Obama proposes bankruptcy changes

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Obama proposes bankruptcy changes

By AARON GOULD SHEININ
Atlanta Journal-Constitution
Published on: 07/08/08

Barack Obama moved Tuesday to paint the 2008 presidential election in stark terms of rich vs. poor, and fat cats vs. struggling families.

In a 15-minute speech before 2,700 screaming supporters at McEachern High School in Powder Springs, Obama unveiled a pair of new proposals aimed at easing bankruptcy laws for military families and for seniors.

Mike Morris/mmorris@ajc.com

Sharon Pimpton (orange cap) said she hopes Obama will enable people to have homes and jobs.

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The Democratic presidential nominee-in-waiting blasted his Republican opponent, U.S. Sen. John McCain, for putting the desires of banks and credit card companies ahead of the needs of working Americans.

"While John McCain is an honorable man, and I respect and admire his service to our country, John McCain has been part of the problem, not part of the solution," Obama said.

Toward the end of his remarks, Obama vowed to protect military families "who are being stretched thin because of repeated moves and long deployments."

Families, he said, who "are being preyed upon by predatory lenders. If you're protecting America, America should be protecting you from unfair bankruptcy laws."

He said he would create a "fast-track bankruptcy practice" for military families, which would ease restrictions against declaring bankruptcy, eliminate "unnecessary" paperwork and "let them keep a greater share of the value of their home."

Obama said he would work to help seniors keep their homes when emerging from bankruptcy. Their homes, he said, "are the cornerstones of a secure retirement," and also promised a larger homestead exemption for seniors.

Through the discussion, Obama referred to his plans not as "liberal," or "populist," but as "progressive," a distinction his opponents have dismissed.

Obama has built an economic plan that, in theory, should appeal to rural whites and blacks who are struggling in a changing economy.

In an interview with the Atlanta Journal-Constitution following the event Tuesday, Obama said that's not why he's doing it.

"It's not so much tailored toward a particular electorate as it is my sincere assessment of what's happened in our economy," he said.

Plus, he added, the mortgage and credit crisis facing the country has seen that "pain trickles up," hurting companies and individuals to reaped the rewards of a questionable decade of banking.

"Our economy has gotten out of balance," he said. "The American people don't resent wealth, they want to be rich. America has historically rewarded innovation and accomplishment and free enterprise, and I want to ensure we continue to do that."

But Obama's critics have painted him as not just wanting to raise taxes on upper-income earners but on those lower-income individuals he claims to want to help.

Obama addressed that criticism head on during Tuesday's town hall. Specifically, he acknowledged the GOP claims that his own tax proposal would raise rates on those who make as little as $32,000 a year.

Not true, Obama said.

"If you are a family making $250,000 or less, we will not raise your taxes," he said. "Not your income tax. Not your payroll tax, not your capital gains tax. Not any tax. We will cut your taxes. So I'm happy to have a debate about taxes with John McCain."

And the fight about taxes was an apt one given the location: Cobb County, one of the reddest counties in a traditionally rock-ribbed Republican state.

While the demographics of this part of Cobb County are changing, the area went overwhelmingly for George W. Bush in 2004. The three local voting precincts went 55 percent, 55 percent and 66 percent for Bush over Democrat John Kerry.

Cobb County Commissioner Sam Olens, a Republican, was surprised Obama visited his county, which he called one of the most Republican in the state.

"He's here to show he wants a strong hold in the South. I think this will be time that wasn't well spent for the senator," he said.

Olens, who heads his county's Metropolitan Planning Organization, is concerned Obama will bring additional federal regulation that will complicate approval for projects he oversees.

"When we promise our residents transportation projects, we need them delivered on a timely basis. I need less regulation rather than more. The regulatory burdens that come with federal dollars sometimes add up to more than those that are received," he said.

However, when asked what in McCain's economic policy he found most promising, Olens said:

"I don't think either [candidate] has a history with economic policies. But McCain's been a stalwart opponent to ear-marking for thousands of projects, and he's for lower taxes. I think of him as a man who's against government waste."

Staff writer Jose Pagliery contributed to this report.

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Comments

By Robert

Sep 1, 2008 6:49 AM | Link to this

who cares about FISA, who cares about illegal immigration, who cares about other countries. Who Cares?????

Lets kick those Republicans out of office, who voted for the BAPCPA, voted for this misguided war, voted to squander millions of dollars in subsidies to millionaires and billionaires, if you want to vote against your own best interests keep the republicans, they have show they dont give a D-A-M-N, about blue collar, middle class families and single people. Yes, they maybe anti abortion and "religious" but they dont follow Christ's example. The Republicans steal your money to line their friends pockets, look the banking industry.
To those of you who intent to vote Republican, and you are working poor or middle class, Please reconsider, a vote for John McCain is a vote against Bankruptcy reform, Healthcare Reform, Tax Reform, ending this misguided war, bringing our troops home and securing our border.

