The Delaware election season is over. The "Delaware Way" of personal relationships, moderation, and thoughtful deliberation was a sharp contrast to the national trend of "I'm mad as hell, and I'll vote for candidates who are as angry and ill informed as I am".
Hopefully, the Delaware Way will prevail in the next General Assembly which will take office in January. We will need a spirit of cooperation and thoughtfulness in dealing with yet another year of budget difficulties. Much of our fate is in the hands of federal law makers, and that alone should be a red flag. Consider the following crisis situations that need the intervention of the federal government, but will not receive it because the majority of the newly elected do not believe in such intervention.
- Real growth in Gross Domestic Product has slowed. In order to keep our heads above water we need at least a 3% GDP growth and we will not make that for 2010.
- We still have around four million homes either in foreclosure or ninety days behind in payments.
- The European sovereignty crisis (Greece et al) has shaken confidence in the global economy. Corporations will now drag their feet on hiring, again.
- Most economists believe we could see low employment numbers for at least a decade. Extended unemployment benefits are scheduled to run out for millions of Americans before Christmas. Capitol Hill observers predict lawmakers will extend the benefits for 3 more months to avoid the "Scrooge" accusation, but then will leave the unemployed to their own means.
- State and local governments will retrench due to both continued low revenues and the new fiscally conservative environment. Economists estimate the public sector will shed another 250,000 jobs.