Notes from The State of the Union Address 2012 - Obama
I tried to make them unbiased as possible. In fact, I tried to NOT put any of MY own thoughts. This is just an outline of what I heard and topics that Obama has covered.
The bits I put “thoughts?” on are things I want to hear from you about.
I’m sorry my notes are a bit unorganised. Copying from Word to here messes all the bullet points up.
• First time in 9 years, no Americans fighting in Iraq
o From power point, says over 9 million have served between 2009-2011
• Osama bin Laden no longer a threat
o Taliban momentum has been broken
o Troops in Afghanistan are starting to come home
Talks about team work in the Armed Forces
Talks about following an example for people who lead the world.
• “A future where we are in control of our own energy.” - Thoughts?
o Hard work pays off and responsibility is rewarded
• Compares how many Armed Forces have served since WWII until Iraq.
• The Shrinking Middle-Class
o Talks about percentage of households with annual income within 50% of the median
o “While the wealthiest prosper, the middle class lags
o Triangle of bad mortgages, no regulation, risky financial practises
Compares The Crisis on Wall Street to the 4 million jobs lost before Obama took office
In 22 months, businesses have created 3.2 million private sector jobs
334,000 manufacturing jobs created in the last two years
New rules to keep Wall Street accountable to prevent a crisis like this again – thoughts?
• State of our Union is getting stronger – thoughts?
o Fight obstruction with action
o Says that we will not go back to a country of bad debt
o Shows a blueprint on how to move forward – new manufacturing, new skills, American energy, renewal of values
Manufacturing – Auto industry job losses
• GM brought 160,000 jobs since Obama took office
o Bet on American workers and ingenuity
o Sales rose 7.6% in 2011
• Can’t bring every job back, but it’s getting more expensive to do business in China; America is being more productive, bringing jobs back home.
• Master Lock insourced 100 jobs in Milwaukee
• Start with Tax break – the cost of closing down a factory to move it overseas is a tax-deductible business expense
o High taxes
o If outsourcing, you shouldn’t get a tax deduction
o Should be used to bring jobs back home
• No American should skip taxes if moving overseas
o Every multi-national company should pay a basic tax minimum – thoughts?
• American manufacturer should get a big tax cut – thoughts?
o Double the tax deduction for high-tech manufactuers who make products in the US
o Provide financing help for companies who relocate to communities that lost factories.
• Promoting the US Economy
o Jan. 24, 2012, Department of commerce had 284 trade remedy enforcement action
• Trade Enforcement Unit
o To investigate unfair trade such as in China
o No foreign company should have advantages over American companies
o “America will always win” – Obama
• Science and Technology
o Twice as many openings for every qualified worker
o Wants schools to train 2 million Americans that will help lead to a job in this industry
Wants more resources at community colleges
o One employment system that puts people to work
o Convinced every state to raise standards to change the way they teach
Keep good teachers, reward the best ones
Replace teachers who aren’t helping children learn
o “if half of the 1.3 million high school dropouts had graduated, they could have earned 7.6 billion more in an average year”
Every student should stay in school (requirement) until they graduate or turn 18. – Obama
• Tuition Debt
o More in tuition debt than credit card debt
o If congress doesn’t act, interest rates on new Stafford loans will increase in July
o Rising cost of a higher education: 9,719 in 1994, 17,131 in 2012 – public colleges
• More Boots on the Border
o Fewer illegal crossings since Obama took office
o Working on comprehensive immigration reform
o Immigrants represent 24% of US scientists, 47% of US engineers
Wants a way to prove a way to make immigrants US citizens
• Innovation has always been what America has always been about – Obama
o 64% of new jobs over past 15 years came from small businesses
o Demands basic research
• Energy
o Less than half the oil consumed in the US came from overseas; imports of foreign oil have fallen to the lowest level since 1995
o Oil production has increased in US for the last 8 years
o Saudi Arabia 266.7 billion barrels; US 20.7 billion barrels
Wants to create a strategy that is cheaper and cleaner
o Claims there’s source of natural gas that will run the US for 100 years; provides 600,000 jobs
Government support is critical for businesses to get off the ground – thoughts?
