Washington, DC – Today, President Barack Obama and Vice President Joe Biden will hold a meeting of the Middle Class Task Force, where they will lay out key investments for middle class families.  Today’s discussion will preview one of the key themes of the President’s State of the Union address, which include creating good jobs, addressing the deficit, changing Washington, and fighting for middle class families.

President Obama said, “We are fighting every single day to put Americans back to work, create good jobs, and strengthen our economy for the long-term. The additional steps laid out today focus on easing the burdens on middle class families who are struggling in this economy, and providing the help they need to get ahead.”

“Every day, middle class families go to work and help make this country great.  For a year, our Task Force has been hearing that they are struggling with soaring costs and squeezed family budgets.  These common sense initiatives will help these families cope with these challenges,” said Vice President Biden.

After traveling across the country the past year talking with families, caregivers, educators, students, seniors, as well as policy makers and experts, Chair of the White House Task Force on Middle Class Families Vice President Joe Biden will join President Obama to announce several recommendations of the Task Force.   These initiatives, borne out of the meetings, travel and work of the Task Force, are aimed at helping middle class families afford soaring child care costs; care for their aging relatives; cope with the challenge of saving for retirement; and pay for their children’s college tuition.

Since its creation one year ago this week, the Middle Class Task Force has held 11 meetings around the country and at the White House.  At these meetings, Vice President Biden heard from parents who were grappling with the costs of child care; students coming out of college drowning in debt; children of elderly relatives struggling to care for them; and workers who were barely able to pay their mortgage, much less save for retirement.

As a result of these meetings, conversations and feedback from around the country, the Vice President and the Task Force will propose several policy initiatives to help middle class families:

1. Nearly Doubling the Child and Dependent Care Tax Credit for middle class families making under $85,000 a year. This is accomplished by increasing their tax credit rate from 20% to 35% of qualifying expenses.  The value of the tax credit nearly doubles for all families making under $85,000 a year, and every family that makes under $115,000 will see their tax credit increase.

Additionally, for families struggling to join the middle class, the administration will provide a $1.6 billion increase in child care funding, the largest one-year increase in 20 years, to help an additional 235,000 children.

2. Limiting a student’s federal loan payments to 10 percent of his or her income above a basic living allowance. This will lower payments for hundreds of thousands of students, who are struggling to make ends meet coming out of college.

3. Creating a system of automatic workplace IRAs, requiring all employers to give the option for employees to enroll in a direct-deposit IRA.

4. Expanding tax credits to match retirement savings and enacting new safeguards to protect retirement savings, making it easier for families to plan for retirement.

5. Expanding support for families balancing work with caring for elderly relatives, helping them manage their multiple responsibilities and allowing seniors to live in the community for as long as possible.

The Task Force’s final report, and full recommendations, will be released in February.

Additional information about these Middle Class Task Force initiatives is included in the attached fact sheet.

About the Middle Class Task Force: The Task Force, Chaired by Vice President Joe Biden, is a group of top-level administration policy makers, charged with the mission of focusing on developing policies aimed at raising the living standards of middle-class, working families in America.

Since its creation on January 30, 2009, the Middle Class Task Force has held 11 meetings around the country and at the White House:

· February 27, 2009: Green Jobs (Philadelphia, PA)

· March 17, 2009: American Recovery and Reinvestment Act and Middle Class Families (St. Cloud, MN)

· April 17, 2009: College Affordability (St. Louis, MO)

· May 26, 2009: Green Jobs (Denver, CO)

· June 23, 2009: Manufacturing in the 21^st Century (Perrysburg, OH)

· July 10, 2009: Health Reform Roundtable (The White House)

· July 16, 2009: AARP/Health Care Reform Discussion (Arlington, Virginia)

· September 9, 2009: Access to College (Syracuse, NY)

· October 19, 2009: Middle Class Recovery Through Retrofit (The White House)

· November 5, 2009:  Roundtable with Policy Experts  (Washington, DC)

· December 16, 2009:  Roundtable with Leaders in Manufacturing Sector (The White House)   

Members of the Task Force include: Vice President Biden, Chair; the Secretaries of Labor, Health and Human Services, Education, Energy, Treasury, Commerce, Housing and Urban Development, Transportation, and Agriculture; the Administrator of the Environmental Protection Agency; as well as the Directors of the National Economic Council, the Office of Management and Budget, the Domestic Policy Council, and the Chair of the Council of Economic Advisors.

