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Obama Pushes Stimulus Package
President-elect Barack Obama has delivered an internet speech in an attempt to promote confidence and quiet skeptics who have criticized his massive planned stimulus package. Tony Guida reports.
Presidetn-elect Barack Obama was busy today, buying (How/ How much has a small cup?) and selling.
Our first job is to put people back to work.
Buying a lunch of Chili dogs for himself, the Washington's mayor,at the city's cathedral of Chili and selling new details of his economic stimulus plan in an online video.
Our plans will likely save or create three to four millions jobs.
Obama's job estimate comes a day after the jarring news that the nation's unemployment rate hit a 16-year-high. One political observer thinks the Presedent-elect is laying the groundwork for breathtaking public spending.
He's raising the number of jobs. He's also edging ever so closer to the trillion-dollar-mark.
Government spending to create public work jobs, like road building takes time, in the interim,Obama offers tax cuts, but that's political calculates about the republican demands, say many experts: not sound economics.
Tax cuts don't yeild much in the way of additional GDP and jobs, this analysis says they will, the lesson of the last stimulus packages, they didn't.
It's likely that things will get worse before they get better.
Obama faces no descent from that view, but new jobs are just the beginning of an economic revival.
If he doesn't fix what's broken in the economy, namely the banks, our usual dependence on foreign oil and our trade defficit with China, he's not gonna create this many jobs on a permanent basis.
And whatever Obama does, he's driving without a road map.
The bottom line is whenever you're dealing with this kind of big sums of money, you'll never know what the long-term effect is going to be.
That's the heart of Obama political challenge to sell us the stimulus plans of the huge government spending, levels we have never seen before with no guarentee it will work, even Obama's top economic advisors admit that their projections of jobs created and jobs saved, are quote: subject to significant margins of error. This is truely, uncharted ground.
That's a big task ahead of him, Tony Guida, thank you
