Obama's Economic Plans

According to an article by Ann Sanner from the Associated Press, President-elect Barack Obama’s massive “public works plan” will focus on creating jobs, providing energy-efficient programs and investing in education. Obama will face a challenging task of generating new jobs and dealing with the economic crisis. Sanner showed that the Labor Department marks 533,000 job cuts in November. An article by Peter Nicholas and Janet Cook from The Los Angeles Times stated that the unemployment rate is now at 6.7 percent, the “highest” level in “15 years.” The article discussed how Obama and his team have been meeting with a variety of interest groups to develop his program, including representatives of Governor Arnold Schwarzenegger to discuss ways to improve California’s infrastructure. According to an article by Peter Baker and John M. Broder from The New York Times, Obama plans “the largest public works program since the interstate highway system.” The article stated that Obama is considering introducing “new-era jobs in technology” that are creative and efficient. Moreover, Obama hopes to improve “public utilities,” such as transportation and technology in schools, as well as create a “cleaner environment.” The cost of the programs could amount from $400 to $700 billion according to experts, and with the nation already with a “federal budget deficit” that could amount to “$1 trillion,” some economists and Republicans are wary of Obama’s plans. However, Obama stated that the money for the programs will be handled efficiently and responsibly with a ‘“use it or lose it strategy.”’