Regarding the bailout: We are facing some serious challenges in our nation right now. Specifically, the uncertainty in the financial system is putting tremendous pressure on our domestic and global economy.
This problem has the potential to have serious effects on an individual’s access to credit, our nation’s rate of employment, the value of our currency and the overall prosperity of our nation.
The choices we make today will shape the future of generations ahead. It is because of this fact that we must not act hastily, but rather deliberately and purposefully in our course of direction to correct the financial problems we face. We must not settle for a short-sighted, fix-all solution. We did not get to this point overnight; thus, our solution to the problem cannot be derived in a short period of time. We must consider all options before we commit an even greater mistake.
The dialogue in this debate cannot be left to Washington alone; the discourse must include the public, as they are the vested stakeholders in any course of action we take. Has anyone in Congress considered a plan similar to the New Deal, as Roosevelt did in 1933 in the middle of the Depression? Instead of injecting money into failing financial institutions, the government could use the money to invest in desperately needed infrastructure improvements. Roads, deltas, bridges, old energy production and transmission systems are all in need of restoration.
As unemployment continues to rise, this type of program would provide jobs to many Americans as well as improve our failing infrastructure. In this case, money isn’t just injected, it is invested for the betterment of our nation. It is imperative at this time that we make the right choices not only for Americans who are alive today, but for future generations as well.
Adding higher amounts of debt will only put downward pressure on the dollar and decrease purchasing power for future generations. Action is needed, but a bailout plan like the one proposed introduces a tremendous amount of risk and taxpayer burden.
The level of certainty for success isn’t high enough to warrant such a sweeping, undefined program. Before Congress and the president commit a blank check in the name of the American taxpayer, let us take a step back and see what other options are available.
JOHN KLOSE is a La Cañada Flintridge resident.