Hillary Gets My Vote on the Economy

Think back to 1929, the United States was in the largest slump it had ever been in and people were in a panic. Think now to 2008, thanks to President George W. Bush we may be headed in the same direction. John Schmitt and Dean Baker from the US Center for Economic and Policy Research say that, “A recession in 2008 would raise the national unemployment rate by between 2.1 and 3.8 percentage points, increasing the number of unemployed Americans by between 3.2 million and 5.8 million.”

As a graduating college senior this frightens me more than just a little. The stock market is dropping and the financial stability of our country is dropping, wake up people. Calvin Coolidge was a reason for the recession of 1929; do we want George W. Bush to be the cause of this one? We need to educate ourselves and be aware of this situation.

According to the Morgan Stanley global economic forum, we need to be educated on four main factors: “First, weak US demand may spill into overseas economies through a traditional trade channel, as slower growth in US imports will directly or indirectly affect exports in other regions. Under the trade umbrella, we include the cross-border flows of profits resulting from direct investment in the US. Second, financial channels are probably more important today; financial shocks that began with rising US mortgage defaults are now spilling over into a global credit squeeze, deleveraging of balance sheets, and tighter financial conditions in many markets. Third, the ebbing tide of US and global growth is exposing domestic weakness in economies that had been masked by the global boom of the past few years, so understanding domestic economic health is critical. Finally, while we aren’t bearish on commodities, it’s important to assess the effects on commodity producers of slower growth in demand.”

I’ve done my homework ladies and gentleman and all the facts are leading to one outcome, at least in my mind. A recession is approaching us at a rapid pace and we need to elect the right officials to do something about it. In my eyes, Hillary Clinton is just the right woman to take on this job.

Her economic plan includes establishing a $30 Billion Emergency Housing Crisis Fund to help states and cities mitigate the effects of mounting foreclosures, take action against the stem tide of foreclosure (which includes a 90-day moratorium on sub-prime foreclosures and an automatic rate freeze on sub-prime mortgages of at least five years), provide $25 billion in emergency energy assistance for families facing skyrocketing heating bills, accelerate $5 billion in energy efficiency and alternative energy investments to jumpstart green collar job growth, and to invest $10 billion in extending and broadening unemployment insurance for those who are struggling to find work.

What does this mean to me? I am graduating from college in May, the real world is just on the horizon and the fact is I am going to need a job. Hillary’s plan will help to create jobs and open up new opportunities for those of us that need them. The truth is it just isn’t encouraging when your graduating college and the economy is experiencing its “down time.” With the help of young voters such as myself, we can make sure we choose the right person to help us through our journey. I don’t want to be standing in the unemployment line, do you?

Lindsay Padavan '08
Wilkes University
Communication Studies