President-elect Barack Obama has been most impressive in the bold initiatives he has announced to combat the ongoing economic downturn.
His FDR-era jobs program to repair the nation's infrastructure is long needed. Putting people to work is always good policy for the public welfare.
But Americans need to realize that this president-elect (nor even FDR himself) can turn the tide of economic ruin that originated decades earlier. Obama has been saddled with massive problems not of his making by both political parties the past 25 years.
Accordingly, we will need to be patient and most prayerful with this new president. Next year will be much worse economically than this one. And 2010 may not be any better. Remember, that while the stock market crashed in 1929, unemployment did not reach 25% until 1932 during the Great Depression. Only WWII lifted the United States out of its economic straits.
So don't be lured into investing any of your money into the stock market. Don't buy as much this holiday season and save, save, save.
A good president should instill hope in his people. And for the next two years, hope will be the most effective weapon President Obama will have to offer this nation as it fights its way back to better times.
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1 comment:
Tim is absolutely right.
Unfortunately, the misery of The Great Depression did not end completely until the tragedy of WWII began.
But in March 1932, FDR took a giant step in restoring confidence to Americans with one of the great Inaugural Address of all time.
You can hear the confidence in his powerful voice even after more than 75 years below:
http://www.youtube.com/watch?v=vvonsjqE2a4
A series of televised "fireside chats" by President Obama in which he calmly and clearly lays out his plans as well as frankly analyzes the current state of the economy would do much to end paralyzing fear.
A few weeks ago, President Bush attempted to calm such fears on Wall Street with a televised statement. The stock market dropped 500 points after he spoke.
Now, as Thanksgiving approaches, the nation seems almost leaderless. But soon Barack Obama will become our new president, and as Tim said, he will need our prayers and patience.
And he will need our wholehearted support.
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