Turning to the complex discussion of taxes, the economy and the major political parties' answers to help black people, the old saying still rings true.
We can lower taxes all we want but to keep the books balanced, we will have to absorb cuts in public services – this is generally the Republican way.
That works fine if you have a great job or if your parents or grandparents left you a nice chunk of change – this also is the generally the Republican way. ...
Financial Industry in Turmoil
Wells Fargo, JPMorgan Chase, HSBC and other large banks have all reportedly been approached by regulators seeking someone to rescue Washington Mutual, which has been pounded by the slumping housing market and the subprime lending fallout.
Nick Ut, AP
Some are also speculating on which firm may be headed the way of Merrill Lynch or Lehman Brothers. Media reports have said that Morgan Stanley is pondering whether to remain independent and that it is in talks with Wachovia about a possible combination.
Mario Tama, Getty Images
A trader works on the floor of the New York Stock Exchange, Wednesday, after nervous investors yanked their money out of the stock market, sending the Dow down 450 points. The latest market plunge came after a late Tuesday announcement that the government would bail out ailing insurer AIG. "People are scared to death," one investment strategist said.
Richard Drew, AP
The AIG bailout marked the second time this month that the government put taxpayer money on the hook to rescue a private financial company. In exchange for a 2-year $85 billion loan from the Federal Reserve, the government will receive a 79.9 percent equity stake in the company.
Mark Lennihan, AP
Former Allstate chairman and CEO Edward Liddy, left, is expected to replace AIG's Robert B. Willumstad. Willumstad, a former Citigroup executive, had been at the helm of AIG since June.
AP (2)
AIG, whose shares had been on a freefall, had been on the hunt for cash to shore up its balance sheet. The Fed determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy.
Richard Drew, AP
The U.S. government became one of the biggest players in the nation's mortgage market last week when it took control of mortgage finance giants Fannie Mae and Freddie Mac. The two financial institutions, battered by plunging share prices, rising foreclosures and sinking home values, owned or guaranteed about half of U.S. mortgage debt.
AP (2)
The decision to help AIG marked a reversal for the government from the weekend, when it refused to use taxpayer money to bail out Lehman Brothers. The investment bank was forced to file for Chapter 11 bankruptcy protection Monday.
Jin Lee, AP
For many of Lehman's 26,000 employees, the outlook is likely to be gloomy with job losses expected to be substantial even if significant parts of the business can be sold. On Sunday night hundreds of Lehman employees were seen clearing their desks and packing personal belongings.
David Karp, AP
Last week, after posting $3.9 billion in losses, Lehman CEO Richard Fuld outlined a plan to sell and spin off assets to raise money. Fuld, 62, who joined the company right out of college, is the longest serving CEO on Wall Street.
Kevin Wolf, AP
But what if you, like a disproportionately high percentage of black Americans, don't have a high paying job. Or don't have an inheritance. Or for some reason, can't find work because you are incarcerated or disabled?
It is for this population that the Democratic ideology of building a societal safety net of government programs makes sense.
Just check what the last few years of Bush tax cuts for the wealthy have done to the safety net. Black unemployment has increased since 1993. In addition, the GOP fights every proposal designed to help poor people.
Want to extend unemployment benefits, Republicans will fight it.Seeking to raise the criminally low minimum wage, get ready for a GOP battle.
Try to expand Pell grants or any other measure to expand educational opportunities, not if the GOP is in control.
You only have to go back a few years to see how smart Democratic policies from the White House brought better economic times for black people.
Under Bill Clinton, job creation expanded and unemployment across all racial and ethnic categories fell.
But Clinton had the foresight to do something that made more liberals howl at the time, he worked to shrink the welfare state.
Most progressives attacked the move as anti-black and anti-poor but Clinton was right. The welfare state had grown too large, too alluring for the lazy among us who had the skills and ability to work for themselves.
The result.
The news media has repeatedly told stories of how black folks who had been dependent on welfare now are earning a living wage working in hotels, managing fast food joints or in some other entry level employment. They might not be jet-setting but they are off the public dole and are actually contributing society.
All these folks needed was a kick in the pants and a helping hand, like the combination of welfare reform and expanded job training opportunities provided during the Clinton years.
With the Republicans, all black people get is the kick in the pants.
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Paul Shepard blogs the Democrat side of the election for BlackVoices. He has been a journalist for 16 years; on the national urban/minority affairs beat for The Cleveland Plain Dealer and for The AP in Washington, D.C.
1. Am I the only one that finds it odd that this gentleman defines the state of the economy by how many black people have a job or are on welfare?
There's no way that Obama's plan can solve the economy issue while simulataneously solve our efforts to help bring democracy to Afghanistan and Iraq (and if things keep going the way they are, we'll be helping more in Darfur, etc).
Debt is a fact of life. You either owe a mrtgage, rent car payment, etc. It's how you acquire the things you need to get along. The goal (individually) is to die with a ton of debt and let your life insurance pay it off. As a country, we help other countries (see Japan and Europe 1945, S. Korea, Indonesia) when they are in need and this contributes to our debt. We make agreements (NAFTA (Clinton), CHina trade (Clinton), that bring prosperity and improve relations with other countries while moving jobs to those countries and adding debt in our own.
So Obama's plan is to punish those in America who have worked hard to achieve and earn more than $250K (I am not one). And give a break to those who earn less? How is that supposed to help? Those people pay more in taxes, they hire less workers. So there are more unemployed, less people to give tax breaks, and more on welfare.
What we need, and I believe JSM plan is consistent, is to renegotiate NAFTA and china trade agreements of Clinton so that they are not so lopsided in favor of Mexico, Canada, China, India, etc. and get those jobs back in the USA. We need to ban the purchase of foreign automobiles regardless of where they're built. (Ever go to Japan and see Ford, Chrysler, Chevy on hte roads? no they drive their own cars, Europe, China, and Korea are the same). So what if they get better gas mileage or last longer, I drive a Ford Freestyle 22MPG, 2 y/o and still runs fine. Get Detroit out of the murder business and back to building our cars.
Obama will be the best president for foreign countries McCain is the best choice for America. If you vote with your heart, vote Obama. If you use your head and understand the facts you will vote for McCain.
J at 9:41AM on Oct 8th 2008