With the US economy in turmoil, Senate members are scrambling to write a financial recovery plan that can be put into action as soon as President Elect, Barack Obama is sworn into office on January 20th. While only minor details of the proposed plan of action have been leaked to the news media, it appears that saving the struggling economy will cost taxpayers several million dollars on top of the astonishing amount that has already been spent. As many concerned citizens question the soundness of pouring more taxpayer money into saving the economy, the majority seems to have faith in the Obama financial recovery plan. Even without a solid track record, it seems as if many are putting their blind trust and financial well being into the hands of the incoming president.
While President Bush was leading the United States, several attempts were made to boost the US economy. Over the summer, checks were mailed to tax payers in an attempt to spur spending and economic growth. Reports indicate that most put the money into savings or used it to pay down previous debt. This effort proved unsuccessful and was followed by major corporate bailouts. Many were upset that their tax dollars were being spent to bail out privately owned companies that had a history of spending their money foolishly. One company in particular received funding via the financial recovery plan in the form of a bailout and is sponsoring a college football bowl game this holiday season. Another sent company executives on a lavish company retreat just days after receiving a hefty check from the government to save them from bankruptcy.
The Obama financial recovery plan is promised to be quick acting by eliminating programs that do not meet their intended need and expanding social and financial programs that have proven to be successful. During the Bush administration, faith based organizations received additional funding to meet the needs of those less fortunate in their communities. It has not been disclosed if these same programs will continue to receive funding after Obama takes office. While most will argue that local organizations are best suited to meet the needs of struggling community members, the government typically likes to regulate such programs, thus making them more difficult for those in need to get needed assistance. Those in rural communities came to depend upon the assistance offered through these local programs and ending them abruptly could leave many with no other place to turn for assistance.
One thing is for certain; all eyes will be on Obama as he takes office and works to end the financial crisis that the country now faces. While fixing the current sluggish economy is a tall task for anyone, many have high hopes for the Obama financial recovery plan. Obama campaigned on a message of change and that is something that the country could definitely use. If the Obama financial recovery plan proves to be effective and reverse the current downward spiral of the economy, he will most certainly be assured a second term in office.