Taking a match to another $50 billion
President Barack Obama is announcing Stimulus III, another $50 billion in infrastructure spending. No wonder Senator Russ Feingold had something else to do today. Reuters reports:
President Barack Obama will announce on Monday a six-year plan to revamp the United States’ aging roads, railways and runways with a $50 billion up-front investment to jump-start job creation.
The plan is one of several economic initiatives that Obama is due to unveil this week aimed at generating some desperately needed U.S. job growth and limiting predicted Democratic losses in Nov. 2 congressional elections.
Administration officials say Obama will ask the U.S. Congress on Wednesday to increase and permanently extend a tax credit for business research as a way of boosting job growth. The proposal would cost $100 billion over 10 years.
But economists are skeptical any measures Obama takes now will make a significant difference in the $13.2 trillion U.S. economy and point out that investments in infrastructure typically do not stimulate the economy quickly.
A senior administration official acknowledged the infrastructure plan will not immediately stimulate the economy and that the first jobs it creates will be in 2011.
Would that be those “shovel-ready” projects that were supposed to be done in the first stimulus package?
I think I saw this in a Batman movie.