Will President-elect Obama be the next FDR? If he pulls the nation out of its economic slump, he has a shot at becoming just as beloved. If he doesn't, the opposite could occur.
His aides disclosed on weekend TV talk shows that:
Obama aides called on lawmakers to pass, by the Jan. 20 inauguration, legislation that meets Obama's two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6.
Though Obama aides declined to discuss a total cost, it probably would far exceed the $175 billion he proposed during the campaign. Some economists and lawmakers have argued for a two-year plan as large as $700 billion, equal to the Wall Street bailout Congress approved last month.
Better yet, he's apparently breaking one campaign pledge that will serve him and the nation better by its absence. He will apparently not raise taxes on the so-called wealthy as promised:
With the downturn in the economy, those tax cuts may remain in place until they are scheduled to die in 2011, said William M. Daley, an economic adviser. "That looks more likely than not," he said.
Tax hikes in a recession, much less a depression, are not good for any income bracket. Bravo, Obama!
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By Bonnie Erbe