Thursday, February 5, 2009
In Times of Crisis...
Feb. 5 2009
Hello this is Smoke starting his posting on Feb.5 2009. The base of these post will to examine events and situations in political events at this time, and compare it to what past politicians did in the same or similar ones. Today it will be on the economic crisis that has struck the world much like the Great Depression in the 1930's. Today's US president Obama has a huge job in front of him which he started on the day he was sworn in, however this recession pales in comparison to what Franklin D. Roosevelt had in front of him when he was elected. Roosevelt acted quickly, closing most banks and worked on emergency legislation to solve this problem.
His plan revolved around Keynesian economics which is running a deficit in order to spend enough on programs then repay it with a surplus. Many politicians opposed this type of spending so Roosevelt had to fight to get many of his fiscal policies through. However in a few years his policies were showing some positive return as some jobs were created and the economy was showing a slow steady growth. Whether this would have been enough to pull America out of the Depression will never be known because in 1939 World War II began which stimulated the American war machine and economy by creating thousands of jobs in industry, and as soldiers. The New Deal defined Roosevelt's political career and has become his legacy since then.
Obama now has his own economic crisis to deal with and his own legacy to define the question remains will it make or break him? As president of one of the most powerful nations in the world how will he deal with his own country's crisis and how will he work with other country's plan to stimulate their economies only time will tell, however between the two candidates that America could have chosen I believe he is better suited to the job.