The nation's financial outlook is worse than people realize says Wisconsin's senior U.S. House member.
"We are facing the most fundamental economic crisis since 1932," says David Obey (D-Wausau).
In a conference call Thursday, Obey told reporters he never thought he would say that in his lifetime.
The Chairman of the House Appropriations Committee called the auto industry crisis "a ripple effect" meaning if it shuts down; related industries such as steel, rubber and plastics, will also suffer job loss.
Obey has been working with the President-elect's people closely to figure out an economic stimulus package which would "inject a large amount of money into economy right away" to reverse the recessive trend. He says Barack Obama's hands are partial tied because without yet holding the office of the Presidency, the Illinois Senator doesn't have access to financial information within the bureaucratic departments. Obey says Obama is still determining the scope of the economic problem and how to address it best.
The Wausau Democrat says the economists he favors; believe that the country will not have bounced back two years from now, perhaps longer.