Even if the deficit grows over the entire first four years of Obama's term the economy needs bold, decisive, bipartisan action and it needs it now.
Obama should formulate a plan and call for its implementation immediately. Let George Bush and the Republican dunderheads in Congress explain to the American people why the economy should wait until after Obama's inauguration.
The American economy lost another 240,000 jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that an accelerating slowdown is assailing households and businesses.
The unemployment rate climbed to 6.5 percent , the highest level since 1994 and up from 6.1 percent the month before.
Adding to the gloom was a steep downward revision in payroll numbers for September. The Labor Department said that employers slashed 284,000 jobs that month, far higher than the 159,000 that was initially reported.
Since August, the economy has lost 651,000 jobs -- more than three times as many were lost from May to July. So far, 1.2 million jobs have been lost this year.
The Republican party has shown a blatant disregard for balancing the federal budget and getting a handle on the deficit for years now. For them to fund the debacle in Iraq for years but now block funding to support Main Street America would be political suicide.
A lame duck President and a minority party on the ropes following a stunning defeat in the election adds up to a golden opportunity for a progressive move in support of Americans, and if Americans are economically healthy the economy will rebound - but we have to put Americans first over the corporations.
Update: Here are the members of Obama's transition economic advisory board:
DAVID E. BONIOR Academic; former Democratic Congressman from Michigan; John Edwards's campaign manager.
WARREN E. BUFFETT Billionaire investor and chairman of Berkshire Hathaway; expected to take part by telephone.
ROEL C. CAMPOS Washington lawyer; former member of the Securities and Exchange Commission; former broadcasting executive.
WILLIAM M. DALEY Senior executive at JP Morgan Chase; former Commerce Secretary; chairman of Al Gore's presidential campaign.
WILLIAM H. DONALDSON Former chairman of the S.E.C.; long career in investment banking, higher education and government.
ROGER W. FERGUSON JR. Chief executive of TIAA-CREF, the giant public-employee pension fund; former vice chairman of the Federal Reserve.
JENNIFER M. GRANHOLM Governor of Michigan.
ANNE M. MULCAHY Chairwoman and chief executive of Xerox.
RICHARD D. PARSONS Chairman of Time Warner; former banker.
PENNY S. PRITZKER Senior executive, Hyatt; national finance chairwoman for the Obama campaign.
ROBERT B. REICH Author, academic, former Labor Secretary.
ROBERT E. RUBIN Chairman of Citigroup; former Treasury Secretary.
ERIC E. SCHMIDT Chairman and chief executive, Google.
LAWRENCE H. SUMMERS Economist, academic; former Treasury Secretary.
LAURA D'ANDREA TYSON Academic; former chairwoman of the President's Council of Economic Advisors and the National Economic Council.
ANTONIO R. VILLARAIGOSA Mayor of Los Angeles.
PAUL A. VOLCKER Former chairman of the Federal Reserve.
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courtesy of the New York Times
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