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.
Fox, I don’t get this. I’m not finding information on the very detailed speech that Hillary gave in Philadelphia about her plan to deal with the messed up economy.
Did anyone notice that Obama copied Hillary’s economic plan from the 20th of March?
1) Hillary called for a $30 billion fund to help states and localities to fight foreclosure in their communities. [Clinton Campaign Press Release,3/20/08]
One week later, Barack Obama called for an economic stimulus package of $30 billion to provide ‘immediate relief to areas hardest hit by the housing crisis.’[Reuters, 3/27/08]
2) Hillary’s plan introduces idea of ‘second stimulus.’ “That is why Senator Clinton is calling on Congress and the President to pass a second stimulus package. This time around, the primary focus should be on addressing the growing housing crisis. And by investing new, temporary resources in a housing-focused stimulus package, we can avoid the worst fall-out from the current downturn, keep families in their homes and stabilize communities.” [Clinton Campaign Press Release, 3/20/08]
Obama’s plan uses the exact same language: ‘Enact a Second $30 Billion Stimulus Package to Address the Mortgage Crisis, Protect Vulnerable Families and Strengthen the Economy.’ [Obama Plan to restore Confidence in the Markets ,3/27/08]
3) Hillary’s plan reiterated her support for increasing unemployment insurance: “While this second stimulus package should focus predominantly on the housing crisis, Congress should also consider temporary measures to help struggling workers like extending unemployment insurance.” [Clinton Campaign Press Release ,3/20/08]
Obama’s plan includes the same call for increasing unemployment insurance: “Barack Obama believes we must extend and strengthen the Unemployment Insurance (UI) program to address the needs of the long-term unemployed, who currently make up nearly one-fifth of the unemployed and are often older workers who have lost their jobs in manufacturing or other industries and have a difficult time finding new employment.” [Obama Plan to restore Confidence in the Markets,3/27/08]
Hillary seems to have the best handle on the economy. I’d like to see congress and the administration pass some legislation soon to help the unemployed get trained. In addition, people on fixed incomes should be able to renew certificates of deposit at the previously higher interest rates. People on fixed incomes should not be penalized by bad debts.
Why does Obama like to copy Hillary’s economic plan? Can he come up with his own ideas? These were the same exact plans that Hillary put forth on the 20th of March!
http://www.hillaryclinton.com/news/release/view/?id=6791
1) Hillary called for a $30 billion fund to help states and localities to fight foreclosure in their communities. [Clinton Campaign Press Release,3/20/08]
One week later, Barack Obama called for an economic stimulus package of $30 billion to provide ‘immediate relief to areas hardest hit by the housing crisis.’[Reuters, 3/27/08]
2) Hillary’s plan introduces idea of ‘second stimulus.’ “That is why Senator Clinton is calling on Congress and the President to pass a second stimulus package. This time around, the primary focus should be on addressing the growing housing crisis. And by investing new, temporary resources in a housing-focused stimulus package, we can avoid the worst fall-out from the current downturn, keep families in their homes and stabilize communities.” [Clinton Campaign Press Release, 3/20/08]
Obama’s plan uses the exact same language: ‘Enact a Second $30 Billion Stimulus Package to Address the Mortgage Crisis, Protect Vulnerable Families and Strengthen the Economy.’ [Obama Plan to restore Confidence in the Markets ,3/27/08]
3) Hillary’s plan reiterated her support for increasing unemployment insurance: “While this second stimulus package should focus predominantly on the housing crisis, Congress should also consider temporary measures to help struggling workers like extending unemployment insurance.” [Clinton Campaign Press Release ,3/20/08]
Obama’s plan includes the same call for increasing unemployment insurance: “Barack Obama believes we must extend and strengthen the Unemployment Insurance (UI) program to address the needs of the long-term unemployed, who currently make up nearly one-fifth of the unemployed and are often older workers who have lost their jobs in manufacturing or other industries and have a difficult time finding new employment.” [Obama Plan to restore Confidence in the Markets,3/27/08]
When it comes to any kind of policy why would be listen to Obama. He has zero experience and I wouldn’t trust him to run the country. If it’s foreign affairs, the economy, health care or education we would be nuts to listen to Obama. Go Hillary!!
Obama is a socialist or maybe communist, even more so than Hillary. He/they will choke the life out of this country, like Kruschef and communism had done to the USSR. They advocate the same policies, I challenge the Obamites to read some history if you don’t believe me.
Well, we know whatever the republicans tried has failed beyond the scope of any previous administration. We’ve never had a more incompetent president when it came to the economy.
Turning the budget surplus into such a huge deficit while leading to a higher percentage of people living in poverty than ever before, middle class people unable to afford gas and mortgages, and now finally rich people with crashing stock portfolios: obviously doing the opposite of whatver the current fiscally irresponsible administation can only help.
At least we know Obama wouldn’t continue mortgaging our grandchildrens future with gross deficit spending like Bush has. It’s scary to hear that McCain doesn’t plan to make any changes, the people of America cannot take another four years of this type of economic idiocy.
Don’t spend more than you take in. That’s how I have to budget, too bad current republicans don’t understand that basic math. If we need more regulations to ensure that, then I guess that’s what we need. Staying on this course is staying on a course of horror and folly.
Jobs? What jobs is it that Ms. Clinton talking about. Train people for jobs that aren’t there because NAFTA was such a great plan??? Great idea Ms. Clinton. Spend money to train people for jobs that aren’t there……
I use to think I was crazy but the world has finally proven me wrong. Turns out I was only gulliable……
It figures, grow government. That’s all they talk about, more government control, centralized distribution (health care), higher taxes. People don’t understand, that the more control you give to the government the less individuals have.
Two simple questions for Hillarobama:
Whose money is it that you’re throwing around as if there’s no end to the supply?
Who died and left you in charge of OTHER PEOPLE’S money?