by Femi Sobowale

Created on: February 10, 2009

From all indications, the $819 billion economic stimulus package as presented by Obama administration to the Congress has the potentials to help the American economic rather than hurt it. With the support the stimulus package receives from the American people, one is complelled to believe that the administration is going in the right direction to tackle the economic problems inherited from George Bush's government. As it were, the American economy needs practical and prompt interference from the government in terms of injecting financial lifeline in it to stave off more disaster that could befall the economy in the absence of those interventions. Even though, we agree that nothing is perfect, but doing nothing now could be more dangerous, and may lead to irreversible consequences. Latest independent survey of Americans' support for the stimulus package shows an increase in the number of respondents as opposed to anti-stimulus Americans.

President Obama has embarked on a nationwide campaign to gather support for the package seen by many economists as appropriate to kick-start the economy which has seen tremendous bashing for more than a year. It should be noted the federal government represents the only avenue by which to break the cycle of instability in the economy. With the expected tax relief for the middle class, and the direct investment in energy, education, and infrastructure, the economy surely stands to get back to life where Americans can get back to work and keep their jobs. Creating or saving jobs is the most important aspect of the stimulus, and the government of President Obama is expected to deliver on its promise. It is estimated that more than 90 percent of the stimulus package will benefit the private sector which accounts for a considerable amount of American jobs.

Even though no plan is perfect, the present economic situation in the country needs a quick and focused intervention from the federal government. It is an irony if the government fails in this direction as the United States is looked upon by the rest of the world for economic direction. And any crisis in America reflects rapidly on all parts of the globe with severe intensity. Not doing anything now is essentially a disservice on the part of the government as more Americans will loose their jobs, homes, and potentially the country will slip further into disaster with gravious consequences.

The housing crash that started the problem about two years ago needs to be fixed as part of a larger solution that the economy requires. Then the trust and confidence of the American people should be restored if any meaningful solution could be found to the economic problems. Businesses should be able to get loans for their operations, while the housing market is stabilized, and the trend of foreclosures would be tackled. American consumers on their part are required to spend within their means as this is very important to ensure that the present situation is not repeated in the future. Americans yet unborn will not forgive the present generation if we fail to ensure that their lives will be better, as we are not expected to live the world worse than we met it.

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