Obama on the Economy

[Barack Obama-sac]

Obama on economy

America once was known to be the "land of opportunity;" a country where everyone was is given the free right to have equal prosperity. Is this still the case though; is our government currently able to make this true for every citizen? Many say our current economic situation is prohibiting us from becoming so. One person promising to attack this issue, and bring "change" in the government, is the presidential nominee: Barack Obama.
I’m going to discuss two things that Barack plans to address as a fix for our economy and then list a few pros and cons to what could become of it.

• "Barack Obama will provide a tax cut for working families:
Obama and Biden will restore fairness to the tax code and provide 95 percent of working Americans the tax relief they need. They will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family." said by the Barack Obama and Joe Biden administration. http://www.barackobama.com/issues/economy/

The idea of that sounds fantastic, but will it work. A tax relief like so could put it further into a downward spiral of dept. Just judging by what the effects were of the Bush administrations "Tax Stimulus" I don’t feel that this will work. The idea of these tax reliefs is to get people to spend money. Well what happened to the Bush administrations tax relief is that allot of people didn’t just go out and use it. Saving it and not using it immedialty is what seemed to be the problem.

• Housing:
In the U.S. Senate, Obama introduced the STOP FRAUD Act to increase penalties for mortgage fraud and provide more protections for low-income homebuyers, well before the current sub-prime crisis began. Said by the Barack Obama and Joe Biden, administration. http://www.barackobama.com/issues/economy/

Work Cited

Barack Obama & Joe Biden, “Economical fixes and solutions”
Barack Obama & Joe Biden
http://www.barackobama.com/issues/economy/

The Washington Post Company, “Presidential candidate database.”
The Washington Post Company
http://projects.washingtonpost.com/congress/members/o00016/

Barack Obama, senator for Illinois. “About Sen. Barack Obama”
Barack Obama senator for Illinois
http://obama.senate.gov/about/

Written By Jared Nichols

[Mario]

Its not always the bank's fault. Many people start off with ok credit, but then mess it up by not making their payments on time or they can't afford it. People don't really think of the consequences because they feel that they're not screwing anyone else over but themselves. People need to grow up and become responsible. Everything has become too materialistic and many seem to have their priorities all twisted. Don't get me wrong I like nice things too, but if you know for a fact that you can't afford then why bother. This isn't going to be solved just by our President. We as citizens need to get more informed about how banks work and how they make their money. Lastly we all need to be more responsible on paying off those loans. That is now why we are in this situation and I guess we all have to learn the hard way. I hope Obama's tax cut helps relieve the economy somewhat.

[Phil]

What the main problem is that the banks repeated what they did back when andrew jackson was in office. They lent out too much money and extended loans in a way that people were unable to payoff. These days though they have such high interest rates because people are too ignorant to get a fixed rate over a certain amount of time. Thats where the annual rate for realty comes in. With the rates fluxuating all the time people could at first afford what they were supposed to pay but in the end the rates shot up and then they were unable to pay the banks back thus causing their loans and property to forclose. the problem is that the banks didnt care who they extended that line of credit too or whether or not that those people could pay it.

[Maria]

The problem was that banks and companies give the people really high rate interest and the people were unavailable to pay. That is why so many people are loosing there houses and are unable to pay there loans what they need to do is to come up with a good plan to fix this problem since the economy is not doing so well. And I like Obama plan about providing a tax cut for working families by giving them 1000 dollars as a tax relief but would it work we never know like bush did he gave a stimulus check and a lot of people not ended up using it right away but like any new strategy we should give it a try if Obama wins just to see if this tax relief works and if it does not work he could just discontinue to give the paychecks. I know that would make us all mad but whatever we need to fix this economy will help us all to have a better life.

[Barack Obama-sac]

Analysis Piece written by Jared Nichols

The main problem seemed to be that people were given loans that they did not apply for and that were way out of there reach to control. These mortgage companies put many people into emanate foreclosure. Yes these companies look they were to blame but what about the people. Irresponsibility is what I have to say about it. Now take into account that many of these loans were not under a fixed rate; so many people could have made the payments with what they were given. But that’s still not an excuse for many. Not only should we help provide more protections for low-income homebuyers but we should also have a stricter application process for people looking to buy a home.

I've read through many of the issues myself from both sides and have seen where both candidates both stand. Who will be the best for the job? Only time will tell. Our current situation is not a quick fix and should not be run at with hasty decisions that could put our country into a greater slum.