Healthy Economy Needs Public/Private Partnership
To The Editor:
A recent letter blames President Obama for our economic crisis when clearly it was caused by the flagrant abuses and unchecked excesses inflicted on us by our insurance, banking and real estate industries.
The Wall Street reforms initiated by the president have been clearly designed to institute a series of safeguards to prevent such a catastrophe from ever happening again.
The president also succeeded in urging Congess to use the power of the government to rescue the automobile industry. Had he not succeeded in doing so, our economy would very likely have collapsed.
The president also encouraged Congress to promote the emerging sector of environmental and sustainable energy production – a direction where our future clearly lies – just as in earlier days it supported the development of canals, railroads, highways, state colleges and universities (including Penn State), air travel, space exploration and scientific research.
The success of the American economy – throughout our history – has in large part come as the result of investments that our democratically elected representatives have seen fit to invest in the public sector.
So it is not an either/or thing. To succeed, our economy needs an energetic private sector combined with a government that can help channel that energy to the optimal use of the society at large.
Let’s give the president and the Congress credit where it is due.
Big Cove Tannery