To read reports released by the Middle Class Task Force, please visit: www.WhiteHouse.Gov/AStrongMiddleClass.

“As President Obama travels to Copenhagen to bring the Summer Olympics to his hometown seven years from now, Americans back home are increasingly concerned they won’t have a job seven months from now as they see more and more of their neighbors and friends lose jobs today.  The president’s verbal gymnastics will not hide that fact that more than 263,000 Americans lost their jobs in the month of September alone and the national unemployment rate increased yet again to 9.8 percent.  The president said, ‘the measure of an economy is, is it producing jobs?’  Clearly it isn’t.  President Obama can either acknowledge that his economic experiments have failed and change course, or continue down this path and see even more Americans lose their jobs.”

From DallasSouthNews.org

Last night I moderated a Town Hall meeting hosted by Congresswoman Eddie Bernice Johnson at Dallas City Hall regarding an Area Mail Processing (AMP) Feasibility Study conducted by the United States Post Office.  AMP Studies are taking place all across the country.

Tim Vierling, Dallas Sr. Plant Manager, gave a presentation, and then took questions from the audience as well as myself.  Also involved in the conversation were Mayor Tom Leppert and State Senator Royce West.

Senator West had some very pointed comments for Mr. Vierling and the Post Office, including the fact that his office had contacted USPS about this matter at least twice without a response.  He also referenced a previous AMP study done either late ‘06 or early ‘07.

This latest AMP study apparently concludes that the Post Office will save $9.2 million annually by consolidating mail processing operations in Dallas with those at the North Texas facility located in Coppell.  I say apparently because no one outside of the Postal Service has seen this study.  Most of the savings will come from eliminating 117 jobs.

The first document on the USPS website regarding the AMP is a brief dated March 24, 2009 which says the following regarding the study:

If the feasibility study supports the business case for consolidation, we will hold a public meeting to allow members of the community to ask questions and provide feedback. We will address these questions or concerns at the public meeting.  The public’s input will be considered in any final determination.

By June 17, 2009, the Post Office had seen enough information to determine that consolidation was necessary.   A public meeting was called for July 1st at Mountain View College and the following highlights of the study we have not seen were released in a brief.

1.    Business Case:

Proposed annual savings in the AMP feasibility study is approximately $9.2 million.

2.    Postal Employees:

Due to the consolidation, a net decrease of approximately 117 positions is projected.  All reassignments will be made in accordance with collective bargaining agreements.

3.    Local Customer Considerations:

Services that are currently available from the Dallas facility will continue to be available to customers.

•    Collection box pick-up times will not change as a result of the AMP.
•    Retail services will remain the same.
•    Business mail acceptance will remain the same.
•    A local postmark will be available for stamped First-Class Mail.
•    Delivery of mail to residences and businesses will not change as a result of the AMP.

4.    Commercial Mailers:

•    Mailers who presort mail will continue to receive applicable postage discounts.
•    Mailers who drop ship mailings will continue to deposit them at the Dallas facility.

So a public meeting was called, but the public wasn’t aware.  Mr. Vierling siad that the post office’s position was that they had done everything necessary to publicize the meeting, including sending notices to media outlets and government officials.  He then admitted that Senator West’s office was left off that list and was not contacted.

I can say that Dallas South was not contacted about this public meeting either. The organization that has access to every home, business, and place of worship in America couldn’t drop a half sheet announcement in the mailbox?  That doesn’t make sense.

A recap of the July 1 meeting on the Postal Service Website says that 267 people were in attendance including a staffer from Congresswoman Johnson’s office Channel 33 KDAF.  It also lists the number of questions and comments from the meeting by category which lists “Lack of Public Input” as the most frequent topic.

