Freezing

"They're worthwhile but they pale relative to the size and scale of the challenge America's middle class is now facing," says Robert Reich about Obama's new plans for a three-year spending freeze and then more jobs for the middle class (easier said than done). "Obama can no longer afford to come up with lists of nice things to do," Reich continues. "At the least, he's got to do two very big and important things: (1) Enact a second stimulus. It should mainly focus on bailing out state and local governments that are now cutting services and raising taxes, and squeezing the middle class. This would be the best way to reinvigorate the economy quickly. (2) Help distressed homeowners by allowing them to include their mortgage debt in personal bankruptcy -- which will give them far more bargaining leverage with morgage lenders. (Wall Street hates this.)"