I Can Only Do So Much
Not only did Hillary Clinton think she had a better plan for the country, but obviously Barack Obama did too. At the rate things are going, everybody might just find out if she did. He also seemed to agree with George Bush more than voters originally thought. I find it quite interesting that this administration and the proposals on the table look awfully familiar. Like the much anticipated stimulus package is just Bush's tax cuts revamped. Seven nominated members of Obama's cabinet are either former Hillary Clinton supporters or holdovers from the Bill Clinton administration. As for the war in Iraq, now no changes are expected.
The ones coming up short are the Barack Obama loyalists like Susan Rice and Valerie Plummer. Neither of them got that pot of gold at the end of the rainbow they were expecting. He seems to be more concerned with building new alliances than honoring old ones. I don't share the same urgency that some of those who don't support Obama seem to be feeling. I think they're giving him too much power. A picture is worth a thousand words. I feel like Barack Obama looks on this picture. He must be saying to himself, " I can only do so much."
posted by Common at
8:26 PM
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Obama tells daughters he ran for president for them, all children
In an open letter to his young daughters, US president-elect Barack Obama said Thursday that he entered the race for the White House "because of what I want for you and for every child in this nation."
"When I was a young man, I thought life was all about me -- about how I'd make my way in the world, become successful, and get the things I want. But then the two of you came into my world," Obama said in the letter published in Parade magazine, a weekend newspaper color supplement.
"I realized that my own life wouldn't count for much unless I was able to ensure that you had every opportunity for happiness and fulfilment in yours. In the end, girls, that's why I ran for President: because of what I want for you and for every child in this nation," wrote the soon-to-be Dad-in-chief.
Obama's wish-list for children includes challenging and inspirational schools; equal opportunity to go to university, regardless of their family's financial standing; and well-paid jobs with benefits such as health care and a pension plan that will allow them to "retire with dignity."
The 47-year-old father of Malia, 10, and Sasha, 7, said he wants to "push the boundaries" of discovery to encourage the development of new technology and inventions that improve lives and protect the environment.
And he spoke of his vision of a United States that has reached "beyond the divides of race and region, gender and religion that keep us from seeing the best in each other."
He would strive to send young Americans to war "only for a very good reason", trying first to settle differences with other nations peacefully.
"These are the things I want for you -- to grow up in a world with no limits on your dreams and no achievements beyond your reach, and to grow into compassionate, committed women who will help build that world," wrote Obama.
"And I want every child to have the same chances to learn and dream and grow and thrive that you girls have. That's why I've taken our family on this great adventure," wrote Obama, who on Tuesday will move into the White House with his two daughters and wife, Michelle.
Worker Tax Cut: Maybe Not so Immediate
by Jeanne Sahadi
Friday, January 23, 2009
provided by
Congress is racing to pass a giant bill to stimulate the economy. But a key piece of it may be a little slower in coming than many people expect.
The biggest single tax break in the Democrats' proposed economic recovery package is the $145 billion "Make Work Pay Credit."
The credit, which President Obama championed, would reach close to 95% of workers and be paid primarily through paychecks. It would be worth $500 per worker or $1,000 for working couples who file jointly. The full credit will be available to those making $75,000 or less, or $150,000 or less for couples. Even workers in those income groups with no tax liability would get it.
The bill is still being debated. But as things currently stand, workers may not see that money until June. And some of the lowest wage workers — those who economists say are most likely to spend the money rather than save it — may not see their credit until they file their 2009 federal tax return sometime next year.
But for the credit to be paid out in workers' paychecks, employers will need to change how much tax they withhold. And they would need new withholding tables from the Treasury Department to do that.
Thomas Barthold, a deputy chief of staff at the Joint Committee on Taxation, told lawmakers on the House Ways and Means Committee on Thursday that he understood Treasury may not be able to get those tables to all employers before June 1.
That means it could take 15 weeks if the bill is enacted by President's Day, as Democrats have promised.
The American Payroll Association paints a slightly more optimistic picture. The trade group, which represents payroll specialists, was told by Senate staffers that Treasury might need only 10 weeks to revise and distribute the withholding tables, said Michael O'Toole, APA's senior director of government relations and publications.
Meanwhile, a Ways and Means staffer told CNNMoney.com Thursday, "We've heard they will do them as quickly as possible."
A Treasury spokesman was not immediately available for comment.
Timing Is Everything
Economists have been urging lawmakers for months to act swiftly to get money distributed to states, businesses and consumers to help stem the economic downturn. And many, like Lakshman Achuthan, managing director of Economic Cycle Research Institute, have stressed that the timing of stimulus is paramount to its success.
"This would have been great a year ago, but now consumers are so defensively oriented that the boost to the economy will be more limited," Achuthan said. "Any substantial delay from today increases the risk that the economy will tumble into a much deeper recession, which will be all the more difficult to climb out of later."
Mark Zandi, founder of Moody's Economy.com whose research has been relied upon by the Democrats to make their case for stimulus, was a little more optimistic. He said June 1 is not too late but that an earlier start would help boost the economy more.
"Every day matters," Zandi said. "The economy will be under severe pressure early this year, and the benefit of the stimulus could be overwhelmed if it doesn't get into the economy quickly."
Low-Income Workers May Wait Longer
Even if Treasury is able to turn out new withholding tables on a dime, the way the provision is currently structured, the lowest income workers may not see their 2009 credit until the first quarter of 2010.
"The biggest sticking point is for people who have very little or no income tax withheld because they earn too little or take a lot of exemptions. They'd have to wait for some or all of their credit until they file [their tax return]," O'Toole said.
Of course, the lowest paid are also those most likely to be living paycheck to paycheck and more likely to spend the money quickly.
Even middle-income folks will have to wait to get some of their 2009 credit since the full $500 per worker likely wouldn't all be paid out this year since it would go into effect after a considerable number of pay periods have passed. Workers could claim the unpaid portion of the 2009 credit on their federal tax return due April 15, 2010, according to the Ways and Means Committee.
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