At the beginning of 2010, the Obama administration had talked about an additional stimulus plan to help create jobs and spur the economy. During a Labor Day speech, President Obama outlined his plan for a quick infusion of $50 billion that would help a sluggish economy.
Central to his plan is an “infrastructural bank” that would be run by the federal government. It would make decisions by a group of experts based on the merits of each project. The bank would spur innovation and lawmakers would no longer use earmarks and outdated formulas to ask for money for their districts.
On the surface this idea seems plausible because the antiquated lawmaking system would be scrutinized by experts, and be based on merit. This bank would address a critical infrastructural problem in our country and help put people back to work. But the major concern is “Who can the country trust to administrate and manage the bank and program?”
Six more banks this week around the country have been taken over by the regulators, and President Obama is proposing starting an “infrastructural bank” in the middle of a banking crisis. Many economists are not comfortable with this idea, and former President Clinton is urging President Obama to take a different approach during the midterm election. He wants President Obama to become a better salesman and talk up his economic and jobs plan.
The Republicans and many of the conservatives believe that the $787 billion stimulus package was wasteful and the accountability of the plan was terrible. They want Americans to think that the stimulus program was only a President Obama plan, but was really started on President’s Bush watch. During our country’s history there has been times when it was necessary to jump start our economy with a stimulus program to spur growth.
President Obama’s stimulus program is helping to stimulate the economy, create and save jobs. Americans have a right to be frustrated and angry with the slow rate that the economy is improving, but it is recovering and improving. As the midterm elections get closer, President Obama must make a rigorous case for what his administration has accomplished. Elections are about the future, and the president must sell his and the Democrats plan.
When the president compares his “to do” list and accomplishments against the Republicans and the conservatives “to do” list, the president easily wins. President Obama’s programs are innovative and they will move forward our country. Many of the bills that were passed by the Congress during Obama’s administration will not go into effect until 2012 and 2013, and need to be improved instead of repealed.
The stimulus package has saved thousands of jobs and is creating new technologies and businesses with clean energy and green jobs. Taxes for the middle and lower class have not been raised, and billions in tax benefits and savings to millions of citizens have been realized. President Obama must sell his story and tell his story each day to the voters.
There is still 1/3 of the stimulus money that has not been spent from the stimulus package that can be used to stimulate the economy. There are still major challenges ahead for our country, and jobs are at the head of the list. There is more long term unemployment since the Great Depression, but if the Obama administration can implement a comprehensive training program for new technology jobs, our economy can start to improve.
The bitter divisions from the two parties need to end and collectively there is a need for a national discussion to get the economy moving and creating jobs. New technologies and rebuilding our infrastructure can create more jobs, and now we need to get to work.
Loving obama’s passion but I’m doubtful this initiative will help the economy at all during this next year. I know i’m pessimistic, but I think there is a lot more bad to come before we see the economy recover.