$1,000 Billion Pumped Into the U.S. Economy

The only thing that can save America from recession is a shot of $1000 trillion, public money. This is the conclusion Barack Obama’s economy consultants have reached, also presented as “the only solution”. Unfortunately for the Americans, the same people who propelled Obama, along with their hopes, to the White House, their future president has warned them that “things are going to get worse before they get better.” He is no longer aiming for creating new jobs (2,5 million – as announced recently), but for replacing those which will be cut down. Of course, not in a few years, but through a “sustainable growth.”

Tens of thousands of jobs will be created, in order to repair the highway network, bridges, viaducts and schools which are on the edge of breaking down. Moreover, there is a very ambitious modernization program, whose purpose is to change the face of America: each classroom will have its own computer, governmental buildings will improve their heating and lighting system with more energy efficient technology, high speed internet should become accessible even in the country’s farthest corners, and hospitals will be connected through a giant electronic system which facilitates patient file administration. Before the plan was announced, Obama consulted with the governors of all 50 states, who dispose of 136 billion dollars for investments in infrastructure, but even so, no project can start without federal support. Where the interstate highways, built in 1950, during the presidency of Dwight Eisenhower, are concerned, 90 percent of the total cost was paid by the federal budget.

The Congress, dominated by the Democratic Party, is on the verge of approving support for the “three giants” of the car industry (Ford, General Motors and Chrysler). However, the sum put on the table (15 billion dollars) will be given only under the form of a “short-term loan” and it is less than half of the 34 billion previously required. Any other money will be strictly conditioned by the investments made in the production of low petrol consumption cars.

Even so, the companies will be, de facto, put under “the state’s custody”. That is because the congressmen are presently discussing the creation of a surveillance system to monitor the car industry. Also, the system will approve any transaction of over 25 million dollars. The three corporations might be forced to dismiss their CEOs who, in Obama’s opinion, “have made repeated strategic mistakes.” Fortunately for the workers in Detroit, who set up prayers to save their jobs, Obama said “the auto industry is the backbone of American manufacturing” and that he does not want it to collapse.

With an additional 1,000 trillion, America’s public debt (already over 10,000 billion dollars before the crisis) will grow even more. Although he made critical remarks on the Bush Administration’s excessive spending, Obama sees himself forced to spend big also, even if it is something he didn’t agree with a few weeks ago. “We’ve got to provide a blood infusion to the patient right now and make sure the patient is stabilized,” said Obama for NBC News. “We shouldn’t worry about the deficit next year or even the year after. We’ve got to make sure that the economic stimulus plan is large enough to get the economy moving”, he explained.

6.7% – from America’s total active population (over 130 million people) is currently unemployed, after, only in November 2008, more than 533,000 jobs have been cut down.