Obama plans vast public works projects

[Tyr]

CHICAGO - President-elect Barack Obama said Saturday he's asked his economic team for a recovery plan that saves or creates more than 2 million jobs, makes public buildings more energy-efficient and invests in the country's roads and schools.
"We won't just throw money at the problem," Obama said in his weekly radio address and Internet video. "We'll measure progress by the reforms we make and the results we achieve — by the jobs we create, by the energy we save, by whether America is more competitive in the world."
Obama's remarks come after the Labor Department announced Friday that employers cut 533,000 jobs in November, the most in 34 years


This will end up being short term gain for long term pain. It will take 20 yrs (longer if a Republican gets into office) to even put a dent in the debt.

It might have worked for FDR, but he lucked out and had WWII and the economic expansion associated with that to bail out his "bucket"

Hopefully the Americans don't end up with a whack of "bridges to nowhere"

 

[pgs]

Right now he seems to be saing the right things,
but wait until congress gets involved.
Then all bets are off.

 

[gopher]

Any policy changes will definitely constitute progress when compared to the failings of the inept Bush regime.

 

[JLM]

CHICAGO - President-elect Barack Obama said Saturday he's asked his economic team for a recovery plan that saves or creates more than 2 million jobs, makes public buildings more energy-efficient and invests in the country's roads and schools.
"We won't just throw money at the problem," Obama said in his weekly radio address and Internet video. "We'll measure progress by the reforms we make and the results we achieve — by the jobs we create, by the energy we save, by whether America is more competitive in the world."
Obama's remarks come after the Labor Department announced Friday that employers cut 533,000 jobs in November, the most in 34 years


This will end up being short term gain for long term pain. It will take 20 yrs (longer if a Republican gets into office) to even put a dent in the debt.

It might have worked for FDR, but he lucked out and had WWII and the economic expansion associated with that to bail out his "bucket"

Hopefully the Americans don't end up with a whack of "bridges to nowhere"

Needed infrastructure is good thinking, bailing out failed companies is NOT.

 

[JLM]

I don't know- by issuing bonds?

 

[Tyr]

I don't know- by issuing bonds?

That's probably exactly what will happen JLM. The problem is who will buy them? I'm betting on the Chinese. That will mean they'll increase their stake in the American Financial sector from <9% to >12% in the new year.

Wait.... I just heard Alan Greenspan fall off his rocker!!!!

 

[Tyr]

Everybody outta the Trough

This will not go over well in Alaska or Texas...

Obama: Days of 'pork ... as a strategy' are over

resident-elect Barack Obama issued a warning Sunday to officials around the country who want to fund projects with federal dollars: no more business as usual.
Decisions on projects won't be made "simply based on politics," President-elect Obama said on "Meet the Press."

In an interview on NBC's "Meet the Press," Obama said: "What we need to do is examine: What are the projects where we're going to get the most bang for the buck? How are we going to make sure taxpayers are protected?
"You know, the days of just pork coming out of Congress as a strategy, those days are over."
Later, at a news conference in Chicago, Illinois, Obama said in his recent meetings with the National Conference of Governors, there was a "strong bipartisan" consensus that "we've got to get people working on some key projects that have been sitting there for a long time."
Infrastructure, energy programs and school construction projects will get people working and ultimately help build a stronger economy, he said.

 

[mit]

Now is the time for governments and business to get ready for the next economic growth cycle - They can buy materials cheaper - labour is cheaper and more plentiful - interest rates are down - land prices are down - the electorate would rather listen to government plans than special interest groups - In a crisis people are more likely to swallow unpopular decisions (like a carbon tax or hike in the GST) - It is a time to look to the future not blame others for the past.

 

[mit]

Seems like a good time to send those Navy Frigates out for tender again - Maybe Nicklan can finally build some ships!

 

[Tyr]

Stocks soar on stimulus plans, automaker hopes

Obama pledges infrastructure investments to help boost the economy. 3M and Dow Chemical announce job cuts. Tribune Co. could file for bankruptcy. Lawmakers and the White House agree on the basics of a Detroit bailout, but both sides continue to discuss conditions for a deal.

Stocks were climbing sharply today on President-elect Barack Obama's plan to invest in schools, roads and energy.

Obama said Saturday on his radio address that he plans to develop millions of jobs by "making the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s."
Stocks got a big boost from both the stimulus plan and renewed hopes for a deal to save U.S. automakers. At 11:55 a.m. ET, the Dow Jones Industrial Average was up 257 points to 8,892. The Nasdaq Composite Index had gained 48 points to 1,558, and the Standard & Poor's 500 Index had added 25 points to 901.
Obama continued his push for infrastructure investing on NBC's "Meet the Press" Sunday. "We understand that we've got to provide a blood infusion to the patient right now to make sure that the patient is stabilized. And that means that we can't worry short term about the deficit," Obama said on the news program.