This editorial appeared in The Kansas City Star.
President-elect Barack Obama's new economic recovery plan, together with today's scheduled presentation of a high-powered economic team, offer some badly needed hope to the American public that better days are ahead.
The sense of fear across the country and outright panic in the financial markets last week were understandable as more bad economic news rolled in and the Bush administration adopted a deer-in-the-headlights pose.
Millions of worried Americans threw in the towel on their financial investments, slashed their spending and listened to analysts throw around frightening phrases like "deflationary spiral," "deep recession" and "not since the Great Depression…"
In deference to Bush, the president-elect had been keeping a low profile in Chicago. Fortunately, however, Obama realized late last week that he needed to fill the leadership vacuum in Washington.
The economic team he has assembled is a strong one, with plenty of depth and experience.
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