Help For the Middle Class?
Matt | On 26, Jan 2010
President Obama may not be taking this recent beating in public opinion lying down. Ahead of tomorrow’s State of the Union address, the President announced some “solutions” of sorts targeted to the middle class. The thinking is designed to reassure you and I that he is “fighting” for us. Voters have been complaining that the president and Congress have been far too focused on healthcare at the expense of other key issues. I agree with that. All this healthcare debate and no public option, no cheaper drugs from Canada, and still no death panels for Grandma (lol!). Uggh…
Here’s a snapshot of the five key proposals for the middle class that Obama, Vice President Biden, and the Middle Class Task Force named:
- Expand the child care tax credit. Umm yeah, from what I hear, you could buy a new car with the cost of a few months of day care. Parents need this STAT!
- Expand the saver’s tax credit. I’m poor. If I can drop a few pennies in the swine, I appreciate you meeting me halfway.
- Support for families caring for elderly relatives. Seriously, this is so overdue. I take my hat off to and give full respect to those having to care for their elderly relatives. They probably need a free pack of cigarettes per week for their nerves, but we’ll work on that later.
- Reduce student loan payments to no more than 10 percent of income, down from 15%. This will lower the year of “forgiveness” down to year 20, instead of year 25. Me likey. Degrees are expensive. They want an educated workforce, but it sucks having to go into indentured servitude to pay for it.
- Require employers to set up IRA accounts for workers, unless the worker chooses otherwise. It’s a little different, but I like the idea. It encourages long-term saving for those that want to participate.
Up next is the State of the Union address tomorrow night. Can’t wait to see what other treats Barack pulls out of his hat for us regular folks!