I support your economic recovery plan. This is the direction the Bush administration should've taken two months ago when Secretary Paulson first proposed his $700-billion bailout. If we're going to spend American tax dollars in a time of deficit, it should be investing in the future of this country. After all, it's the future generation that will have to pay for it.
So let's recover the economy by building our infrastructure, both physical and information systems. Let's rescue our power grid and supply it with renewable sources of energy. Let's renovate our medical system so that all Americans can get the health care they need. Let's advance our educational system to educate the next generation.
But let's stop with the bailouts. Enough already! We don't need to bailout the failing financial institutions. There are plenty of responsible, conservative, and sound financial institutions who will step up to serve the customers of the failed banks. We don't need to bailout Detroit's Big Three. Maybe one or two of them might go bankrupt but that would make the other one or two stronger as GM customers start driving Fords. And we don't need to bailout all of the home owners who bought homes they wouldn't be able to afford because they assumed the values would only go up. They'll get along just fine as renters, which is what they should've been all along, anyway, if they couldn't afford to buy a home. I'm sure the economic forces will straighten everything out there.
I will contact my congressmen and ask them to pass an economic recovery bill fashioned as you proposed in your address yesterday. I'll ask them to be sure to include the "use it or lose it" provision. I'll ask them to invest in America today by having that bill ready for you to sign as soon as you take office tomorrow. That will be the best use of tax dollars to quickly turn around this recession that might otherwise last for years and get millions of Americans back to work.
Sunday, December 07, 2008
Recovering the economy the right way
I heard President-Elect Obama address the nation yesterday. I was relieved to hear an economic recovery plan that wasn't just another bailout for a change. He spoke about a recovery that would put 2.5-million Americans back to work. He laid out a plan to invest in America's future rather than filling the coffers of failed corporations. I was so inspired by his plan that I wrote him the following letter: