The Times West Virginian

Opinion

September 5, 2010

‘The Cure’ for economy remains elusive

Times West Virginian

FAIRMONT — When you’ve got a nasty cold, it seems like everyone has The Cure and you’ve just got to try it.

A hot toddy.

Chicken soup and cough syrup.

Orange juice and plenty of rest.

And maybe you’ve tried them a time or two. And, in some cases, The Cure eases the symptoms, but it never makes the cold go away.

That’s because doctors will tell you that a cold is more often than not a virus. And you just have to ride it out until you feel better.

Stock up on Kleenex.

To relate the current economic situation to a “cold” may seem to minimize the stress and frustration millions of families across the country have experienced for almost two years now. There have been job losses, pay cuts and no pay increases, and retirement funds have suffered greatly. Unless you’re the guy who invented Facebook or the hottest new app for the iPhone, it seems like everyone has been touched by a poor economy that is making gains ... but not fast enough for anyone’s pleasure.

Not even at 1600 Pennsylvania Ave.

This weekend, President Barack Obama hinted at some efforts the administration is considering to bring more jobs to the nation to replace some of the 8.4 million lost in the past two years.

While we’ve had some steps forward, we’ve taken a few back this summer. For one, the temporary Census jobs are over now, adding those workers back to the unemployment lines. Obama is looking at “addressing a broader package of ideas next week,” he told reporters Saturday during a Rose Garden press conference.

Among those may be a “payroll tax holiday.” This initiative is an updated version of an incentive within the Restore Employment Act, which offers companies tax credits for hiring someone who has been unemployed for more than eight weeks. The credits would be used to offset payroll taxes, which give employers a break and the chance to increase profits (or minimize losses).

And the package will more than likely include giving tax and loan breaks to small businesses and keeping a program alive that offers tax credits for research and development.

And maybe, just maybe, Obama will step back from insisting on the end of the “Bush tax cuts” for people making more than $250,000 annually. Those against the measure say the wealthiest are likely to continue to spend our way out of the recession.

Everyone seems to have an opinion. So we thought we’d ask our faithful readers theirs. Last week on our online poll question, which can be found each week at www.timeswv.com, we asked our online readers on ways to jumpstart the economic recovery efforts.

For 14 percent of our readers, the solution is “businesses and individuals need to spend ... uncertainty has been holding us back.” And maybe holding off on ending those tax cuts will take a little uncertainty out of the equation.

For just a few voters, or 15 percent, the solution is “federal programs that actually worked, like Cash for Clunkers and home tax credits, need to be brought back.” Getting the middle class to spend isn’t too bad of an idea, either.

But for the vast majority of our readers, or 71 percent, “There’s no quick fix. The economy will build back slowly.” And so here’s where we come back to the common cold. A doctor once said an untreated cold lasts for about a week. A treated cold lasts for seven days.

This week, let’s talk a little bit about term limitations for Congress. Are you for ’em or against ’em?

Log on. Vote. E-mail me or call our poll voting line at 304-367-2509 to express your opinion.

Misty Poe

Managing Editor

mpoe@timeswv.com

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