I found out about the AMP Study on July 10th like most people who have expressed concerns in the days sense, receiving an email which contained a statement from Larry Walker, President of the Local American Postal Workers Union.  That’s when the public actually became involved and started to understand that the Post Office was not closing, though major changes were slated for Dallas Main.

It is clear after Monday’s town hall that the public in general and Southern Dallas specifically were not made aware of this “proposed” change.  According to reports, most of the 267 people present at the July 1st meeting at Mountain View were postal workers.

The decision seems to be already made and while there have been meetings held there is no exchange of ideas.  On Monday Mr. Vierling gave us the post office’s position, but never acknowledged the most pressing concern, which was what happens with the 117 employees who would be affected by this move.

One thing I learned about from Monday’s meeting was the concept of “stand by” rooms.  Apparently post office employees are asked to go into these “stand by” rooms whenever there is not enough work for them to do.

Questions from the audience suggested that postal workers are being paid to read magazines and do crossword puzzle in these rooms while others on the floor are being paid overtime.  Another question suggested that managers are asked not to use the workers in these rooms for performance or disciplinary reasons.  Mr. Vierling said that this is not the case.

Congresswoman Johnson is scheduled to meet with Mr. Vierling on Wednesday to tour the facilities for herself and understand why the North Texas (Coppell) facility was selected over Dallas. Hopefully she will get more answers, but one thing is clear: residents were not properly informed about this process and have not had a chance to properly give their input.

The African-American unemployment rate declined for the third time in as many months, dropping to 14.5% from 14.7% in June.  The unemployment rate for African-Americans reached 15% in April. Black males saw a .6% drop in unemployment to 15.8% and down from 17.2% in April.

Click here for the employment situation summary by the Labor Statistics Bureau.

• Prepare a back-up plan in case of a job loss
• Identify resources for financial assistance
• Take steps in saving your home
• Financial Stress Test

For more information, call 214-922-8885

SEMINAR LOCATION

Southwest Center Mall

3662 W Camp Wisdom RD

Dallas, TX

Hosted by KERA’s Sam Baker and Shelley Kofler, the program will feature studio discussions and taped segments that shed light on the complicated process of foreclosure and explain to those out of work for the first time how they can tap into unemployment assistance.  The program will also connect families and individuals with the resources available through “2-1-1 Texas,” a service of the Health and Human Service Commission’s Texas Information and Referral Network that offers free information to those in need.

“The need for information and assistance is great because Texas state law allows a home to be foreclosed in as little as three months,” said Rick Thompson, Executive Producer of The Economy:  Facing the Mortgage Crisis. “While this started out as more of a subprime problem, the increase in unemployment is now exacerbating the crisis.”

Guests for the studio discussion include Dana Dillard, Senior Vice President for GMAC Mortgage and a member of the HOPENOW Alliance that works to prevent foreclosure; M. Joyce Brown, Housing Officer with the Dallas County Home Loan Counseling Center; Tom Pauken, Chairman of the Texas Workforce Commission; Lisa Miller, Vice President of the CareerConnection in Dallas; and Kervyn Altaffer, Managing Attorney at Legal Aid of NorthWest Texas, who works with clients to help prevent foreclosure and mortgage scams.

The Economy:  Facing the Mortgage Crisis will incorporate questions from North Texans who are undergoing tough economic challenges.  Those with questions can submit them in advance by calling 214-740-9226 or emailing economy@kera.org.

The Economy: Facing the Mortgage Crisis will be rebroadcast Sunday, July 26, at 2 p.m.   The program is part of KERA’s year-long, multimedia initiative on the economy that makes use of the public broadcaster’s media assets – KERA-TV, KERA-FM (90.1 in Dallas/Fort Worth/Denton, 99.3 in Sherman, 100.1 in Tyler and 88.3 in Wichita Falls) and the kera.org Web site – to provide vital, balanced information and reporting on current economic issues.  The Economy project launched July 8 and includes television and radio specials, weekly radio reports, related national programming and a dedicated Web site, kera.org/economy.

