November 6, 2012
Barack Obama’s Economic Plan
Barack Obama, previous president as well as the democratic candidate for the 2012 election, has many ideas for the future of the United States’ economy. His plan is referred to as “an economy built to last.” Obama wants to renew the economy using different methods such as creating more jobs, reforming the tax code, end wars, invest in clean energy made in America, and lowering costs for health care for families.
Before Obama won the election, taking office in 2008, the economy was losing 800,000 jobs every month. With Obama as president, there has been a massive amount of job growth. He plans to continue to fight for the economic crisis of 80 years to reach an end. For an example, United States manufacturing has added 479,000 jobs since 2010. "We have made real progress," Obama told a rally in Hilliard, Ohio. He does not want to just stop there though. Obama wants to build on the revival of manufacturing. He has set a new target to create up to 1 million new manufacturing jobs by 2016. He plans to also work hard to double exports by encouraging U.S. goods. By eliminating tax breaks for companies that ship jobs over seas, Obama plans to create an incentive to bring jobs back to America. Obama also signed a two tax credit into law for businesses that hire unemployed veterans and proposed a Veterans Job Corps to put veterans back to work as cops, firefighter and to protect our public land, there for reducing the unemployment rate and improving the job growth.
In the past Obama has cut taxes for every American worker and provided 18 tax cuts for small business owners, extending income taxes 95%. In the Small Business section of his second term blueprint, Obama plans to extend the Bush tax cuts for middle class families, which means that the revenue passes through the company to shareholders without being taxed and then the shareholders pay taxes on the revenue personally. If anything, Obama will have it to where the middle classes taxes remain the same instead of rising with the cut’s expiration. This helps the citizens toughen through the depression and encourages more investing. Along with many new ideas, Obama plots to have billionaires and millionaires pay a little bit more so that we can rid the countries debt in a sensible way. He is fighting to keep middle class families taxes low. In Obama’s first term, he saved the typical middle class family over $3,600. He wants this idea to flourish in the future of his possible second term. If a household is making over 1 million dollars, their pay in income taxes should be more than a middle class family pays. Although Obama plans to alter taxes for families nationwide, he also perspires to bring discretionary spending to its lowest level in more than 50 years. His specific plan of decreases in spending and increases in revenue will shrink shortage more than $4 trillion in the next 10 years.
In this day and age, education is a primary aspect of a promising future, essentially for middle class citizens. Obama has ideas of investments in education to also help pave the way for a growth in the economy. President Obama successfully fought to prevent federal student loan interest rates from doubling for more than 7 million students, and capped federal student loan repayments at 10% of income. This means responsible students and their families can make decisions about the future based on career goals rather than the price of tuition. With college tuition being so high, Obama is eager to help students be able to afford college more efficiently. If more people can afford college, more people would fulfill an education, which with directly lead to job growth. His goal is to “lead the world in college graduates by 2020, and cut the growth of college tuition and fees in half over the next 10 years.” This plan will save average students thousands of dollars a year, giving people a minimal...