Obama Pitches Strict Regulations, Clinton Stresses Job Training in Dueling Economic Plans
March 27: Barack Obama speaks in the Great Hall of New York's Cooper Union school. (AP Photo)
The Democratic candidates offered competing plans to lift the sagging economy Thursday, with Barack Obama calling for taxpayer relief and tougher government regulations and Hillary Clinton calling for a sweeping government-backed job training program.
Clinton, speaking at a community college in Raleigh, N.C., bashed GOP nominee-in-waiting John McCain, saying the Arizona senator is unable to handle an economic emergency.
“The phone is ringing, and he would just let it ring and ring,” Clinton said, echoing the “3 a.m. phone call” TV ad she used earlier to suggest she was more qualified than Obama to handle a national security crisis. This time, she chastised McCain for opposing government intervention in the nation’s credit and mortgage crisis.
In her plan, she proposes $2.5 billion per year to help workers train for new jobs and improve skills for existing jobs.
“We may be competing in a new global economy, but our policies to equip American workers for the 21st century are stuck back in the 20th century,” she said.
Meanwhile, Obama said in New York City that the government must revive the economy by tightening regulations and reforming its own agencies to adjust to the realities of modern finance.
In a speech billed as a major address, the Illinois senator said most experts agree the U.S. economy is in a recession.
“To renew our economy — and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again — we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework, and pursue a bold opportunity agenda for the American people,” Obama said.
“We do American business — and the American people — no favors when we turn a blind eye to excessive leverage and dangerous risks,” he added.
The presidential candidate spoke not far from Wall Street, hard hit by the mortgage meltdown and credit problems.
To fix the economy, Obama proposed relief for homeowners and an additional $30 billion stimulus package to address the nation’s economic woes. He also called for a $1,000 tax cut for “working families.” Working families received tax cuts under the 2001 and 2003 cuts proposed by President Bush and passed by Congress. Those are scheduled to expire in 2011.
“If we can extend a hand to banks on Wall Street, we can extend a hand to Americans who are struggling,” he said.
New York Mayor Michael Bloomberg, the almost candidate, introduced Obama but stopped short of an endorsement.
In bemoaning the nation’s economic woes, Obama too dismissed McCain’s approach as too hands-off.
On Tuesday, McCain derided government intervention to save and reward banks or small borrowers who behave irresponsibly. Obama said McCain’s plan “amounts to little more than watching this crisis happen.”
McCain fired back even before Obama took the stage, saying he has proposed reforms to prevent systemic risks and a repeat of the credit crisis.
“However, what is not necessary is a multi-billion dollar bailout for big banks and speculators, as Senators Clinton and Obama have proposed. There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face,” McCain said.
Obama said the next president should:
–Expand oversight to any institution that borrows from the government.
–Toughen capital requirements for complex financial instruments like mortgage securities.
–Streamline regulatory agencies to end overlap and competition among regulators.
Clinton is offering her own prescription for economic reforms. The Universal Worker Adjustment Assistance plan she pitched would help those who have lost jobs to get trained and find a new job. Her Preemptive Training Initiative would help workers who are on the verge of losing factory jobs that move overseas. The New York senator also calls for more Pell Grants to help people attend college while working.
Clinton’s camp hit Obama for his plan, saying he “announced a series of broad, vague principles while offering no new concrete solutions to provide Americans with greater confidence in the market or keep them in their homes.”
The political debate comes as a new government report shows the economy nearly sputtered out at the end of the year and is probably faring even worse amid continuing housing, credit and financial crises. Nonetheless, jobless numbers out Thursday showed a decline this week, though analysts said they expect more losses this year.
Obama was speaking at The Cooper Union from the podium used by presidential aspirant Abraham Lincoln in 1860 when he delivered his “Right Makes Might” address, which helped him win the Republican presidential nomination.
FOX News’ Shushannah Walshe and Aaron Bruns and The Associated Press contributed to this report.
