That is what Barack Obama was faced with in January 2009. The economy was spiraling out of control. Imagine getting 300+ million people to agree on what to do. Well, it takes time. So what is the results after three years and ten months?
1. The Stock Market has just enjoyed one of its best half years ever.
2. Unemployment is below 8 percent.
3. The housing market has rebounded.
4. The automobile industry is healthy.
5. The financial industry is doing well.
6. Health insurance is available to virtually all Americans.
7. Home foreclosures are at the lowest level in five years.
Not bad for only three years and ten months; it took World War II to finally lift us out of the Great Depression which started in 1929 – that’s twelve years. What we need to do is to continue working with the one man who has accomplished so much in such a short period of time to turn our ship of state around, in stormy seas no less.
The last super rich, Republican business executive to be elected President of the United States was this man:
He campaigned against big government and what he saw as governmental waste and inefficiency. He believed that the only thing that could save America was private enterprise and he saw his extensive private sector experience as the solution to all that ailed the country. One of the major cornerstones of his administration was public-private partnerships, which he called “economic modernizations.” When the stock market crashed in 1929, he immediately cut taxes on the very rich (which he was forced to rescind as the situation got worse) and implemented private solutions. Voluntary participation by private business and parties would see the United States through this economic crisis was his way of thinking. All of his private sector devotion gave us this:
Hoover’s promises are legend as are the promises being made by the GOP to this day. Not only were Hoover’s miscalculations directly responsible for the untold misery of the American people, the drought of that period of American history is ominously present today as well.
There is an old saying: Those who do not understand history are bound to repeat it.