Clinton Unveils Plan to Thwart Foreclosures
2008 promises to be an exciting year for many reasons, not least of which are the disastrous state of the economy and the upcoming presidential election. Perhaps not surprisingly, presidential candidates have begun addressing economic concerns as they blaze the campaign trail.
While speaking in Nevada, Hillary Clinton unveiled an economic plan that would ease the strain of foreclosures and boost the struggling U.S. economy, according to reports from an NBC News affiliate.
Clinton's plan centers around a $70 billion project financed by the federal government, sources say. Of that, $30 billion would reportedly be devoted to an emergency housing fund that would directly help families stop the foreclosure of their homes.
An additional $25 billion is allegedly slated to ease the burden of families who are struggling to pay energy (especially heating) bills. Five billion would evidently go to energy and alternative investments, and the final $10 billion would provide better unemployment insurance for workers trying to find jobs.
Besides the direct economic boost, Clinton apparently called for help for the middle and working classes, if the current economic downturn continues. Reports indicate that that aid would come in the guise of a $40 billion tax rebate for those classes.
In California, former President Bill Clinton reportedly discussed his wife's foreclosure-stopping plans, asserting that the government needs to support community-based actions to help struggling Americans.
According to Examiner.com, Hillary Clinton also plans to place a 90-day moratorium on foreclosures and halt rate resets of ARMs for the next five years.
This plan would help end what former President Clinton termed the "human tragedy" of the subprime housing crisis. The one-time chief executive also allegedly blamed economic speculation and failed economic policies of the Bush administration for the current sorry state of economic affairs in this country.
The Clintons seem to be in agreement that allowing millions of homes across the country to be foreclosed on is the most expensive way to deal with this problem, both in actual dollar amounts and in suffering of families affected by foreclosure actions.
In general, reports the Star-Tribune.com, Hillary Clinton seeks to give the federal government a more active role in the economy. She has reportedly called for a balance between an effective, hardy government and a regulated, healthy economy.
The coming months should prove interesting as candidates attempt to win over voters with the most promising economic plans they can conceive.