Bailout

American Recovery and Reinvestment Plan

By USLaw.com

President-in-waiting Barack Obama has revised upward the goals of the stimulus plan he has committed to have Congress send for his signature as the first act of his presidency.  While as recently as a few weeks ago he was promsing two million new jobs, in his last Saturday radio address (sic YouTube broadcast) from his Chicago transition office, Obama stated that the “No. 1 goal of [his] plan … is to create three million new jobs, more than 80 percent of them in the private sector.”

Reports indicate Obama will ask Congress for a stimulus package of $675 billion to $775 billion, 40% of which he will propose be paid for by middle class and business tax cuts.

Text of Obama’s January 3rd, 2009 radio address naming the “American Recovery and Reinvestment Plan“:

As the holiday season comes to end, we are thankful for family and friends and all the blessings that make life worth living. But as we mark the beginning of a new year, we also know that America faces great and growing challenges?challenges that threaten our nation?s economy and our dreams for the future.  Nearly two million Americans have lost their jobs this past year?and millions more are working harder in jobs that pay less and come with fewer benefits.  For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won?t have the same opportunities they had.

However we got here, the problems we face today are not Democratic problems or Republican problems. The dreams of putting a child through college, or staying in your home, or retiring with dignity and security know no boundaries of party or ideology.

These are America?s problems, and we must come together as Americans to meet them with the urgency this moment demands.  Economists from across the political spectrum agree that if we don?t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double digit unemployment and the American Dream slipping further and further out of reach.

That?s why we need an American Recovery and Reinvestment Plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term.  And this plan must be designed in a new way?we can?t just fall into the old Washington habit of throwing money at the problem.  We must make strategic investments that will serve as a down payment on our long-term economic future. We must demand vigorous oversight and strict accountability for achieving results. And we must restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down. That is how we will achieve the number one goal of my plan?which is to create three million new jobs, more than eighty percent of them in the private sector.

To put people back to work today and reduce our dependence on foreign oil tomorrow, we will double renewable energy production and renovate public buildings to make them more energy efficient.  To build a 21st century economy, we must engage contractors across the nation to create jobs rebuilding our crumbling roads, bridges, and schools.  To save not only jobs, but money and lives, we will update and computerize our health care system to cut red tape, prevent medical mistakes, and help reduce health care costs by billions of dollars each year. To make America, and our children, a success in this new global economy, we will build 21st century classrooms, labs, and libraries. And to put more money into the pockets of hardworking families, we will provide direct tax relief to 95 percent of American workers.

I look forward to meeting next week in Washington with leaders from both parties to discuss this plan.  I am optimistic that if we come together to seek solutions that advance not the interests of any party, or the agenda of any one group, but the aspirations of all Americans, then we will meet the challenges of our time just as previous generations have met the challenges of theirs.

There is no reason we can?t do this.  We are a people of boundless industry and ingenuity.  We are innovators and entrepreneurs and have the most dedicated and productive workers in the world.  And we have always triumphed in moments of trial by drawing on that great American spirit?that perseverance, determination and unyielding commitment to opportunity on which our nation was founded.  And in this new year, let us resolve to do so once again. Thank you.

Full post as published by Bailout Report on January 04, 2009 (boomark / email).