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Hillary Clinton Campaign Press Release - Hillary Clinton's Economic Blueprint for the Middle Class: How Iowans Will Be Impacted

December 18, 2007

Today, Hillary Clinton outlined her economic blueprint for rebuilding the middle class, and talked with Iowa voters about the tangible impact that her economic plan would have on their lives. After seven years of a President who has ignored and denied the struggles facing America's middle class, families in Iowa and across the country deserve a leader who puts their interests first. Hillary believes that the middle class is the backbone of our economy. As President, she will work hard every day to ensure that middle class families don't just get by, but get ahead. Hillary's specific plans to rebuild the middle class include: aggressive steps to curb rising foreclosures; tax relief to help middle class families afford healthcare, retirement, college, and child care; bold efforts to tackle our immediate and long-term energy challenges; and steps to help create good, high-paying jobs in every corner of America. Hillary has the strength and experience to tackle our growing economic challenges from day one of her Presidency.

FORECLOSURE CRISIS PLAN

Hillary has a comprehensive three-step plan to address the foreclosure crisis: (1) Observe a foreclosure moratorium of at least 90 days on subprime, owner-occupied homes; (2) Freeze the monthly rate on subprime adjustable rate mortgages, with the freeze lasting at least 5 years or until the mortgages have been converted into affordable, fixed-rate loans; and (3) Provide status reports on the number of mortgages being modified. [See More Here]

Hillary's plan would provide immediate assistance to most of the 30,000 Iowans with subprime loans, and especially to the 6,700 families already in the foreclosure process. [Mortgage Bankers Association, 2007.]

Hillary's $5 billion Community Support Fund will help hard-hit communities and distressed homeowners in Iowa weather the foreclosure crisis. For example, the fund would provide financial support to the innovative joint project of the Iowa Attorney General's Office and the Iowa Mediation Service, which works with borrowers and lenders dealing with mortgage, refinancing, and foreclosure concerns to try to find win/win solutions.

EMERGENCY HOME HEATING PLAN

Hillary's emergency home heating plan will provide direct financial assistance to millions of families in Iowa and other cold weather states to offset skyrocketing heating bills this winter. It will also provide immediate weatherization assistance to millions of families to reduce their heating bills by improving the efficiency of their homes. [See More Here].

Hillary's plan will provide 50,000 Iowa families with at least $300 in additional emergency heating assistance. This will cover a month and a half of heating bills for the typical Iowa family.

Hillary's plan will help 85,000 Iowa families reduce their energy bills by up to 20%, through immediate weatherization assistance.

AMERICAN RETIREMENT ACCOUNTS PLAN

Hillary's American Retirement Accounts plan will give all Americans a new opportunity to save for retirement, and provide generous matching tax cuts to help middle-class families save. [See More Here].

Hillary's plan would offer 930,000 Iowa households new matching tax cuts to save. Hillary's plan will offer matching tax cuts on the first $1000 saved by households making up to $100,000. [Census, 2007; Tax Policy Center, 2007]. If an Iowa family saves just $80 a month, they could, over a 40-year career, build a retirement nest-egg of $275,000.

Hillary's plan will provide the 774,000 Iowa workers that currently have no employer-sponsored retirement account an opportunity to save in a fully portable retirement account with strong new matching incentives to save. [Retirement Security Project, 2006].

Hillary's plan will help the 101,000 Iowa households participating in food stamp programs save for retirement. Hillary will reform current asset test rules, which force families receiving food stamps to avoid saving for retirement or put their food stamps in jeopardy. [Retirement Security Project, 2006].

COLLEGE AFFORDABILITY PLAN

Students in Iowa have the second-highest level of student debt in the country (second only to New Hampshire). Three-quarters Iowa's graduating seniors have student debt averaging $23,680, compared to 58 percent of seniors nationally with average debt of $18,918. As President, Hillary will make college affordable and accessible for all who want to attend. [See More Here]

Hillary's college tax credit would provide at least 70,000 Iowa college students a tax credit of up to $3,500.

LONG TERM CARE PLAN

Hillary's long-term care plan will provide generous tax cuts to seniors, people with disabilities and their families to offset the growing cost of care. In a recent AARP survey, six in ten Iowans said they will find it difficult to receive quality, affordable long-term care. [See More Here]

Hillary's new $3,000 Caregivers Tax Credit will benefit at least 50,000 Iowa seniors, people with disabilities and their families.

Hillary's new Long Term Care Insurance Tax Credit will benefit at least 125,000 Iowan seniors and near-retirees.

Hillary Clinton, Hillary Clinton Campaign Press Release - Hillary Clinton's Economic Blueprint for the Middle Class: How Iowans Will Be Impacted Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/316533

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