President-elect Obama has held several news conferences lately to talk about the economy and what he plans to do early in his administration to address the severe problem the country faces. He also said after the economy is back on track and working he would focus on returning to balanced budgets. Those two words are magic.
The president-elect has assembled a good economic and fiscal team with the experience to create for the country and its people a sustained economy and job creation. Fiscally, they know what is required to balance the budgets and create surpluses. They also know the benefits that would produce.
The people have a right to be concerned about the billions of dollars committed to the bail outs already announced, however, that is a drop in the bucket compared to the record deficits and debt created by the last 3 republican presidents over the 20 year period they served. Interest alone to pay for the money borrowed to finance the deficits and debt is almost half a trillion dollars a year.
Obama is right to make it policy to balance the budget and reverse the out of control spending that happened on the republican watch. A sound fiscal policy will allow the U.S. to meet its obligations made to the people and do those things that really matter and make a difference for the country and its people. Keeping the Magic alive is the right thing to do.
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