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Old 01-25-2010, 02:05 PM  
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Obama targets middle class with new aid plans

Obama targets middle class with new aid plans
President seeks to offer some attractive options to taxpayers
The Associated Press
updated 1:08 p.m. CT, Mon., Jan. 25, 2010


WASHINGTON - President Barack Obama on Monday offered help for people struggling to pay bills and care for their families, appealing to a middle-class he says has been "under assault for a long time."

In a partial preview of a State of the Union address that aims to answer voter angst about the economy and reconnect with the public, Obama outlined the series of proposals from the White House. The product of a middle class task force headed by Vice President Joe Biden, the proposals will also be included in Obama's budget request due to be submitted to Congress next week.
Among the initiatives: a doubling of the child care tax credit for families earning under $85,000; a $1.6 billion increase in federal funding for child care programs and a program to cap student loan payments at 10 percent of income above "a basic living allowance."

His initiatives also include expanding tax credits to match retirement savings and increasing aid for families taking care of elderly relatives. That program would also require many employers to provide the option of a workplace-based retirement savings plan.

Obama is seeking to offer some attractive options to taxpayers, mindful of the painful implications of the loss of a traditionally Democratic Senate seat in Massachusetts to Republican Scott Brown. White House advisers see Wednesday's State of the Union speech as a key opportunity for Obama to recalibrate his message and reset his presidency after that stinging setback, which took away the Democrats' 60-vote supermajority in the Senate and put his main domestic agenda item, a health care overhaul, in doubt.

Obama and fellow Democrats are trying to regroup to stem more losses of congressional, gubernatorial and legislative seats in this fall's midterm elections. Obama's poll numbers are also off — primarily because of the slow economic recovery and double-digit unemployment.

"Too many Americans have known their own painful recessions long before any economists declared that there was a recession," Obama said in remarks to the task force, gathered around a horseshoe-shaped table.

The president said that creating new jobs and reducing unemployment is the "single-most important thing we can do to rebuild the middle class." "I won't rest until we're doing just that," he said.

But, Obama said, "We also need to reverse the overall erosion in middle-class security, so that when this economy does come back, working Americans are free to pursue their dreams again."


The White House says the new proposals are aimed at just that — the "sandwich generation" that is now struggling to care for both children and parents. The theme fits into the planned economic message of Obama's prime-time address to the nation on Wednesday, which promises to provide a sharper focus on jobs and is likely to cover financial regulations, energy, education, immigration and a push to change the political tone in Washington.

Under the president's proposals, families making under $85,000 a year would see their child care tax credit nearly doubled. Families making under $115,000 would also see at least some increase in their tax credit as well. Obama will also call for the allocation of $100 million to assist families caring for aging relatives by providing help with transportation, adult day care and in-home aids.

The initiatives also focus on savings, requiring employers that don't offer work-based retirement plans to enroll their employees in a direct deposit retirement account, unless the employee opts out. The cost to employers would be offset by new tax credits, and the administration says the smallest firms would be exempt.

Obama will also call for caps on some student loans, limiting a borrower's payments to 10 percent of his or her income, and forgiving all remaining debt after 10 years of payment for those in public service work — and 20 years for all others.


Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
URL: http://www.msnbc.msn.com/id/35057966/
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Old 01-25-2010, 02:12 PM   #2
The Mad Crapper The Mad Crapper is offline
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Wow, that'll get the economy humming in a jiffy.
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Old 01-25-2010, 02:14 PM   #3
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This will wow that chick who wasn't worried about her gas and groceries anymore and that is about it...
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Old 01-25-2010, 02:32 PM   #4
mlyonsd mlyonsd is offline
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I'm not exactly sure what to think of an administration who's only only idea, the one and only thing they can come up with for a broken economy, is give away more free chit.
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Old 01-25-2010, 02:37 PM   #5
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I'm not exactly sure what to think of an administration who's only only idea, the one and only thing they can come up with for a broken economy, is give away more free chit.
Same BS with the Republicans. All they ever come up with is tax cuts, mainly for business's and the wealthy.
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Old 01-25-2010, 02:38 PM   #6
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The initiatives also focus on savings, requiring employers that don't offer work-based retirement plans to enroll their employees in a direct deposit retirement account, unless the employee opts out. The cost to employers would be offset by new tax credits, and the administration says the smallest firms would be exempt.
Heh, that almost sounds like requiring an employer to pay into some kind of market driven account to help offset social security defficiencies in the future.

What's that sounds like?
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Old 01-25-2010, 02:40 PM   #7
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We've under assault by our own govt! And he wants to bail us out of that?
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Old 01-25-2010, 02:41 PM   #8
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Same BS with the Republicans. All they ever come up with is tax cuts, mainly for business's and the wealthy.
Which history has proven works btw. I'm not sure if the history books have documented how printing money until all the trees are dead works.
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Old 01-25-2010, 02:42 PM   #9
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Old 01-25-2010, 02:48 PM   #10
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Which history has proven works btw. I'm not sure if the history books have documented how printing money until all the trees are dead works.
Tax cuts only don't save an economy. If so, then why did we have a recession under Bush? He gave out $1.1 trillion in tax cuts?
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Old 01-25-2010, 02:51 PM   #11
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Tax cuts only don't save an economy. If so, then why did we have a recession under Bush? He gave out $1.1 trillion in tax cuts?
We didn't have enough of them.
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Old 01-25-2010, 02:52 PM   #12
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Tax cuts only don't save an economy. If so, then why did we have a recession under Bush? He gave out $1.1 trillion in tax cuts?
Two wars?

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Old 01-25-2010, 02:53 PM   #13
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Tax cuts only don't save an economy. If so, then why did we have a recession under Bush? He gave out $1.1 trillion in tax cuts?
Because the recession started in 99 due to the previous Clinton tax increases that finally were starting to be felt
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Old 01-25-2010, 03:04 PM   #14
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Heh, that almost sounds like requiring an employer to pay into some kind of market driven account to help offset social security defficiencies in the future.

What's that sounds like?
Employers aren't required to offer retirement plans if that's what you are trying to imply.
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Old 01-25-2010, 03:14 PM   #15
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Employers aren't required to offer retirement plans if that's what you are trying to imply.
No, I'm implying where at once it wasn't considered smart to allow a person to put part of their SS money into a market driven account it's all of a sudden brilliant to force an employer to do it for him.
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