1000 dollars for working families. He also hopes to set up a "Making the Work Pay" tax credit system which will completely eliminate taxes for some Americans. Obama also hopes to simplify the tax process by getting the IRS to come up with pre- filled tax forms that would only have to be initialed and signed.

To fix the problem of low wages that do not allow for workers to save money while still affording health care and other essential needs, Obama plans on raising the minimum wage. He plans to increase the Earned Income Tax Credit so that people that work full time have enough money to support their families.

I think Obama's ideas are very innovative. However I do have my doubts about his radical plans. Each of his programs seem very simple, but each cut down the cost Americans pay so dramatically, that it is a wonder how the government will be able to sustain itself. All doubts aside, I would love to see his plans come into action because they will surely help a lot of struggling working Americans and their families.