Obama’s Economic Philosophy by Michael Likosky
It didn’t start with President Bush either. I personally believe – and said it back in 2004 – that the corrupt mortgage industry was a Band-Aid for a failing economy. If I could see that the industry was nothing but a hustle and headed for a major crash, experts trained in economics could see the writing on the wall better than I could. I warned people constantly that the bottom was going to fall out.
In this piece Likosky talks about the “long term deficit in the infrastructure field.” breaks it down:
Obama’s Economic Philosophy by Michael Likosky, Huffington Post
Importantly, the Janesville speech — and the State of the Union — start off by reminding us that our crisis has been decades in the making. In other words, our crisis did not emerge in the subprime mortgage market, and it will note be solved there. Instead, we have divested from our real economy for decades. In the meantime, our new competitors — China, etc — have invested in state-of-the art infrastructure. As a result, we risk loosing our competitive edge. Read the full story at The Huffington Post.
Add the crumbling infrastructure to the other issues President Obama discussed last night – a lack of respect for education and the failure to promote innovation – and voila, we have the current economy. The President said “We do big things.” We desperately need those big things to include things like major inventions rather than traveling the world starting wars…. just my opinion.