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Barack Obama and the Democrats have the makings of a good plan. Bring the White House along? There may be a way
Published on Tuesday, Nov 11, 2008
No surprise, then, that General Motors plans to idle 1,000 workers at its Lordstown plant in January, as part of its overall effort to reduce costs and weather the hard times for American automakers. On Monday, DHL confirmed what many expected: The company will close its domestic operations, eliminating 9,500 jobs, a substantial share at its hub in Wilmington. All of the bleak news reinforced what President-elect Obama stated at his press conference last week, the need for Washington to act swiftly in cushioning the impact of the souring economy.
The outlines of a necessary stimulus package already are evident on Capitol Hill. The U.S. House approved a version in September that included a 13-week extension of unemployment benefits, increased funding for food stamps, public works projects and Medicaid coverage. Worth noting is that by October, just one-third of jobless Americans received unemployment compensation. In June, lawmakers did approve a 13-week extension, yet for many, that assistance soon will be exhausted.
Note, too, the percentage of the population with a job (61.8 percent) stands at its lowest level since 1993. And this is before the recession takes stronger hold.
Analyses consistently show that steps such as expanded unemployment compensation and food stamps are most effective in combating the effects of a recession. Recipients quickly spend the money, generating needed economic activity. More, there is the factor of fairness, people harmed by a troubled or changing economy deserving help.
That ethic points to other elements of a sound stimulus package, in particular, Washington providing aid to those facing foreclosure. It hardly sits well watching the feds leap to the rescue of Wall Street and other big money players in capital markets, while the feds delay in responding to the source of the problem: a mounting foreclosure rate. Add greater transparency concerning the decision-making about how to deploy the $700 billion, and the country would have more reason to think Washington was coming to grips with the many challenges.
For the moment, the Bush White House has been resisting Democratic designs for a stimulus package, citing the earlier extension of unemployment compensation, arguing that public works projects are slow to boost the economy. Actually, the country has neglected investment in infrastructure, and the dividend can arrive more quickly than the White House contends. Still, President-elect Obama and his Democratic allies would do well to reach across the aisle.
In seeking swift action, how about including approval of the free-trade agreement with Colombia? In that way, both sides could claim victory, and the economy would be helped further, too.
Get the full article here.
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