Rescue From Recession: Obama Responds

Earlier today we posted this Hot Seat question on Political Machine:

Are the Democratic or GOP candidates better equipped to get us out of a recession?

We've received a response from Barack Obama:

Democrats will clearly be better for the economy.

In the last several months, fears about the economy have grown worse and are now shared by more and more Americans. What started as a crisis in the housing market has now spilled over to the rest of the economy. Banks are facing a credit crunch, leaving businesses with less money to invest and more Americans unable to get loans. Joblessness rose more last month than at any time since just after 9/11, and oil reached $100 a barrel. People have less money to spend, higher bills to pay, and fewer opportunities for work.

For years, we were warned this might happen. But Washington did what Washington does – it looked the other way. It rewarded lenders and lobbyists with whatever they asked for while ignoring the voices of working people who needed help most. And all the while, we've been led by George W. Bush – a President who's done more to contribute to this country's widening inequality than anyone since Herbert Hoover; a President whose tax breaks for wealthy Americans who didn't need them and didn't ask for them have only encouraged the mindset in Washington and on Wall Street that "what's good for me is good enough."

This isn't an issue I found along the campaign trail. I introduced legislation to stop mortgage fraud and predatory lending almost two years ago. I called for a middle-class tax cut back in September that would put money into the pockets of over 90% of working Americans; that would eliminate income taxes for seniors making less than $50,000; that would give a tax credit to struggling homeowners. And that's why when I announced my economic stimulus package the other week, I called for immediate tax relief for working families and seniors – because they shouldn't have to wait another day for Washington to act. They need our help right now.

We should send each working family a $500 tax cut and each senior a $250 supplement to their Social Security check. And if the economy continues to decline in the coming weeks, we should do it again. This is the quickest way to help people pay their bills and get them to start spending. We should also immediately make unemployment insurance available for a longer period of time and for more people who are facing job losses. We should help those facing foreclosure refinance their mortgages and stay in their homes, and we should provide direct relief to victims of mortgage fraud. And we should provide assistance to state and local governments so that they don't slash critical services like health care or education.

Aside from this immediate relief, we also need a long-term strategy to grow our economy and make it work for every American. That's why I've proposed a plan that would keep us competitive by providing every American with a world-class education from birth to college. I've also proposed plans to invest in the industries of the future, like renewable energy and technology, because we need to encourage entrepreneurship and innovation to keep us strong and competitive in a 21st century economy.

Please go to barackobama.com for more information on the candidate.