Now that this disaster has hit, John McCain is calling for the firing of the Security and Exchange Commissioner. Well here's what I say: In 47 days, you can fire the whole Trickle-Down, On-Your-Own, Look-the-Other-Way crowd in Washington who have led us down this disastrous path.
Let's be clear: what we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed. And I am running for President of the United States because the dreams of the American people must not be endangered any more. It's time to put an end to a broken system in Washington that is breaking the American economy. It's time for change that makes a real difference in your lives.
It was two years ago that I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. It was one year ago that I called on our Treasury Secretary and our FED Chairman to bring every stakeholder together and find a solution to the subprime mortgage meltdown before it got worse. In March, when John McCain was saying "I'm always for less regulation," I called for a new, 21st century regulatory framework to restore accountability, transparency, and trust in our financial markets.
First, it will provide capital to the financial system. Second, it will provide liquidity to enable our financial markets to function. And third, it will do what I've been calling for since I supported legislation on it early last spring, which is to get serious about helping struggling families to re-structure their mortgages on more affordable terms so they can stay in their homes. We've made a good start but we need to do much, much more. We cannot forget that there are many homeowners who are in crisis through no fault of their own, and a solution that does not have them at its core is no solution at all.
To jumpstart job creation, I've also proposed a $50 billion Emergency Economic Plan that would save 1 million jobs by rebuilding our infrastructure, repairing our schools, and helping our states and localities avoid damaging budget cuts.
To help people stay in their homes, I will change our bankruptcy laws, and I'll offer a tax credit to struggling families that will take 10% off your mortgage interest rate. I'll institute a Home Score system that will help every consumer figure out whether they'll be able to make their mortgage payments before they buy their house. And I will crack down on predatory lenders, lenders who all too often target Hispanic communities, with tough new penalties that will treat mortgage fraud like the crime that it is.
But the most important thing I will do as President is restore opportunity for all Americans. To get our economy growing, we need to recapture that fundamental American promise. That if you work hard, you can pay the bills. That if you get sick, you won't go bankrupt. That your kids can get a good education, and that we can leave a legacy of greater opportunity to future generations.
That's the change the American people need.
Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will stop giving tax breaks to corporations that ship jobs overseas, and I will start giving them to companies that create good jobs right here in America. I will eliminate capital gains taxes for small businesses and start-ups that's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow.
I will cut taxes cut taxes for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does because in an economy like this, the last thing we should do is raise taxes on the middle-class.
I will finally keep the promise of affordable, accessible health care for every single American. I know this is a critical issue in the Hispanic community, where one in three people don't have health insurance. Under my plan, if you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most
I will create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool, so that the fuel-efficient cars of the future are built right here in America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced
And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I refuse to accept that overcrowded, underfunded schools are the best we can do for our kids. I refuse to accept four in ten Hispanic students dropping out of high school. I know we can do better than that. So I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American if you commit to serving your community or your country, we will make sure you can afford a college education.
This is the change we need the kind of bottom up growth and innovation that will advance the American economy by advancing the dreams of all Americans.
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