Now we’re talking! This CNN article announces Obama’s plan for Job Creation. Not sure how it will roll out in real life, but in theory I love it. Finally a proactive step, based on a blueprint that has worked in the past, that can seemingly do more good than harm. At least its putting our tax dollars to work for the people.
I wouldn’t have any problem stimulating the economy with capital injections into the banking and auto industries, etc, if it wasn’t being thrown down the toilet, like good after bad, out of panic that we must do something. Fact is, the steps taken to date don’t come close to fixing the root of the problem, which is lack of true value creation, and is like making drops in the ocean. The $700 billion dollar package previously rolled out represents enough capital to cover only 1.6% of the potentially toxic debt.
At least by creating jobs and fixing thing we use, we get something back from the debt we keep taking on. More importantly, this step finally acknowledges, albeit indirectly, that if we not already in the beginning of what will become a full blown depression, then at least there is recognition that the potential exists. I like.