o Obama claims he will not walk away from workers who have no jobs, but are trying to get one in the wind, sea, or battery industry
o Eliminating tax breaks for oil and gas companies saves $40 billion over the next decade
o Obama has directed the permitting of clean energy on public lands to 3 million homes
Largest commitments to power homes and industries
American will have less pollution, more manufacturing, can save$ 100,000 billion on energy bills for industries
• Rebuilding
o Roads, bridges, power grid uses too much energy, slow Internet speed
o Wants to sign executive order to clear away reconstructing projects
o Wants to take money that was used for war to rebuild
50% nation-building at home, 50% reconstruction
• Homeowners
o Homeowners lost $7 trillion in home equity since 2005
o Plan: Every responsible homeowner to save $250 a month, $3000 a year
No more run-arounds at banks, no red-tape, gives low rates to homeowners a deficit of trust
o Smart regulations for irresponsible behaviour
Rules to prevent financial fraud, toxic dumping, faulty medical devices
• Obama has approved lesser regulations than George W. Bush
o Ordered every federal agencies to get rid of rules that don’t make sense
o Helps citizens and businesses to save more
• Wall Street Reform
o No more risky bets with customer deposits for big banks
o No more confusing forms from credit card companies and mortgage lenders
o No more taxpayer-funded bailouts
o Check out cfpb.gov – Consumer Financial Protection Bureau
• Financial Crimes Unit
o To investigate fraud
Penalties for fraud count
o Wants to expand the investigation of mortgage fraud
• If congress doesn’t act by 3/1/2012, roughly 160 million people will see less money in each paycheck
o Bush had a giant tax cut for the wealthy than the middle class.
o Affordable Care Act – What it did
2.5 million Americans under 26 have insurance through their parent’s plan
Millions of seniors have received 50% less on medical care
• Buffett Rule
o Make over $1 million per year, pay at least 30% in taxes
Currently, a quarter of millionaires pay a lower tax rate than millions of middle-class families
o If you make under $250,000 a year, taxes shouldn’t go up
You’re the ones struggling with rising costs and staggering wages – Obama
o Tax cuts on the rich adds more to the deficit and makes others, such as middle class, suffer more and pay more
• Will the US Pay Their Bills?
o “Send me a bill that bans insider trading, I will sign it tomorrow” – Obama
o Doesn’t want to lobby Congress
The way Congress does its business
• Proposed new rule for Judiciary committee vote and confirmation – now 90 Days
o Obama was 139 days in circuit and 99 days in district court under Obama
o 29 days in circuit and 21 days in district court under Bush
• Proposes combining six government agencies into one department, focused on helping American businesses
• Recovery Act – recovery.gov
• We can’t wait
o Making it easier for students to repay college loans
o Reducing waste and fraud in Medicare and Medicaid
o Combating prescription drug shortages and price gouging
o Providing startup companies with $2 billion in resources
o “There’s nothing we can’t achieve” – Obama
• Troops
o On December 18, 2011, the last American troops left Iraq
o Afghanistan
10,000 have come home
23,000 will leave by end of summer
Transitioning NATO-ISAF to Afghan responsibility
o Stand FOR every right for people: women, men, Christians, Muslims, Jews – thoughts?
• Iran
o Iran’s Nuclear Programme
o Now stands as one; regime is more isolated; leaders at crippling sanctions
o America is dedicated to take the nuclear programme out of Iran - Obama
o Peaceful resolution still possible and far better – Obama
• Defence Strategy
o Ensures we remain the pre-eminent military in the world
o Preserves the talent of volunteer force
o Wants to cut down trillions of dollars, while still keeping upkeep of the US military
o Wants to give care and giving to the VA
o Enlisting VA for rebuilding of the nation
135,000 jobs committed to Veterans and family
• 40,000 already hired – joiningforces.gov
o Talks about how the nation is held together like the military – everyone watches each other’s back – thoughts?
• End of State of the Union Address