In the last two web logs many students have written about greed, in class Yanek asked, "How much is enough?" This week we are going to take a jump from American History back into current events, you may find a connection.
In class you have been given two readings about Obama's proposals, which proposals do you think are most important and why. Do you have any other proposals for easing the economic crisis?
Your task for this web log is to draft a letter to the president-elect on the proposal that you favor (either Obama's, your own, or another student's).
After next week's revisions you are invited to prepare a final copy for mailing to president-elect Obama.
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30 comments:
Dear President-Elect Obama,
First, let me say congratulations on your victory. I must say that I do not envy you seeing the tough road you have ahead. It is a very trying time for this nation financially and economically. All eyes are on you. All Americans are relying on you in these troubled times.
I have been watching your speeches and listening very carefully to the proposals you have been talking about as far as trying to rectify or atleast ease the situation we are in.
I particularly feel that your proposal to allow Americans to borrow from their retirement savings without a tax penalty should immediately be implemented once you are sworn in.
Every working American pays something toward their retirement fund. Unfortunately, many people are being forced to use this fund, which is their money anyhow, prematurely, to get through this difficult period. As sad as it is for people to be forced to use retirement money now, they also are being penalized for using their own money, in the form of a tax penalty.
People are afraid to borrow from their own funds, fearing this penalty and loss of additional money. If you eliminated the tax penalty, people might be more inclined to help themselves for now, through borrowing from their own retirement funds, rather than solely rely on the government.
Please, turn this proposal into reality and help us to help ourselves a little more.
Good luck Mr. President-Elect.
Sincerely,
Steven Ferraro
Dear President-Elect Obama,
Congratulations on your presidential victory! America has made the right decision to elect you as the new president starting January 20,2009.
I have been paying much attention to all of your proposals when I was watching the presidential debates. I am sure you will fulfill all of these proposals.
One of proposals you have made in one of your speeches was that you would forbid financial institutions that get government help from foreclosing on homeowners who are making some payment, even if not the full amount. Financial institutions that get help from the government shouldn't foreclose on homeowners that make some payment because the whole idea of the financial institutions is to earn money. Out of the whole amount the homeowners are supposed to pay, the part that the homeowners don't pay, the financial institutions get it from the government. So they are earning what they usually earn, nothing to lose.
This is one of your proposals that I strongly agree should be done and I believe that this proposal should be implemented immediately once you are officialy president.
Good luck!
Sincerely,
Karina Royzen
Dear President-Elect Barack Obama,
I want to congradulate you on being elected for president. Since you are president I want to tell you that the taxes had effected many people.I don't like the high taxes but I am asking you to try to lower them.
The people would start to stop buying things from known companies like Macy's and Gap (with all of the high taxes). The businesses would end up earning less money. The workers wouldn't need to work as much or even work at all. When they don't work as much they won't get paid as much. And when they don't earn enough money, they can't buy as much things. All because of high taxes.
However, you suggested that the people would use their retirement money to pay off the taxes. That would lead to people have not as much retirement funds. I don't think that would be a good idea. So do you see what the taxes are doing to the people of the United States? It all revolves around the high taxes and I am asking you to try to lower the taxes.
Sincerely,
Rebecca Kwong
Dear President-Elect Barack Obama,
It was a joyful day when you were elected president. but there's one improtant thing that you as the president and us as the citizens have to face, which is the economic crisis. this has been going on for a long time now and it needs to be solved as soon as possible.
I really like your proposals and think it willhelp the economy in different ways. In one of your proposals you stated that there will be a three thousand tax credit for emplpyers and each new person they hire. This will mean that employers don't have to worry about taxes and how to find the money to pay them. Another proposal said that there will be a ninty day moratorium on most home foreclosers. This will gone homeowners extended opportunity or grace to stuggle to keep theirs homes by working for a reasonable mortagage within the new duration.
I came up with suggestions and ideas to help this crisis. One idea is reduce student loan interest. Another suggestion is introduce a five thousand tax break for employers who hire new employers on yearly basis. Provide long term loan with low interest to state and government to create more jobs. Forth is encourage businesses to apply for low interest rate loan, to establish business with tax break out of five thousand per year for the next four years.
