By Ryan Seib
The Daily Cardinal
Along with most of the world, Madison is a place in high spirits after the recent election. The realization that, come January, America will have a new president, and a mandate for policy change, really helps enforce the positive spin that many of us are experiencing.
Politics seem to have really changed in our times. After the dust clears we will be set to base several new reforms on the heads of the Bush Administrations past efforts. The most glaring issue President-elect Barack Obama is going to have to deal with is the looming threat of expanding economic crises nationwide. Good news for the economy, though: the President-elect has made fixing it his top priority, along with middle-class tax relief.
Undoubtedly, the new Washington approach to economic concerns built around the idea of the power of middle class spending. Obama has currently pledged to continue the Bush tax cuts to the middle class that are set to extend until 2010. In addition, he will be pushing for more tax cuts for family making under $200,000 annually, while increasing the taxes on those making above $250,000.
This plan was criticized by the entire McCain campaign and by the Maverick himself as spreading the wealth around"" - further connecting it with socialism. In one rather hilarious line of questioning on WFTV-Channel 9, Barbara West asked Vice-President elect Joe Biden about the relation of Obama's economic approach to those of Karl Marx. ""Is that a real question?"" asked Biden. ""That's a ridiculous comparison ... I don't know who's writing your questions.""
Despite his denial, Obama plans to make things easier for the economy by reversing the tax trends of the Bush Administration to replace the middle-class as the power base instead of relying on the massive spending powers of big corporations and wealthy Americans. This fundamental change marks an advancement of the way that our economy will function in the coming years.
After the credit crises and recession forecasted by Merrill Lynch economist David Rosenberg in March, there are going to be some changes in the way that business is held accountable. Regulators tend to become more risk-adverse in the era of job losses and shrinking import/exports and they consequently write the rules to favor greater transparency in business practices - which costs money.
Finally, the problems that began with a stunning collapse of housing markets and then morphed to creditors, insurance and overseas is feared to begin affecting other types of loaning institutions such as those that loan money to students. Fortunately, the federal government shows signs of support for its student interests by expanding its purchases of them in order to head off a shortfall.
However, it comes back to being in high spirits and the relative ""honeymoon state"" our country feels with Obama over the election results. As students, we should be able to look forward to new driving forces of the coming era: Obama's promised changes to politics, elevation of lower-class rights and a hopefully positively evolving market are going to make our blossoming relationship to the future seem bright indeed.
Ryan Seib is a senior majoring in English. Please send responses to opinion@dailycardinal.com.
