Effects of Obama debt plan on common man

It is a fact that the United States faces a deficit of more than $3 trillion and to remove the same, it will take more than a decade. With the President Barack Obama making news all over the country with his latest debt recovery plans, the common man has many questions as to how will all this effect his way of life. There are some proposals which are bound to bring about some changes in your life. Let us now discuss them one by one:

• Tax – The wealthier will pay more taxes. This way, people who belong to the working class will not have to face the brunt of high taxes. People who are rich and own companies that make millions are the ones that are affected by this plan.

• Medicare – Obama has proposed to reduce spending $580 billion on Medicare and Medicaid. This means that those people who cannot afford to pay the skyrocketing medical bills, will have to depend on their savings. You will no longer get qualified nurses as part of your insurance cover and have to take care of your disabled parents in your house.

• Job bill – Parents of unemployed children can heave a sigh of relief. The latest job bill proposes to extend the age of medical facilities to unemployed children till 26. This way, they will get more time to study and build up a strong background before getting a job which will be more fetching.

• Offshore drilling – The plan of executing offshore drilling off the coast of Virginia is another key feature. This will drastically reduce the employment opportunities for people in the country.

• Tax cuts – The payroll tax cuts for workers in the United States will ensure that people take home more than what they used to take earlier. Apart from the employees, the small business employers also stand to gain. For those companies who encourage new jobs or provide a wage increase will also be given a tax cut.

• Infrastructure – A total of $50 billion will be used to improve the infrastructure. This will be used to repair damaged roads, highways, etc. Therefore, you will have a better transit system.

• Veteran help – If you are a veteran who is without a job for 6 months or more, there will be a tax credit provided to you up to a maximum of $5,600.

• Discrimination – There are many companies which do not consider an application from someone who is unemployed. This will no longer be the case. Any employer cannot stop unemployed people from applying for a post and equal opportunities should be given.

• Schools renovation – A total of $30 billion dollars will be spent to repair and maintain schools across the country. If children do not have an appropriate place to learn and make themselves more able, what could be more daunting? Therefore, it is a very nice approach to safeguard the future.