Obama Offers Highlights of His Economic Stimulus Plan

By Michael D. Shear

President-elect Barack Obama today proposed an economic recovery act that spends billions of dollars to make public buildings energy-efficient, to rebuild the nation's crumbling highways, to renovate aging school buildings, to extend high-speed Internet to underserved areas and to modernize hospitals.

Obama's plan, announced in the weekly Democratic radio address and online video, came with no price tag and few details.

Nevertheless, it was the first glimpse of the government spending spree that Obama envisions to lift the country out of an economic recession that has already cost millions of jobs -- 533,000 of them in November alone.

Obama said the country needs to act quickly because of the "rising unease and frustration that so many of you are feeling during this holiday season."

"Yesterday, we received another painful reminder of the serious economic challenge our country is facing when we learned that 533,000 jobs were lost in November alone, the single worst month of job loss in over three decades," he said. "That puts the total number of jobs lost in this recession at nearly 2 million."

In response, Obama said he will push Congress to enact legislation that he said would "help save or create" 2.5 million jobs, "while rebuilding our infrastructure, improving our schools, reducing our dependence on oil, and saving billions of dollars."

The plan, as outlined by Obama, includes:

-- A "massive effort" to make federal buildings energy-efficient by replacing aging heating systems and installing efficient light bulbs. Obama said the effort would save taxpayers "billions of dollars each year" and put people back to work.

-- The largest investment in roads and bridges "since the creation of the federal highway system in the 1950s." Responding to concerns that new transportation money might be caught up in red tape at the state level, Obama said states must quickly invest in road and bridge construction and repair -- or lose the federal dollars.

-- The "most sweeping" program to upgrade and rehabilitate the nation's schools by repairing buildings, installing energy-efficient systems and buying new computers for the classrooms. The idea, he said, is to create "21st-century schools."

-- A new push to extend broadband Internet into places of the country that still lacks high-speed connections. Calling it "unacceptable" that the United States ranks only 15th globally in high-speed adoption, Obama said that "every child should have the chance to get online."

-- And a plan to modernize hospitals and medical offices by making sure they are using "cutting edge technology" and electronic medical records. He said that would "cut red tape, prevent medical mistakes and help save billions of dollars each year."

The plan would amount to the largest infusion of federal money ever into the American economy, and is certain to generate objections from conservatives who worry that it will not be spent wisely.

Anticipating that criticism, Obama said that the economic recovery act will "measure progress by the reforms we make and the results we achieve."

Obama did not say how much any of those proposals will cost. In recent days, the president-elect has declined to put a number to his plan, saying his advisers are working together and with members of Congress to determine how much is needed.

In a news conference last month introducing his economic advisers, Obama said, "I'm not going to discuss numbers right now, because I think it's important for my economic team to come back with a recommendation."

But, he added, "We are going to do what's required to jolt this -- this economy back -- back into shape."

Many members of Congress have speculated that the spending package could reach $500 billion or more, while some economists have predicted the government might spend as much as $1 trillion to restart the job-producing economic activity that has withered in the last year.

In his radio address, Obama said the recession raises serious questions in the minds of many people.

"Will you be able to put your kids through college? Will you be able to afford health care? Will you be able to retire with dignity and security? Will your job or your husband's job or your daughter's job be the next one cut?"

But he also expressed optimism that the economy will recover, as long as the government provides some help.

"We have faced difficult times before, times when our economic destiny seemed to be slipping out of our hands," he said. "And at each moment, we have risen to meet the challenge, as one people united by a sense of common purpose. And I know that Americans can rise to the moment once again."

Great idea.

Not only will we be giving a trillion bucks to big business, now we're going to give a trillion or so to government. All while we're having a debt crisis and without increasing revenues!

I hope we can all learn to eat irony. That maybe all we can afford before this is over with.

I predict at least a national sales tax is in our near future…..and maybe far, far worse

The prospects aren’t really good

The economy is not going to get better unless people start spending. Who can spend more than the government can?
Sorry kids, but you're going to have to pay later for the food your parents feed you today.

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1984 300TD

Pron for everyone.

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-Justin

91 560 SEC AMG - other dogs dd
01 Honda S2000 - dogs dd
07 MB ML320 CDI - dd
16 Lexus IS250 - wifes dd

it's automatic.

One last ditch effort to save this country from the impending implosion. Forget the recesssion idea, we're getting pretty damn close to a depression.

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Question Authority before it Questions you.

Let's say I'm in trouble with my debt even though I have a steady job. I don't have any money saved. Every time I saved any money I used it as collateral to borrow even more money.

Let's say I want to do a lot of home improvements even though my debt payments make-up about a third of my total annual expenses and projections are that soon debt payment will be the majority of my total expenses.

Want to loan me some money? I promise I'll pay you back.

B

Thanks, but I already have enough relatives.

Do not worry folks!

By the time all this "money" is meant to reach its destination, it will be swallowed up by the expansion and re-allocation of future 'war projects'.

Rest assured friends. That is the main purpose for the current gathering monetary commitment, the push for ever new heights of numbers (what comes after trillions?) and the support of the banking industry, because they will be the ones in charge of shoveling the 'monetary numbers' to the designated recepients.

For all of those who are still hoping for a better tomorrow, you will have to adjust your definition of "better".

Happy Holiday Season!

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That's an excellent description of the difference between a person and government.

Add, 'and I'll live forever' and 'guarantee to pay out in 30 years' and you sound alot like government.

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1984 300TD

I'll bet a dollar to a doughnut that it doesn't go that way.

Oh wait, a doughnut is worth more than a dollar now... never mind.

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-Marty

1986 300E 220,000 miles+ transmission impossible
(Now waiting under a bridge in order to become one)

Reading your M103 duty cycle:
http://www.peachparts.com/shopforum/831799-post13.html
http://www.peachparts.com/shopforum/831807-post14.html

http://www.youtube.com/watch?v=RKc4XFK0iVY

The fed is broke. Since they are dumb as stumps they didn't save a trillion or two like China did, so I don't know where this money is coming from. If we were smart like the Chinese who will very soon own our asses, we would have say 5 trillion put aside for rainy days like these. Wouldn't that kind of real infusion to the people as a massive rebate help things a bit?

To me its clear that the morons running this country will destroy it and give out future to China. Who seems much more deserving thanks to their smart handling of money, and true capitalism.

Nothing will change until the US Government goes bankrupt, which some very smart guys in Asia and Europe are predicting will happen in the not to distant future. The writing is on the wall.

We should just march on Washington and run the whole lot of rats out of town. They should be forced to donate all their money to help fix this. I'm starting to see how communisum and revolution's start. It must be immensely satisfying to see these fat cats burned out of there mansions.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Just because everybody thinks it can't happen here, doesn't mean it won't.

You're gonna raise your stakes ... ?

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A bushel of money for a peck of doughnuts?

Might still be in my favor.

Just because it can doesn't mean it will...

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-Marty

1986 300E 220,000 miles+ transmission impossible
(Now waiting under a bridge in order to become one)

Reading your M103 duty cycle:
http://www.peachparts.com/shopforum/831799-post13.html
http://www.peachparts.com/shopforum/831807-post14.html

It takes a certain design to recognize and identify the current 'ongoings'.

If you are able to adjust and/or alter your definiton of 'better', it doesn't really matter, if it will or won't.

However, even the current monetary commitments aren't going to be enough, after a short while, downward on the road called future.

Keeping that in mind, I take the doughtnut and trade the attached Dollar for a cup of fresh coffee ... how's that sound?

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