Obama unveils new jobs ideas

My thoughts below; but here is what Obama has to say...

Sen. Barack Obama (D-Ill.) on Monday released his Economic Rescue Plan for The Middle Class, described by the campaign as "a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas."


Here is a summary of the major new ideas in the four areas of Obama’s plan:

1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.


2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.


3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.


4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.


The campaign said: "Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.



Great MORE Government, just what we need! What’s next? Where will it stop? Will the government bail out and own our infrastructure such as energy and transportation? What about our food suppliers? Isn’t this a step to communism? What is communism; see below:

Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general. Leninists have attempted to produce communist societies by setting up political parties, which in some cases have become governments. These attempts have never produced a communist society, and have frequently led to totalitarian states.
Communism is usually considered to be a branch of socialism, a broad group of social and political ideologies, which draws on the various political and intellectual movements with origins in the work of theorists.

And what is the definition of socialism: Socialists mainly share the belief that capitalism unfairly concentrates power and wealth into a small section of society who controls capital, and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly.

Or in words of NObama – ‘Spread the worth around’, wink, wink

Hi…I’m from the Government and I’m here to help….

Do NOT let this happen; stand up and fight this with everything you have!