The Ledger

Making sense of money, 2010

President Obama looking to help out the Middle Class

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Video brought to you by www.whitehouse.gov

More on this story at msnbc.com and also take a look at the NBC/WSJ Poll.

President Obama made a press conference this morning to address that he was convince this tax cut plan would help the middle class.

The President spoke this morning before meeting with a group of CEO’s.  He spoke before the House to try and compromise legislation with lawmakers to Bush-era taxes.

“I am absolutely convinced that this tax cut plan, well not perfect, will help grow our economy and create jobs in the private sector,” said Obama.  “It will help lift up middle class families who will no longer need to worry about a New Year’s Day tax hike.”

This plan will offer relief to help people unemployed until they can find another job.  The plan also offers tax cuts to make college more affordable, help parents provide for their children, and help businesses, big and small, to expand.

“I know there are different aspects of this plan to which members of Congress, on both sides of the aisle, object,” said Obama. “That’s the nature of compromise. But we worked hard to negotiate an agreement that’s a win for middle-class families and a win for our economy. And we can’t afford to let it fall victim to either delay or defeat.  I urge congress to pass this as swiftly as possible,” said Obama.

The President sees this tax cut plan to enable hiring of jobs, put Americans back to work, and move the economy forward.  He believes the primary success to the America’s economic success isn’t government, but the ingenuity of America’s entrepreneurs and the dynamism of America’s markets.

The President set a goal of doubling U.S. exports in the next five years to create more jobs selling more products abroad.  The U.S. came to a trade agreement earlier in the month with South Korea, which is a deal that looks to boost annual exports of American goods by $11 billion.  This agreement gives way to support at least 70,000 American jobs.

The President believes that the U.S. needs to offer its children the best education in the world, spur innovations of new industries, upgrade infrastructure, meaning roads and bridges, update high-speed rail and high-speed internet, and address long-term deficit problems, in order to outcompete its competitors in the 21st century.

The Senate passed legislation in order to prevent a New Year’s tax increase for millions and renew jobsless benefits for the long-term unemployed.

“The legislation provides a two-year extension of the tax cuts at all income levels that Congress approved while George W. Bush was president.  Without action, they will expire on Dec. 31.”

With this bill, 2011 Social Security taxes for all wage earners will be cut, meaning $1,000 in take home pay for an individual earning of $50,000.

If you ask me, I like the incentive that President Obama is taking in order to get this country back on track to where it should be.  This country has lost most of its traditional values, that once have made it to be a super-power of the world.  Steps that President Obama are taking, like updates to high-speed internet and high-speed rail, doubling U.S. exports for the next five years, and innovations for cleaner, smarter industries are all positive steps forward to help bring jobs and success back to the U.S. for a healthy future.  It’s as if the U.S. is behind on a few updates to other countries.  Besides, you can’t just snap your fingers and have change happen overnight.  It doesn’t work like that and I think this is a big misconception from a lot of Americans.

The Senate was scheduled to vote on the tax compromise bill this afternoon.  The House will be responsible for taking up tax deal after it passes senate procedural vote.

The Senate voted 81-19 on this on this tax cut plan and is expected to be voted on by the House by Thursday.

– Brian Jennings

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Written by ccsu236

December 15, 2010 at 6:28 pm

Posted in Uncategorized

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