There has been a great deal of discussion over the past weeks of the changes that are coming to Washington and how they are going to affect the economy. Whether you are among those that believe that the incoming administration is going to accelerate our economic decline, or the apparent majority that believes we are turning the corner toward brighter days, the one point that everyone can agree on is that things are going to be different once Obama takes the oath of office in January. Rarely has an incoming president faced such an uphill climb toward economic health. Not since the Great Depression has the welfare of the country at large been in such peril during a transition between presidents, and that brings with it obvious challenges. Decisive action needs to be taken, and all indications are that Obama will act accordingly as soon as he takes office.

          Whether or not you agree with his ideology, his decisions are going to affect you. Millions of Americans are currently unemployed, facing bankruptcy, or are the apparent victims of skyrocketing foreclosure rates. As a result, the next administration will not only have to attempt to stop the hemorrhaging of jobs that is currently taking place, but also to create jobs to replace the ones already lost as well as the jobs needed to sustain a workforce that is growing at current rates.

          One very feasible idea would be for the Federal government to allocate funding for infrastructure improvement. After the Minneapolis bridge collapse it became painfully obvious that as a country we have been delinquent in the upkeep of our roads and bridges. As further example of this, just drive anywhere in Long Island and you will see a road that needs repaving, a sidewalk that is crumbling or a bridge that ought to be revamped. Funding a workforce to fix these problems would have a double impact- it would not only solve an ongoing problem, but would do so in a way that would directly stimulate the economy by creating jobs.

          Many people are also advocating for an economic stimulus package similar to the bailout that was handed to the major banks and investment firms in the immediate aftermath of the subprime fueled collapse. It is not unlikely that legislation will emerge that will be designed to help individuals who are facing economic hardship, such as foreclosure. There has already been extensive talk and innuendo of a package that could emerge from the legislature to come to the aid of people who are in danger of losing their homes. Whether or not such a bill emerges, it is important to have an educated advocate, such as an attorney who is experienced in dealing with foreclosure, on your side.

          While many people are hopeful that the Obama administration will bring a reprieve from the current economic turbulence, chances are that we still have a long way to go before the economy regains its prior stature. The most important thing that we can all do to make sure that things do not get worse is to continue to educate ourselves and be aware of the impact our personal decisions have on our family, our community, and our country as a whole. Make sure that you have the facts necessary to make sound decisions, and ask for help if you need it. If we all do our part, the coming economic transition will be much smoother. 

 

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This entry was posted on Monday, December 8th, 2008 at 7:24 am and is filed under Economy & Politics, Long Island Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.