Statement from Senator Obama on August Jobs Report

Chicago, IL - "Today's jobs report is a reminder of what's at stake in this election - John McCain showed last night that he is intent on continuing the economic policies that just this year have caused the American economy to lose 605,000 jobs. John McCain may believe that the fundamentals of our economy are 'strong,' but the working men and women I meet every day are working harder for less, the typical working age family's income is down $2,000 since George Bush took office, and their purchasing power is as low as it's been in a decade. John McCain's answer is more of the same: $200 billion in tax cuts to big corporations and oil companies, and not one dime of tax relief to more than 100 million middle-class families. If I am President, I will cut taxes for 95% of all working families and provide an immediate $50 billion to struggling states so that they don't have to cut back on health care and education and can rebuild roads and schools. That's the change working families need right now," said Senator Barack Obama.

Senator Obama's Emergency Economic Plan includes:

• Cut taxes for 95 percent of working families - by $500 for an individual and $1,000 for a married couple. Barack Obama supports a set of middle class tax cuts including a "Making Work Pay" credit that would provide $500 for an individual or $1,000 for a married couple - a benefit for 95 percent of workers and their families. Given the pressing situation in the economy today he would like the first round of checks to be delivered as quickly as possible to help families cope with the rising price of gasoline, food and other necessities.
• $25 billion in a State Growth Fund to prevent state and local cuts in health, education and housing assistance or counterproductive increases in property taxes, tolls or fees. The fund will also ensure sufficient funding for home heating and weatherization assistance as we move into the fall and winter months.
• $25 billion in a Jobs and Growth Fund to replenish the highway trust fund; prevent cutbacks in road and bridge maintenance and fund new, fast-tracked projects to repair schools - all to save more than 1 million jobs in danger of being cut.