Sunday, July 12, 2009

Turning the Economy in Four Months isn't Possible

At about the 27 minute mark, Sen. Chuck Shumer says Obama has a long-term strategy on the economy. Exactly. But republicans know that the nation that wants quick relief--NOW--so they are pouncing. But what are their solutions?
Obama can't turn around and transition an economy in four months. It's not reasonable. Read Obama's op-ed in today's Washington Post here.
Americans are becoming more sensible. They are saving money and downsizing their lives, which means fewer purchases and smaller living, which in turn means higher unemployment (fewer people are buying things so companies are laying off workers), as the economy finds a balance. At the same time, a huge undertaking is underway to transition the economy from one that depends on consumer buying to one that's more dependent on invention, exports and green jobs.

From Obama's op-ed in the WP:
Now is the time to build a firmer, stronger foundation for growth that not only will withstand future economic storms but that helps us thrive and compete in a global economy. To build that foundation, we must lower the health-care costs that are driving us into debt, create the jobs of the future within our borders, give our workers the skills and training they need to compete for those jobs, and make the tough choices necessary to bring down our deficit in the long run.
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