Obama on the Economy

http://www.ontheissues.org/2008/Barack_Obama_Budget_+_Economy.htm

Barack Obama sees a need for change when it comes to our nation’s economic status. We all know that he is strongly against the War in Iraq and because we are engaged overseas he feels that there is no way to correct our problem until we exit Iraq. He is quoted with saying, “we're spending $12 billion every month in Iraq which means that we can't engage in the kind of infrastructure improvements that are going to make us more competitive.” One of Obama’s plans for fixing the economy has to deal with creating a credit card Bill of Rights. His plan includes banning unilateral changes, applying interest rate increases only to future debt, prohibit interest on fees, prohibit “universal defaults”, and require prompt and fair crediting of cardholder payments. Obama also supports extending a 36% interest cap to all Americans. Obama’s next problem area that needs attention has to deal with mortgages for homeowners. Obama, if voted to the presidency, will look to create a 10% universal mortgage credit to provide tax relief to homeowners who do not itemize. This plan will help those who specifically earn less than $50,000 and year and those who struggle financially. Finally, Obama sees the need to fix all the loopholes certain corporations are using to save money off of taxes. If Obama can cut out the loopholes and provide tax relief to those who truly need it, then those less fortunate will be better able to live a better life. “If we close some of those loopholes, we’ve put forward tax relief plans, that will not only restore fairness to our tax code, but it also puts money into the pockets of hard-working Americans who need it.”

Obama is on the right track with his ideas trying to help improve those less fortunate who are in America rather than spending meaningful dollars trying to fix oversea problems first. His ideas seem like a good start to helping fix our economic downfall; however, will he be able to put his ideas into action to help relieve some of this debt our nation is currently facing? Will Obama be able to save our economy or will he push us into even further debt just as the current president has? Only time will tell whether or not Obama can right this ship we call the economy.