Obama announces economic team
Just last week, Rahm Emanuel was talking about how we shouldn’t let a crisis go to waste. This week, Obama names his economic team. It’s a pretty level-headed, centrist bunch (be interesting to see if Larry Summers gets any heat during confirmation,though). No sparks flew because of the people he named.
But look at what he said during his press conference. “The economy is likely to get worse before it gets better,” Obama said. He added that we’re “facing an economic crisis of historic proportions”. And just to make sure the point strikes home, he said that some economists predict that the economy will lose millions of jobs.
That’s groundwork for some BIG big-government efforts to help the economy. Sen. Charles Schumer, D-NY, is predicting a stimulus package around $700 billion. Sound familiar? Apparently that’s the popular number in Washington these days. And what will that money go for? Obama will use that money for fueling the green energy movement, and re-building infrastructure (roads, bridges). Of course, for every gas-powered car we take off the road, we’ll need revenue from another source. You see, D.C. gets LOADS of money from the gas tax, but they’re already feeling the pinch. Great lesson here. Listen to the government, do what they say (save gas) and what happens? They can’t survive with less revenue, so their option is to INCREASE THE GAS TAX. I’m sure it won’t happen before Christmas, though.
Now, about that infrastructure – a lot of folks use the Minneapolis bridge collapse as the call to action for new construction. But that collapse wasn’t caused by neglect, says this report. As Minneapolitans(?) probably know, the bridge was UNDER RENOVATION when the accident happened. That was, in fact, on of the factors that lead to the collapse, but the main problem was a design flaw.
Here’s a common-sense question for you. Let’s say millions of Americans get laid off. Obama’s plan is to put them to work building roads. How many of the folks who got laid off were in the road-building business? How many mortgage brokers do you know would go to work laying asphalt?