The number of jobs lost this year is close to 2 million. But while each American stands fearful that his job might be the next one to go, President-elect Barack Obama is planning a new economic recovery plan that will save or create 2.5 million jobs very soon.
Obama wants Americans to sleep easy this Holiday season. He wants those who have lost their jobs should know that they have a future.
While all the details of Obama’s economic recovery plan have not been released just yet, the President-elect threw light on some of the green jobs that he talked about in his election campaign including those that will help rebuild infrastructure, improve schools and reduce our dependence on oil.
What are the key components of Obama’s Green Economy plan?
Energy efficiency seems to the top of the list per the President-elect’s statement released yesterday. Obama’s plan to make federal and school buildings energy efficient stems from the fact that the American government pays some of the highest energy bills in the world. Obama’s new government will set an example from top down by replacing old heating systems, installing efficient light bulbs in federal buildings and installing new and efficient computers in school classrooms. Overhauling school and public buildings will not only save dollars but also help create thousands of green jobs in the bargain.
National infrastructure was also on high the list. Albeit Obama has more than 7,000 jobs to fill in his administration (CNBC), he also plans to employ millions by “making the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s.” He said that state officials would lose the federal dollars if they did not quickly use the money to repair highways and bridges.
Also Obama’s agenda for a sustainable America includes giving every child access to the internet. No doubt, the new President-elect wants to use the internet as a tool to educate children about energy-efficiency, green values and the sustainability objectives that he hopes to gift the next generation of American children.
But does it all make sense? What about the waning financial sector? What about businesses? Obama referred to a plan to help recover Wall street and Main street but has not yet released any details. According to the Washington Post, Mark Zandi, chief economist for Moody’s Economy.com, said Obama’s proposed infrastructure spending “makes perfect sense” for an economy that is likely to be struggling for years but that the projects must go hand in hand with fiscal stimulus: tax breaks and aid to states.
What are the stumbling blocks to Obama’s Economic Recovery Plan?
Although the plan sounds promising enough to prevent most Americans for having sleepless nights through the holiday season, one can only wonder how Obama’s plan might be impacted by unplanned world events. The terrorist attacks in Mumbai last week have brought the issue of terrorism to the table once again. Although none of the Western press says so, Indian press and Pakistani press both referred yesterday to a 48 hour deadline by which Pakistan must take action against the terrorist situation; if they do not then the U.S. will. What does this mean? The question everybody is asking is whether current events could possibly escalate into a war. And if so, how will that impact Obama’s plans for a sustainable economy?
Much as we are all grateful for Obama’s intention to fix the economy, he has more challenges to deal with than perhaps many other U.S. Presidents coming into office.