Obama vows to curb outsourcing

Agencies

Posted: Monday, Oct 27, 2008 at 0909 hrs IST
Updated: Monday, Oct 27, 2008 at 0909 hrs IST


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Washington, October 27:: Sitting politically 'pretty' with only a week to go for Presidential polls, the Democratic nominee Barack Obama has kept hammering away with his theme of creating jobs and curbing outsourcing and blamed the Republicans for the mess America finds itself in.

Back on the campaign trail after a short break in Hawaii to see his ailing maternal grand mother, Senator Obama was in the "Red" state of Colorado pushing his economic plans.

Holding the Bush administration and by extension his Republican rival John McCain for the current economic recess, Obama said, "It's time to turn the page on eight years of economic policies that put Wall Street before Main Street but ended up hurting both."

"We need policies that grow our economy from the bottom-up, so that every American, everywhere, has the chance to get ahead -- not just the person who owns the factory, but the men and women who work on its floor; not just the CEO, but the secretary and the janitor," he said in Denver.

The Illinois Senator said, "If we've learnt anything from this economic crisis, it's that we're all connected; we're all in this together; and we will rise or fall as one nation as one people. The rescue plan that passed the Congress was a necessary first step to easing this credit crisis, but if we're going to rebuild this economy from the bottom up, we need an immediate rescue plan for the middle-class, and that's what I will do as President of the United States" he added.

Keeping his rhetoric on outsourcing alive, Obama said, "I've proposed a new American jobs tax credit for each new employee that companies hire here in the United States over the next two years. I'll stop giving tax breaks to companies that ship jobs overseas and invest in companies that create good jobs right here in Colorado."

Obama said, "I won't let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess. We should not be bailing out Wall Street; we should be restoring opportunity on Main Street."

"...For the last eight years, we have tried it John McCain's way. We have tried it George Bush's way. We've given more and more to those with the most and hoped that prosperity would trickle down to everyone else. And guess what? It didn't. So it's time to try something new. It's time to grow this...

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Comments
» obama
Posted by kiki musampa on 2008-11-05 11:16:59.850004+05:30
Be indian.buy Indian.

» Obama's Plans for Jobs
Posted by cruisemates on 2008-11-03 15:24:40.975805+05:30
Obama says he has a plan to keep jobs in America, The Patriot Employer Act. It gives comanies a 1% tax credit on income if they meet 6 conditions, all of which would cost more than the 1% gain. Most economists hate, other say "well, its harmless because it is voluntary" No corporation has embraced it. Its a pig in lipstick.Capital Gains:current: 15%McCain: 7.5%Obama: 20% or more (he has said as much as 35%)Corporate Taxes:current: 35%McCain: 25%Obama: 35%-60% (with state

» Outsourcing
Posted by Sunil Sinha on 2008-10-28 23:17:38.368297+05:30
How would you feel if all the top Indian companies outsource their jobs to Nepal, Pakistan, Sri Lanka and bangladesh for cost cutting. This how people feel in USA.

» Logic Anyone??
Posted by Betaalus on 2008-10-28 02:05:33.071321+05:30
Not sure how Obama talking points lead to the conclusion "Obama vows to curb outsourcing"! He is talking about taking away the tax-breaks is that companies enjoy currently for doing business in the US but choosing to substitute US labor with foreign labor. This is a simple economic instrument to compensate for the breaks that US tax payers and labor has so far been extending to these companies, which they should not have to. The outsourcing will not end. it will only increase. the tax-breaks will end. The foreign countries can compensate these companies instead. Makes sense? Might be too much for the geniuses in the business of sensationalism and yellow journalism

» Outsourcing
Posted by brewd07 on 2008-10-27 21:11:38.901652+05:30
Curbing is a relative term. Can he say he will reduce it 10%, 50% or 100%? No becuase he knows outsourcing is essential for USA whether one likes it or not. 2% reduction is also curbing!!

» outsourcing
Posted by RB on 2008-10-27 19:17:30.754545+05:30
This is one of many flaws of globalization. Obama is trying to correct some of the flaws. It will not only help the US, but also countries like India. Such policies will bring the US economy back on track. On the other hand, it will bring back (may be force back) self reliance in Indian economy as well.

» OBAMA, best friend of India
Posted by sbala on 2008-10-27 18:40:12.848257+05:30
OBAMA will be the best president in US for India. His plan, while increasing jobs in USA, will make India more competitive and open the entire EU to us. May be it is time for Indian companies to use their money to buy out US companies.

» This is the real thing
Posted by Anon on 2008-10-27 12:09:32.994008+05:30
No this is the only way out for the US. They have to start working again - cant just expect other people to do the work...For India, it will mean we need to have an integrated economy within the country also - cant just expect to export our way to prosperity.

» It is a political stunt
Posted by Bashishth Narayan Verma on 2008-10-27 11:08:39.323551+05:30
It is a mere political gambit thrown by Obama to grab the vote of jobless Americans. Curb on outsourcung will not only affect subcontinet but US economy as well.

» OBAMA
Posted by Srini on 2008-10-28 05:43:37.928222+05:30
Obama will not try to be friends with India but he may turn out to be better for India than Bush. It is time that indians work for Indians. Dont depend on Exports.

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