Submitted by IceCreamYou on Sat, 12/06/2008 - 5:25pm
In the face of a half-million jobs lost this month, a flat admission by President Bush that "our economy is in a recession," and dramatic European interest rate cuts, we've all been crying out for some measure of confidence. Obama is trying to deliver, laying out a plan for immense investment in infrastructure that will create 2.5 million new jobs by 2011. It would be impressive except that the times are calling for more than that--but the effort provides an indication that more is coming.
Mon, 12/08/2008 - 6:58pm
#2
Infrastructure is important but to me one of the most important issues is the debt. It affects our generation directly and at the rate its going, will cause some major problems down the road unless something changes.
Mon, 12/08/2008 - 7:14pm
#3
Infrastructure is important but to me one of the most important issues is the debt. It affects our generation directly and at the rate its going, will cause some major problems down the road unless something changes.
It's certainly a problem, but it's a problem we know how to fix, that can theoretically be corrected at any time and doesn't have too much of an effect on people in general. Government debt, that is.
And no one ever expects government debt to get better during a recession.
I guess what I'm saying is, there are more critical things to worry about right now... debt takes second place.
Mon, 12/08/2008 - 7:26pm
#4
I don't think debt will be solved during this administration, simply because this is going to be the administration that brings us out of recession, much the same way FDR brought us out of the Depression (the first time, not the final time which was catalyzed by war-related manufacturing). Obama will bring us out of recession, accumulating more debt, then his successor will enjoy a booming economy, much the same way Truman and Eisenhower did, which will within about two terms, lead to a nonexistent or at least dramatically reduced government debt.
Mon, 12/08/2008 - 8:15pm
#5
I hope so, really or else we all are ____ in 30 years. But you can't predict the future, we might blow another 10 trillion in an Iraq situation.
Mon, 12/08/2008 - 8:24pm
#6
I hope so, really or else we all are ____ in 30 years. But you can't predict the future, we might blow another 10 trillion in an Iraq situation.
History demonstrates that capitalism is cyclical. Approximately every 15 years there is a crisis, and each time the public cries about how it's the worst thing to ever happen. Ever notice how the news always says "the stock market is the lowest it's been since 1993" or "unemployment is the highest it's been in 30 years?" Yeah. It takes about two years to pull out of a recession and two more years to restore prosperity and economic growth, and the economy ends up better than it was before. Assuming, of course, that the reasons for the initial dip are corrected; if not, the economy will still recover naturally, it will just take longer.
I'd say another Iraq is unlikely at this point. I'd put our chances of a new war in the next four years at about 5% and in the next eight years at about 10-15%. Iran is the most likely candidate, and I've explained before that the Iran situation is very unlikely. The Afghanistan-Pakistan border is our current problem, and we're already fighting there.
I don't know if he'll be able to pull it off, but I like Obama's plan--the number one overlooked domestic issue is our infrastructure, which leaves something to be desired in most areas, to put it mildly, especially when one recalls last year's bridge collapse.