Thanks for your time.
yours truly, sade seidu
November 29, 2008
Sub: Changes in the Economy
Dear Mr. Obama,
Congratulations, you won the election. This is a happy occasion, but there isn’t much time to be wasting. You already know this, but the economy can’t wait. We are losing money, and so people are depending on you.
I’ve heard about your proposals, and they are great; but what I want to know is if you will live up to them. I do somewhat agree and disagree to your proposals; for example, your idea to give a $3,000 tax credit for every new person they hire. There are some people who will move from one job to another, just to get those $3,000 worth of tax credit. Then again there are people who can’t pay the required amount of tax, so they need to pay it in later. Here’s another idea, doubling the $50 billion loan guarantees that the government gave to automakers. Where are you going to get all this money? Also, the good thing is that oil prices are down, but worldwide economies are contracting, so people aren’t driving as much. Thus making the automakers not have much to make.
We are all part of the chain that makes an economy. Without a cog or nail, the whole system would malfunction. If you don’t have workers, you don’t have jobs, if you don’t have jobs, you don’t get businesses, and without businesses, you don’t get products, items, or money. And so, without money you can’t get a house and car, or go to a bank and loan the money you need.
To sum this up, I mean to say, rising taxes would get you money, but people lose theirs jobs or homes. Lowering it means people get those things they want, and sometimes what they don’t need; so you lose the money.
I’m not going against you; it’s just that I’m a bit worried what will happen to children like me when we grow up. So I hope you do what’s right or turn one of these proposals into something other than a tale. And yes you are right; George Bush has dug a deep hole for us. But I believe you will help us dig out of it.
A soon to be great citizen,
Maina Chen
Dear President-Elect Obama,
Congratulations on your victory as president of the United States. My name is Alexandra Ciardullo.I have been reading your proposals on easing the economic crisis and some of them I agree on. The first one is 'A $3,000 tax credit for employers for each new person they hire.' I agree on this one because it encourages companies to create new jobs, which might lead to people eventually buying stocks and investing in those companies.
Another proposal I agree on is 'Eliminating income taxes on unemployment benefits' because people who are unemployed should not be in more debt or lose money from income taxes that they cannot pay for. 'Enabling the U.S. Treasury and the Federal Reserve to lend money to city and state governments' is another proposal I agree on but I would like if that money was spent on important things like schools and more energy-efficient cars. I think only the car companies that make energy-efficient cars should get bail out money. I also think that car companies that make their cars more affordable, should get tax credits. I think this would encourage people to start buying cars again and buying stock in car companies.
I would like to include a few proposals from me that I think could help on easing the economic crisis. The government could exchange people's mortgages that they can't pay for low-interest loans depending on their credit rating and income. People who have always paid their mortgages on time should not lose their houses because of ballooning interest rates. But people who took mortgages that they could not afford from banks that should not have loaned them the money should be helped to find apartments, that they can afford to live in. Those people should have to pay back part of what they owe by having a certain amount of money taken from their salary, depending on how much they make. A special tax could be collected from very rich people temporarily, for maybe five years, to help pay back the rest. After the five years are up, those people could get a tax break. Please write back saying what you thought of my proposals.
Sincerely, Alexandra Ciardullo
Dear Barack Obama,
The economy contracted from July-September. If people cut back on buying at Macy's, Home Depot, Gap , and other businesses, they would make less money and cut back on buying more inventory. They will probably cut workers hours and maybe their jobs. That will make them spend less money themselves. So the economy will contract.
Oil prices are down. That's because world-wide economies are contracting. People are driving less. Obama's proposals include allowing Americans to borrow from their retirement savings. If they do that, won't they have less money? Every American who borrows from their retirement savings should pay a tax penalty.
A $3,000 tax credit for employers for each new person they hire- a measure intended to encourage job creations, would'nt businesses have less money if they did that? If a $3,000 tax credit is given to new employers would the government give it or the business?
Sincerly,
Leanna Manashvily
Dear President Elect Obama,
Since you will be our president next year, there are some problems that neds to be solved. The economy is shrinking and people are losing their jobs. Because George Bush spent billions of dollars for the Iraq War, the United States economy is decreasing greatly.
