AN OUTLINE TO ECONOMIC RECOVERY
By: Hope Wilkos, Writer/Blogger Photographer: George Whylie Videographer: Maxine NolanAs Republican Presidential hopeful Mitt Romney takes his campaign overseas to London to coincide with the start of the London Summer Olympics fitting a meeting with Prime Minister Cameron into the schedule, President Barack Obama is working to fulfill promises at home related to the economic recovery.
It is up to the House Republicans to pass the middle-class tax cuts for 98% of Americans and small business owners. The President has committed to promote economic growth through the following initiatives:
Providing tax relief for all Americans with refundable tax credits focused on working families. The Earned Income Tax Credit expansion allows families with 3 or more children to receive up to 640 more per year. This extension extends to the end of this year allowing families access to thousands of dollars in additional tax benefits. The President is calling for making the expansions permanent.
Creating opportunity and mobility for children by reforming K-12 and early eduction. By investing $4 billion into some of the lowest performing schools, they are making a miraculous turnaround. Many tens of thousands of low income children are benefitting from Head Start programs and child care assistance.
Putting cost of college more within reach for families. Pell Grant funding has been dramatically increased, a college education is now more affordable and comprehensive reform of student loans will save taxpayers over $68 billion over the next decade.
Secure an affordable health care coverage. Within his first month of taking office, President Obama signed The Children’s Health Insurance Program Reauthorization Act which afforded health coverage to more than 4 million children. The Affordable Care Act will prevent insurance companies from charging women more than men and discriminating against those with pre-existing conditions such as cancer.
Helping responsible homeowners feel more secure in their homes. Loan modifications have helped countless numbers of families. As part of The American Jobs Act, the President has proposed a $15 billion investment in Project Rebuild, a project giving construction workers a chance to get back to work and rehabilitate vacant properties.
Creating Pathways Back to Work. By means of The Recovery Act, over 260,000 low-income adults and youths have now been placed in subsidized jobs with another 367,000 low-income youth receiving summer employment. The President is proposing year-round opportunities and has announced close to 300,000 summer jobs and employment opportunities for youth and new online tools in order to easily access opportunities quicker.
Build stronger cities and communities. Strong cities and Strong Communities (SC2) is an interagency pilot initiative strengthening the capacity of local governments by partnering with them to execute their economic visions. Pilot cities are Fresno, Memphis, Detroit, New Orleans, Chester and Cleveland. This will hopefully encourage and stimulate economic growth.
Additionally, the Obama administration has created the Neighborhood Revitalization Initiative, an investment of over $345 million to reach 68 communities with an interdisciplinary, place-based and data-driven approach to holistic community change.
If all of these items are positively addressed and put into action, many individuals will be given a chance that they may not have otherwise been able to take advantage of.
STATEMENT BY THE WHITE HOUSE
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