This editorial appeared in The Fort Worth Star-Telegram.
President Barack Obama, in calling for a bipartisan effort by Congress to adopt a huge economic stimulus plan, argued that "doing nothing" is unacceptable.
He's right.
These are exceptionally horrific times for the U.S. economy. The brutal recession that began in December 2007 could wind up being the most-prolonged and painful downturn since the Great Depression of the 1930s.
The nation's economic pulse is alarmingly weak. The housing, financial and credit markets remain in the intensive care unit.
Employers slashed a net 598,000 jobs in January, the biggest one-month plunge in nearly 35 years. About 3.6 million jobs have been lost since the recession began.
Strong medicine required
The economy desperately needs a massive jolt that the private sector, in its greatly weakened state, is unable to provide on its own. Key lawmakers in Washington announced a tentative agreement Wednesday on a $789 billion economic stimulus package, following passage of separate bills by the House and Senate.
Final legislation could be passed quickly by the House and Senate and signed into law by Obama.
To read the complete editorial, visit The Fort Worth Star-Telegram.
Comments