Obama Essay

Obama Essay                                              
On January 20th, President Obama became the first African-American president in United States history. His campaign revolved around the theme of change for America and dealing with all the issues that face America. President Obama should immediately take action to solve America's largest problem: the economy. During the 2008 election, fifty-six percent of people said the economy was the most important issue to them and 10.1 million people are currently unemployed. The economy is struggling, but if Obama makes the right decisions, the United States Federal Government may be able to reverse the damage.

In 2008, the economy began faltering. Throughout autumn, the Dow Jones Industrial Average stock market index dropped by hundreds of points, and has stayed under 9,000 points since. As a result of losing money from stocks, many have become broke. In September, Merrill Lynch, a stockbroker, sold itself to Bank of America for a mere $50 billion. The Lehman Brothers, also a security firm, filed for bankruptcy and then liquidated. Furthermore, the American International Group, an insurance company facing massive credit losses, requested a $40 billion lifeline from the federal government. The struggles of once-prideful corporations to avoid personal financial crises exemplify the need for the new government to stable the economy. The growth of a single industry may be enough to save the American economy from the brink of disaster. Thomas Friedman predicts the alternative energy industry will be the "growth industry of the 21st century," and the study “Economic Drivers for the 21st Century,” estimates the industry could create 40 million American jobs and 4.5 billion dollars by 2030. The Roosevelt administration was able to lift the country out of a depression in the 1930's by creating jobs; thus, a policy that employs millions of people will bolster the economy in a similar fashion: giving the people money to...