Barack Obama, the Democratic Party nominee for the US presidential elections 2008 has made his stance clear on the economic issues that are of paramount importance to USA's welfare and development.
Sub-Prime Mortgage Market Crisis The recent crisis in the sub-prime mortgage market has triggered a slowing down of economic growth and number of home foreclosures has gone up. The vote bank of USA is anxious prior to presidential elections scheduled for November. Obama’s position in response to this has been apparent through his economic plans for USA.
Obama's Economic Proposals Obama has proposed a plan worth $30 billion in a bid to prevent home foreclosures. Of the $30 billion, $10 billion plan has been designed to assist people in retaining their homes. Another $10 billion has been outlined to help local governments and various states counter housing crises.
Obama's Bankruptcy Proposals Obama has proposed that a particular provision in the bankruptcy policy be eliminated in order to enable modification of home mortgage clauses provided to middle class families. He has asked for an increased control of government over USA’s financial system. His proposed “core principles for reform” include a six step plan according to which Federal Reserve would be entitled to supervise the working of any financial institution that it lends credit to. It could also introduce any reform for the effective administration of agencies that regulate finances. His plans also include a credit of 10% in mortgage tax for the American middle class.
Obama's Technology and Job Proposals With respect to technology and creation of job opportunities Obama aims to protect the accessibility of applications and content of certain websites to all and sundry. He aims to spread use of next generation broadband. His programs regarding renewable energy sector, namely, Renewable Portfolio Standard that demands electricity in the country to be generated from renewable sources within 2025 is expected to create numerous employment opportunities.
Credit Card Proposals of Obama Yet another important economic issue for Obama in his presidential campaign is to take care of overbearing credit card practices by establishing a credit card Bill of Rights, introducing a credit card rating system and reforming laws of bankruptcy.
Trade and Commerce Proposals of Obama In the field of trade and commerce Obama has proposed an amendment of the North American Free Trade Agreement, upgradation of the Trade Adjustment Assistance system and implementation of a trade policy that ensures the opening up of international markets.
Labor Proposals of Obama Obama’s economic plans also look into the labor laws. He has been an advocate of the Employee Free Choice Act. He also plans to implement a rise in minimum wages and supports workers going on strike in situations that threaten their working rights.
Following Russia's military incursion in Ukraine, the US immediately threatened various sanctions against Moscow, including personal travel bans, an ejection from Russia from the G8, and trade and finance measures. In retaliation, a Putin advisor warned that Russia could abandon the dollar as a reserve currency and/or default on loans to US banks. Neither party however can afford any form of action, nor do they have any real influence over each other’s economies.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific