Editorial: It’s the economy, everyone

Published 7:56 am Wednesday, January 21, 2009

The world has changed.

In one way, it is because American elected an African-American president.

But in a other, it is because there is an economic crisis. America’s status as leader of the world economy has faltered.

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No longer can this country afford to wrestle with political campaigns that fight over character and ideals so much as which person is the best candidate for the economy. Who can get America back in the driver’s seat and then who can keep it there? The U.S. needs to get down to brass tacks.

We are not the first to say that in the 20th century America had the time and hubris to debate offhand political issues that never mattered in the long run but in the 21st century, if the country wishes to keep up with other countries, American politicians and voters had better keep the economy their No. 1 issue for every single political cycle.

Capitalism is global. Not only do the companies compete in the marketplace, and not only do the cities and states compete, but the countries compete to.

Obama mentioned this in his inauguration address with these comments, which were apt:

“What the cynics fail to understand is that the ground has shifted beneath them — that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account — to spend wisely, reform bad habits, and do our business in the light of day — because only then can we restore the vital trust between a people and their government.

“Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control — and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart — not out of charity, but because it is the surest route to our common good.”