The President cut to the heart of matters to quiet the American people by admitting he was not happy about the bank bailout either. Obama expressed how deeply he hated it because the banks erroneous creative financing is what led to the collapse of the country's financial state. Their actions sent Americans into a recession and nearly a depression. He went on to explain how it was necessary to lend them this money to help stabilize the steady declining business economy. Obama stated that the banks had repaid the majority of the money. The remaining money would be recovered by imposing a fee on the largest banks. From a citizen's perspective, it is high time for financial institutions to know all the pains of being penalized for fees while experiencing financial difficulty. This is an all too familiar feeling with many American's.
President Obama spoke about his plans to give the banks $30M to assist entrepreneurs and small businesses. Large corporations are struggling to continue operations and small businesses and entrepreneurs are having a far worse time of things. In order to keep their doors open and create new jobs in the United States, these companies need assistance. The President outlined his intention to provide a small business tax credit, eliminate capital gains tax and slash taxes for these companies that have been growing the American employment market. He went on to stress that it is also very urgent for American's to branch out into the Global marketplace with our exports and strengthen our trade agreements. He called upon his congressional leaders to take responsibility and take action. It is their responsibility to get these bills passed to help the American people. If they couldn't perform their duties, Obama promised to see that these tasks were completed satisfactorily.
The President went into detail about the importance of education. People shouldn't be punished for getting a good education as it is required for our nation's future. Obama intends to raise the amount of the Pell Grant. He also opted to give parents a $10,000 tax cut for education for 4 years. Student loan repayment would be maximized at 10% of the student's income. He made a good suggestion for debt forgiveness on student loans. Student loans should be forgiven after 10 years if the person goes into public office and after 20 years altogether.
An even better suggestion to add would have been to provide debt forgiveness for all the American people suffering from credit card debt. Greatness would be to also allow all those with bad credit to wipe their slates clean with financial institutions and credit reporting agencies to truly have a restoration for the economy. The financial institutions received a bailout. The American institution, the citizens, need a bailout too. A fresh start for everyone would have been the icing on the cake for this State of the Union Address.
For now, President Obama has the ball rolling in the right direction by telling Congress to do their job and stop standing by like spectators. These are no "wolf tickets" Obama is selling. He is holding them accountable by providing a government that is working openly for all to see.
Published by Melanie D. Dameron
Melanie has an avid interest in wedding and event planning, television and film, music, celebrity news, fashion, cultural-fusion and low-carb gourmet cooking, wine education, football and motor sports. She... View profile
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