The Country Needs to Recover from the Aftermath of the Foreclosure Crisis
January 8th, 2009
The country does not need a stimulus – it needs to recover from the aftermath of the foreclosure crisis. Poverty is increasing and more people are depending on food stamps to survive. People are becoming more violent and prone to perversions like domestic aggression and abuse of children. All these peculiarities have been linked with recession. The State Governments does not have the requisite funds to tackle the foreclosure problem. In fact Columbia district ahs lowered its payments toward Medicaid and eliminated many from the eligibility list. A senior pundit of the International Monetary Fund gave out a warning for people to be prepared for another Great Depression.
For a recovery another $1 trillion is required to be invested to cover another two years. This has been proposed by the Congressional Progressive Caucus (CPC) by outlaying the details to give the economy a kick by investing in sustainable long-term growth plans targeting individuals and communities that are the most in need for resources.
The political advisor of President-elect Obama recently said the new administration is planning on a stimulus bill ranging from $675 to $775 billion to cover the next two years. But the question arises whether that will be enough to soothe the socio-economic pain of the recession. The co-chairperson of CPC, Lynn Woolsey gave the answer in the negative and said, “… anything much less than $1 trillion would be like trying to put out a forest fire with a squirt gun.”
Apart from investments the problem of unemployment insurance, increasing demand for food stamps and assistance to states unable to cope with Medicaid need to be stepped up. A holistic approach towards economic recovery need to be taken overseeing the infrastructure, human resources, foreclosures, creatiin of jobs, monetary relief for states, local as well as tribal government affairs, education, vocational training and last but not least tax relief for those with modest income.
The CPC has some recommendable points that deserve to be noted. Veterans, those who have just left school and others unemployed could take charge of the infrastructure. Green technology could be made into small business to weatherize houses. Grants could be made to the most needy schools to renovate and modernize them for the advancement of educational technology based on conservation of energy. A boost in the funding of National Health Service Corps will produce more medical personnel like doctors, dentists and nurses. There are other detailed suggestions that address the problem.
- Fewer Foreclosures Among Low-cost Brooklyn Homes
- Bank of America is a Lagging Behind in Loan Modifications to Prevent Foreclosures
- The Aftermath of the Housing Boom is Followed by Foreclosure Doom in Homestead
- Lenders Being Legally Challenged for Activating Predatory Lending
- Foreclosures Have Made Life for CEO’s Expensive and Fraught With Fear
- With Foreclosures and Unemployment Continuing it is Doubtful if Recession is Over
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