Many companies were bankrupt because they do not have enough money to pay for the government. People are being paid less for jobs and what is worse is that some are even fired. If people are not paid, they won't have money to buy things from the store. Then, the store would not have any business and it will shut down.
In one of your proposals, you would allow Americans to borrow from retirement savings without a tax penalty. I think it is a really good idea. I hope your other proposals would happen next year.
Sincerely, Catherine Chan
Dear President-Elect Barack Obama,
Congratulations on your presidential victory. I'm sure that you will help America out of this crisis we have and lead us to a better future. It will be difficult in this time of crisis but I'm sure you will overcome these hardships and help those people who truly need your help. As you know, the reason we're in this situation is because of lack of consumer spending which makes up 70 percent of the economy, due to the fact it was contracted from July to September, which lead to a dip in consumer spending. This lead to businesses not making as much money, forcing them to cut back on replenishing their inventory. They also will cut back the employee's hours or fire them all together, leaving them with less money to spend and that's where the economy collapses. Many people are in desperate need of help with some being forced into debt, homeless, jobs, and money, especially those (even retirees) who have lost money from there stock investments like Lehman Brothers. In Duluth, Minnesota, they lost 2.25 million from an investment in Merrill Lynch of # million. Now they have to have cuts in many city services. Who knows, others may follow. So now, after reading some of your Presidential proposals, I'd like to give you some feedback and suggestions from an average kid that hopes you will give it some consideration. I like your idea of giving a 3,000 dollar tax credit to employers for each new employee hired to encourage job creation which supports the business and give people jobs. But to restore the economy, we have to look at where the economy collapsed, the consumer spending. To restore the economy contract, the government should financially support businesses so to encourage buying, the business should sell things at lower prices and better deals. Together this could allow more money to be made and more jobs so that they don't have to give all the money they have. Which brings me to another proposal that I believe will work, allowing Americans to take out of their retirement fund without tax penalty. Even though I don't think they should have to take it out to support themselves, it may save some people. What also helps that you have mentioned is eliminating income taxes on unemployment benefits since not many can't find work. Letting U.S. Treasuries and Federal Reserves support cities and state governments is also something that should be implied. Though I'm not sure about forbidding financial institutions that get government help from foreclosing homeowners that don't make full payments. It might help those who are having trouble supporting themselves but it might GIVE trouble to the institutions.
I hope that some of this advice helps you and that soon, you will get the economy out of this crisis and restore all the losses.
Sincerely yours, Dakota An of 727-I.S.234
Dear President-Elect Obama,
Let me start by congradulating you on your victory in the election. I hope you know what obstacles you will have to face during your term as president. Our country is in an economic crisis, an all the citizens are counting on you to help us.
I have gone over your proposals and listened to your speeches, and so far, I'm agreeing with most of what you have to say. I agree with your idea about a 90-day moratorium on most home foreclosures. It's a good idea to let the stressed homeowners have some time to get back on track and find ways to cope with their morgage payments. Your idea about allowing Americans to borrow from retirement savings without tax penalty makes me think. What if they take too much money out of their savings and spend it unwisely on unimportant things. What will happen to them when they retire? I also disagree with doubling the $50 billion in loan guarantees that the government has given to the automakers. What if they fail? The tax payers money will be wasted.
Those are just my opinions, but you always have to ask yourself, "What if?" I hope your plan will work. Thank you for reading this letter.
Sincerely,
Beatrice Margolin
Dear Barack Obama,
First of all i wanna congrat you on your elcetion. I did vote for you. I think you would make a great president.
I was reading some of your proposals. You said you were gonna bring taxes up. The taxes are high enough. If you bring the taxes up more people will hafta work harder and spend more money. Please help our people and dont make this change. People are complaining on taxes.
Another proposal that you made was about healthcare. Your healthcare plan is smart and very helpful to a lot of people in the U.S.A. The healthcare plan is really smart because it helps people out that have bad healthcare.
One more proposal that you made was that you would get higher ED.I hope it all works out with all the deals on the economy in Iraq and Afghanistan. This more ED could help a lot of childern in the U.S.A.
