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 .