This morning, Senator Obama concluded a two economic tour with an Economic Competitiveness Summit at Carnegie Mellon in Pittsburgh, Pennsylvania. Before the question and answer session began, Barack spoke about some of his experiences over the past fourteen days:
For the last three weeks, I've been traveling around the country, talking about how we can change our economy so that it works for the American people. I've also been listening.I met with parents in Wisconsin who struggle to afford the groceries to let their family eat well, or the gas that takes them to and from work. I talked to a man in Missouri whose wife works two jobs and has arthritis that costs $1,500 a week to care for. I heard from a student in Minnesota who has done everything that's been asked of her, but worries that she won't be able to take her final tests because she's maxed out her student loans. Stories like these can be found all across the country, because far too many Americans are working hard and doing their part, but still can't keep pace.
Barack went on to outline his policy approach to the economy, focusing on energy, education, health care, infrastructure, and innovation.
Here's the video of Barack's full remarks:
You can watch videos and read coverage of the entire tour at the Change That Works For You page.
Earlier today Barack met with some of the nation's top business leaders to discuss the challenges facing our economy. The meeting was part of a broader dialogue that Barack has undertaken over the two weeks with Americans of all walks of life, all across the country (including here, here, and here). Afterwards, he spoke to the press about some of the key issues that have been at the heart of all of these discussions, and noted that:
No matter who I've met with . . . my message has been the same: It's that the American economy is at its strongest when we have a common set of values that it reflects. When we reward not just wealth, but also work, and the workers who create it. Because what we've re-learned, in painful fashion over the past few months, is that Wall Street can't thrive so long as Main Street is struggling.
Barack went on to outline some of the key differences between himself and John McCain on energy policy and the economy:
You can follow Barack's Economic Tour and watch additional videos on our "Change That Works For You" page.
After touring Springs Preserve in Nevada, a 180-acre non-gaming cultural and historical attraction designed to provide a vision for a sustainable future, Barack met with small group of local residents to discuss the future of energy policy:
What we are seeing here – from the solar panels that power this facility to the Bombard workers who built it – is that a green, renewable energy economy isn't some pie-in-the-sky, far-off future, it is now. It is creating jobs, now. It is providing cheap alternatives to $140-a-barrel oil, now. And it can create millions of additional jobs and entire new industries if we act now.
Read the full text of Barack's opening remarks, as prepared for delivery . . .
Barack is currently speaking in Las Vegas, Nevada about the energy problem and his solutions. Watch his speech below...
Energy and the environment have been at the forefront of Barack's campaign, and are issues that he feels strongly about. During a speech in Iowa Barack once said...
Well, I don't believe that climate change is just an issue that's convenient to bring up during a campaign. I believe it's one of the greatest moral challenges of our generation. That's why I've fought successfully in the Senate to increase our investment in renewable fuels. That's why I reached across the aisle to come up with a plan to raise our fuel standards… And I didn't just give a speech about it in front of some environmental audience in California. I went to Detroit, I stood in front of a group of automakers, and I told them that when I am president, there will be no more excuses — we will help them retool their factories, but they will have to make cars that use less oil.
Visit our Environmentalists for Obama page to join the group and get more information on Barack's plans.
We'll be live-streaming Barack's speech shortly so stay tuned...
Here's the full video of Barack's opening remarks from the Working Women Discussion in Albuquerque, New Mexico earlier today:
Senator Obama announced a plan today to crack down on excessive energy speculation and fully close the “Enron Loophole” to ease the impact of skyrocketing gas prices. The Enron Loophole was created by McCain campaign co-chair Phil Gramm at the behest of Enron, and exempts most over-the-counter energy trades and trading on electronic energy commodity markets from regulation.
In his statement, Senator Obama explained:
For the past years, our energy policy in this country has been simply to let the special interests have their way—opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay $4.00 a gallon. My plan fully closes the Enron Loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future.
The “Enron Loophole” was slipped into law by Senator Phil Gramm in late 2000 at the behest of Enron lobbyists to exempt some energy traders from the regulations and public protections applicable to exchange-traded commodities. As a result, the Commodity Futures Trading Commission (CFTC) is unable to fully oversee the oil futures market and investigate cases where excessive speculation may be driving up oil prices. Many economists believe that the speculation could be adding between $20 and $50 to the price of every barrel of oil.
