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Builder Barack Wants a Mini Stimulus (Update)

Posted on Sep 6, 2010
White House / Chuck Kennedy

Update: Obama’s full remarks can be read here.

With unemployment still rising and the American infrastructure getting no less crumbly, President Obama is set to announce a six-year plan to build roads and create jobs, starting with a $50 billion investment. That’s assuming Congress gets on board the recovery train.


“Over the next six years, we are going to rebuild 150,000 miles of our roads—enough to circle the world six times,” Mr Obama is to tell an event in Milwaukee marking the Labor Day holiday in the US, according to prepared remarks.

“We’re going to lay and maintain 4,000 miles of our railways—enough to stretch coast-to-coast. We’re going to restore 150 miles of runways and advance a next generation air-traffic control system to reduce travel time and delays for American travellers—something I think folks across the political spectrum could agree on.”

“All of this will not only create jobs now, but will make our economy run better over the long haul,” Mr Obama will add.

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By felicity, September 8, 2010 at 9:28 am Link to this comment

Fifty-thousand millions - $50 billion? Peanuts,
considering we ‘gave’ AIG $180 billion.

Obama seems stuck in the govern-in-the-middle-mode.
He’s not left enough for the Left.  He’s too left for
the Right.  He’s bought the one-size-fits-all principle
(and of course fits no one well)  The present sorry
state-of-our-state, bordering on the radical, demands
radical governing, not wishy-washy half-ass Left or
half-ass Right.  Surprised he hasn’t figured this out.

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By Mike, September 8, 2010 at 8:34 am Link to this comment
(Unregistered commenter)

If you think its baseless “lafayette” then you haven’t been paying attention. Another Obama apologist, what a surprise. Guess the healthcare fiasco, 100 billion in tax breaks for corporations (that already pay next to zero) that Obama just proposed is only a mirage. Don’t forget to renew your fan club membership.

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By Lafayette, September 8, 2010 at 12:19 am Link to this comment

{MIKE:  If anything, these “bold” initiatives usually come before some big concession to the far right and their lobbyists like tax breaks for the wealthy, or gutting social security and medicare. }

Piffle and nonsense, nonsense and piffle. Prove it. Let’s see your substation of the above baseless accusations.

Otherwise, stop bitching-in-a-blog’s a waste of bandwidth. And so borrrrrinnnnnggggg.

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By call me roy, September 7, 2010 at 7:03 pm Link to this comment

Barry Hussein with a shovel? Sure
I can guess what he’s shovelin’?

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By Mike, September 7, 2010 at 8:48 am Link to this comment
(Unregistered commenter)

When you hear promises like this look out, he almost never follows through. If anything, these “bold” initiatives usually come before some big concession to the far right and their lobbyists like tax breaks for the wealthy, or gutting social security and medicare.

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By bogi666, September 7, 2010 at 7:06 am Link to this comment
(Unregistered commenter)

2 years late and a $trillion short President ObambyaBush. $50 billion for the rest of American and $trillions for Wall St.

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By Lafayette, September 7, 2010 at 5:57 am Link to this comment

Fifty billion dollars is a tempest of money in a stimulus teapot. It just might bump the economy enough to flatten out a small “double dip” recession, very much on the mind of alliterative economists presently.

What we refuse to understand is that the country IS on the mend, concurrent with a generalized enhancement in World Trade as well—which is goodness. And yet, spoiled Americans are in a Blue Funk because of the Great Recession—so somebody has to be punished. Who might that be?

Right, the PotUS. He’s there to take the blame, is he not?

The excessiveness of low-interest credit-financed OVER-consumption is what brought the economy down. (Yes, abetted by a Credit Seizure fomented by the sub-prime mess.) But if Americans must shop-till-they-drop way, way beyond their means, because consuming is a narcotic, then who is really to blame? Want to blame the boob-tube for its incessant pleadings to buy, buy, buy - and not tomorrow but Right Now!

History teaches us that we went on a binge in the 1920’s, perhaps with a reason. WW1 was devastatingly deadly. Maybe we over-reacted to it by binging in the 1920s that came to a climax in 1929.

If you look hard enough, there are parallels with recent history. Again we are at war, though the causalities are far less. Again we went binging, this time on cheap money, kept cheap purposefully to promote consumption and thus employment. Again Main Steet went blind with frenzy to make a Quick Buck (in Real Estate) and Wall Street a Quick Megabuck (on Finance Markets).

But, we forgot there is no free-lunch. We cannot, try as we may, defy forever the gravity of economic forces. It couldn’t last and it didn’t last. It all came crashing down around us with great collateral damage.

Is that a lesson for next time? No, the Great Depression was not sufficient to make us weary of either the S&L Scandal Economic Slowdown or the Great Recession. So why should the Great Recession not recur?

Because next time there wont be any predatory marketing of sub-prime loans? Because next time there will not be any Crony Credit Ratings with which to repackage and securitize the Toxic Waste to an investment gullible world? Because next time we wont let people outspend their earnings capacity to repay credit debt?

History has a way of repeating itself. But always in a different manner.

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By ocjim, September 6, 2010 at 1:09 pm Link to this comment

Any additional stimulus is sorely needed but conservatives are either too stupid or too political to let it happen. Voters, after the next election, will assure it doesn’t happen and we’ll have stagnation until Republicans piss off fickle voters and they vote Dems back in. It is not even certain that Dems are smart enough to know how to deal with unemployment. By then we will have had some 4 years of stagnation.

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By Hammond Eggs, September 6, 2010 at 11:19 am Link to this comment

The photo above is of Obama burying more tomato cans full of $100 bills in the back yard of his Chicago house. He does not trust the banks.  Only you are supposed to trust the banks.

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