Economy face-off: University Democrats: Obama makes plain plans for taxes, wages, credit

By Krista Wettengel

The summer was tough for many Rider students. It was very difficult to find summer jobs or break into career fields. The few places that were hiring had even fewer hours to offer.

The tough times are not over, though, as Rider feels the pinch of rising food and fuel costs. Chips and pickles at Cranberry’s are the latest casualties of America’s faltering economy. However, despite the crisis we are faced with, there is hope for a brighter future. This presidential election, Sen. Barack Obama has a detailed plan to rescue our country from this economic crisis.

Obama was raised by a single mom who struggled to make ends meet, so he understands the pain of families who are forced to choose between groceries and mortgage payments. According to BarackObama.com, “Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills.” He will also cut taxes for 90 percent of Americans.

So many students work in restaurants, supermarkets and retail stores in order to pay for books and basic necessities. Those of us who earn minimum wage know how hard it is to live on. Obama intends to raise the national minimum wage to a livable standard and make it easier for people to join the protection of unions.

Obama is committed to working Americans, including the workforce of the future: college students. He will cut taxes for companies who provide more full-time employment with health insurance, something that so many companies are eliminating and many of us will lose when we graduate. Obama will keep well-paying jobs in business and technology right here in the United States using the same tax incentive. Furthermore, he will educate businesses on the benefits of flexible work schedules. As 21st-century college students, we all recognize the importance of flexibility because we have so many obligations. The world is changing and Obama understands that the workplace should adapt.

Obama will also work to reform an issue with which we are all familiar, for better or worse: credit cards. While this may seem like a small issue, it is not so small for the millions of families (and students) struggling with credit card debt. He will introduce a new Credit Card Bill of Rights for consumers to protect against oppressive practices by companies.

Obama has already implemented some of his economic plans in the U.S. Senate. Countless Americans are losing their homes right now due to what is called “predatory lending.” Many families were convinced to buy homes and mortgages that they could not afford. Before this crisis even started, Obama introduced the STOP FRAUD Act to provide more protection to low-income people who deserve to buy a home as much as anyone. The act also increased penalties for predatory mortgage companies. Last year Obama also introduced the Patriot Employer Act, which provided tax credits to those loyal American companies mentioned earlier.

The issues mentioned here represent only a fraction of Obama’s economic policies. To learn more, visit BarackObama.com.