Facing the Mortgage Crisis is part of the Corporation for Public Broadcasting’s Public Service Media Economic Response Initiative.

KERA’s Community Advisory Group for The Economy project includes ACORN Housing, BCL of Texas, Catholic Charities, CCCS of Greater Dallas, CCCS of North Central Texas, Central Dallas Ministries, ChildCareGroup, Children’s Medical Center, Community Council of Greater Dallas, Dallas After-School Network, Dallas Concilio, Enterprise Community Partners, Fannie Mae, Federal Reserve Bank of Dallas, Freddie Mac, Goodwill Industries of Dallas, Head Start of Greater Dallas, Housing Crisis Center, HUD, Jordan Community Development Corp., Money Management International, North Texas Food Bank, North Texas Housing Coalition, Northeast Texas 2-1-1, Parkland Hospital, Salvation Army, Holy Trinity Center, Tarrant Area Food Bank, Tarrant County Housing Partnership, Texoma Area 2-1-1, United Way of Metropolitan Dallas, United Way of Tarrant County, Urban League, Workforce Solutions and YWCA of Dallas.

For more information about “2-1-1 Texas” and the services available, visit 211texas.org or simply dial 2-1-1.

Program host Sam Baker is Senior Editor of News and Public Affairs and local host for Morning Edition on KERA-FM.  He also edits and produces radio commentaries and has produced KERA versions of the NPR series This I Believe and StoryCorps.   Baker was host of KERA-TV’s Emmy Award-winning public affairs program On the Record, which addressed a wide range of issues from a North Texas perspective.

Co-host Shelley Kofler is an award-winning political reporter and television producer who joined KERA as News Director in 2007. From 2000-2004, she served as the Austin Bureau Chief and legislative reporter for North Texas ABC affiliate WFAA-TV.  Kofler also covered government issues for North Texas NBC affiliate KXAS-TV and worked with KERA on numerous public affairs projects, including nationally broadcast programs.

Individuals may call 214-670-8416 to make an appointment on Mondays, Wednesdays, and Fridays starting at 9 a.m.  The Social Services Program Staff will take calls until slots are filled for the day.  Those over 60 years of age may also call on Tuesdays (9AM).

The Martin Luther King Center is located at 2922 Martin Luther King Blvd.  Residents  in other parts of the City of Dallas, or hose in need of help with utilities and/or food can call the city’s Community Help Line - 211.

Please share this information with anyone who may be helped by this service.

The unemployment rate for African-Americans was 14.7% last month compared to 12.2% for Hispanics and 8.7% for whites. The African-American unemployment rate is down for the second straight month after reaching 15% in April. Unemployment for Black men is at 16.4%, down from a high of 17.2% in April.

Jan, Feb, Mar, Apr, May, June

This does not include 2.2 million people who were marginally attached to the labor force last month. And of that number 793,000 are considered “discouraged workers”, because they are not currently looking for work because they believe there are no jobs available. The other 1.4 million had not searched for work in the previous 4 weeks.

Could Black men be the first to start steering out of the recession?

From the Bureau of Labor Statistics.

Credit cards do not put people in debt, financial decisions that people make is what put them in debt! On May 22, 2009, President Obama signed The Credit Card Holder’s Bill of Rights Act into law, which could potentially help people become debt free quicker.

This new legislation will dramatically help the roughly 50% of American consumers who have charged nearly $1 trillion, and carry an average balance of $8,000. Twenty percent of those who carry a balance are paying more than 20% interest on that balance.

Most of the new legislation will not become effective until early 2010, but it will finally use some common-sense methods regarding interest rates. For example, it prohibits lenders from increasing interest rates on existing balances (stuff you already charged) unless you are more than 60 days late on your bill.

And if you actually fall behind on paying your credit card bill and the rate is increased, the lender must restore the lower rate if you have paid your bill on time after six months. Also, borrowers are required to have periodic payment history reviews by their lenders and have their rates decreased if indicated by the review. This may be hard to actually enforce since it goes against the lender’s interest (no pun intended).

