To be fair to Mr Obama, a huge part of that national debt your
excerpt pointed out was concocted out of the last administration's
ideologically driven agenda.
President Obama has signed a stimulus package worth 780 billion
dollars and a 75 billion dollar package to rescue individuals
effected by foreclosures, not to mention the second part of TARP
(350 billion) which he has expanded into the economy. Of course,
many conservatives have voiced concern with not just the size of
the Obama plan, but the strategy it entails - the continued bailout
of banks, infrastructure projects, tax cuts (which were pretty
ineffective as underlined by TARP). I think everyone has reason to
be skeptical in the light of all this spending, especially with the
catastrophic failure of TARP, and the growing American debt, which
for us non-Americans, possibly entails a shifting geo-political
dynamic and the worsening of our own local economy should the
American Economy fails to recover.
Lets put it this way, the Obama strategy entails that credit
flow be restored, the moulding of new industries which would
resurrect the stalled American Economic engine and the final end of
this tripartite model would be the return of consumer confidence
into the market.
A tall order? Well, for us in the 'Rest of the World', we can
only hope with our two fingers crossed that it works.
