Western Tribune Column September 24 2008

Obama's economic view is right one

As I wonder how the economic crisis affects Bessemer, a quick search finds 109 foreclosures here, about 50 of them in the 35020 zip code.

So, like the rest of the country, Bessemer is hurting.

In addition, as gas and utility prices continue to rise, residents will have less money to spend on taxable items and our city’s revenue will decline as well.

While Republicans, the ones in Michigan at least, are trying to find ways to keep disadvantaged voters who have lost their homes to foreclosure from voting, Democrats are working with the administration to shore up the capital markets and provide some stability.

Now I know that may be a little unfair, but Democrats get the blame when anything goes wrong, so let’s give them the credit for doing something right. I also know that in the four days between me writing this and you reading it that any number of things could happen to make this column seem irrelevant. But during those four days I know one thing that will happen, Barack Obama will expand on his economic plan he proposed on Friday.

Obama realizes that any plan must help not only Wall Street but Main Street as well.

That is why his tax cuts for 95% of Americans are so important.

Along with the proposed economic stimulus package he supports, it will result in money in the pocket for Bessemer residents to buy groceries and gasoline with.

It’s ridiculous to think that John McCain, who has been against regulation for over 20 years and whose chief advisor Phil Gramm is responsible for the legislation that allowed the current deregulation, would suddenly be in favor of strict regulations necessary to stabilize Wall Street and prevent future occurrences of the same problems.

In addition, unlike the McCain response to the problem, Obama realizes that the crisis is global in nature, and the response should be global as well, as he has proposed a coordinated effort with our partners in the G-20, the group of 20 industrial and emerging market nations that work together on issues related to global stability.

We deserve confidence in our financial markets and institutions, and it’s hard to be confident in the current administration or the party that brought us the crisis.

Hearing Obama’s plan restores our confidence, assuming he wins in November.