Instant Gratification? Not this Time

The bailout is necessary, and I’ve said that before. But the bailout does not mean that the good times will be “here again,” at least not in the immediate future. The difference is between a possible 1929-style depression (no bailout) and an uncomfortably long (15-24 months I suspect) recession (with a bailout). To have growth, we need value. That means retraining and education, fixing broken infrastructure, and encouraging job growth.

We've got lots that needs to be done, in both the public and private sectors, but a slow economy and tough money with sluggish leading indicators (even with a bailout) make achieving those goals that much more difficult. And with the rest of the world pointing their fingers at greedy Wall Street and the government that refused to regulate them until it was too late, the international capital markets are not likely going to help much.

We have energy and health care issues that can create massive new jobs, roads, highways, bridges, dams and levees that need to be repaired and expanded. Whatever the long term result, most of the bailout will be recaptured if the government makes the right moves, but we now have to focus on getting this nation into a place where it can grow, build jobs and sustain hope. Climate change, with the irony of drought and battering hurricanes, only makes that job more difficult. But we can, and we must.

The next President will be faced with the issue of priorities, as questions from the debate so clearly indicate. Choices must be made, spending cuts must be implemented, but we need tax dollars and capital investment to move from bailout to success. This is a multi-step process, and it will take both cash and patience. It will also take courage.

I'm Peter Dekom, and I approve this message.