December 8th, 2009
11:47 AM ET
9 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. More government...bigger government....

    Obama is taking from the rich but not giving to the poor.....he's giving it to government which will then control our lives.....bad idea.....un American...

    December 8, 2009 02:25 pm at 2:25 pm |
  2. Democrat in MD (CNN please post. Thank you!)

    This is a time that we NEED to spend the money. For Heaven's sake, give the President a chance to do this. It will help the people who NEED it. Thank you & have a good day.

    December 8, 2009 02:37 pm at 2:37 pm |
  3. mjm

    "Especially after the Republicans have been busy sending our jobs overseas."

    Taxes send businesses overseas.

    December 8, 2009 02:40 pm at 2:40 pm |
  4. JD

    Mr. 0bama,

    If you really want to help Main Street, then CUT TAXES across the board to bring immediate relief. Then REIGN IN SPENDING on all these foolish socialist programs to provide long-term relief.

    Then banish this entire cap-and-trade nonsense which will do nothing but bring to ruin most, if not all, people on Main Street.

    This whole socialist nonsense of redistributing wealth is nothing but a recipe for disaster. It didn't work in the Soviet Union and it won't work now, no matter what your lackeys and yes-men say.

    December 8, 2009 02:41 pm at 2:41 pm |
  5. Andi

    Sheesh, people. Get a grip. At least OUR President is trying to help us. I think President Obama is less worried about his poll numbers and more worried about the American people. Can't say the same about the GOP.

    December 8, 2009 02:42 pm at 2:42 pm |
  6. Mark

    The first stimulus failed miserably so lets do another??

    More highway spending will do nothing.

    December 8, 2009 02:43 pm at 2:43 pm |
  7. Jane wants the truth

    This is absolutely disgusting... spend more money... the taxpayer's money.... to create your socialist government. This has got to stop!

    2012 cannot come too soon for me!

    December 8, 2009 02:44 pm at 2:44 pm |
  8. No Kidding....

    Pres Obama are you talking about the same Main Street during your
    2008 campaign......Really...Really...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    December 8, 2009 02:45 pm at 2:45 pm |
  9. Leslie

    People talk about the debt that we are saddling our kids with, but those same people ignore the quality of the world we are giving them, which is much worse than debt. If we keep going at this pace, they will inherit food and water shortages, along with an influx of millions of displaced people, droughts, invasive species taking over everywhere...

    December 8, 2009 02:48 pm at 2:48 pm |
  10. ann

    It looks like Bill Clinton explained the bailout right. I remember him on Larry King saying that the most likely scenario was that the Government stood to make money from the loan (bailout). I think one should not bailout "main street",. Let's ask for American innovativeness to rise again to accept the challenges that the environmental demise and demand for innovative education spur. The last few decades of image over substance need to be reversed.

    December 8, 2009 02:50 pm at 2:50 pm |
  11. Joe

    OB has SAVED or CREATED a job at the cost of a quarter million dollars a piece! Well, they are very price jobs indeed! However, if you just spread the wealth around our unemployed $50,000 a person, a analysis estimates that OB should have create 2.6 millions of jobs for those $800 billions of taxpayers' dollars.

    December 8, 2009 02:51 pm at 2:51 pm |
  12. Tell The Truth

    When will a politician stand up and say who is really responsible for the financial problems currently facing this country? Main Street, and the American consumer, who spend more than they earn, is just as responsible for the problem as Wall Street.

    Individual and collective irresponsible spending and over indulgence caused this problem, but no politician will ever publicly state that because they would be committing political suicide by accusing their constituents.

    Give Main Street a bailout, and they will squander it away on frivolous junk, just as they have for years. God bless the big screen TV and the new SUV you can’t afford.

    December 8, 2009 02:51 pm at 2:51 pm |
  13. Obama = Trickle up poverty

    As usual, Obamas help to businesses would only be temporary. No thanks, we will keep our business small and work less, after all, that is the Obama way. There is no incentive for us to work hard and get ahead. Keep it at 249,999.00 or less. Guess what Obummer, we make less and so do you!

    December 8, 2009 02:52 pm at 2:52 pm |
  14. Democrats = party of hate!

    Didn't we already spend 787 BIllion on job creation?? Or was it only targeted at hose who got him elected??

    If you want to spur job growth, lower taxes, cut govt spending. We can't survive when almost 33% of the people in this country are empolyed by the tax payers in one form or aonther!

    Lower the corp and SMB tax's, and stop wasting money on program like Cash for clunkers that costed $24,000 per car, heck a chevy cobalt fully loaded doesn't cost that much!

    December 8, 2009 02:56 pm at 2:56 pm |
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