We can not wait to help families and Communities and Workers Who are Struggling right now? Who do not know if Their job or retirement Their Will be there tomorrow, Who do not know if next week’s paycheck this month’s Will cover bills. We Need to Pass Economic Rescue plan year for the middle-class and We Need to do it now. Today I’m Proposing a number of steps That We Should Immediately take to Stabilize our Financial System, Provide Relief to Families and Communities, and help Struggling homeowners. It’s a Plan That Begins with one word that’s on everyone’s mind, and it’s spelled JOBS. We’ve lost three-quarters Already of a million jobs this year, and Some Experts Say That Unemployment May Rise to 8% by the end of next year. Until then we can not wait to start Creating new jobs. That’s why I’m Proposing to Give Our Business has new American jobs tax credit for EACH new employee THEY hire here in the United States over the next Two Years. We Will Also one save one million jobs by Creating a Jobs and Growth Fund That Will Provide money to states and local Communities That so THEY Can move forward with projects to rebuild and repair our roads, our bridges, and our schools. A lot of These thesis projects and jobs are at risk right now Because of budget shortfall, this fund aims Will make sure THEY continues. . . . At a time When The ups and downs of the stock market Rarely Have Been So unpredictable and dramatic, We Also Need to Give families and WITHDRAWN more security and Flexibility When It Comes to Their Retirement Savings. . . . Since So Many Americans Will Be Struggling to pay the bills over the next year, I propose That we allow to Withdraw Every family up to 15% from Their IRA or 401 (k)? up to a maximum of $ 10,000? Any fine or penalty Without THROUGHOUT 2009. Will this help families get through this crisis Without Being Forced to make painful choices like selling or not Sending Their homes Their kids to college. . . . For Those Americans in Their risk of losing homes, today I’m Also Proposing a three-month moratorium on foreclosures. If you are a bank or lender That Is getting money from the rescue plan That Passed Congress, and your Customers are making a good-faith effort to make mortgage payments and Their Negotiate Their re-mortgages, You Will not Be Able to foreclose on Their Three home for months. We Need to Give people the breathing room THEY Need to Get Back on Their Feet. . . . It Also Means Promoting a new ethic of responsibility. Part of the Reason Is That Occurred this crisis everyone Living Beyond Their Means WAS? from Wall Street to Washington to Even Some on Main Street. CEOs got greedy. Politicians Spent money They Did not have. Lenders tricked people Into Could not THEY AFFORD home buying and Some folks Could not THEY AFFORD Knew Them and Bought ‘em anyway. We’ve Lived Through year era of easy money, in Which We Were Even Allowed and Encouraged to Spend without limits, to borrow INSTEAD OF save. Now, I Know That In An Age of Declining Wages and skyrocketing costs: Many folks for this purpose Was Not a choice a Necessity. People Have Been Forced to turn to credit cards and home equity loans to keep up, just like our government HAS Borrowed from China and Other Creditors to help pay bills icts. Purpose we now know how dangerous That Can Be. Once we get past the present emergency, immediate Which Requires New Investments That We Have to break cycle of debt. Our long-term future Requires That We Do What’s Necessary to scale down our deficits, grow Wages and Savings encourages personal again. It’s a serious challenge. Purpose we can do it if we act now, and if we act as one nation. We Can bring a new era of accountability and Responsibility to Wall Street and to Washington. We Can put in place common-sense Regulations to Prevent a crisis like this from ever happening again. We Can Make Investments in the technology and innovation That Will restore prosperity and lead to new jobs and a new economy for the 21st century. We Can restore a sense of fairness and balance That Will Give American a fair shot ever at the American dream. And Above All, we can restore confidence? confidence in America, confidence in our economy, and confidence in Ourselves. Read Barack’s full remarks, as Prepared for delivery. . . Obama’s plan includes major new oven ideas about job creation, relief to families, relief to homeowners and Responding to the Financial Crisis: Job Creation: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for That FIRMS create new jobs in the United States over the next Two Years. Relief to Families: Penalty-Free Withdrawal from IRAs and 401 (k) s in 2008 and 2009. Obama is calling for new legislation to allow families to Withdraw 15% of Their Retirement Savings? up to a maximum of $ 10,000? Without Facing a tax-penalty this year (Including retroactively) and next year. Relief
