The Global Financial Crisis and the Return to Economic Growth
Chapter 1: An historic turning point
“Let’s take away President Obama’s blank check.” A lovely female voice intones this solution for America’s economic malaise in a television political ad, “Wake Up,” produced by Republican strategist Karl Rove’s Crossroads GPS SuperPAC (Political Action Committee). “Sometimes it’s hard to sleep,” begins the ad, and we see a beautiful young woman in a white lace nightie in bed next to a clock that reads 3:01 a.m. We notice her shapely legs as she climbs out of bed to go to the bathroom. On the way, she tells us that she is worried that “our national debt could break this country.” She goes into the specifics: a lot of people are out of work, the values of homes are falling, the futures of our kids are in jeopardy, the price of health care is going up, and Social Security and Medicare will not be there in the future when we need them. “Things are going from bad to worse.”
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