Op-Ed: How can Obama create a better economy?

As the transition for a new presidency approaches, everyone is wondering how exactly can Obama create a better economy? Is it even possible? This is the worst financial climate in decades, and it is unique to anything seen before.

Day one of Obama's administration should include an action plan for economic relief. After all, people are going to look for ways to feed and clothe themselves before health care needs. The war efforts must be addressed, but carefully. It does not need to become a further economic drain. The way that Obama can create a better economy includes: (1) effective regulation in every major industry, (2) transparent accurate record keeping, and (3) education loan support. Most important is the effective regulation in every major industry because this is where the problem started. For example, the mortgage industry had no SEC (Securities and Exchange Committee) involvement for the most part because of hopes to eventually obtain positions in the companies they monitored. Therefore, their motivations were compromised. Perhaps, attorneys that work at the SEC should be provided a list of acceptable employers immediately after working with the Government. This could limit the incentive to overlook criminal activity. This could be enforced as similar to a non-compete agreement. If someone goes outside the agreement, they could be held accountable. The next factor to implement is transparent record keeping with high attention to accuracy. There is no point in publishing financials that have been cooked to viewer perfection! The public's lack of trust in the finances of huge companies has lead to further turmoil in the market. People are unlikely to purchase or invest when a company is involved in scandal. Even if, the company is not involved, but it is part of a troubled industry, it can suffer. Commercial inspections should be required for all industries and can be a new way of putting people back to work. Verification of the business practices, and a look at clients could help restore the unsure feelings of the public. Education is the key to success for many people. It is the way out of poverty, and provides families stability. Currently, banks are afraid to lend to almost everyone. Therefore, this leaves millions of people left without a way to pay for college expenses. The one investment that most people are comfortable making is being denied. Obama has suggested that students work at some community service capacity to earn a $4,000 tuition credit. This is good, but not good enough to help those with much larger tuition costs. This could cause the nation's public colleges to be overcrowded to accommodate the new influx. Thus, leaving smaller and more expensive private colleges struggling for enrollment. Obama must create a concrete plan for this because the fall is coming fast and FAFSA applications will soon determine so many futures. In summary, Obama can create a better economy with well thought out action plans. The most impact will be felt by proper regulation, transparency, and education cost reform. These will provide the country a future, and will help lower health care, and unemployment rolls. Typically, if a person is in college they are eligible for some type of health plan. and some work study. This could help many families from struggling. Better regulation will lower chances of fraud, and huge job losses. Transparency will provide the public with some type of security in this complicated nation. These are difficult, but not impossible tasks.