Even though it will increase my taxes, I'm ready to support Obama's budget and work to overcome the pressure from the powerful interests against it. Health care, energy and education reform are worth the sacrifices required from all Americans. But I'm concerned about the way the administration is handling the banking crisis. The slow drip drip of taxpayer money into Citibank and AIG looks to me like we are just postponing the inevitable pain required to solve the bank and credit crisis. Many economists and blogs I respect suggest that until the banks are cleaned up we will follow the painful example of Japan. See for example blog written by Simon Johnson of MIT at http://baselinescenario.com.
Obama's economic team may have excellent reasons for choosing a different strategy, but in my opinion they have not done a good job of explaining their reasoning or their plan. I urge President Obama to join Simon Johnson, Planet Money and others who are doing an excellent job of educating those of us who until recently had little knowledge and less interest in economic theory. Once Obama supporters have confidence in the way the banking crisis is being handled we will be much better able to face those who oppose the budget or cry "socialism".l
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