Posted on 02/02/2010 4:55:40 PM PST by NormsRevenge
NASHUA, New Hampshire (AFP) – President Barack Obama highlighted his new top domestic priority of curbing unemployment Tuesday, detailing a 30-billion-dollar loan program to help small businesses.
Obama went to the northeastern state of New Hampshire to talk up the program, which he hopes will create thousands of jobs by freeing up capital via tax credits and community-based bank loans.
"Today one in ten Americans still can't find work. That's why jobs has to be our number one focus in 2010. And we're going to start where most new jobs start -- with small businesses," Obama said.
The US leader noted that small enterprises have created roughly 65 percent of all new jobs over the past decade-and-a-half.
"These are the companies that begin in basements and garages when an entrepreneur takes a chance on his dream, or a worker decides it's time she becomes her own boss," Obama said.
"We need to make it easier for them to open their doors, to expand their operations, to hire more workers."
The president's proposed tax credit would affect more than one million small businesses, while providing tax incentives to enable other firms to invest in new plants and equipment.
The program also would eliminate capital gains taxes on small business investment, freeing up capital for hiring and reinvestment.
The funds for the loans are to come from money repaid by big Wall Street banks, and will be used to create a lending fund to be used by "community banks on Main Street," according to Obama.
(Excerpt) Read more at news.yahoo.com ...
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A loan program? That’s what we need. More borrowing.
I resemble that remark.
US President Barack Obama listens to a question during a town hall meeting at Nashua High School North in Nashua, New Hampshire. Obama highlighted his new top domestic priority of curbing unemployment Tuesday, detailing a 30-billion-dollar loan program to help small businesses. (AFP/Mandel Ngan)
0 just doesn’t get it. He needs to spend some time with Dave Ramsey.
Won’t be a rush to barrow money to start businesses.
A business plan is like a plan to bet on a certain poker hand.
Right now too many can only come up with a low hand. Certainly nothing they would go into debt to bet on.
The main problem is that we are witnessing a slow motion
nuclear chain reaction go off. We allowed the manufacturing base to go overseas and evolved into mostly a consumer economy.
Now, we are seeing the chain reaction of mortgage defaults and domino effects of high unemployment. The middle class that drove the consumer economy is evaporating.
just setting the stage to blame bankers when unemployment is still double-digits in the fall
Look, a Kenyan standing in front of our flag!
What a jack a$$....
Is that Mugabi???
His tie matches his lips. Very nice.
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