Sunday, January 24, 2010
Bailouts, Stimulus Were ‘Essential,’ White House’s Axelrod Says
White House senior advisor, David Axelrod defends the decisions made by the Obama Administration when faced with the recent economic recession. What was seen as a highly unpopular decision to provide bailout aid to so many financial institutions on Wall Street, the very same group of companies and employees that are supposed to protect and maintain our economy, Axelrod defends the policies implemented especially as the Democrats face pressure from the loss of a senate seat in Massachusetts. However the process of recovery from the recession as economic growth was at the fastest pace in nearly four years. President Obama will continue to spur employment opportunities to further boost GDP however may face opposition from Republicans wishing to continue spending and continue to accumulate debt.
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4 comments:
I agree with Axelrod because an economy needs financial institutions to run properly. The stimulus package is doing what it was intended to do it just takes time for the money to pump through the system and show results.
I agree with Paul Krugman that we didn't go far enough with the stimulus: while the deficit spending means greater debt payments, a very large infusion of capital into the system would have been better than the incremental, spread-it-around stimulus that was passed.
The whole organization and application of the stimulus package assigned by the Obama Admin. was not planned right. There were no real goals or plans set for the institutions that recieved the money. I'd have to agree with this statement, "Bloomberg subscribers found four-out-of-five are only somewhat confident or not confident of President Barack Obama’s ability to handle a financial emergency". I certainly believe so. Sure the policies were essential but I think they could have been explained better.
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