A vibrant oil futures market can help producers and buyers hedge against swings in the price of oil, but an absence of common sense rules allows a few energy lobbyists and speculators to undermine the public confidence in the integrity of the market. It's another example of the special interest politics that put the interests of Big Oil and speculators ahead of the interests of working people. Today, Barack called for stepped-up oversight of energy markets to help stabilize oil prices and ease the burden of high energy prices for American families.
Read the full Obama Plan to Crack Down on Excessive Energy Speculation . . .
Here are some of the highlights from the U.S. Conference of Mayor's today,where Barack talked about the importance of local government, and the importance of the federal government doing its part to support local governments.
Senator Obama spoke at the U.S. Conference of Mayor's convention in Miami today, calling his meeting with officials dedicated to working at the local level "something of a homecoming":
As some of you may know, after college, I went to work with a group of churches as a community organizer in Chicago – so I could help lift up neighborhoods that were struggling after the local steel plants closed. And it taught me a fundamental truth that I carry with me to this day – that in this country, change comes not from the top-down, but from the bottom-up.
Barack talked about the failures of Washington, and the need for the federal governement to be a partner with local government in combating urban poverty but also in promoting growth and innovation, new jobs and higher wages.
Read the full speech, as prepared for delivery . . .
At a press conference yesterday along the St. Johns River in Jacksonville, Florida, Senator Obama talked about the truth behind the politics of offshore drilling, and explained how John McCain's plan to lift the ban on offshore oil production would do little, if anything, to ease gas prices:
The politics may have changed, but the facts haven't... Offshore drilling would not lower gas prices today, it would not lower gas prices next year and it would not lower gas prices five years from now.
UPDATED: Barack's statements were echoed today in Michael Tackett's column for the Tribune's political blog The Swamp, in which Tackett explained that:
The offshore drilling would take years to accomplish, would cost who knows how many millions of dollars and would almost surely do environmental harm. And, by the way, it would do absolutely nothing to reduce the price of gasoline in any new president's first term.
Check out the video from Barack's economic discussion this morning...
Follow Barack's Economic Tour on our "Change That Works For You" page.
On Tuesday, Barack proposed a new competitiveness agenda centered around education and energy, innovation and infrastructure, fair trade and reform. Today, on LinkedIn.com he is asking for your input.
What ideas do you have to keep America competitive in the years ahead?
Submit your ideas here or in the comments section below.
During his time in Michigan yesterday, Barack stopped by the GM Powertrain Flint Engine South for the afternoon shift change to meet some of the workers who had seen the decline of American automobile manufacturing firsthand. In the 1970s, 80,000 people made their living in Flint in automotive jobs, compared to just 12,000 in 2006.
Here are some pictures from Barack's stop...
You can read about Barack's economic plan here.
Barack just finished speaking to students at Wayne County Community College in Taylor, Michigan about education and college affordability.
While there, Barack and a financial aid conselor met with Marilyn, a student at the college. Marilyn is a dental hygenist student struggling to pay tuition. Her dad is disabled and she struggles to drive to class because of the cost of gas. Barack and the counselor told her they would work with her and her family to get her grants and other aid to pay for school.
Here are some pictures from his time at Wayne County Community College...
You can read about Barack's education plan to learn more about making college affordable for everyone.
Here's the full video of Barack's address this morning to a crowd at Kettering University in Flint, Michigan, on renewing American competitiveness and meeting the challenges of a changing economy:
You can follow the progress of the entire Change That Works for You tour here.
Barack Obama kicked of the second week of his economic tour today in Flint, Michigan. In one of the states that has been hardest hit by economic downturn, Barack spoke of the importance of embracing the fundamental economic transformations of the global economy and moving forward with new policies to increase American competitiveness.
There is a clear choice in this election. Instead of reaching for new horizons, George Bush has put us in a hole, and John McCain's policies will keep us there. I want to take us in a new and better direction. I reject the belief that we should either shrink from the challenge of globalization, or fall back on the same tired and failed approaches of the last eight years. It's time for new policies that create the jobs and opportunities of the future– a competitiveness agenda built upon education and energy, innovation and infrastructure, fair trade and reform.
Read the full text of Obama's remarks, as prepared for delivery . . .
Earlier today, Barack spoke with seniors in Columbus, Ohio, about his plan to preserve and protect Social Security. One of the key issues that Barack touched on was the dangers of privatizing Social Security.