Sincerely,
Alonso Espinoza
Dear President Barack Obama,
Let me congratulate on your victory. You known and the rest of the Americans know that the economy is in danger.
I think people should take some money from their retirement money and not get taxed on it. I also think they should lower the taxes. So people can save money and stores don’t go out of business. If people don’tbuy things from the store. The store can go out of business. The employees would have no job and they wont have any money to support their family. Then the economy will drop because not a lot of people will have no job or be paid less.
Some of your ideas to make the economy more successful is $3,000 in tax credit. Another idea you have is $ 50 billion loan guarantees is to automakers. What if they fail tax payers will be wasted.
Sincerely,
Brian Donohue
Dear President-Elected Obama,
Congratulation on your victory. Since you are elected president i want you to try to lower the taxes. The high taxes are effecting the people.
Like Macy's and Gap, the two known companies with high tax, people should stop buying stuff from there. When people stop buying stuff from there, the products will decrease and so will the pay for the workers. Then there wont be any job for the people since they are getting to little of money. And this is all because of high taxes. High taxes causes people to lose their jobs and their homes.
Also you think that the retirement money would cover all the taxes. But no it wont because that will lead to people not having retirement money. It will all be for the tax and then they will have nothing to support their family and keep their home. This is what high taxes are doing to us! So I'm asking kindly, may you please lower the tax to help the economy?
Sincerely,
Victoria Khem
Dear president – Elect Obama,
Congratulations on your presidential victory. My name it Ekin Ozkal and I believe you will do great things for our economy and our nation. As you know our country is in an enormous crisis.
Reading over your proposals I agree with most of them, but the one I am strongly agreeing on is: A $3,000 tax credit for employers for each new person they hire -- a measure intended to encourage job creation.
My older sister works at a car buyer’s magazine and just one week alone they let go at least five people. Our situation here is bad because just like most Americans I also have working parents who are affected by this situation. In some way it also effects us kids.
Dear Preisent-Elect Obama,
First off, I would like to say congratulations on your win for president. I understand that you know the problems of the United States, like the economy. The economy is shrinking greatly because of George W. Bush's decisions to pay millions for the Iraq War.
I have been watching your speeches and listening to your proposals. Companies shut down because they fail to pay the government, and that means that Americans would get less pay, and THAT means that people would fail to go to the store and buy supplies, and on top of that the stores will not have enough money, and will shut down. this is why I feel that your proposal to allow people to borrow from retirement funds, is a great idea.
But people will be forced to use their funds, sooner or later. And people might be afraid to use their funds because of the fear to lose additional money.
Good luck with these proposals Obama.
Sincerely,
Jackie Situ
12/01/08
Dear president obama,
I wan't to tell you congratulations on bieng our new president and that the U.S.A made a good desicion. thank you for trying to help us in our economic crisis.
We all wan't you to try to lower the taxes. If you lower the taxes people will buy more of the stuff thats in Macy's, Circut city, Target and many more stores. If people can't afford to buy stuff that they need, the workers don't get paid as much money.Then this couses even a bigger problem becouse the workers stop buying all the things they use to buy.
760,000 americans have lost their jobs becouse of this crisis.
your sugjestion was to use their retirement money to solve the tax debt. At first I agreed with you, but my mom and dad told me that they disagree becouse that money is used to buy many things like food, clothing and go to places after you retire from your job. If we use this money how will retired people pay for food, the clothing and to go on vacation.This is why I want you two lower taxes.
12/01/08
Dear president obama,
I wan't to tell you congratulations on bieng our new president and that the U.S.A made a good desicion. thank you for trying to help us in our economic crisis.
We all wan't you to try to lower the taxes. If you lower the taxes people will buy more of the stuff thats in Macy's, Circut city, Target and many more stores. If people can't afford to buy stuff that they need, the workers don't get paid as much money.Then this couses even a bigger problem becouse the workers stop buying all the things they use to buy.
