Posts Tagged ‘Obama’

The President’s Own Budget

Thursday, June 16th, 2011

obamas-dinner-in-moscow.jpeg
(Official White House photo)

President Obama was recently caught off guard when a personal finance reporter asked him a question about his budget. No, not that budget. His family budget. A U.S. president earns about $400,000 a year, not counting outside income. And while he probably pays someone smart to help him make major financial decisions, he’s still got to have some basic money management lessons to teach his kids.

So what kind of advice does our nation’s leader have for financially illiterate citizens?

Save part of your paycheck and believe in the power of compound interest.

His answer was so simple… it was kind of disappointing, really. Isn’t there some secret to achieving financial control? A magic formula? Hot stock tips? No. Well, at least, not according to the president.

Interesting. How far could compound interest take you? Find out using the Compound Interest Calculator!

Hu’s on First? China’s Leader Hu Jintao and Barack Obama To Talk Money (and Power) At White House

Wednesday, January 19th, 2011

mcdonalds-shanghai.jpg
credit: Ivan Walsh

In important trade talks with China, the U.S. wants to make sure American companies can do business in the world’s second biggest economy…

  • The U.S. is still the biggest economy in the world, but China is #2 and growing. So of course American companies want to do business there.
  • The problem, according to many U.S. companies: China is shutting them out.
  • The Chinese government is creating loads of restrictions that make it really hard for foreign companies to thrive.
  • At Wednesday’s meeting, Obama is expected to take a tougher stance to get China to relax its foreign trade rules.

Facts and Figures

  • Obama and Hu will meet with 18 business leaders from China and the U.S. in the Eisenhower Executive Office Building in DC on Wednesday

Best Quote

“U.S. companies have issues with China in many different business sectors.” – John Frisbie, president of the U.S.-China Business Council in Washington, D.C.

What do you think?

Has any part of your life been touched by the rise of China?

Obama Disappointed By Funding For Poverty Project

Monday, August 9th, 2010

Obama needs a hefty sum to implement his project, Promise Neighborhoods, and the senate and the house are reluctant to pay up.

  • It seems unlikely that President Obama will receive the full amount of funding he requested from next year’s budget for Promise Neighborhoods – a program that helps nonprofits set up anti poverty projects.
  • This year, only $10 million was delegated to the cause, however because the program was largely in the planning stages, it was sufficient to cover costs.
  • In order to implement the program over the next five years, a large increase in funds is required, an increase that the Senate and House appropriations committees will not dole out.

Facts & Figures

  • The Obama administration requested $210 million for the project.
  • The Senate allocated only $20 million to the cause.

Best Quote:

“Every significant policy decision made by the Department on Promise Neighborhoods has been made behind closed doors, with little or no public knowledge or input,” – Paul Lester, Senior Vice President for Public Policy, Promise Neighborhoods.

Combating Homelessness From Every Angle

Monday, June 28th, 2010

The Obama administration gets into the nitty-gritty of the helping the nation’s staggering number of homeless citizens.

  • The homeless population in the United States is growing and does not just include single adults but also countless American families.
  • On June 22nd, the Obama administration unveiled a plan to combat increasing homelessness. The plan, called “Opening Doors,” aims to eradicate homelessness for single adults, families, children, and veterans.
  • The first step will be to examine what strategies have worked in cities and counties across the nation. Chicago’s push for affordable housing was so successful that the Obama administration hopes to apply it nationwide.

Facts & Figures

  • The number of homeless families had increased by 30% in the past two years
  • The number of homeless veterans of the Vietnam war is greater than the number that died in it.

Best Quote

“This is a tragedy we can solve.” – Shaun Donovan, Chair, Inter-agency Council on Homelessness.

Obama Attempts To Repair An Environmental Disaster

Tuesday, June 22nd, 2010

President Obama reacts with strict environmental regulations in response to the BP oil disaster.

  • On Tuesday night, the president addressed the United States regarding his plans to repair, repay, and prevent damage caused by the BP oil spill in the Gulf of Mexico.
  • Obama is proposing a multi-billion dollar compensation plan for Gulf residents that BP seems unlikely to agree to.
  • In order to prevent more harm to the environment, Obama says he will develop new energy sources, expand nuclear power, and is considering a tax on carbon to reduce pollution.

Best Quote

“Make no mistake, we will fight this spill with everything we’ve got for as long it takes. We will make BP pay for the damage their company has caused. And we will do whatever’s necessary to help the Gulf Coast and its people recover from this tragedy.” – President Barack Obama

First Lady Michelle Obama calls on you to serve

Tuesday, July 7th, 2009

First Lady Michelle Obama is calling all Americans (that’s you) to join United We Serve and volunteer this summer to be part of building a new foundation for America, one community at a time.

The program is led by the Corporation for National and Community Service, which sounds a little Orwellian but is actually a federal agency dedicated to fostering community service across the country.

Find a volunteer opportunity in your ‘hood at serve.gov.

The White House Takes On Credit Card Fees

Monday, April 20th, 2009

Credit card companies aren’t always crystal clear about their fees & charges; D.C. is taking a hard look at the fine print and you should, too.

  • President Obama is seeking reform on “credit card abuses” – practices that include misleading credit offers and extremely high interest rates.
  • Congress is already working on legislation to combat certain fees and rate increases, but support from the White House should help these measures pass.
  • Banks are wary of the plan, saying the government should wait for existing legislation to go into effect before pursuing more.

Facts & Figures

  • There are already new rules limiting credit card rate increases, but they won’t go into effect until 2010.
  • Among 21 of the biggest banks that received federal bailout money, overall lending decreased by 2.2% in February.
  • Number of specific plans unveiled so far by the White House to deal with these issues: 0.

Best Quote

“As we go forward we need to be careful about piling on rules that very much may have the impact of restraining the availability of credit.” – Edward Yingling, President of the American Banker’s Association (tha banking industry’s lobbying group)

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