At his own town hall meeting in New Jersey today, John McCain argued against claims that he himself was in favor of privatizing Social Security, but as Talking Points Memo shows, in 2004 McCain spoke openly about the need for privatization:
Contrast these conflicting messages with Barack's clear statement today:
Well let me be clear: privatizing Social Security was a bad idea when George W. Bush proposed it. It's a bad idea today. It would eventually cut guaranteed benefits by up to 50%. It would cost a trillion dollars that we don't have to implement on the front end, permanently elevating our debt. And most of all, it would gamble the retirement plans of millions of Americans on the stock market. That's why I stood up against this plan in the Senate, and that's why I won't stand for it as President.
Read more about Barack's plan to protect Social Security . . .
As part of his two week "Change that Works for You" economic tour, Barack and Michelle spent this morning in Columbus, Ohio, for meeting with local seniors. Ohio Governor Strickland joined them at the Oakleaf Village Retirement home.
Barack said...
A secure retirement is no longer a guarantee for the middle class. It's harder to save and harder to retire. People are losing their pensions. If we do not act, the promise of Social Security will grow harder to keep. That's why I will fight every day to extend the promise of a retirement that is dignified and secure when I am President of the United States.It starts with protecting Social Security today, tomorrow, and forever. For millions of Americans, Social Security is the difference between a comfortable retirement and the risk of poverty. We have an obligation to secure the future of one of the most successful programs in our history. And that starts with talking straight to the American people about the challenges that lie ahead.Well let me be clear: privatizing Social Security was a bad idea when George W. Bush proposed it. It's a bad idea today. It would eventually cut guaranteed benefits by up to 50%. It would cost a trillion dollars that we don't have to implement on the front end, permanently elevating our debt. And most of all, it would gamble the retirement plans of millions of Americans on the stock market. That's why I stood up against this plan in the Senate, and that's why I won't stand for it as President.
Check out these pictures of the event:
Ryan and Jenny Micke live in Appleton, Wisconsin, with their two children. Ryan is a unit director with the Boys and Girls Club at the local middle school. Jenny works as an educational assistant at a nearby preschool. With a combined income of less than $40,000, a mortgage with $120,000 remaining, gas prices as $4.00 a gallon, and food prices on the rise, they live paycheck-to-paycheck and work hard to make ends meet. Saving for their children's education and their own retirement has been nearly impossible.
Later today, Ryan and Jenny will meet with Barack to discuss the economic challenges facing the middle class and how his tax plan will ease the strain that so many American families face.A new report released yesterday from the non-partisan Tax Policy Center shows that Obama's tax plan will provide middle class families with tax cuts that are three times as large as cuts they would receive under John McCain's plan. The report also found that nearly one quarter of the benefits of the McCain tax plan would go to families earning over $2.8 million per year.
In Wisconsin alone, the Obama plan will cut taxes for 117,000 seniors and 3.1 million workers.
For the Mickes family, the Obama plan will provide $2,200 in real relief – as well as additional savings on their health insurance:
Learn more about Barack Obama's economic policies . . .
At the latest stop in his Change that Works for You tour in Chicago this morning, Barack discussed his plan to protect consumers (remarks as prepeared)...
