Hana King | Features Editor
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President Obama has been in office for a little over a month, and the country has largely settled down and braced itself for four years of a new administration. Unlike the last presidential term, however, I don’t feel that sense of constant unease over the man himself. What makes me nervous this time around is the economy.
We are in a recession and no matter how many times I hear it or read it on the front page of the paper, it seems surreal. I grew up believing that America was a great and prosperous nation, that we were immune to things like economic downturns. Sadly, the naiveties of childhood are almost always crushed. As we enter into adulthood, we find that the world is much larger than it once seemed and there is no longer anyone to hold your hand.
Overnight, it seems, people began losing their jobs. Funding for education was axed and public transportation fees rose. Talk of a stimulus plan began floating around Capitol Hill, and finally a tentative agreement was reached. The stimulus package amounts to an unprecedented amount of money and hundreds of billions of dollars are at stake.
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For some of us, that number is hard to fathom, but as of late, the top guys in Washington have been throwing out the billion-dollar figure quite often. First it was hundreds of billions of dollars, proposed by the Bush administration, for the banks and failing American industries, and now another equally monstrous sum to fix our economic woes.
This money will have to be borrowed from the national treasury and eventually paid back, but will flushing money into an imperfect system and essentially rewarding those who got us here with a bailout really solve anything? Can we just throw money at the problem and hope it will go away?
It seems a little risky and it threatens the value of the American dollar overseas. What’s worse is the possibility that the stimulus plan will not have its desired effect. I can’t help but wonder what state we’ll be in after that.
As City College students, we have hopes of building a better life for ourselves. We want to be educated, employable, and happy. I just want to be able to pay my bills without overdrawing my bank account or using my Visa, but the scariest thing of all is feeling like our future is out of our hands. We have to keep our fingers crossed that the people in Washington know what they’re doing. It’s true that this new administration is better than the last, but just how good is it?
