Defining Moment: Barack Obama on the Economy

[youtube=http://www.youtube.com/watch?v=vJvkRFKGgGw]

Barack Obama has another two minute ad out on the economic crisis. Video is above and the transcript is under the fold.

Following is the transcript (from The Jed Report):

Obama DTC

Super: Barack Obama

BARACK SYNC: At this defining moment in our history, the question is not, “are you better off than you were four years ago?”   We all know the answer to that. The real question is will our country be better off four years from now?  How will we lift our economy and restore America’s place in the world?
www.BarackObama.com/plan Here’s what I’ll do as President.  To deal with our current emergency…
Super: The Obama Plan

A rescue plan for the middle class

www.BarackObama.com/plan

BARACK SYNCH: I’ll launch a rescue plan for the middle class…
Super: The Obama Plan Tax cut for 95% of working Americans

www.BarackObama.com/plan

BARACK SYNC: That begins with a tax cut for ninety-five percent of working Americans.
Super: The Obama Plan Families making less than $200,000 get tax cut

www.BarackObama.com/plan

If you have a job, pay taxes and make less than two hundred thousand dollars-a-year, you’ll get a tax cut.
Super: The Obama Plan End tax breaks for shipping jobs overseas

www.BarackObama.com/plan

I’ll end the tax breaks for companies that ship our jobs overseas, and give them to companies that create jobs here in America.
Super: The Obama Plan Low-cost loans for small businesses

www.BarackObama.com/plan

And I’ll make low-cost loans available to small businesses.
Super: The Obama Plan Reduce the cost of health care

www.BarackObama.com/plan

Super: The Obama Plan Break dependence on foreign oil

www.BarackObama.com/plan

Super: The Obama Plan Education to help children compete

www.BarackObama.com/plan

To build our economy for the future, I’ll focus on our urgent national priorities: reducing the cost of health care… breaking our dependence on foreign oil… and making sure that every child gets the education they need to compete.

Super: The Obama Plan Stop spending $10 billion a month in Iraq

www.BarackObama.com/plan

Super: End the war in Iraq responsibly

www.BarackObama.com/plan

How will I pay for these priorities?  First, we’ve got to stop spending ten billion dollars a month in Iraq – while they run up a surplus. I’ll end this war responsibly, so we can invest here at home.
Super: The Obama Plan Protect taxpayers, not CEOs

www.BarackObama.com/plan

We’ll monitor the Wall Street rescue plan carefully, making sure taxpayers are protected and CEOs don’t game the system.

Super:  The Obama Plan Close corporate tax loopholes

www.BarackObama.com/plan

I’ll let the temporary Bush tax cuts for the wealthiest 2% expire and close the corporate tax loopholes the lobbyists put in.
Super:

The Obama Plan

Audit government spending

www.BarackObama.com/plan

Super: The Obama Plan Eliminate programs that don’t work

www.BarackObama.com/plan

I’ll order a top-to-bottom audit of government spending and eliminate programs that don’t work.
We face real challenges, and they won’t be easy to solve. But we can do it if we end the mindless partisanship…the divisiveness, curb special interest power and restore our sense of common purpose.
Barack Obama

President

Approved by Barack Obama Paid for by Obama for America

BARACK SYNC: I’m Barack Obama. I approve this message and ask for your vote because if we stand together, we can meet our challenges and ensure that there are better days ahead.
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4 Comments

  1. 1
    Bob says:

