FDR's solution could be a model for today

This global recession is like a runaway tractor-trailer downshifting works, once in a while. But if the incline is too steep or the load too heavy, downshifting destroys the gearbox. Momentum does the rest. When the rig comes to rest and it will, eventually - the wreckage is found everywhere. The ju...

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Bibliographic Details
Published inThe Philadelphia tribune (1884) Vol. 125; no. 34
Main Author Buffenbarger, R Thomas
Format Newspaper Article
LanguageEnglish
Published Philadelphia, Pa Philadelphia Tribune 10.03.2009
Subjects
American Recovery & Reinvestment Act 2009-US
Economic recovery
Presidency
Quality of life
Recessions
Roosevelt, Franklin Delano (1882-1945)
Unemployment
United States > US
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Summary:This global recession is like a runaway tractor-trailer downshifting works, once in a while. But if the incline is too steep or the load too heavy, downshifting destroys the gearbox. Momentum does the rest. When the rig comes to rest and it will, eventually - the wreckage is found everywhere. The just-passed stimulus bill will repair some of the damage done to America's economy. But a second stimulus package is needed. And revitalizing America's manufacturing sector must be its highest priority. America's trading partners will not buy $1 trillion in U.S. Treasury notes to finance our recovery while their own economies sink deeper into recession. They've already been burned badly once. Yankee traders sold them the toxic debt - the subprime mortgages, credit default swaps and collateralized debt obligations - that triggered this global recession. Selling them more commercial paper stamped "Made in'America" is not a viable option. Our only recourse is to make things other nations will buy. So to stimulate our own economic revival, we must renovate our plants, install new machinery and hone the skills of our workforce.
ISSN:0746-956X