UPDATE: Heh. It happens too often. As soon as I post I run across another article. This guy thinks Obama may not do enough.
We may not simply be facing a steep recession like that of the early 1980s, from which we can extricate ourselves in a year or two, but something resembling the Great Depression of the 1930s.
Ah, not only the “D” word, but preceded by “the Great.” Seeing soup lines? His solution?
It would consist not merely of updating or repairing the nation’s infrastructure, but in undertaking massive new investments that would expand the scope of American industry, and address other urgent problems in the process: global warming, over-reliance on petroleum, and the need to revive America’s domestic manufacturing capabilities–not just to provide jobs, but also to provide tradeable goods that can reduce the country’s current account deficit.
Just like Obama’s “trickle-down” government-financed approach only BIGGER! MORE! The fiscal equivalent of war!
Then in the next three paragraphs, high-speed rail. Yippee! Makes no difference if no one is riding, build it and they will come.
Then he wants some way to smooth out international trade balances.
President-elect Barack Obama’s proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn’t do much to stimulate the economy or create jobs.
We’re in for a long ride, folks.
From Politico.com. Here’s a selection:
“There is nothing written in stone,” said Senate Majority Leader Harry Reid (D.-Nev.)
Senate Finance Committee Chairman Max Baucus (D.-Mont.) said that changes will have to be made to “improve” upon the Obama plan.
“I just don’t think it works. I don’t think that’s going to give much lift to the economy, as well intended as it is,” said Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat. Conrad wants a homebuyer tax credit to help housing prices.
Sen. John Kerry (D-Mass.), an early Obama supporter, was among those pressing for more to be done in the energy field.
Sen. Ron Wyden (D-Oregon) argues for a greater emphasis on tangible infrastructure investments in roads, bridges, transit.
This is Congress. This is deliberation. We can only hope what they come out with works. Since they’re Democrats, I doubt it, but the ball’s in their court.