Obama : Dramatic Action on Economy is Crucial

Obama – now the sworn in president as of last Saturday, has repeatedly said on stumping grounds throughout Ohio for this complete economic and continued bailout plan which involves several more billion dollars to bail out industries that are crucial to the health and wealth of our economy, that dramatic action is needed to keep the country from going into an extended recession that could last for years and years.

He has said that this is one of the worst hurdles we’ve ever had to face, and that dramatic government intervention is needed if we are to have hope for any clearing up in the next few years. Many experts are predicting that this will still not clear up in the next five years even with help from the government.

What his economic package involves is some 825 billion dollars in tax cuts and spending that is aimed at creating 3 million new jobs, although in what sector it is unclear although speculation is that this means it’s in the infrastructure area. He believes that this spending, which is record government spending, while it appears to be a big number, is absolutely necessary in order that we may help restore our ailing economy that seems to be getting worse by the day, as quickly as possible.

Obama was just in my home town area of Cleveland Ohio (he was actually in a town called Bedford), pitching the spending as a way to help us recover more quickly, especially since Ohio is one of the biggest job creating states in the country, and has one of the highest per capita populations. Will it work? Well, my feeling is that it will certainly help, even though it is admittedly at the taxpayers expense and we shouldn’t be in this mess in the first place, but no president, no matter how good he is at finance or economics, will be able to single handedly fix this economy.

It’s going to take time, pure and simple, to help cure what is ailing this economy, which includes the onslaught of easy credit that wasn’t adequately backed for years, the freeing up of those now-shy credit markets, which is part of the reason we’ve seen spending by consumers so sharply curtailed, and the help of several industries in a bailout so that people can stop getting laid off and companies can begin hiring again.