December 8th, 2009
11:47 AM ET
8 months ago

Obama: Bailout for Main Street

Obama: Bailout for Main Street.'
Obama: Bailout for Main Street.'

Washington (CNNMoney.com) - President Obama on Tuesday outlined a broad new proposal to try to spur jobs and give more help to Main Street consumers and businesses.

In a speech at the Brookings Institution, Obama said he wants to give small businesses tax breaks for new hires and equipment purchases. He also wants to expand American Recovery and Reinvestment Act programs and spend some $50 billion more on roads, bridges, aviation and water projects.

Finally, Obama would offer consumers rebates for retro-fitting their homes to consume less energy.

"Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood," Obama said in prepared remarks.

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Filed under: Jobs • President Obama • TARP
soundoff (114 Responses)
  1. grumpy old man

    The key is reducing government spending. The rest is posturing. Too bad the fellow is so clueless.

    December 8, 2009 12:55 pm at 12:55 pm |
  2. duckunder

    What was Bush's aproval rating when he left office? Around 20%? Worse than Jimmy Carter's. When the economy is finally stable and unemployment improves next year, Repubs will take another beating. We independents won't forget the six years of corruption and do nothing Republican congress or the eight years of incompetance by Bush/Cheney that has put the country in a possition to beg from the Chinese. So be happy Repubs, you are truly living a dream.

    December 8, 2009 12:55 pm at 12:55 pm |
  3. Eric

    Obama has spent more in one year than any other President in history. How dare he lecture us on fiscal responsibility when he jet sets for $20,000 date nights to NYC on our dime (which he withdraws from the stimulus slush fund he passed). Obama has now spent more in the first two months of this fiscal year than all of last year combined. He is DESTROYING our economy like many of his constituency did with their Fannie/Freddie mortgages, by borrowing money for things they could never possibly afford.

    Obama's HOAX was leaving us nothing but CHANGE in our pockets where dollars once resided.

    December 8, 2009 12:57 pm at 12:57 pm |
  4. Amazing

    This little speech will do nothing to encourage us to rehire those we had to lay off. We aren't the government we can't be spending money we don't have or aren't sure we can pay back to hire employees or buy equipment. Nope, those jobs lost are not coming back under Mr. Tax and spend..........we will wait until this disaster is voted out of office in 2012.......then the promise of Hope and change will be restored to the mess this man is creating.

    December 8, 2009 12:58 pm at 12:58 pm |
  5. Steph

    I love the idea of tax breaks to small businesses to hire more people. Small business equals innovation, and that's exactly what we need. Well done Mr. President!

    December 8, 2009 12:58 pm at 12:58 pm |
  6. NYCitizen

    How about ending NAFTA so that our manufacturing jobs can come back home, where they belong? And stay clear of any CAFTA agreements. Bad business deals for the USA.

    December 8, 2009 12:58 pm at 12:58 pm |
  7. Mike in MN

    Finally, some actual help for business. Should have been part of the first stimulus like the Republicans wanted.
    I saw his speech. It makes me wretch to still hear him exagerate about how many jobs the first stimulus has created or saved. The unempolyment numbers don't support the wild claims. To have any credibility they need produce sperate numbers on jobs saved, full time and permanant living wage jobs created, part time jobs created and how much they pay, and temp jobs created that no longer exist.
    But they won't because the overwhelming majortiy will be jobs saved, or part time or temp jobs, very few permant living wage jobs.
    The first stiumulus is a failure or this second stimulus would not be needed, especially if the first had work beyond all expectations as Obama wildly claims.

    December 8, 2009 12:59 pm at 12:59 pm |
  8. Steph

    It's interesting to see Republicans complain about tax breaks. I thought they loved tax breaks. Oh, that's right, they only want tax breaks for the wealthiest Americans not small business owners.

    December 8, 2009 12:59 pm at 12:59 pm |
  9. Bev

    I don't think that the MAJORITY in the country believes your lies, excuses, etc. anymore Obama.

    Maybe you should look at the new Gallup poll Obama--as you only have a 47% approval rating---"THE LOWEST LEVEL FOR A PRESIDENT EVER RECORDED AT THIS POINT IN HIS TERM"

    At this point in their term--Bush Sr. was 71%, Clinton was 52%, and Bush Jr. was 86%!!!!

    The people are waking up--VERY FAST!!!!

    December 8, 2009 01:02 pm at 1:02 pm |
  10. Dan, TX

    Although we are a minority, the intelligent and educated people of America think Obama is doing quite a good job. The facts are on Obama's side

    Democrats and Republicans can shove it. They are idiots. They have dogma, but not truth, on their side.

    December 8, 2009 01:02 pm at 1:02 pm |
  11. ObservantOne

    Unemployed for over two years and still waiting on a job. Why not just give incentives to all firms that have outsourced American jobs and work toward getting at least 85% of the jobs back home to the USA while we can still call it the USA.

    As long as government and big businesses are in control of the TARP funds, we the little people, small businesses, etc will never see a dime. And you just don't get it...you have spent enough money to give every American at least $100K, that would have gotten the economy going...oh well 2010 and 2012 will be here before you know it.

