AP has a neat little summary on president-elect Barack Obama’s interview on NBC’s “Meet the Press” and one of the main topics is of course his support for another huge stimulus plan.
“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. We’ve got to make sure that the economic stimulus plan is large enough to get the economy moving,” he said.
He wouldn’t comment on how much the plan will be but some lawmarkers have said that the stimulus plan could be as big as $500 billion. I just hope that it’s used for government infrastructure type spending which creates jobs rather than giving a whole bunch of money out so we can buy more ipods.
Other than the stimulus plan, there were other topics covered too (for example, it was interesting to know that Barack Obama smokes and that there is no smoking in the White House).
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{ 4 comments… read them below or add one }
Our country is in deep economical trouble and it just amazes me how little credit has been given to the high cost of fuel this past year. That one single factor alone has been solely responsible for putting more businesses out of business and more homeowners out of their home than any other factor. The historically high cost of gas affects every single aspect of our economy and society. Most family’s went broke filling up at the pump alone. Then added to the burden was the higher cost of every consumer product because the increased production and shipping cost due to the higher fuel was passed on to the consumer. Let me ask you this, have you seen the price of groceries come down since the price of gas came back down. NOOO! Freddie and Fannie are taking most of the blame for homes being lost. Of all the homes I have seen lost in my area of the country S FL and I have seen many and many more in the process, not one was due to an adjustable rate mortgage. It was due to lack of work. When we pay more for gas and products we naturally cut back spending, that is a domino effect, less consumer spending = more jobs lost. We seriously need to get on about the business of becoming energy independent. Jeff Wilson just released a book called The Manhattan Project of 2009 Energy Independence NOW. He outlines all our uses of oil, things I never even considered. Our depletion, which is even scarier, this is a finite source of energy. It will run totally out and not in the too distant future. We have so much available to us, wind and solar which are free, we just need to harness them. And plug in car technology. It would cost the equivalent of 60 cents a gallon to charge an electric car with the average home electric rates. That is insanely cheap. That electricity to charge the car could be generated from wind or solar. A company called Better Place in Palo Alto CA is in the beginning stages of setting up the infrastructures needed to support electric car use in the bay area in CA and now in Hawaii. WE need to take some of these billions and get ourselves out from under our dependence on foreign countries supplying our main source of energy. I encourage you to read this book http://www.themanhattanprojectof2009.com. I also have quickly become a “Better Place” junkie and applauded their work as they move our country forward and away from our dependence on foreign oil. Check out their web site as well. http://www.betterplace.com/ click on their get involved button on the top right side of the main page. You can sign a petition there. WE have to move this country forward. Use some of that stimulus money to bail us out of our dependence on foreign oil. Create badly needed new green collar jobs and at the same time provide clean , cheap energy. There is no one single factor that effects our economy more than the cost of our main source of energy. This past year is a testimony to that!
He will be putting millions of people back on the job line with his infrastructure projects.
I am in favor of government spending to stabilize the floundering economy. If the US doesn’t recover, global economies will remain weak.
However, there will be a time lapse before we see any noticeable benefits.
Only $500 billion? That’s peanuts compared to the $8500 billion that has already been promised away. And to think, it all started with $700 billion …
The problem with a plan like this is that it is short lived. If it is a public works project (highway, bridges) only the first years dollars matter. The rest is spent over many years. It will be interesting to see what he does.