Obama Unveils His New Economic Plan

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During the second United States Presidential debate neither Democratic Presidential nominee Senator Barack Obama of Illinois nor GOP Presidential nominee Senator John McCain of Arizona had specifically addressed how either of them would solve the economic crisis. While many have said that Obama had won the debate, he still had not outlined how he was going to deal with the economic crisis.

The day after the second debate, McCain had unveiled his mortgage plan. It is a complete 180 degree turn from his original plan. Under the original plan, the lenders would end up taking the hit. Under McCain’s new plan, it would be the government that would take the hit. In short, the burden would be shifted to the American taxpayer.

However, the new mortgage plan had come under fire.

Today, Obama had outlined his four-part economic plan designated to help the middle class. Obama was campaigning in Ohio when he unveiled the plan.

At a rally in Toledo, Ohio, Obama proposed taking a number of steps to keep the financial system intact, helping families, and helping homeowners.

To start things off, Obama proposed a temporary tax credit for companies and firms that create jobs within the United States in the length for two years. He also adds withdrawals from IRAs and 401(k)s between 2008 and 2009, without suffering any penalties.

According to Obama, families can withdraw up to $10K without tax penalties for the next two years. To add things off, Obama calls for taxes on unemployment insurance benefits to be lifted temporarily.

Obama also wants a 90-day foreclosure moratorium for homeowners that act in good faith. Also, he wants the credit crisis to be addressed at both the state and local level.

When one takes a careful look at Obama’s new economic plan, this is a major contrast from the one that has been offered by McCain.

However, this economic plan has already come into attack by the McCain campaign. According to McCain, this economic plan will not provide any solutions to the problems.

It is inevitable that Obama and McCain are going to clash on their economic plans. This Wednesday, Obama and McCain have the chance to do so. On October 15, the third and final US Presidential debate between Obama and McCain is set to take place. It will be in the state of New York.

The last debate was supposed to be McCain’s barbecue, since it was in a town hall format. However, it seemed that McCain was the one who got barbecued. It depends on whose perspective you see it through.

This Wednesday, McCain has one last chance to tear Obama apart. Perhaps Obama’s new economic plan is a good start.

The two topics are: economic policy and domestic policy.