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Obama Pledges Public Works on a Vast Scale
Peter Baker and John M. Broder, New York Times
President-elect Barack Obama promised Saturday to create the largest public works construction program since the inception of the interstate highway system a half century ago as he seeks to put together a plan to resuscitate the reeling economy.
With jobs evaporating and the recession deepening, Mr. Obama began highlighting elements of the economic recovery program he is trying to fashion with Congressional leaders in hopes of being able to enact it shortly after being sworn in on Jan. 20. His address on Saturday followed the report on Friday indicating that the country lost 533,000 jobs in November alone, bringing the total number of jobs lost over the past year to nearly 2 million.
Mr. Obama’s remarks showcased his ambition to expand the definition of traditional work programs for the middle class, like infrastructure projects to repair roads and bridges, to include new-era jobs in technology and so-called green jobs that reduce energy use and global warming emissions.
(6 December 2008)
Obama’s Energy-Environment Team Likely To Be Named Next
Coral Davenport, CQ via Yahoo! News
President-elect Barack Obama will likely announce his energy and environment team this week, according to sources close to the transition.
The announcement probably will come Wednesday or Thursday, and is expected to follow votes in Congress on an auto industry bailout package, the sources said.
Obama is expected to introduce his nominees for Energy secretary, Interior secretary and head of the EPA together, in keeping with a pattern of announcing “teams” for particular issue clusters. He already has named his economics and national security teams.
(8 December 2008)
Obama meeting with Gore raises eyebrows
Alexander Mooney, CNN
Former Vice President Al Gore is set to meet with President-elect Barack Obama and Vice President-elect Joe Biden Tuesday, leading to speculation Obama is eyeing Gore for a slot in his administration.
According to the Obama transition office, the meeting will focus on issues relating to energy and climate change, and how the new administration’s environmental policies can spur job creation.
Democratic officials have said Obama is not looking to tap Gore for a Cabinet-level post or any other position in the administration.
But a Gore appointment would almost certainly be greeted with celebration from members of the party’s liberal wing, many of whom are still angry he lost the White House in 2000 despite winning the popular vote.
(8 December 2008)
Oil, Copper Advance After Obama Promises Public Works Spending
Eduard Gismatullin and Nidaa Bakhsh, Bloomberg
Oil, copper and corn rose after President-elect Barack Obama pledged the biggest U.S. public works program in about 50 years to revive the economy.
Commodities rebounded from last week’s losses on speculation spending on roads, bridges and repairing school buildings will boost raw material demand and engineer a recovery in the world’s largest economy. Obama said that his economic plan would create or preserve more than 2.5 million jobs.
(8 December 2008)
Do expansive federal bailout plans doom Americans to an inflationary future?
Colin Barr, Fortune
A billion dollars here, $7 trillion there: How long till Uncle Sam has to cry “uncle?”
For now, frightened investors worldwide continue to gobble up U.S. Treasury bonds, and they aren’t much concerned about the impact of all the obligations the U.S. government is taking on to try and head off economic catastrophe.
But the government printing money, lending money to shaky corporations and guaranteeing debt that may never be repaid all could have troubling consequences in the not-too-distant future.
The No. 1 concern: Even if actions taken by the Federal Reserve and the U.S. Treasury succeeds at stabilizing the global financial system, and an economic recovery takes hold, a brutal inflationary spike will be right around the corner.
(8 December 2008)
