Obama economic plan fact sheet

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Our country faces its most serious economic crisis since the great depression. We have lost

760,000 jobs this year and some leading forecasters project that the unemployment rate will

exceed 8 percent by the end of 2009. Working families, who saw their incomes decline by

$2,000 in the economic “expansion” from 2000 to 2007 now face even deeper income losses.

Retirement savings accounts have lost $2 trillion. Markets have fallen 40% in less than a year.

Millions of homeowners who played by the rules can’t meet their mortgage payments and face

foreclosure as the value of their homes have plummeted. With credit markets nearly frozen,

businesses large and small cannot access the credit they need to meet payroll and create jobs.

Over the course of this campaign Barack Obama has championed ideas to address these

problems. Today he is announcing a comprehensive four-part rescue plan for the middle class

that builds on his existing proposals and adds new ways to directly address our economy’s

rapidly evolving problems:

1. Immediate Action to Create Good Jobs in America

2. Immediate Relief for Struggling Families

3. Direct, Immediate Assistance for Homeowners, Not A Bailout for Irresponsible

Mortgage Lenders

4. A Rapid, Aggressive Response to Our Financial Crisis, Using All the Tools We Have

All of the ideas in this plan can and should be done immediately. They either use existing

authority or could be quickly passed in emergency legislation. Middle class families have already

waited too long for relief. The time to act is now.

This immediate plan complements Obama’s long-term economic agenda, including his tax cuts

for ordinary Americans and small businesses, his plans to create up to 5 million green jobs, his

plans to bring down healthcare costs by $2,500 per family, and his commitment to enacting

broad new financial market regulations to help ensure we never face this type of economic crisis


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