Oh, finally some economic sense….

I am so happy Obama has the good economists on his team. I really hope he’ll be able to get the right programs in place to get us out of this mess.

McCain takes us to depression, Obama might keep us going and get us moving again. That’s the choice, people. This time, it truly IS the economy, stupid….


Democratic presidential candidate Barack Obama called for a second round of stimulus checks to spur consumer spending and give the Federal Reserve more leeway to fight inflation amid skyrocketing oil prices.

“The Fed is in a tough situation because it wants to control the inflation being caused by energy while at the same time trying to restore the economy,” Obama said in an interview with Bloomberg Television today in Pittsburgh.

Obama, who is wrapping up a three-week campaign tour focused on economic issues, said consumers are in need of financial relief. He is proposing another set of tax rebates from the government and a permanent tax cut for most middle-income Americans. His comments come a day after the Fed left its benchmark interest rate at 2 percent while sounding an alarm about the risk of inflation picking up.

The Fed’s Open Market Committee stopped short of specifying that inflation was a greater concern than growth. It reiterated language from its April meeting that the Fed will “act as needed” to promote both economic expansion and stable prices.

“If Congress and the presidency are implementing smart plans, that will take some pressure off the Fed so they can focus on fighting inflation and they aren’t carrying the entire burden in terms of stimulating the economy,” said Obama, who declined to comment directly on the Fed’s decision.

Higher Costs

Obama said the U.S. will continue dealing with “short-term pain” from an economic slowdown. “We have to give people some sense that they could absorb the rising costs in gas, food and medical care,” he said.

The economy is the issue most cited by voters as their top concern before the November election. A Bloomberg/Los Angeles Times poll found that by 49 percent to 28 percent, registered voters say they favor Obama over presumptive Republican nominee John McCain, 71, when it comes to handling the economy.

Earlier today, the Illinois senator, 46, held a summit with research and business leaders including General Motors Corp. Chief Executive Office Richard Wagoner and U.S. Steel Corp. CEO John Surma. He told the panel that he will be an advocate for a permanent research and development tax credit, lower energy and health-care costs, more educational opportunities and investments in infrastructure.

`Building Blocks’

An overhaul of energy policy, the health system and schools will be “the building blocks” of long-term U.S. competitiveness, Obama said in the interview.

Along with business leaders, Obama has been wooing labor groups and working-class voters. Today he won the endorsement of the AFL-CIO, the nation’s biggest labor organization. In a statement, AFL-CIO President John Sweeney said Obama is “a champion for working families.”