Obama’s Economic Downturn and Global Recession Package
Message spread by Obama in his recently concluded Europe Tour
In the face of major economic downturn and global recession, US President Barack Obama called for greater unity in implementing robust stimulus package and in face of global crisis. He said that it is not the measures of protectionism that would pull out countries from the current recession, but it’s in the hand of each country to participate and act to promote trade and growth.
President Obama reiterated the fact that crisis upfront should be dealt with measures, and countries need to take cautious steps to prevent future breakdown of the economies. He has been quoted of saying that US is not looking to be patrons of Europe but looking to be partners of Europe. This line would have surely won him several hearts there.
Barack Obama said that leaders of the world have agreed to pump in $1 trillion into world financial system to tackle the global economic crisis. He believed that stimulus alone is not a sufficient condition to rebuild failing economies; it needs to be supplemented with regulation as well. Financial regulatory structure is extremely important not only for banks but all major institutions that can be potential threat in the future for similar breakdown of global economy.
Obama speaks to the European countries with hope of a better tomorrow that can only be built through co-operation and he urged all nations not to repeat the mistakes made by US in past. He called out to the young generation and voiced his thoughts by saying You can choose to build new bridges instead of building new walls. He also pledged to rebuild relations between US and Muslim world.
The President did touchbase on nuclear issues and maintained that NATO would remain as the foundation stone for all foreign policy of America. He also made his point clear by discussing tax havens and he is of the opinion that senior leadership of financial institution should be appointed through fair and transparent process of selection.
Barack Obama has also said that there is an emergent need for accelerated growth towards a green economy. Climate change and environment issues need to be addressed on priority.
Barack Obama reiterates that global economy needs to act with a sense of urgency to restore balance and sustainable growth and development in the long run. And he is also of the opinion that global economy can be rebuilt and further strengthened if there is common purpose and all countries should act with sense of responsibility and optimism.
April 13th, 2009 at 7:22 pm
There are a lot of good points to Obama’s message.
I disagree with his plan to stay on a free trade policy and not think of putting tarifs on the goods we can still produce here. There isn’t really fair trade when forign governments have subsidies for export and manage health care outside the business structure. Combined with low wages and lower costs of living, this makes America non-competitive.
This spells disaster for our balance of trade and job creation efforts. History shows we did better with an America first attitude. The world economy will not prosper in the short term, without the Americal economy thriving. Without jobs we cannot buy and our economy will fail. Without American products selling overseas we will stagnate. If we stay on this course the world economy will morph into an entity that will not need an American partner. When Jimmy Carter stopped selling grain to the Eastern Block countries in the seventies, the farming in other parts of the world became profitable, surpassing the existing substanence levels and went into export capabilities. This brought down the percentage level of American world wide food production. This will happen (and is happening now) to every other goods and service (think outsourcing electronic engeneering) world wide.
Our very top heave business structure will not be able to compete and the American working family will suffer greatly. The gap between the working people and the wealthy will continue to grow and there will be a class war. This will put the capitalist system in danger, as the disenfranchised will demand their fair share of a quality of life. I see us on a narrow line of success and failure. If the capitalistic system fails to become less top heavy and the opprotunities to survive as a working class family evaporate, there will be a long period of strife in America. This could bring us a new scocialist system, if we do not understand the stress that is starting to hit American families. Right now I see a livable wage as far more important than corporate profits.