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07.18.2008 1:48 pm

Laura Tyson on Obama’s economic package

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 WASHINGTON –  Bureau of Labor Statistics numbers Friday showed that Missouri lost 1,900 jobs in June, which Sen. Barack Obama’s presidential campaign points out brings the total job loss for Missouri in the first half of 2008 to 13,900 — and 438,000 for the country as a whole.

Missouri’s unemployment rate edged up to 5.7 percent, from 5.5 percent at the beginning of the year. And since January of 2001, Missouri has lost 69,200 manufacturing jobs.

In an interview with the Post-Dispatch Friday, Obama economic advisor Laura Tyson spelled out what Obama would do as president to improve the economy for working and middle-class Americans. Tyson, who is now a professor of economics and business administration at the University of California at Berkeley, served as chairman of the Council of Economic Advisors and chairman of the National Economic Council in the Clinton administration.

Over the past year, American workers have lost 2.4 percent of their purchasing power, Tyson says. And so far this decade, family incomes have fallen by more than $950, which she calls “unprecedented in a period of expansion of the U.S. economy.”

Immediately, Obama would seek a second round of stimulus assistance, of $50 billion (compared to the $150 billion of the first stimulus package), Tyson says. Along with direct relief, it would include energy rebates, foreclosure prevention funds, extension of unemployment compensation and aid to states.

Ninety-five percent of taxpayers would get tax relief, of about $1,000 each. And income taxes would be eliminated for elderly workers earning less than $50,000 a year.

In Missouri, a married couple with two children, one of them in college, would get total tax relief — including from mortgage, college, health care and pension — of $3,700, Tyson says.

In the long term, Obama’s package includes a variety of ways to make the American economy more competitive, including a focus on education with particular emphasis on early childhood education. And a “green-jobs emphasis” would include spending $150 billion over 10 years to move the United States toward alternative energy sources, Tyson says.

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— scott
2:36 pm July 18th, 2008

If Obama would prop[ose to allow the federal government to issue bonds to back grants to the states to rebuild our educational infrastructure, he’d win hands down.

The many schools and facilities long overlooked in budget wars and voter disapproval would be refurbished to provide a newer, better and safer environments for our children to compete in the 21st Century world economy.

The states would find more money available for classroom support, and to re-direct funds to healthcare so kids are able to attend school and be present completely for their learning.

The nation would prosper from the increased tax revenues from good paying construction jobs and the economic multiplier effect of the national construction of better educational facilities.

C’mon Senator Obama, let’s go to it!

— Tim Hogan
12:01 am July 19th, 2008

I’m confused, I just watched Ms. Tyson on FOX news. Perhaps someone could explain that when you increase capital gains taxes, it IS A TAX INCREASE. I don’t care what the tax rates were and what Bush proposed. When you go from 15% to something higher it is an increase. No wonder people call y’all dumbocrats!!

— tad
5:05 pm August 19th, 2008

I just saw you on T.V. tonight and I am hoping and working hard for Obama’s victory. I do have an idea to help Social Security which has not mentioned too much lately. I do collect and it does not effect me.
My Story.
Taking the bus down Park Ave.about 1 mouth ago in New YOrk City, I noticed many, many very weathly older women with their dogs. I thought, I bet that most of these women collect Social Security and really do not need this check each month. May I suggest Obama suggest that these people who feel that they do not need Social Security donate it back to the program. It would be a way of giving back to this Country and maybe give a small deduction or acknowledgement for doing so.
I bet millions could be recovered by doing this. Again, the people would volunteer for this donation.

— Annmarico
7:19 pm August 26th, 2008