Video (5min 38sec): What Will Real Economic Change Look Like? Downturn and record high deficit mean next Prez must protect Americans from 'vagaries of the market'. Jim Nuzzle, White House Budget Director: "For 2009, the deficit is projected to rise to $482,000,000,000, or 3.3% of GDP." "The new US national deficit announced on Monday, a record high, were the latest sign of an economy in decline with foreclosures rising. home prices falling, soaring energy prices, and nearly half a million jobs lost since January.
"Democratic presidential hopeful Barack Obama met with more than a dozen economic advisers in Washington, D. C.. Present at the meeting were: AFL-CIO president John Sweeney, Google chairman & CEO Eric Schmidt, and New Jersey Governor John Corzine. Billionaire investor Warren Buffett joined via speakerphone. Also present at the meeting were former Fed chariman under Carter & Reagan, Paul Volcker, and two former Treasury Secretaries, Paul O'Neill from the George W. Bush administration and Robert Rubin from the Clinton administration."
Prof. Ellen Frank, Author "The Raw Deal": "...Certainly, I think the discussion has begun and I do appreciate the fact that at the summit that Obama held there was a discussion begun about re-regulation of the financial industry and what we can do to avert further crises like this. So, there's certainly more coming from the Obama camp than from the McCain camp. As far as I can see from McCain's Web site and his public statements, he does not seem to have an economic policy or many plans for the economy beyond the continuation of the Bush era tax cuts..."
