In a speech delivered Oct. 13, the Democratic presidential candidate outlined a detailed economic stimulus plan to help lessen the impact of the financial crisis on Americans, particularly the middle class.
Obama Plan Is ‘Temporary but Costly’
Sen. Obama’s speech, delivered to more than 3,000 people in Toledo, Ohio on Monday, declared that Americans would be allowed to borrow from their retirement savings without being taxed, that employers would receive $3,000 tax credits for each new employee hired, and that taxes on unemployment benefits would be eliminated, The New York Times reported. The plan also calls for doubling the federal loan guarantee to the auto industry to $50 billion; for the government to assist cities and states in need; and for there to be “a 90-day moratorium on most home foreclosures,” the Times wrote.
Sen. Obama’s new measures will cost an estimated $60 billion. According to AFP, these “latest proposals combined with previously announced policy measures would cost 175 billion dollars over two years.”
But will they work?
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