    Hi I’m “Bob the Contractor”, a Mid West general Construction Builder/ remodeler.  I do own my own business, not trying to buy one, I do pay taxes not thinking about it, and I do have employees.  I’m not a TV AD. So here are my thoughts on “Joe the Plumber”.
                                    If I can get back to making an actual profit of 250,000.00 per year then pay a little more, then do it.  We as Americans do know that it does take those in a higher tax bracket to make up for those in a lower tax bracket.” Joe, in other words if you don’t want to pay the taxes for income “you made” Profit Joe, then don’t go into business.  To say that I will lose employees if I have to pay on income profit, is nonsense, because in dollars to dollars talk, profit, Actual of 250K means that my company as a whole did much better then 250k that s being kicked around.  
                                    In other words in actual profit “Joe” “not Gross profit”.
                                    Also “Joe” there is less than 1.4% of small businesses actually make this type of money.  By the time they figure overhead, you know like:
                                                                                                                    Employee wages
                                                                                                                    Gas, Vehicle Upkeep
                                                                                                                    Insurance
                                                                                                                    Workmans Comp.
    In  other words Joe.  Before you buy the business from your employer, you better ask them to open there books. Because if all he is making gross is between 250 > 280 gross, you really are not going anywhere other then buying a 1 or 2 man operation.  Therefore you would not see this HUGE Increase that “Mr. McCain is discussing.
                                    If you want worry.  Worry about this:
                                    700 Billion Bailout and Banks and Card companies take small business owners and Jack there interest rates into double digits.  And tell the small business owner that this is because of their credit scores.  In the meantime those in Washington parade around like they did something for the American business owner. 
                                                    Read my thoughts on this Below:
                                    To : Candidates Obama & McCain  Cc: Wash. DC                                                                 10/18/08
    From: A  Small Business Owner
    We continue to watch an economy in turmoil watch people worry about today not the tomorrows.  We continue to get political bantering and talking heads.  My question and in some instances pointed observations from one 56year old business owner that is sinking and not finding any options anywhere.  Where is the help for our families and employees.Small businesses grew this nation.  Yet we hear big business scenario.  Big companies file bankruptcy, we allow small business to be lost in the paper mill and  go bankrupt and call it a shame or (the business owner had no business ethics).  We allow companies to move and hide under shield of protection when small business can’t.  We our called bad business recipients because we can’t get loans to help bolster our situation until the economy frees itself up.  Large Corp  get funding, based on what?  CEO’s receive bonuses, small business gets denials for credit because there seen as a credit risk. And banks will no longer lend to. Credit card companies are in ways vultures, giving good rates to business to start, then economy conditions change, these companies sent interest rates from 7.5 > 9%, to 17>21% ,putting more burden on employers trying to keep employees working. Ask Advanta, Wells Fargo, and others the logic in high interest?  Higher interest rates have larger payments on a fractured system that we are dealing with.  HIGH interest rates forces bankruptcy, not the economy.  We like any business our trying to make ends meet, many of us  our profitable enterprises in the red based on payment structures that have us scrambling. Projects went awry, were trying to recapture losses.  WHICH is part of business. We suffer losses, startups suffer greatly. Businesses can grow , but not the funds to continue.   Banks need to lower rates not say no!   Banks say you’re not high enough on their standard. When pushed harder you learn if you had land, plant, big equipment we could loan you the money. We understand, we are truly in remarkable times you do not have equipment & land because you cannot get loans to keep going.  Small business delivered back the following:Small businesses are job creators. small businesses represent 99.7 percent of all firms, they create more than half of the private non-farm gross domestic product, and they create 60 to 80 percent of the net new jobs. The latest data also show that in 2002:
    women owned 6,492,795 firms; Blacks owned 1,197,988 firms,Hispanics owned 1,574,159 firms;Asians owned 1,105,329 firms;American Indians and Alaskan Natives owned 206,125 firms.In 2004, there was strong growth of 7.3 percent in proprietor’s income  a partial measure of small business income. Business bankruptcies decreased by 2.1 percent and self-employment increased by 2.2 percent. This and other data for each state and territory are available in individual economic profiles on the Office of Advocacy website at http://www.sba.gov/advo/research/profiles.
    Source: Small Business Drives U.S. Economy· Small businesses represent 99.7 percent of all employer firms.· Over the past decade, small business net job creation fluctuated between 60 and 80 percent.· Small businesses generate more than 50 percent of the nonfarm private gross domestic product (GDP).· Two-thirds of new employer establishments survive at least two years after start-up, and 44 percent survive at least four years.· Small businesses employ half of all private sector employees.· Very small firms with fewer than 20 employees spend 45 percent more per employee than the largest firms to comply with federal regulations.· Minorities own 4.1 million firms that generate $694.1 billion in revenues and employ 4.8 million workers.· Women own 6.5 million businesses that generate $950.6 billion in revenues, and employ 7.2 million workers.· In 2004, an estimated 580,900 employer firms opened while an estimated 576,200 closed. For more information and a complete copy of the 2005 Small Business FAQ, visit the Office of Advocacy website at http://www.sba.gov/advo.
    Source:   NEWSRELEASE Contact: John McDowell, (202) 205-6941
     Number: 05-46 ADVO
    Did I forget to tell you that GM which is bleeding red can get billions in loans on concept cars and property that if they were to go under, would sit empty and eventually fall apart.  Job loss age is always shared with big name companies.  But if you dig deeper and help the small business you also can generate income, you can generate those that will go out and spend.  Maybe I’ve simplified this too much for some.Tax accountants everywhere will have their hair bristle. However what about those companies that were laughed at yet made it.  And how did that happen?  Because are banking system listened to the concept, listen to the business owner, that yes may have been bleeding red but finally got it!  That company made money supported the industry they were in and had employees, employees spent money on items  then those companies employees went and bought other items and soon the economy started to roll very slowly out of the train station, to simplified for our college and political brilliant minds still? I truly hope not! 
    We give billions to banks and they do nothing with the money.  Oh YES! The stock holders.  The 1% of the stock holders in the companies that actually push the buttons, telling boards to not do anything to hurt the balance sheet more. So where does the money in the rescue plan go?   Not out on the street that’s for sure but sits to make the sheets for the stock holders look good.  When will government look at these numbers,  banking partners will not lend to SMALL BUSSINESS?  Yet small business will drive the economy.  Companies need to roll back prices stop trying to make ground up in chunks.  Stock Holders have to wise up and allow the economy to grow again in small pace rather then this quick jump start that everyone is touting.
     
     

  2. 2
    Ron Chusid says:

    The entire argument that Joe the Plumber, or other small businessmen would receive a huge tax increase which would prevent them from doing business has been debunked. Joe and the vast majority of small businessmen would receive a tax cut, not a tax increase under Obama’s plan.

    If Joe were to do so well that he actually made profits of over $250,000, the tax consequences would hardly not be devastating as Joe suggests. Depending upon Joe’s actual situation, I’ve seen estimates that even if he had profits over $250,000 per year his extra taxes would be under $1000 per year. Joe might prefer not to pay up to an extra $1000, but that is hardly something which would cripple small business.

  3. 3
    Mike the Subcontractor says:

    As a modestly successful business owner my response to the comments made concerning raising taxes are silly. To allow the Federal Gov. to raise anyone’s taxes at a time when they have lost total control in the spending of their revenue is just crazy.  If you believe the campaign promises of cutting spending (either with a hatchet or scalpel) will actually occur then there is no need for tax increases. If the Gov. can demonstrate that it can responsibly control its use and spending of “OUR MONEY” I would accept a debate over the need for tax increases. It seems the Gov. has become like an alcoholic and any tax increase is like giving them keys to a beer delivery truck.

  4. 4
    Ron Chusid says:

    Mike,

    The federal government certainly has been spending money irresponsibly. That is why we hope to see a change in which party is in power next Tuesday.

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