Monday, April 28, 2008

Obama on Economy

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

In this article, Obama states his views on economy and his plans to improve it. He states what the problems are with today’s society, and what he plans to do to fix the economic problems.

Senator Obama states that the problem with today’s society is that wages are staying the same as prices are increasing. For example, the cost of in-state college tuition has increased thirty five percent over the past five years, and over the past six years health care costs have risen four times faster than wages. Another cause of the problems in the economy are tax cuts for the wealthy instead of the middle and lower classes. President George W. Bush put in place a tax cut for people who earn more than one million dollars that is 160 times more than the middle class receives.

Obama believes that these are the major causes of the poor economy, and has created a plan to fix it. His plan consists of providing tax cuts for working families and to make an easy and efficient way to file taxes. He has created “Making Work Pay”, which is a tax credit up to five hundred dollars per person. “Making Work Pay” can help the economy because it will eliminate taxes for 10 million Americans, which is a break that many Americans need. The other part of Obama’s plan is to help Americans by creating an easier way to file taxes. His plan is to have the IRS use information from banks and employers to allow taxpayers to use pre-filled tax forms that they can just sign. This plan can save Americans both time and money because they will not have to pay accountants to file their taxes.

I believe that Obama’s plans to fix the American economy will work because both ideas will help Americans where help is needed the most. Unlike George W. Bush, Obama’s plan will benefit Americans and the American economy because in order to improve the economy Americans must have money and an opportunity to succeed. Bush’s tax cut did not help the economy because only the wealthy save money, and they are not the ones who need to save money because they already have money. The only way to improve the economy is to give money to Americans so they can spend the money. If Americans do not have money to spend, the economy will not improve.

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