Why is it that when we have a crisis that the Dems want to throw money at it? If they really are going to do the change that they say they are going to do then reduce the gov. The gov bloated and needs to go on a major diet. They will never really change anything if they keep increasing what we already have. These fat cats in Wash. DC need to be fired and with all of the wonderful experience that they have received during their time in the gov. they could start their own business and employ the people that they said they want to help. You can’t have change if it is more of the same. I do like Mcain’s hands off approach. The people that got in on the variable rate had 5 years to get their act together so they could refinance and they didn’t. Then you have the folks with the 2nd home. Why should I have to go with out so that these folks can tell the rest of the world that they are a victim. Personal responsibility is a hard lesson to learn.
Obama is the worst canidate I have seen in years! If we keep baling out companies and indiviuals, how are we going to change behavior for the future? Obama has sooo many big government ideas he is going to have to do a lot more than end the war in Iraq and end the Bush tax cut to make it happen. Yikes!
Just more of the same old liberal blather and blah blah. Gheez- it wasn’t that long ago the defeatocrats were yammering that the mortgage industry was “too strict” with its lending policies. Oh I know, we’re not supposed to remember that. Now, we have the same yammering about big gov’t riding to the rescue again. When are they going to make up their minds? Answer: they don’t have to. More gov’t regulation=more bureauocrisy=intrusion=stasis=more problem. This is what we call “leadership.” As long as the defeatocrats keep trying to promise everything for every body we are going to end up with nothing more that just more smoke and mirrors; which, of course, we are supposed to gladly pay for.
On another note; I see you guys at Fox have revamped your web page and free user video. Are you in some kind of sweetheart deal with Ford? Is that why you keep stalling out every few seconds? Just thought I’d ask.
This should scare the hell out of you-
We are the top of the World because we have less in World of what he advocates.
Socialism/Communism on Display
How can you train people who don’t want to work in the first place. I was a Probation Officer for 19 years and saw this first hand. No matter how hard you try to help place some people in jobs, even with their freedom hanging in the balance, they will not work, or are so lazy they are fired within a few days. Our nation has handed out freebies for far too long and now some choose to live off the “system.” Even if that means “three hots and a cot” in the DOC.
If the American worker needs re-training, then why has college become so riduculously expensive? Training programs are in place. What we need is to be able to write off more of these ridiculously priced University fees. Oh yeah…I forgot. That might take money out of the Dems pocket. Foolish me.
If the plans are the same and they have been all along- why are they the front runners? The Democrats should have voted for someone else- especially someone who won’t tax the middle class to death!!
there you go again!! sweeping and sweet, poetic speech, no specifics. this guy’s eye is always and has always been on the White House as an ultimate reward for his so called eloquence.
he was given a committee to chair. guess what?? not even one single hearing was held. why??? his eye was on the bigger goal, stand and sleep where Lincoln did.
like Bill said, him and his surrogates should quit the race if they can’t handle tackles, and the challenges that come with political game. i am a black man, so let those Obama supporters who label anybody “not for Obama” racist try it on me.
Go Hill08
Noticed one thing about Obama:
This guy for some reason in his head thinks that by making speeches at places where President Lincoln had done in his lifetime, would make him get as close to Honest Abe’s popularity, credibility and judgment!
Brother Obama you “AIN’T” NO LINCOLN. you will NEVER BE A LINCOLN. Well if any, you are close in being another “STEPHEN DOUGLAS”. Its a shame that a few fellow AMERICANS are blinded by this man’s phony “YES WE CAN” and “HOPE”. By the way, Mary Todd Lincoln was always proud of the UNION and volunteered in treating the wounded soldiers. Whereas, Michelle O made it clear about her pride in America for the first time (only when her husband started winning caucus/primaries in RED states). WHAT A CONTRASTING PATRIOTIC AMERICAN FAMILY?
McCain or Hillary or heck Nader or Knut the POLAR BEAR will make a better president than this impressionist obama.
McCain = “What’s an economy problem? Don’t worry, I’ll Google it and hire someone to deal with it.”
Clinton = “Let’s train people to work - that should help all of the already-employed people who can’t afford the gas to get to work. Vote for me, I have a concrete plan instead of an abstract idea.”
Obama seems to be the only person who understands that something sustainable needs to be done here, and what the problem actually is. I’m not even a registered democrat and I can see that. I’m really sick of hearing about his youth and lack of experience. In my opinion, that’s a good thing: he’s not completely entrenched in the existing political process.
Are there seriously people planning to vote for Clinton?