Has The Economy Been Pulled Back From The Brink? Who Is Recovering?
President Obama's highly anticipated health care speech started on a totally different subject: The economy.
"When I spoke here last winter, this nation was facing the worst economic crisis since the Great Depression, he told Congress and the peole at home. "We were losing an average of 700,000 jobs per month. Credit was frozen. And our financial system was on the verge of collapse."
But," he went on, "thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink."
Applause. Applause. Applause.
Are we back from the brink? And what brink is that? On Labor Day night, HBO featured a powerful documentary about a GM Plant in Ohio that was shutting down. It showed the workers, teary eyed and forlorn, making the last truck on "their" assembly line. Their faces told the rest of the story as they asked themselves and each other, 'what do I do now? What happens to my family and my life?"
They had no answers, and neither, alas, does Barack Obama.
A "jobless recovery" will not give these workers the money to buy into even the cheapest health care option, public option or not.
The Oama Administration says it is now phasing out support for the banks because the financial sector is doing so well even if hundreds of more banks are expected to fall. The President will now give an speech on the economy next week. Is all well in the wonderful world of finance? He knows better.