"It is not a small thing it is a big thing,”

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10/30/11

Axelrod defends new WH economic initiatives

President Obama’s senior campaign strategist David Axelrod on Sunday defended the suite of initiatives Obama rolled out last week against allegation that they’re too modest to help the ailing economy

Obama, hitting Capitol Hill Republicans for inaction on his broad jobs legislation, announced executive actions to help debt-ridden students, homeowners with underwater mortgages, veterans struggling to find work and small businesses . . .

“There is no panacea but if you are one of the millions of homeowners who can’t refinance their homes because their home values have dropped, even though they have made their payments every month, it is not a small thing it is a big thing,” Axelrod, appearing on CNN’s State of the Union, said of the anti-foreclosure efforts.

He also defended the executive actions more broadly. “It is easy to sit in Washington and make these judgments but if you are out there in the economy these things do make a difference,” Axelrod said.


read: http://thehill.com/blogs/blog-briefing-room/news/190587-axelrod-defends-new-wh-economic-initiatives

[Edweird]

1. Just a guess, but I'm pretty sure 'refinancing' isn't what an un/underemployed person

is looking for. I know that I sure could have used some help dealing with BofA before I lost my home, and it wasn't for 'refinancing'.

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3. as the President said

. . . they weren't in any way meant to substitute for the legislation they had proposed, offered, and the republicans had blocked.

President Obama in his weekly address: http://www.whitehouse.gov/the-press-office/2011/10/29/weekly-address-we-cant-wait-strengthen-economy-and-create-jobs

"These steps will make a difference. But they won’t take the place of the bold action we need from Congress to get this economy moving again."

An Unemployment Insurance extension is part of the jobs bill he proposed.

Also, his American Jobs Act (which republicans have blocked) includes:

. . . funds to retain and hire teachers and keep first responders on the job. It invests $50 billion in infrastructure projects to modernize our roads, railways, and airports, which will create hundreds of thousands of jobs. It offers tax breaks to small businesses to encourage hiring, and payroll tax cuts for 98 percent of businesses to put more money in everyone’s pockets. It will help connect unemployed workers with pathways back to work.

http://www.whitehouse.gov/economy/jobsact

[Edweird]

5. So, it is something small then.

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7. one of his housing initiatives helped me keep my home

. . . and allowed me to keep $300 in my pocket every month, the amount of the mortgage payment reduction.

Big deal to my family. Amazing to hear vital assistance like this, initiated by this President, is a piffle to you.

[Coyote_Bandit]

4. +1

[nineteen50]

2. Every time a refinance occurs it lets the original liar-loan bank off the hook.

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6. when I got my loan modification under the Obama initiative

. . .it got 'me and my family' off the hook. I really didn't care who I had to throttle to keep my home. The disconnect from the folks who were able to benefit from these modest reforms and assistance is stunning among critics of the WH initiatives.

I'm all for alternatives, if they are realistic and attainable. I really don't get the criticism for these programs which actually make a real and meaningful difference in folks' lives.

I was one of the fortunate ones to get a permanent loan modification offer under the president's plan - Got through trial period without a snag and got a reduced loan payment.

Made three monthly payments under the trial period got the okay for a permanent modification.

The interest rate dropped from 6.5% to 2.25% for 5 years then rising every year for three years to 4.875% in 2017. All of it amounts to about $300 less a month, brings my account current, and wipes out all of the late charges. Thanks to President Obama.