Before we begin, I just wanted to say a word about the flooding devastating so many communities. We were scheduled to be holding this event in Iowa, but we decided to cancel it because we didn’t want to divert state resources from going to help with flood relief. My heart goes out to the families in Iowa, Wisconsin, Illinois and across the Midwest, who have been forced to flee their own homes, and leave their businesses and communities behind. Right now, many of them are wondering when they’ll be able to return, and what they’ll find when they get there. Well, we cannot assure them that their communities will be rebuilt overnight, but we can assure them that they will be rebuilt – because we’ll work to ensure that the full resources of our state and federal government are there to help. And I will do everything in my power to see to it that those resources get to the people who need them as swiftly as possible.You know, over the next two weeks, I’m going to be talking a lot about what we can do to build an economy that works for all Americans. Because for families all across this country, our economy hasn’t been working for quite some time. I’ve met Americans who are doing everything right – who are working that extra shift, or taking on that extra job – but are still struggling just to make ends meet. And a big part of the reason is that they’re paying $4 a gallon for gas, and skyrocketing costs for groceries, health care, and college tuition – at a time when their wages have stayed the same. As a result, many of them are falling deeper and deeper into debt, and a lot of that debt is being put onto credit cards. Over the past 15 years, average household credit card debt has tripled. The typical family is now nearly $10,000 in the red. And bankruptcy rates have steadily climbed over the past year. Now, let’s be honest. Part of why our debt crisis is so bad is that some folks are making reckless decisions – racking up big credit card bills by purchasing flat-screen TVs and other luxury goods that they know they can’t afford. And they should have to face the consequences of those decisions. But many more Americans aren’t falling into debt because they made an irresponsible decision; they’re falling into debt because credit card companies are pushing them over the edge. For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford. The contracts you sign when you get a card have gone from being one page-long a few decades ago to more than thirty pages-long today. And they’re often filled with traps and fine print that only a credit card executive could understand. These companies have been crossing the line to boost their bottom line. But rather than stop this outrage, Washington has let them get away with it. And it’s no wonder – because the credit card companies have spent millions in recent years financing political campaigns and lobbying Congress to get laws written to their liking. In the first quarter of this year alone, one such industry group spent nearly $800,000 on lobbying. This has to stop. We cannot let the rules of the game continue to be rigged against ordinary Americans. We need a President who will look out for the interests of hardworking families, not just their big campaign donors and corporate allies. And that will be a real difference in this election, because when it comes to Washington letting credit card companies get away with all this, John McCain has been part of the problem. When he had the chance to help families avoid falling into debt, John McCain sided with the credit card companies. When he had the chance to protect teenagers and college students from deceptive credit card practices, he sided with the credit card companies. And when I fought against the credit card industry’s bankruptcy bill that made it harder for working families to climb out of debt, he supported it – and he even opposed exempting families who were only in bankruptcy because of medical expenses they couldn’t pay. Just look at the proposals he’s been making on this campaign. He’s calling for nearly $2 trillion in corporate tax cuts over the next decade, but he hasn’t even proposed a single measure to protect hardworking Americans from credit card companies that are trying to take advantage of them. Well, that’s not the kind of change that the folks I’ve met are looking for. They’re looking for a President who will fight for them, and restore fairness to our economy. That’s the kind of President I’ll be. I’ll put a middle class tax cut into the pockets of hardworking families – a tax cut that will give 95% of all families $1,000 in relief.I’ll eliminate income taxes for seniors making less than $50,000 a year. And I’ll protect the rights of ordinary Americans by cracking down on companies that are trying to deceive them. That’s why back in November, I proposed a plan to help ensure that credit cards don’t become the next subprime crisis. It starts with making sure that we have a system that’s open and transparent. To help you understand the risks that are involved in signing up for a credit card, I’ll create a five-star rating system. That way, Americans can compare credit card companies and avoid those that are stacking the deck against them. Now, don’t get me wrong. We all have a responsibility to pay what we owe. But we have to ensure that the amount we’re paying is fair. That’s why I’ve proposed a Credit Card Bill of Rights. The first thing we’ll do under this bill of rights is ban unilateral changes to credit card agreements. You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement. Second, we’ll ban rate changes on past debt. If a credit card company wants to raise interest rates, then that new, higher rate should apply to the debt you add going forward, not what you already owe. The store can’t change the price of what you bought after you bought it and neither should your credit card. Third, we’ll ban interest on transaction fees. If you’re late in making a payment, you have to pay a late fee. But you shouldn’t be paying a fee for paying a fee. It’s time Washington established some rules of the road to level the playing field for hardworking families. It’s time we had an economy that worked for companies and consumers alike. That’s what my campaign is all about. So the American people will have a clear choice in November: you can choose an approach that sides with the credit card companies when it really counts; or you can choose to finally have a President who looks out for Main Street, not just Wall Street; a President who fights each day to put the American dream within reach for all Americans. And that’s the kind of President I intend to be. Thank you.
Before we begin, I just wanted to say a word about the flooding devastating so many communities. We were scheduled to be holding this event in Iowa, but we decided to cancel it because we didn’t want to divert state resources from going to help with flood relief.
My heart goes out to the families in Iowa, Wisconsin, Illinois and across the Midwest, who have been forced to flee their own homes, and leave their businesses and communities behind. Right now, many of them are wondering when they’ll be able to return, and what they’ll find when they get there. Well, we cannot assure them that their communities will be rebuilt overnight, but we can assure them that they will be rebuilt – because we’ll work to ensure that the full resources of our state and federal government are there to help. And I will do everything in my power to see to it that those resources get to the people who need them as swiftly as possible.
