Michelle Obama: ‘Building Our Economy Starts With the Restaurants ...’
(CNSNews.com) - Striking a similar theme to one her husband also struck last week, First Lady Michelle Obama said on Friday that President Barack Obama’s tax plan will help build the economy by building up restaurants.
“So I want you to remind folks that Barack has cut taxes for working families by $3,600, and he has cut taxes for small businesses 18 times--18 times,” Mrs. Obama said in Springfield, Mass. “Because what your president understands is that building our economy starts with the restaurants and the stores and the startups that create two-thirds of all new jobs in this economy. That’s what we need you to do.”
On Thursday at Loudon County High School in Leesburg, Va., President Obama had said that hiring new teachers will help the economy because those new teachers will go out and eat at restaurants.
“But if you look at our history, if you look at the facts, every time we’ve grown, it hasn’t been by the top down. It’s been from the middle out. It’s been from the bottom out,” Obama said at the high school. “When middle-class families are doing well, lo and behold, everybody does well. If that construction worker has got a little extra money in his pocket, he goes and spends it maybe on a new car. When we’ve got new teachers doing great work with our kids, then you know what, they go to a restaurant and spend that money. And so suddenly businesses are doing well, the economy is doing well, and we get into a virtuous cycle. And we go up.”
On Friday, Obama made a similar point in an address explaining his tax plan. The plan calls for allowing the lower income-tax rates enacted during President George W. Bush’s first term to expire on Dec. 31 for people and small businesses making over $250,000, but extending them for twelve months for people and small businesses making under $250,000.
“That means 98 percent of Americans won’t see their income taxes go up next year," said Obama. “That means that 97 percent of small businesses wouldn’t see their income taxes go up next year. Not a single dime. That would be important.”
Obama went on to say: “[B]ecause when middle-class families have money in their pockets, they go out and buy that new car, or that new appliance, or that new computer for their kids, or they go out to a restaurant, or, heaven forbid, they take a vacation once in a while. And that money goes back into the economy, and businesses do well because they've got more customers.”
“So I want you to remind people that Barack has cut taxes for working families by $3,600,” Mrs. Obama said Thursday in Manchester, N.H. “He has cut taxes for small businesses 18 times--because your president knows that rebuilding our economy starts with the restaurants and stores and the startups in this country that create two-thirds of all new jobs in America.”
“Let them know that he’s cut taxes for small businesses 18 times,” Mrs. Obama told another crowd in Pittsfield, Massachusetts on Friday, “because your president understands that rebuilding our economy starts with the restaurants and startups and stores that create two-thirds of all new jobs in this country.”
On Friday, the Bureau of Labor Statistics reported that the national unemployment rate was 8.3 percent in July. That marked the 42nd straight month that the national unemployment rate has been above 8 percent.