Saturday, December 08, 2007

Barack Obama on the Mortgage Crisis

I don't know if I would vote for him, but Barack Obama seems like a reasonably smart guy. Just one day after Jesse Jackson's editorial in the Journal, he weighs in on the same topic. I don't agree with his conclusions, but he has some decent ideas.

To prevent the current problems in the housing market from spreading, shaking confidence in other sectors of the economy, we need to put money in the pockets of middle-class Americans. In September, I proposed a middle-class tax cut that would offset the payroll tax that working Americans are already paying. It would give very working family a tax cut worth up to $1,000. It would also make retirement more secure by eliminating income taxes for any senior making less than $50,000 per year. And over the long term, I've called for an automatic workplace pension enrollment policy, which would include a federal government match for part of the savings of middle-class families so they can count on more savings when they retire.

Tax cuts, coming from a Democrat? I am kind of waiting for the other shoe to drop though.