Furthermore, the law will require borrowers to receive at least 45 days notice before their interest rates are increased on new purchases, regardless if the customer is late or delinquent. This will help borrowers make better decisions and give them more time to create a plan before they are penalized with a higher interest rate.

Also, the notorious “pay to pay” concept will be disallowed. How are you going to charge me for paying my bill? No more will customers be charged for paying their credit card by mail, phone, or electronic transfer, except for live person or expedited services.

One of the most effective pieces of this law is the part that requires lenders to tell borrowers how long it will take, and how much interest would have been paid if only the minimum monthly payments are made.

Let’s face it! We live in a payment plan world, where most consumers do not care how much they pay for things, all they want to know is whether or not they can afford the monthly payments. Hopefully, borrowers will realize it is not worth paying for something twice and being in debt twice as long by making minimum monthly payments.

The Credit Card Holder’s Bill of Rights also has additional protections for students and gift cards as well. And no more over the limit fees, unless you decide you want to be allowed to go over the limit. Why would you? For more information and the complete bill of rights law visit www.govtrack.us and search for bill H.R. 627. 

Create Wealth, Enjoy Life!

James “Bird” Guess
President & Founder
$chool of Money & Wealth LLC

www.SchoolofMoneyandWealth.com
www.JamesBirdGuess.com
www.TheBlackEconomy.com

• This is the third in a series of posts about Tavis Smiley and Wells Fargo, sponsor of the State of the Black Union (SOTBU). Everyone is in uproar about Wells Fargo employees calling loans to black mortgage holders “ghetto loans” and the disdain they showed for the customers they made the most profit from. But the media, especially black media, has been very silent about the role Tavis Smiley played in helping stack this ill fated deck of cards that has plagued the black community in several major cities.

• When Mr. Smiley first partnered with Wells Fargo in 2005, he was a TEACHER of economic empowerment and assembled seminars around the country as the keynote speaker for wealth building. Press releases filled every major news outlet inbox and black newspapers were infected with faxes stating Mr. Smiley’s desire to teach the principles of home ownership as the key for breaking the cycle of poverty in the African American community. All this knowledge was given at no charge to trusting black folks. This was the golden ticket to obtaining the elusive piece of the pie via Mr. Smiley’s recommendations.

• Mr. Smiley stated he was “thrilled” to help black folks achieve their dreams but now that many of them have found themselves in a nightmare, where is he? Has he spoken out against the “ghetto loans” statement by Wells Fargo employees? Has he demanded accountability that he touts must be part of helping President Obama be the best President he can be?

• Has he applied that same scrutiny to Wells Fargo now that their sins of omission and commission have been exposed by their employees? Mr. Smiley’s messages are often woven with biblical terms to give his messages of empowerment a spiritual halo; so I will take a page from his book, has he washed himself in hyssop to amend for his leadership initiatives with Wells Fargo that has caused financial harm to people of color?

• We should not be shy about asking these questions of Mr. Smiley. But why is black media afraid to question one of their favorite sons about the role he played promoting Wells Fargo to the African American community? Could it be they are part of the problem as well? I am keenly aware of the balance between the news and advocacy and recruiting advertisers and sponsors but we should not be ostriches when it comes to a story of this magnitude. For those who used Mr. Smiley’s conferences/events as promos to keep themselves in the mainstream media eye as “leaders” of the African-American community, they are eerily quiet on this subject. Many are giving the vibe that this is not their problem.

• What’s that sound I hear from the media? Being a pest control operator, I know it all too well…crickets.

Read the entire post by clicking here.

Previous posts at Gemna Speaks about Tavis Smiley and Wells Fargo:
http://blacksnob.com/snob_blog/2009/3/17/strange-bedfellows-the-case-of-tavis-wells-fargo-and-the-naa.html
http://blackbloggers.wordpress.com/2009/03/16/tavis-smiley-holds-barack-accountable-but-who-holds-tavis-accountable/
http://genmaspeaks.blogspot.com/2009/03/roland-martin-of-cnn-interviews-ben.html
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/08-25-2005/0004094109&EDATE=)
http://www.wellsfargo.com/wealth