One Candidate and the Economy

Now that there's no denying that the U.S. economy is badly shaken, the presidential candidates are highlighting their ideas on how to fix things.

If you are like me, you probably just roll your eyes when you hear their lofty plans that involve everything from tax cuts to special retirement accounts to proposals to pump up businesses.

It all sounds good, but history has shown that tax cuts don't cut it as the major driver of an economic stimulus. They generally miss the people who need help the most. And we know that trying to pump up the economy by boosting businesses has often resulted in the rich getting richer.

Want to impress me? Come up with something that has an immediate impact on people's lives.

Last week I got a call from Sen. Hillary Rodham Clinton's campaign asking if I wanted to talk to the Democratic candidate one-on-one about her economic stimulus plan.

Of course I did. In fact, I want to talk to all the leading candidates. I'd love to share with them the massive amount of e-mail I get from folks across the country frustrated by their financial conditions. When I read their stories of foreclosures, lost jobs, choking student loans and strangling credit card and medical debt, I want to weep.

During our conversation, Clinton spoke passionately about finding common-sense solutions that focus on individuals.

"This is not an abstract economic discussion for me," she said. "This is about the real people that I represent in New York and that I meet all over America and the incredible pressures they are feeling in the economy."

Clinton used the "R" word. I note this because you can't heal what you won't acknowledge.

"I think we are slipping toward a recession," she said. Of course, saying it now before it is official allows her to place blame on the Republican administration.

Still, for those struggling financially, it doesn't matter if economists call it a recession or not. Times are tough.

The unemployment rate is up. Inflation is rising, largely due to higher energy and food prices. Consumer bankruptcy filings increased nearly 40 percent nationwide last year. In many parts of the country, housing prices continue to fall.