You know, over the next two weeks, I’m going to be talking a lot about what we can do to build an economy that works for all Americans. Because for families all across this country, our economy hasn’t been working for quite some time. I’ve met Americans who are doing everything right – who are working that extra shift, or taking on that extra job – but are still struggling just to make ends meet. And a big part of the reason is that they’re paying $4 a gallon for gas, and skyrocketing costs for groceries, health care, and college tuition – at a time when their wages have stayed the same.
As a result, many of them are falling deeper and deeper into debt, and a lot of that debt is being put onto credit cards. Over the past 15 years, average household credit card debt has tripled. The typical family is now nearly $10,000 in the red. And bankruptcy rates have steadily climbed over the past year.
Now, let’s be honest. Part of why our debt crisis is so bad is that some folks are making reckless decisions – racking up big credit card bills by purchasing flat-screen TVs and other luxury goods that they know they can’t afford. And they should have to face the consequences of those decisions.
But many more Americans aren’t falling into debt because they made an irresponsible decision; they’re falling into debt because credit card companies are pushing them over the edge. For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford. The contracts you sign when you get a card have gone from being one page-long a few decades ago to more than thirty pages-long today. And they’re often filled with traps and fine print that only a credit card executive could understand. These companies have been crossing the line to boost their bottom line.
But rather than stop this outrage, Washington has let them get away with it. And it’s no wonder – because the credit card companies have spent millions in recent years financing political campaigns and lobbying Congress to get laws written to their liking. In the first quarter of this year alone, one such industry group spent nearly $800,000 on lobbying.
This has to stop. We cannot let the rules of the game continue to be rigged against ordinary Americans. We need a President who will look out for the interests of hardworking families, not just their big campaign donors and corporate allies.
And that will be a real difference in this election, because when it comes to Washington letting credit card companies get away with all this, John McCain has been part of the problem. When he had the chance to help families avoid falling into debt, John McCain sided with the credit card companies. When he had the chance to protect teenagers and college students from deceptive credit card practices, he sided with the credit card companies. And when I fought against the credit card industry’s bankruptcy bill that made it harder for working families to climb out of debt, he supported it – and he even opposed exempting families who were only in bankruptcy because of medical expenses they couldn’t pay.
Just look at the proposals he’s been making on this campaign. He’s calling for nearly $2 trillion in corporate tax cuts over the next decade, but he hasn’t even proposed a single measure to protect hardworking Americans from credit card companies that are trying to take advantage of them.
Well, that’s not the kind of change that the folks I’ve met are looking for. They’re looking for a President who will fight for them, and restore fairness to our economy. That’s the kind of President I’ll be. I’ll put a middle class tax cut into the pockets of hardworking families – a tax cut that will give 95% of all families $1,000 in relief.
I’ll eliminate income taxes for seniors making less than $50,000 a year. And I’ll protect the rights of ordinary Americans by cracking down on companies that are trying to deceive them.
That’s why back in November, I proposed a plan to help ensure that credit cards don’t become the next subprime crisis. It starts with making sure that we have a system that’s open and transparent. To help you understand the risks that are involved in signing up for a credit card, I’ll create a five-star rating system. That way, Americans can compare credit card companies and avoid those that are stacking the deck against them.
Now, don’t get me wrong. We all have a responsibility to pay what we owe. But we have to ensure that the amount we’re paying is fair. That’s why I’ve proposed a Credit Card Bill of Rights. The first thing we’ll do under this bill of rights is ban unilateral changes to credit card agreements. You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement.
Second, we’ll ban rate changes on past debt. If a credit card company wants to raise interest rates, then that new, higher rate should apply to the debt you add going forward, not what you already owe. The store can’t change the price of what you bought after you bought it and neither should your credit card. Third, we’ll ban interest on transaction fees. If you’re late in making a payment, you have to pay a late fee. But you shouldn’t be paying a fee for paying a fee.
It’s time Washington established some rules of the road to level the playing field for hardworking families. It’s time we had an economy that worked for companies and consumers alike. That’s what my campaign is all about. So the American people will have a clear choice in November: you can choose an approach that sides with the credit card companies when it really counts; or you can choose to finally have a President who looks out for Main Street, not just Wall Street; a President who fights each day to put the American dream within reach for all Americans. And that’s the kind of President I intend to be. Thank you.
For more on Barack's plan to protect consumers and lift up struggling families, click here.
