Monday, October 13, 2008

Basic Outline: Obama's Economic Recovery Plan

Barack Obama held a rally today in Toledo, Ohio, and laid out his economic recovery plan. Here are the four major points:

1) $3,000 tax credit to businesses for every new job created over the next 2 years

2) A 90 day home foreclosure moratorium

3) Up to $10,000 penalty-free withdrawal from retirement savings accounts

4) Create a lending organization for states and local govs. to access funds outside the frozen credit market

Obama's also got a rescue plan for small business, which you can download here. Here's part of it:

"The facility will be run through the Small Business Administration’s (SBA) Disaster Loan Program, which is designed to offer affordable, fixed- rate loans to small firms to meet operating expenses, undertake needed short-term investments, or to refinance debt. Loans should be available on an expedited basis, so that firms can access the credit needed to meet their operating expenses immediately."

This rocks. McCain's new plan, beyond sticking tax payers with the cost of buying up bad toxic mortgages, is to say "I have a plan." And like the "I know how to get Osama bin Laden," he knows a bunch of stuff, he's just not telling.

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