Based on the preceding analysis, what does Obama need to do to fix the economy? Basically, reverse the basic characteristics of Reaganism and thus return to a sound mixed economy that might have a chance to rebalance and restore its equilibrium and health, with steady, sustainable growth, whose benefits are widely distributed throughout society.
Specifically:
1. Reverse the Bush tax cuts so that the rich begin paying their fair share of the public needs. Reduce the ratio between the top-paid executives and the lowest paid employees from its current 400-500 to one, down to a more reasonable level.
2. Reregulate the financial sector, the banks and the 'shadow banking system' in such a way as to reduce its power and influence, and reduce its risky behavior. This includes predatory lenders and credit-card companies, who prey upon average people. Encourage savings, and discourage excessive indebtedness at every level.
3. Encourage and protect the working man and his fair share of the economic pie, thus building up the middle and lower classes, and reducing poverty.
4. Somehow stop the deindustrialization of America, so that good jobs are once again available for average people.
5. Prevent economic bubbles from forming, through appropriate Federal Reserve and Treasury policies, and thus the consequent damaging busts from happening.
6. Get control of health care costs while spreading the coverage of health care.
7. Reduce our dependence upon foreign oil and increase our use of clean energy.
8. Move the country toward more sustainable living arrangements that are less dependent on automobiles. Go back to a functioning passenger train system that used to exist.
9. Put the federal government on a budgetary diet, including the military. Get entitlements under control.
This appears to be the direction Obama wants to go. J'approve.
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