What Can He Do?

By Laura McKenna

When President Obama took the oath of office in January 2009, his first order of business was to put the breaks on an economic avalanche. We are in the midst of the worst economic crisis, since the Great Depression.

Major broker dealers on Wall Street and banks have either fallen or are in need of cash infusions to keep afloat. The unemployment rate has jumped to 8.1%. The Dow Jones has slipped to a 12-year low. Some states, like Michigan, Florida, and California, have been hit especially hard. (Check out this great, interactive map of the recession by state.) A record number of home foreclosures are leaving neighborhoods vacant and people homeless. The entire automobile industry is endanger of bankruptcy.

What should government do to stop this mess? Should government do anything at all?

We have already spent billions to prop up Wall Street firms, insurance companies, and car companies. Those billions may have prevented the entire collapse of the US economy, but they haven't been able stop the downward trend.

When President Obama was running for office, he promised a reform of the health care system and education system. Most thought that these proposals would have to remain on the back burner, until the economy improved. However, during his presidential address to Congress, President Obama said that the economy could not be improved without also improving schools and health care.

He is planning a major economic stimulus that not only hands money over to troubled, but indispensible industries. He also hopes to create new jobs and restructure our entire system of health care in this country. He hopes to pay for this program in part by rolling back the Bush era tax reductions on the wealthy. It is an ambitious program indeed.

David Brooks writes that this program is too ambitious, and he questions whether government should get involved in these massive enterprises. 

Others think that this program rewards bad behavior. The Wall Street firms that made risky decisions should not get bailout money. Foolish eople who spent too much for expensive houses should not be helped out, while others saved and spent responsibly.

On the other hand, many appreciated Obama's bold plan. His approval ratings increased after he gave his presidential address.

We are wading into uncertain waters. Rectifying the economic situation is clearly Priority One for the President and Congress, but we are not sure how far the government should intervene in these matters and what policies will increase confidence levels on Wall Street, stabilize home prices, and lead to jobs for young college graduates.

(Yes, this is a depressing post. Cheer up. Watch Jon Stewart talk about Octo-Mom)

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