760,000 americans have lost their jobs becouse of this crisis.
your sugjestion was to use their retirement money to solve the tax debt. At first I agreed with you, but my mom and dad told me that they disagree becouse that money is used to buy many things like food, clothing and go to places after you retire from your job. If we use this money how will retired people pay for food, the clothing and to go on vacation.This is why I want you two lower taxes.
Good luck Mr.President Obama.
sincierly,
Luis Carrasco
Dear President-Elect Obama,
First and foremost, congratulations on your victory! Now I must get straight to the point.
I have been listening very carefully to your speeches and the proposals you have mentioned trying to fix the situation we are in. In one of your proposals, you would allow Americans to borrow from retirement savings without a tax penalty.This is a good proposal. Every American that works puts some money into their retirement savings through their paycheck. Many people today are being forced to use that fun and getting tax penalties for using it.
You eliminating these penalties would take a huge load off of Americans backs. Many Americans are now afraid to use money from their own funds. Once this penalty would be lifted many people would now rely on them selves rather than the government. This would most likely save the government a bit more money.
Sincerely,
Yvethamare Jolicoeur
Dear President-Elect Barak Obama,
First off congratulations on your presidential victory there’s a tough road ahead, and I trust you will face the challenge as best as you can. One of the issues in this country is the economy. Your proposal has suggestions that give a possible solution to the problem. Still there are more solutions that are probable to be made in which I will include.
In your proposal I think the following statements would work. A 3,000 tax credit for employers for each new person they hire. Eliminating income taxes on unemployment benefits. Enabling the U.S Treasury as well as the Federal Reserve to lend to city and state government. Finally expanding government guarantees for financial institutions in hopes of returning to normal lending.
The proposals I would suggest are as follows. Going back to allowing people to claim interest paid on credit cards or automobiles. Imposing a corporate tax on businesses that farm out employment to other countries. I would also suggest taxing personal based on how much their income is and the necessities that has to be provided.
Sincerely,
Elijah Harden
Dear President-Elect Barack Obama,
I am so happy to have you as president. America has chosen what is best for our people.
I have read your proposal and I see that many plans play a large part in the economy. I am glad for that. One proposal mentioned is forbidding financial institutions that get government help from foreclosing on homeowners who are making some payment, even if not the full amount.
This I strongly agree with. I believe it is not fair for financial institutions to do foreclosures on homeowners are paying some of the payment. They are at least paying some. Homeowners shouldn't get a foreclosure just because they aren't making the full payment.
Try your best to live up to this proposal. It would mean alot to me and many others.
Sincerely,
Alisha Bunting
Dear President Barack Obama,
I have read some of your proposals to fix the economic crisis. The one that I think is the best is "eliminating income taxes on unemployment benefits." I think this is the best one because if you're now unemployed, you don't have the money to pay for the taxes and are giving back the money that the government gave you to help you pay for necessities. The government gives you money so you can pay for the things you need when you don't have a job. By taxing that money, the government is taking back the money it gave you to live on. That seems unfair to help Americans out and then take some of the money back.
I have thought about other ways to solve the economic crisis. My idea is to do something about the banks selling loans to each other. One bank might buy a loan that might never be payed back because the person might file bankruptcy. Then that bank will loose money on that deal. This could cause that bank to also go out of business. One solution could be that there should be an agency that handles all of the bank's loans, paybacks, closures and bankruptcies. It could keep banks from making bad decisions.
Hope You Succeed,
Anastasia Volovik
Dear, President-Elect Barack Obama
Congratulations on your victory! I know you will help America out of this economic crisis. I have been listening and studying your speeches about the economy, and I think that the idea of investing 150 billion dollars to build an American green energy economy and making 5 million new jobs and giving all children the world class education is the thing that America needs.
Once America is on it's toes, we will work our way up to stand strong. This also means to stop paying more for regular shoes, socks, shirts, etc. So should also stop buying from major companies such as JC Penny, Macy's, Victoria's Secret, etc. because they charge a lot of tax on everyday clothes. We should give newer companies a chance to prosper.
We should be as green as possible and waste as less electricity, food, water , oil, and gas as possible. If we can do all of this, I KNOW we will be back on top. Barack Obama, please help us back onto our feet.
Sincerely, Yanek Yakubov
Class:727 I.S.234
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