Blue Mass Group

Reality-based commentary on politics.

Obama’s speech on the economy

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Priorities:

…we’ll invest in priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century. That’s why the overwhelming majority of the jobs created will be in the private sector, while our plan will save the public sector jobs of teachers, police officers, firefighters and others who provide vital services.

He lists the following initiatives:

  1. Double production of alternative energy in next 3 years
  2. Computerize all medical records within 5 years
  3. Upgrade schools
  4. Undertake public works including new power sources and broadband.
  5. Provide relief to states

He then offers some caveats:

  • We will be careful and transparent with the money we pump into these initiatives
  • After recovery, reduction in deficits
  • No earmarks in the economic recovery plan

Finally, he speaks of repairing the financial system. This is both a matter of regulation and of getting credit moving.

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Comments

  2. What do you think will happen to the package when it gets to Congress? What do you think the total cost will be?

  3. The criticism from the right to the speech has been that a Keynesian stimulus won’t work. RedState has a diary up (“10,000RPM”) quoting Saint Reagan on the role of government. Gary on the another thread has been expressing this view but without the unnecessary hagiography.

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    p>The criticism from the left seems to be two-fold:

    • Tax cuts do not tend to provide much stimulus. They are also difficult to undo. With an out of balance budget, relying too heavily on them can cause a long term problem.
    • The size of the stimulus being discussed is too small. Some part of that problem is dictated by trying to make a stimulus more bipartisan than is usefully possible.

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