Government intervention can directly address these issues, ensuring assets are not unequally allocated. The government can and should also intervene to promote general economic fairness. Through taxation and welfare programs, the government can relocate money from the wealthy to those that need it most. Other examples of governmental intervention include methods to minimize damage caused by recessions and inflation and employment laws to protect vulnerable members of populations. In the past, many laws and regulations enacted federally have shaped the U.S. economy. Food manufacturers, pharmaceutical companies, automobiles, etc. are all subject to government regulation that protects consumers (University of Groningen, 2012). In order to ensure their own safety, the people should not demand that the government stop doing its job, but rather that it does its job …show more content…
When the President took office in 2009, the economy lost 850,000 jobs per month (Alter, 2016). If we had continued on the same path, with no government intervention, we would have found ourselves in the middle of another “Great Depression” by the end of that year. Even as a novice senator, Obama advocated for a $700 billion dollar bank bailout. Then, as president, he administered stress tests that helped banks return to solvency. Within a short period, all the bailout money had been repaid to the government, with interest. The President then saved more than a million jobs in the auto industry by bailing out General Motors and Chrysler. One independent study noted that this intervention in the private sector may have been the “most successful intervention in U.S. economic history” (Boehlert,