    December 8, 2009 01:04 pm at 1:04 pm |
  12. B

    It sounded Great, now if we could just get some of those Worthless Republicans to stop trying to undermine absolutely everything that the President is attempting to do!

    It is not enough that he inherited this huge Train-wreck, the Republicans keep refusing to support his attempts to overcome it.

    December 8, 2009 01:10 pm at 1:10 pm |
  13. Silence Dogoode

    How about we don't spend more $$$$ and any extra goes back to the tax payers? How about you quit wanting to enslave our future generations with debt?

    December 8, 2009 01:11 pm at 1:11 pm |
  14. Obama/Biden

    is the rich people with the power to hire and fire are holding president Obama on the neck and not hiring any body just to make the president look bad and say that he is a do nothing president with high unemployment during his term and prevent him from getting reelected.

    December 8, 2009 01:13 pm at 1:13 pm |
  15. Joy

    Many of you seem to think that all this governmental debt just started in January 2009. Cutting taxes and fighting two wars are the primary reasons we are here today.

    Many of you Folks need a reality check! Start Fact Checking before you go on and on about things that you apparently don't know or understand.

    December 8, 2009 01:14 pm at 1:14 pm |
  16. chubby

    nobama has not stopped the flow of job losses, he has not created any jobs except in the Federal Government and the saved jobs, he is just blowing sun shine where the sun does not shine. His speech today was nothing less than pure lies. He blamed the past administration for the deficit but the congress approves the expenditure of funds and nobama voted for all the spending bills under President Bush.

    December 8, 2009 01:15 pm at 1:15 pm |
  17. Fed Up

    How about bringing back the jobs to the US that Clinton sent overseas???? That might be a good start. Start charging companies higher taxes for every job they export. Better yet, give everyone over 50 $1 million dollars, If they accept that, they have to retire and buy a new car. That takes car of the job situation and the car industry. 2 problems solved with one fell swoop. It will be cheaper than what he has already done, and is planning to do.

    December 8, 2009 01:18 pm at 1:18 pm |
  18. Marc

    'During his speech, Obama stressed that it was equally critical to both reduce debts and spend more to create jobs. He insisted that both could be done at the same time.'
    Let's hope he's right, and if anyone wants to says he's wrong please use an argument that no quick check on a basic Economics book can prove as wrong (Tax Cuts for instance).

    December 8, 2009 01:21 pm at 1:21 pm |
  19. shmeckel

    The economy is on the rise slowly but surly, so anything will look like it is working.

    Here is an idea. Take the remaining 200 billion left from tarp. Being the banks like to use our money and not loan any out. Take the money, loan it out the public for the same intrest rate as you give the banks 0%. Be smart about it, loan it to people that can afford it. When they pay it back loan it out again. See how long it takes the banks to get the idea. See how quickly we recover.

    December 8, 2009 01:23 pm at 1:23 pm |
  20. Approval Rating

    Obama is moving closer to the middle everyday, he is using supply side economics (lower taxes, albiet for small businesses only) to help stimulate job growth and what about his Afgahn decision??....more troops (took long enough). At this rate, health care reform will be an extremely watered down version and one w/o a public option. All of this b/c his approval ratings stink and he is, above all else, a politician whose first priority is to get re-elected/stay in power. So Much for CHANGE!!!

    December 8, 2009 01:27 pm at 1:27 pm |
  21. Fitz in Texas

    So, according to The Gallup Poll, Obama's approval rating is now at an all time low of 47%. Actually, I'm surprised it's eve that high.

    December 8, 2009 01:29 pm at 1:29 pm |
  22. Ken

    It is a shame that this man has no idea how jobs are created in a free market system. The only thing he knows is government mandated, debt financed, soviet style jobs program that will create neither wealth nor prosperity, but will drag the entire nation into a prolonged economic slump. The Government can only consume wealth. It can not create wealth.

    December 8, 2009 01:31 pm at 1:31 pm |
  23. smugs

    We should change the names to where the losers of the election are automatically to become the 'whiner baby party' and the winners are the 'screw ups'. But they are all idiots of course. If only there were a way to give the power to smart people (but not so greedy) to make some intelligent moves that are needed, the solutions are obvious to most educated people, so are the road blocks however, not that its all easy. These approval ratings we talk about are nots, more like idiocy ratings.

    December 8, 2009 01:34 pm at 1:34 pm |
  24. Chris - MN

    I love seeing the comment that Obama should have done this last year. Guess what guys, he wasn't president then.

    December 8, 2009 01:36 pm at 1:36 pm |
  25. Terry - Indiana

    Good! The president final read my email message. There is additional funding for Main Street too. Ask all of the Financial Institutions and Wall Street Banks to either send an accounting of the Use of TARP Funds, or the money itself. Any average American could have told you this was the only way to address the issues of Main Street – take the money directly to the people. This is not a handout. The way to manage this is through SBA Loans. We have a disaster on our hands, and we should treat the recovery as a Disaster Funding Bill.

    December 8, 2009 01:40 pm at 1:40 pm |
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