The Economic Priority

The election is over, but the propaganda has not stopped. Various commentators and writers continue to call the "Eisenhower Democrat" who has become president-elect a socialist. Obama's campaign received large sums of funding from corporate elites, and these corporatists have hardly converted to socialism or backed a socialist. Not that there is anything wrong with being a socialist, a term that has many different variations. Anyone who believes that the rich should pay a larger percentage in taxes than those not rich could be called a socialist by the broadest definition.

Of course, President-elect Obama is correct in confronting the economic crisis as a high priority. Although, the Party of Commons was against the 700 billion dollar Wall Street bail-out; now, that it is a fait accompli, some of this money should be used to help the auto manufacturers in Detroit, even though their disastrous decisions, by and large, in prioritizing gas guzzlers over economy cars led to a lot of their problems. Obama seems more inclined to bailing out the auto industry, an important consideration for the overall American economy, than President Bush. It defies imagination for an administration that has no problem in claiming unitary authority in just about everything else they do, to suddenly say that they don't have authority to use the bail-out money for making loans to Ford, GM and Chrysler. Millions of jobs would be lost, in and outside the car industry, if the Big 3 auto makers, or two of three, go bankrupt.

The bail-out money should not be used exclusively for banks and investment firms, but also used to help Americans keep their jobs, their homes, and in getting housing, generally, i.e., the homeless, although fairness, perhaps through tax breaks, should be a consideration as it relates to those who have paid higher fixed rate mortgages during the housing bonanza period.

We wish President-elect Obama well in tackling these serious economic problems.

[This essay was revised on 11/15/08.]

Copyright 2008, Party of Commons TM