Obama’s American Recovery and Reinvestment Plan: Economic Recovery Plan Details

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1/15: The Committee on Appropriations just released the an executive summery of the details of the American Recovery and Reinvestment Plan.

Obama offered some more details on the economic recovery plan he plans to put forward to Congress after the inauguration in his weekly radio address today, a program he called the American Recovery and Reinvestment Plan.

Some of the salient details were that he wanted to plan to create three million new jobs, up from 2.5 million, and to :

  • double renewable energy production and make public buildings more energy efficient;
  • rebuild crumbling roads, bridges and schools; computerize the health care system; modernize classrooms, labs and libraries;
  • and provide tax breaks to American workers.

His advisers have estimated that the cost of the plan could be anywhere from $675 billion to $775 billion, while others expect it to be closer to $1 trillion. With how the government has been printing money lately, an extra $1 trillion, especially invested into programs that will help Americans stay employed and improve our infrastructure (rather than prop up banks and their epic failures), is better than the alternative. The question remains, will there be more pork stuffed in there or will this truly be a focused bill? We will have to see.

You can watch the address yourself (four minutes long):

Full transcript available here.

{ 11 comments, please add your thoughts now! }

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11 Responses to “Obama’s American Recovery and Reinvestment Plan: Economic Recovery Plan Details”

  1. I honestly hope it works. Don’t inflate the bill anymore.

  2. thomas says:

    Good thing he’s giving tax breaks to american workers and not to canadian workers. I also question whether these are tax breaks (actually giving money back to people who pay taxes) or tax credits where those who don’t pay taxes now get even more benefits.

    My biggest concern is the long lasting effects on these new jobs. Most government positions have really good (read ‘expensive’) benefits and have pensions. How will we be able for afford this?

  3. I like Obama and his plans for economic recovery. The real challenge will be getting it through Congress. I’m sure the lobbyists are already lining up to line the pockets of any Congressperson who can send some of that money their way. Pork? Probably more than a sausage factory.

    Jobs are key, though (on-shore jobs) and if he can get the 2.5 to 3 million he’s looking for, more power to him.

  4. I think you can guarantee that it will be pork laden. It seems that politicians are on willing to stand up and fight for their principles until someone placates them with some pork.

    That was one thing that interested me about McCain given his history on pork and his promises, but he failed miserably when he had a chance to truly stand up against the bailout and didn’t.

    Personally, I don’t know too many things that government runs well or cheaply for that matter, and I don’t see cutting edge energy technology being a recipe for success. I would rather see them trying to empower business(people) to create jobs and solve problems. Let’s make our business environment really hospitable to foreign companies and to our own people, maybe give energy related incentives if that is really what Obama wants to push.

    • jim says:

      What McCain was known for wasn’t what showed up during the Presidential election and unfortunately that’s how our politics work. He had to cater to the mainstream Republican party in order to win their support so he had to give up a bit of his maverick streak. As much as people like to joke about it, he was his own person and had to give it up to try to win the Presidency. Would he be able to keep out pork? Probably as well as Obama because the times dictate that we can’t do business as it has always been done in Washington.

      One positive thing that has come from the widespread adoption of the internet is that these things can be brought to light, so they aren’t agreed to in some back room office in the Capitol without the public realizing.

  5. Zenez says:

    It’s all about Corporate America after all!! With out the people there is no Government; save the people’s needs first and thing will fall into place.

  6. Biggest problem right now is government is growing too big, the best way to save America, decrease the size of government. At the rate its going, in 50 years, we will all be working for the US Government.

  7. Nicole Spicer says:

    Hard working taxpayers need relief without delay!

    Why are our representative, in Congress or Senate, saying Obama’s Recovery & Reinvestment Plan needs to be fully vetted (translation – held up indefinitely) when they just gave the banking and auto industry hundreds of millions of dollars without hesitation?

    It seems outrageous to me that all that money can be given without much discussion to the very companies who got us into the economic boondoggle and yet when it comes to helping the American people surviving this crisis it must be thoroughly reviewed.

    The American families are suffering greatly, in different degrees but all suffering. There is no relief on the horizon without this plan. There is no more time for discussion, it is time for action – bipartisan and swiftly! I challenge our law makers to be true leaders, not political junkies, and take action now!

  8. Jason says:

    Obama mention that the plan would create or save 3 to 4 millions job. Well where do you start finding a JOB. I NEED A JOB. where do you apply?

  9. angela conklin says:

    I was just wondering if everyone was getting a stimulis check?? I know people on disability are getting another one.

  10. According to a recent poll, only eighty-two percent of Democrats would re-elect Obama if they could vote today. They voted for hope and ended up with change.

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