At least Obama is his brothers keeper and will help his brother and sisters. I am my brothers keeper and will vote all republicans out November 4. The only taxes that will be raised in an Obama Administration is those who make over $250,000.00. That is more than you or I make in five or ten years. Tax cuts for you and me for our families to get back on our feet. The only people that should be concerned are the very wealthy because they have not been paying their fair share of taxes since Bush became President and we had a Republican Congress. Let me give you an example: You and I who work for a living pay 15% of our income to taxes, thats abour $15.00 per hundred dollars earned by working. Now a wealthy person who lives on investment income, does not earn or work for their money is supposed to pay 35% of their income or $35.00 per One hundred dollars. Since Bush has been in office, those mentioned above who dont work and earn their money pay the same as you and I who bust our butts everyday for a paycheck. that is not fair. it is time for a change and end this travesty.

By Zollner

Jul 18, 2008 5:36 PM | Link to this

The commens Vote will qest?
is election corrupt

By lashonda

Jul 14, 2008 4:57 PM | Link to this

i have read some of these post and I am proud that there is a Man of another race who is courageous enough to run for office....this will be history no matter the outcome.....Mr. Bevil, us military folk need all of the help that we can get...true we signed up for the military but we were not expecting to live in poverty guidelines to have to reach out for public assistance because when you are on active duty it is very hard to get a second job and the kids still have to eat and be clothed. civilians make more than military ( unless you are an officer or above ) on anyday.....and its us lower rankers who put our lives on the line and have to be away from our families for long months at a time so it is about time we received more than what we were.........GET YOUR FACTS STRAIGHT THE MILITARY PAYS TAXES JUST LIKE THE NEXT PERSON SO WE ARE JUST AS ORDINARY BUT WITH A MUCH HARDER JOB WITH AN *** OF A BOSS

By az-indep

Jul 12, 2008 1:32 PM | Link to this

I'm not positive about Obama.. but I come from the Arizona boarder country and I am dam sure about no McCain...

By Grant

Jul 11, 2008 9:32 AM | Link to this

The economy was rather good under Reagan post 1983, and if you study history, and is sound like you don't, the actions the Reagan administration undertook reversed the stagflation that plagued the Carter administration. I would say the economy was rather good under Clinton, but Clinton had a Republican Congress to keep him honest..and as for the Obama/Kennedy comparison - Kennedy cut marginal tax rates. The junior senator is getting ready to raise them ALL back up..

By Maria

Jul 11, 2008 12:26 AM | Link to this

All I have to say is this.. If anywone wants the ecnomy to reamin the same.. then vote republican.. oil prices will contine to increase.. along with groceries, and taxes. Vote democrat if u want gas prices to decrease, tax cuts, health care benefits, decrease in grocery prices, better education systems etc. I DO NOT AGREE WITH THE GENTLEMAN WHO SAYD OBAMA IS A JERK OFF. WAS THERE EVER A TIME WHEN A REPUBLICAN WAS IN OFFICE THAT ECONOMY WAS AT ITS HIGH? THE ANSWER IS NO! BUSH HAS LEFT US IN A HELL HOLE. Gas prices almost 4 dollars a gallon! IN some places it is over 4 dollars a gallon. This is obsurd. Bush lied about weapons of mass destruction, and he is a republican. McCain is a repulican just like Bush and.. McCain's speech have been pretty similar to Bush's.. doesnt that tell u something? They think alike.. and act the same. If MCcain is in office THE WORLD WILL BE ANOTHER GREAT DEPRESSION JUST LIKE IN THE 1930'S!

By Maria

Jul 11, 2008 12:26 AM | Link to this

By Maria

Jul 11, 2008 12:26 AM | Link to this

By Tyger

Jul 10, 2008 2:19 PM | Link to this

Vote McCain:

No jobs, no healthcare, no gas, no food, no sense!

By teacher

Jul 10, 2008 12:17 AM | Link to this

I am alittle concerned about Obama changing his position on Fisa. The problem with public schools is not going to be fixed with early childhood education but with stronger distipline in our public schools. Students how asselt teachers just because they can are sent to an alternative school for a time and then sent back to the same teacher classroom. If a teacher tries to to defend themself they are punish. Most lose their jobs. Gangs and drugs are a real problem in urban school districts. Teachers are underpaid and get very little help. Unless we can come up with a strict discplinary plan for public schools. then hiring more teachers won't help they will just quit.

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