Archive for February 2010
BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 4
February 14, 2010 | 
Author Reform Bankruptcy: Over the last 25 years, bankruptcies increased 400 percent, putting more families at risk of falling into financial ruin. A recent study showed that nearly half of bankruptcy cases resulted from a major illness. Barack Obama attempted to improve the Bankruptcy Reform bill that Congress passed in 2005 and opposed its final passage. As president, Obama would revise our bankruptcy laws to allow families to get back on their feet after a personal financial crisis.
Provide a Living Wage: Barack Obama believes that people who work full time should not live in poverty. Latinos make up 12 percent of the total workforce, but more than 19 percent of Latinos would benefit from a minimum wage increase. Before the Democrats took back Congress, the minimum wage had not changed in 10 years. Even though the minimum wage will rise to $7.25 an hour by 2009, the minimum wage’s real purchasing power will still be below what it was in 1968. As president, Obama will further raise the minimum wage to $9.50 an hour by 2011, index it to inflation and increase the Earned Income Tax Credit to make sure that fulltime workers can earn a living wage that allows them to raise their families and pay for basic needs such as food, transportation, and housing — things so many people take for granted.
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BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 3
Support Job Creation: Barack Obama believes we need to double federal funding for basic research, expand the deployment of broadband Internet technology, and make the research and development tax credit permanent so that businesses can invest in innovation and create high-paying, secure jobs. As president, Obama will make long-term investments in education, language training, and workforce development so that Americans can leverage our strengths – our ingenuity and entrepreneurialism – to create new high-wage jobs and prosper in a global economy.
Reduce Fees for Remittances: Some six million Latin American immigrants in the U.S. send money back home to their families on a regular basis. Nearly $25 billion was remitted from the United States to just Mexico and Guatemala in 2005. Barack Obama wants to give more families access to traditional banking services and increase transparency in what consumers are charged for money transfer services. Greater transparency and competition will lower fees on remittances, prevent consumer abuse, help immigrant families here and promote development in foreign countries.
Support Low-Income Families: The Child Tax Credit is an important financial resource that helps working families with a $1,000 credit per child. Unfortunately, the credit is skewed so that many of the families who need it most cannot get it. Because of high income limits that are indexed to inflation every year, parents who work full time at minimum wage are not eligible for the credit. As a result, 4.1 million Latino children and families do not get the full credit. Barack Obama worked with Senator Olympia Snowe (R-ME) to introduce legislation lowering the income limit so that 600,000 more families can benefit from the credit.
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Posted in Latino Economic | Tags: Barack, BARACK OBAMA, Business, child tax credit for low income in california, children, ECONOMIC OPPORTUNITY, Guatemala, high, how is the child tax credit for 2010 in ca, immigrant, Latin American, LATINO, low income child tax credit california, low income child tax credit california 2010, ME, more, NY, Obama, obama fighting family, Reduce Fees, Remittances Some, Senator Olympia Snowe, Support Job Creation Barack Obama, Support Low Income Families The Child Tax Credit, the, United, United States | No Comments »
BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 2
Create Career Pathways for Workers to Move up the Ladder: Barack Obama believes that all workers who want a job should not only be able to gain meaningful employment, but also be able to move up the career ladder to further support their families and serve as role models for their children. Obama has introduced legislation to help strengthen career ladders by first identifying regions and industries where career pathways are not fully developed and then establish public-private partnerships to lift up low-wage workers. Obama supports using the successful organized labor model of providing workers with additional skills and opportunities, and looks forward to working with organized labor to build more opportunities for low-income workers to reach economic security.
Increase Latino Access to Capital: Latinos are entering the entrepreneurial market in record numbers. During the 1990s, the number of Latina-owned small businesses grew by an extraordinary 209 percent. Unfortunately, minority-owned businesses face challenges in accessing capital. For example in the Small Business Administration’s (SBA) main venture capital initiative, the Small Business Investment Company program, less than 2 percent of investment went to Latino-owned businesses. In order to increase their size, capacity, and ability to do business with the federal government, and to compete in the open market, minority firms need greater access to venture capital investment, as well as greater access to business loans. Barack Obama will strengthen Small Business Administration programs that provide capital to minority-owned businesses, support outreach programs that help minority business owners apply for loans, and work to encourage the growth and capacity of minority firms.
Posted in Latino Economic | Tags: Administration, Barack, BARACK OBAMA, Business, Capital, Capital Latinos, children, Create Career Pathways, ECONOMIC OPPORTUNITY, First, Go, Increase Latino Access, Ladder Barack Obama, LATINO, NY, Obama, SBA, Small, Small Business, Small Business Administration, Small Business Investment Company, the, went | No Comments »