This last week, president-elect Barak Obama threw his hat into the ring by giving his first speech as president-elect on the economy. He announced who his economic team was going to be, and announced his economic plan. With the picks of former Treasury Secretary, Larry Summers as Obama's in-White House economic advisor, and NY Fed Chair, Timothy Geithner as Treasury Secretary, president-elect Obama should have the economic team he desires.
Both men served very Liberal administrations and governments, and know how to govern an economy from the left. It will be very interesting to see just how these individuals will be able to pull us out of this economic crisis. However, these new picks may not have much say, because president-elect Obama has already announced what he wishes to do over the next two years.
Mr. Obama has declared that he will oversee the largest stimulus package in the history of America. Where he and the Congress will get the money to pay for this is still a mistery to me. He also said that he will use this time to oversee radical changes in healthcare, energy and education policy. If you know the Obama's plans in any of three, you will know this will mean less choice and more bureaucracy all in the name of "fairness". Mr. Obama seeks a, "long term retooling of the American economy."This is scarey language if you like free market capitalism. Mr Obama, also declares that he will save the American tax payer $700 Billion, by using the line-item veto to cut specific spending items from the budget. Unfortunately for Mr. Obama, "Constitutional Scholar" that he is, the U.S. Supreme Court declared the line-item veto unconstitutional for the executive branch back in the 1990s. Unless he plans on superseding their authority, the line-item veto is not an option. But then again he also promises not to raise taxes, but how is he going to pay for his new social programs with out doing that?
I know that in my earlier blog I spoke about praying for our president, that he will make wise decisions that are good for this country. I also now it is a little bit premature to be speculating on what Obama's policies will exactly be, but if you base your opinions on what Barak Obama has said in the past about what he desires for this country, then its hard to beleive he will not try to implement those desires. President-Obama has stated in his books and stump speeches that he is for radical changes in our policies as a country (this includes radically changing the Constitution). Many of these policy changes are extremely unpopular with the American people when presented to them honestly(i.e. socialized healthcare, 65% against-40% for (AmericanSolutions.com)). Here is where you might say, "wait a minute he got elected on those policies!" No, he got elected on a vague promise of change, where everyone projected what change they wanted on to him. If you read his books, listen to his speeches and "private" conversations you will see a dyed-in-the-wool socialist, and socailist policy is unpopular with the American people. This is why I am already calling into question his policy decisions.
President-elect Obama is doing his best to do the right thing. The only problem is that it is his opinion of what the right thing is. For generations this country has operated under the free market system. We were not afraid to allow companies to fail, because we kknew the market would recover and those companies would be bought by the highest bidder and salvaged. Yet, today we are so afraid of failure and hard times, that we will allow our simplest freedom, the freedom of choice, to be taken from us in the name of "financial security". I understand that if companies like AIG or GM fail it could mean the collapse of large portion of our economy and millions would lose their jobs. However, these effects would be hard, but they would be short lived and individual Americans, who normally would not have a chance at owning a piece of America, would be able to buy up these failed business and make them trhive again through ingenuity and drive both of which is what this country was founded on.
Hard times are not called hard because they are attractive, but they are necessary from time to time to make us appreciate what we have. This country has survived worse, and we can survive this, but it is going to take the resolve of our leaders, and the courage of the American people to do the things that are necessary to save our country's economy and preserve the freedoms we so enjoy.