While the news is saturated with criticisms of President-Elect Obama's economic plans, the burning question is "what should we do?". Costs continue to rise for working poor, and mortgages, home energy, food are showing no mercy. Unemployment is now at 7.2%, which is a sobering number to say the least, and many fear by mid 2009 the bottom will drop out. I tend to find that number misleading, since people who's benefits that expired, many stopped looking. Becoming a statistic is all but imminent for numerous workers around the country, as commercial businesses are finding themselves having to close their doors, and thebuildings remain empty.
While Obama's plans will increase the deficit, the hopes are similar to the last stimulus package, with a larger amount of monies paid out. Yet, party infighting and partisan bickering may stall the plans. Economist and liberal columnist Paul Krugman is critical of tax cuts now, Senator John Kerry, an ardent supporter of Barack Obama, suggests larger spending on infrastructure in order to create more jobs. Ron Wyden, Democratic Senator of Oregon, had this to say
"In tough times people don't respond all that well to marginal changes, such as a small amount of money added per paycheck,".
As expected, the Republicans are not swayed by the needs of the people or the country. However, some are willing to work with Democrats to create some sort of plan. They fail however to mention that a large portion of this mess, is policies that they supported. What is clear, is that the President-Elect and members of both parties recognize that something needs to be done. After Fannie-Mae & Freddie Mac, Wall St, and the Auto Industry bailout/loans, the American people are hoping for their assistance. While many pundits on the right are calling the plan a "nanny state" policy , simply cause they are not recognizing the facts on Main St. Others have seen this coming for some time.
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