President Obama Addresses America Over Plans to Stimulate Economy

Obama's plan as proposed will bring help to almost all Americans, he says. "We said let's give them relief, a tax cut, 95% of all American families."

Planning the nation's economic future Whitehouse photo by Pete Souza

(SALEM, Ore.) - The President said today during a live national press conference, that wealthier citizens who have become more wealthy under the Bush Administration, will pick up the slack under the new plan for America.

"What we said was that over the last decade the average worker and families have seen their wages flat, even as we are in the middle of an 'economic boom'".

Obama's plan as proposed will bring help to almost all Americans, he says. "We said let's give them relief, a tax cut, 95% of all American families."

He says that for the remaining five percent will go back to a system something more like the Clinton years.

Obama said even the prior decade which saw many Americans prosper under "Reaganomics" would also offer a strong advantage for the nation's economy.

"Let's go back to the rate that existed under Ronald Reagan," Obama said.

Obama says the new proposed tax structure would affect the rich but not in a way that would greatly change the picture for them.

"They'll still be well to do. If we are goiing to tackle the serious problems we've got, those that are well to do are just going to have to pay a little more."

The President says the adjustments in taxation as proposed under the new plan, would equalize what people pay.

"If you give $100, at a certain point, instead of writing off 36 or 37 percent, you get 28 percent."

This plan he says, will not impact charitable giving.

"It would equalize, when I give a hundred dollars, a bus driver that makes 50,000 gives a hundred dollars, we give the same amount."

Obama said, "The biggest thing I can do for charitable giving is to help the economy."

When the President was confronted with the fact that 1 in 50 children in America are homeless, he responded by saying, "I'm heartbroken that any child in America is homeless and the most important thing I can do is make sure their parents have a job."

President Obama says the problem of homelessness is bad all the way around, and he talked about how the rate of veterans who are homeless is much much higher than among non-veterans. He says a plan in place they have in place will offer more help for veterans.

Has race come up so far for Barack Obama in his first 64 days? That was a question posed by one reporter.

Obama answered, "The last 64 days have been dominated by me figuring out how to fix the economy and that applies to black, brown and white."

Stem Cell research came up, and Obama said he stands by recent support of embryonic stem cell research.

He was asked about the conflict between Palestinians and Israel's on the West Bank and in Gaza, and whether he has any of his optimism voiced earlier in the campaign.

"It's not easier than it was. But I think it is just as necessary. We don't yet know what the Iseraeli government is going to look like and we don't know what the future of Palestinian leadershiop is going to look like."

Obama said, "It is critical for us to advance a two-state solution where Israeli's and Palestinians can live side by side in their communities."

Obama talked about how former bitter enemies over the "problems" in Northern Ireland met in the very room today's press conference was held in. under exclusive terms of peace. He says peace can be achieved.

"If you stick to it and are persistent then these problems can be resolved."

"I'm a big believer in persistence."

Obama concluded the press conference by saying, "This is a big ocean liner this is not a speedboat and it doesn't turn around immediately."

He says what he is confident about, is that we are moving in the right direction. Obama says it is all about how we are going to keep the economy moving and put Americans back to work and keep out country safe.

Not one reporter asked about the wars in Iraq or Afghanistan.