Monday, September 6, 2010
Obama Announces $50bn Infrastructure Plan to Jump-Start Economy
President Obama announced today that he is supporting the investment of $50 billion on infrastructure to decrease America's unemployment rate and jump-start the economy. Government agencies and the American Society of Civil Engineers have concluded that the country's roads and public transport have not been well-maintained in recent years and are in sore need of repairs. Obama's plan would put thousands of Americans to work upgrading roads, railways, and airports over the next 6 years. But first it must be passed by Congress, a potentially challenging task because Republicans don't want Democrats to succeed in lowering the unemployment rate and claim that the proposal would result in raised taxes and an increased deficit. White House officials counter that money could be raised by closing tax breaks for oil and gas companies. Do you think the government should spend money to make improvements to infrastructure and decrease the unemployment rate?
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The thought that came to my mind when I heard this was that Obama is doing anything now to decrease unemployment. An additional 50B means further debts. Thinking about it in the short run, this might increase jobs etc. however what about in the long run? To overcome the large debt the country will be in there will increase taxes and lower government spending in the future which might bring about another recession!
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