The stimulus bill Congress passed in February 2009 was supposed to be spent predominantly on infrastructure rebuilding projects.
At an address to AFL-CIO members at Laborfest in Milwaukee on Monday, President Barack Obama pushed an additional $50 billion-plus stimulus bill designed to fulfill the novel task of… rebuilding the country’s infrastructure.
Obama warmed up his working class audience by wearing an open-collar shirt with rolled up sleeves, referring to his listeners as “folks,” and reminding them of the miserably unprosperous Reagan years, when unemployment plummeted from a Carter-induced 10% in 1982 to 5% by the end of Reagan’s second term.
The President’s proposed infrastructure spending aimed to rebuild roads, railways, and runways, not to mention public union coffers and Democratic Congressional reelection campaigns.
The bill would be paid for by eliminating tax breaks for oil and gas companies, also known as “raising taxes.”
In addition, the President proposed a new federal Infrastructure Bank of unspecified cost and scope that would use tax dollars to borrow private funds to fuel future projects. You know—sort of a cross between Amtrak and Fannie Mae, with all the efficiency of the former and all the transparency of the latter.
Chastising Republicans for their platform of “No, We Can’t” and their propensity to oppose everything he suggests, Obama declared, “If I said the sky was blue, they’d say no. If I said fish live in the sea, they’d say no.” Actually, if he said never-ending Keynesian spending orgies stimulate long-term economic growth, we’d say no. But close! read more »