A letter to editor in wall street journal - Essay Example

A Letter to Editor in Wall Street Journal To The Editor, Wall Street Journal Dear Sir, Effectiveness of President Barack Obama’s Economic Plan Through the virtue of your esteemed newspaper, I feel pleased to express my opinion regarding the issues raised by President Barack Obama’s recently declared economic plan. As published in the article of your newspaper titled “Obamas Bid to Spur Growth: President Asks Congress for $447 Billion in Cuts, Spending; Tepid GOP Response”; the plan demands a few but significant changes in the economic structure of the United States and also influences the current political scenario.

The plan is observed to be concerned with the rising conflicts related to the problem of unemployment in the nation that attracted my attention, similarly as it might have done to the majority of sentient inhabitants of the US. The recent financial shock of 2008 was certainly quite destructive that led to multiple issues in the economic as well as in the political structure of our country. One such consequence, as the experts called attention to, was the very rising unemployment rate in the economy.

According to the statistical data, unemployment rate has increased rapidly in the US since the early 2009 which currently accounts above 9% on an average. It is indeed one of the most serious drawbacks for a developed economy such as the US which require instantaneous concern of the government with the purpose of its revival. The declared economic plan by the President of the US also depicts similar concern, but in an extended demeanor taking into account both the economic and political aspects.

The plan emphasizes on payroll tax cuts that would surely lessen the burden of employers and employees in the presently hostile business environment of the economy. It also includes extension in the investment grants for education and infrastructure sector. Attempts shall be made to boost the labor market through added concerns regarding programs for the jobless under the declared plan. On an aggregate, this planning shall cost $447 billion being enacted from 2012. Therefore, as a short-term recovery strategy, this plan shall certainly encourage the employers to hire more man power and thus make larger contribution to the overall GDP growth.

Where economists in this context reveal the probable short-term benefits of the strategy, politicians have been noted to continue with their fair game of opposition with due regards to the components of the planning. The most noticeable questions augmented by the politicians in this context, whether a democrat or a republican, are related to the approval of the amount asked for the plan and its implementations. Will the Congress approve the total amount requested for the plan? The main objective of the President is to foster the economic health of the nation or is it to secure his political position for the upcoming campaign?

Or is it both? While arguments are taking place on the basis of these questions, is it not expected that the political leaders shall act accumulatively for the benefit of the entire nation rather than satisfying their political interest? After all, our nation is apparently facing issues constricting its overall economic health which requires to be mitigated shortly to restrict the growing dependency on Foreign Direct Investments (FDIs) and regain the economic power in the global context. Thus, the arguments should be focused on the effectiveness of the plan instead of the reasons for the declaration of these strategies.

Yours Truly,XXXX YYYYBibliographyLee, Carol E. & Bendavid, Naftali. “Obamas Bid to Spur Growth: President Asks Congress for $447 Billion in Cuts, Spending; Tepid GOP Response”. September 09, 2011. The Wall Street Journal, 2011.