More Details - NEW Economic Stimulus Plan
In Obama’s second press conference he gave us a few more details as to what to expect in his new economic stimulus plan. As he has told us before, it is going to be for the main street. He introduced four individuals that he has nominated to be part of his economic team.
How much will this economic stimulus plan cost us all? The new economic stimulus plan will be a “Big stimulus package.” When asked exactly how big, he stated that he did not want to comment. He wants the new economic stimulus to be defined after consultation with his new economic advisory team, business owners from across America, and other advisors. He did state that he wanted it to be “. . . Significant enough that it really gives a jolt to the economy.”
So what will be part of the economic stimulus plan? He wants this plan to lay the ground work for both short term and long term growth. First, he wants it to create 2.5 million jobs! Second, he believes it is necessary to work into this stimulus plan key issues he believes need to be changed for the economy to be sustainable in the long term. Some of these would be clean energy, healthcare, and the education system.
So how about the domestic car industry - are we going to be bailing them out? He stated very clearly that we need to help the domestic car industry because we CANNOT allow them to go out of business. BUT and this was very important – it will not be a blank check, the car industry will have to come up with a plan for them to ask for money. Obama said he was surprised that when the domestic car industry came to congress last week and they did not have a plan! He stated that he would not give US taxpayer money unless the domestic car industry has a specific plan as to how this money will be used to save them!
So what are my thoughts? We will have to wait. This economic stimulus plan will be so large that I believe it will be difficult for it to pass congress. I believe sometimes it is better to have smaller bills so that they can pass congress. The problem is that he is trying to make this one bill a silver bullet but it is difficult to do that. No matter how many democrats there are in the congress.
I want more information though on this new economic stimulus plan. I am happy though that new president is acting very meticulously and with as much information as possible before acting. The only issue I have is that it may be too large of a stimulus that it may not pass!
What are your thoughts? What do you think that this stimulus plan should have with it? What do you think about how Obama is working so far?
I would love to hear from you all – you can either email me at psingh@rempower.com or leave a comment right here!
I look forward in seeing you in a future workshop!
Prabhjit Singh