THE BE YOUR OWN ECONOMIST ® BLOG
The Lehmann Letter ©
Today’s news reported that President-elect Obama favors a massive public-works program to boost aggregate demand and employment, a rescue for Detroit to avoid the risk of bankruptcy for the Big Three and expanded relief for homeowners facing foreclosure.
Right on!
The American people have to believe that our government is taking the lead in fighting recession, not sitting on the sidelines. That’s key to boosting confidence and private expenditures. Small measures won’t do. Relief must be stunning and occur forthwith. A trillion dollars is a good start. There’s much to be done. And why risk the damage of auto-company bankruptcies? Detroit can be assisted and restructured. It’s not one or the other. Finally, why should one more homeowner face immediate foreclosure? The new president should stop the foreclosures and institute an aggressive homeowner-rescue plan. Some homes will inevitably face foreclosure no matter what is done. But why let the value of out neighborhoods be dragged down any more than is absolutely necessary?
© 2008 Michael B. Lehmann
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