Obama: Safer Economy, Safer Nation

Sen. Barack Obama (D., Ill.) shared his economic vision Monday in Flint, Mich. In the speech, he said that he wants America to embrace a future with greater globalization, not fear it. His vision of the economic future could be good news for investors.

Obama has identified four areas where we can improve and become more competitive: education, energy security, infrastructure and trade.

Obama's speech had an upbeat tone:

"I have no doubt that America can compete -- and succeed -- in the 21st century. And I know as well that more than anything else, success will depend not on our government, but on the dynamism, determination, and innovation of the American people."

He also said national security and the economy are inextricably linked: "We didn't win the Cold War just because of the strength of our military. We also prevailed because of the vigor of our economy and the endurance of our ideals."

Obama started by drawing attention to an agenda on education where America desperately needs to develop a more skilled work force. The Bush Administration passed the No Child Left Behind Act (NCLB) in 2002. However, high school graduation rates have worsened and dropouts have been left behind with NCLB being underfunded. Obama called for investing $10 billion to fund the act. He would also recruit an army of better paid teachers.

Those ideas are standard boilerplate for a Democrat. But Obama has chosen not to play it safe everywhere and endorsed several interesting ideas.

First, he would like every child to have an opportunity to attend college as a "birthright." He would offer a tax credit of $4000 per child and require some form of national service in return: community service, Peace Corps or teaching. He would also support a generous GI Bill, which would cover all tuition costs for military personnel.