Sent to DS from Joel, thanks Joel.
FOR IMMEDIATE RELEASE
December 10, 2008
CONTACT: The Real News Network
Taruna Godric, 416-916-5202 ext. 414
Obama stimulus boosts markets
Proposed infrastructure plan from Barack Obama stimulates Wall St., but is it a long-term solution?
On Monday Barack Obama announced an infrastructure stimulus package and a proposed bail out of the three big U.S. automakers that resulted in an increase in Wall Streets numbers. The president elect said his administration is going to act swiftly on a recovery plan and new stimulus package as soon as he is sworn in on January 20, 2009. This package would include upgrading federal buildings to make them more energy efficient, the largest road and highway rebuilding program since the 1950’s, modernizing and upgrading school buildings across the US and upgrading both broadband internet service and access for all. The Real News Network spoke to Editor of the Left Business Observer, Doug Henwood.
According to Henwood, the Obama administration is saying all the right things, “The combination of long and short terms strategies seems very good,” although he is not making any delusions about the complexity and severity of this situation. Henwood sees the need for a major re-distribution of income, “There are a lot of really complicated structural problems with the U.S. economy,” referring specifically to the mass concentration of wealth at the top of the ruling economic class. In order for any effective change to be accomplished, Henwood says there will need to be a concerted effort by the Obama administration to ensure a more even distribution of wealth but “…those are tough (issues) to address..that is a very messy political thing to do.”
In a television appearance on Meet The Press, president elect Obama acknowledged the severity of the current crisis while making his priorities known, “This is a big problem and it’s going to get worse and that’s why my number one priority coming in, is making sure that we have an economic recovery plan that is equal to the task.”