Who Has the Right Plan for America's Economy?

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Barack Obama believes that every American family deserve the opportunity to not just get by, but to get ahead in our economy – to get an education, build a nest egg and provide a better life for their children. As the economy has changed American families are being left on their own to navigate an increasingly complex and challenging economic situation. A successful economy is one that grows and allows American families to achieve their aspirations, like building up wealth, owning a home, or sending a child to college. A strategy for security and success of America’s families has three parts:

1. Get the economy back on track with a $50 billion stimulus. The most immediate challenge to the success of America’s families is the current state of our economy. The economy has shed 438,000 jobs this year, six straight months of job loss, as the housing crisis deepens, energy and food prices soar, and consumer expectations for the future are at the lowest level ever recorded. Barack Obama is calling for a second round of $50 billion in stimulus to jump start the economy which would complement the investments in infrastructure and green jobs that he has proposed as part of his overall economic plan.

2. Provide economic security for all American families. Even before the current economic downturn families were facing increased challenges. Wages have been stagnant for a generation. The typical household has seen its income fall by nearly $1,000 in this economic “expansion.” Health costs have jumped 67 percent in inflation-adjusted terms since 2000, while 8.6 million more Americans have joined the ranks of the uninsured. Millions of families face mounting debt and the prospect of losing their homes. To address these issues Barack Obama is proposing a meaningful tax cut for working families, a plan to cut health costs by $2,500 per family and cover all of the uninsured, protections for consumers suffering from abusive lending practices, and a safety net for the most vulnerable families.

3.Empower American families to achieve success. Barack Obama believes that every American family deserve the opportunity to not just get by, but to get ahead in our economy – to get an education, build a nest egg, own a home and provide a better life for their children. That is why he proposes to make it easier and more rewarding for families to save, own a home, balance work and family, provide a $4,000 tax credit to make college affordable for everyone, and eliminate capital gains taxes for small businesses and start-up companies so that Americans can accumulate wealth and succeed.