And now we know just how low a brand-new president can go:
President Barack Obama warned on Thursday that failure to act on an economic recovery package could plunge the nation into a long-lasting recession that might prove irreversible, a fresh call to a recalcitrant Congress to move quickly.
In an op-ed piece in The Washington Post, the president argued that each day without his stimulus package, Americans lose more jobs, savings and homes. His message came as congressional leaders struggle to control the huge stimulus bill that’s been growing larger by the day in the Senate. The addition of a new tax break for homebuyers Wednesday evening sent the price tag well past $900 billion.
The solution isn’t easy, but there is a solution — and one where future generations won’t have to pay for the President/Pelosi Political Payoff Pork Package.
1. Keep the banking system solvent, and quickly. Federal assistance to write off bad debts is probably necessary — and TARP probably has that covered. Speed here is of the essence.
2. Take our lumps. A nasty recession where individuals put off consumption and pay off debts simply has to happen.
3. We have charities and a social safety net to make sure individuals and families aren’t going hungry.
4. After the hangover, we can start spending like sailors again.
And there you have it.