2 min read
Posted on 10.18.08
  • 2 min read
  • Posted on 10.18.08

What Senator Barack Obama told 100,000 people at the Arch today:

First, we’ve got to act now to create good paying jobs. We’ve already lost three-quarters of a million jobs this year. That’s why I’ve proposed a new American jobs tax credit for each new employee that companies hire here in the United States over the next two years. And that’s why I’ll stop giving tax breaks to companies that ship jobs overseas and invest in companies that create good jobs right here in Missouri.

Second, we need to help small businesses get back on their feet. To fuel the real engine of job creation in this country, I’ll eliminate all capital gains taxes on investments in small businesses and start-up companies, and provide an additional tax incentive through next year to encourage new small business investment. And we’ll also make sure that small businesses can access the immediate loans they need to pay their workers and finance their inventory.

Third, we need to provide relief for homeowners. The Treasury must use the authority it’s been granted and move aggressively to help people avoid foreclosure and stay in their homes. We don’t need a new law or a new $300 billion giveaway to banks like Senator McCain has proposed. We just need to act quickly and decisively. For those responsible homeowners in danger of losing their homes, I’ve proposed a three-month moratorium on foreclosures so that we give people the breathing room they need to get back on their feet.

Finally, we’ve got to help states and local governments that have been squeezed. Today, twenty-one states are facing budget short-falls, and they might be forced to cut services or raise taxes. That’s why I’m going to create a $25 billion fund to help states and local governments pay for health care and education, police and firefighters, without having to raise your taxes. And we’ll save one million jobs by creating a Jobs and Growth Fund that will help states move forward with projects to rebuild and repair our roads, our bridges, and our schools.

These are the steps that we must take - right now - to start getting our economy back on track. But we also need a new set of priorities to grow our economy and create jobs over the long-term.

(Image provided by Gentry W. Trotter)