Nov 24th, 2008 @ 5:17 pm | Author:
North Dakota Congressman Earl Pomeroy spoke about the current crisis in the nation's economy to a group of students at Valley City State University. "These are amazing times we are going through. We've been living well beyond our means by borrowing more and more, and now the bill is coming due."
Pomeroy, who is a native of Valley City and an alumnus of both VCSU and the University of North Dakota, spoke with the students for about an hour describing the roots of the economic crisis and the government's efforts to stem it. The students, with hometowns ranging from Miami, Florida to Wasilla, Alaska, are taking courses in international business and educational technology.
To help get the economy back on track, Pomeroy recommended a "bottom-up" approach to stimulating the economy focusing on putting people to work on infrastructure projects. "This accomplishes two important things," Pomeroy said. "It gets people back to work and it helps address some of the important infrastructure problems we face."
Discussing the $700 billion bail-out recently passed by congress, Pomeroy said, "My sense is that we shouldn't be bailing out the people who brought the economy to its knees; instead we should help people stay in their homes. Waves of foreclosure only make the problem worse."
Particularly addressing the juniors and seniors in the room, Pomeroy noted that they will be entering the job market in some tough economic times. "But you have two important things in your favor. VCSU has prepared you well, and North Dakota is in a lot better shape than the rest of the country. Our production-based economy has made us fundamentally strong, and we've avoided the real estate bubble that is the source of so many problems nationwide. Adopting the North Dakota way of doing things on a national level would serve us well."