I have just read an article that says Mitt Romney has no plans on how to deal with the country's crisis. That set me thinking; what would I do if I were the president?
I think the answer is very simple, but to get it legislated would be impossible. Digressing a little, I believe America is no longer governed on the principle of "of the people, by the people, for the people." Instead, it is run by a group of very rich and powerful people who are more interested in protecting their wealth and their way of life, than to work for the common good.
Back to the question; what would I do if I were the president? I would cause the pendulum to swing back towards more socialism, as I think capitalism has gone too far in the US. I would use both carrots and sticks to bring manufacturing back into the country. If that fails, I would set up government-run factories to manufacture goods that all government departments will have to buy from. That itself would create a size-able internal market, as well as creating jobs.
I would expand, not reduce, the civil workforce. However, the pay scale will have to be revised downwards, especially for those in the higher rungs. Basically, I would use the same payroll budget to spread over a larger number of people. Yes, there is the economic theory that this will reduce incentive for people to work, as seen in communist countries. However, that doesn't mean it cannot be used as a short term measure to bring relief to the unemployed.
I would introduce compulsory service for new doctors and other selected professionals before they can work in the private sector. During this period, these new professionals will provide service at a much lower pay than they would get in the private sector. For example, they can be deployed to provide low-cost health care to the poor. This will also put downward pressure on fees and insurance charged by the private companies.
I believe America is still a great country and I believe it has the potentials to regain its past glory. It just needs to re-invent the government.