The White House did not offer a price tag for the full measure or say how many jobs it would create. If Congress simply reauthorized the expired transportation bill and accounted for inflation, the new measure would cost about $350 billion over the next six years. But Mr. Obama wants to “front-load” the new bill with an additional $50 billion in initial investment to generate jobs, and vowed it would be “fully paid for.” The White House is proposing to offset the $50 billion by eliminating tax breaks and subsidies for the oil and gas industry...[The plan by] Representative Rosa DeLauro, Democrat of Connecticut. Ms. DeLauro’s plan would create an infrastructure bank that would be part of the United States Treasury, where it would attract money from institutional investors, then channel the funds to projects selected by a panel. The program, which would make loans much like the World Bank, would finance projects with the potential to transform whole regions, or even the national economy, the way the interstate highway system and the first transcontinental railway once did.I'm deeply reasurred that such a "bank" would be just as efficient as both the US Postal Service (losing a billion dollars per month) and AmTrack (losing 12 billion per year). In other words, just like the original stimulus package, this would be yet another method of Congressional corruption. Fannie Mae and Freddie Mac were both set up like this and when Sen's Chris Dodd (D-CT) and Charles Schumer (D-NY) with Rep Barney Frank (D-MA5) forced them to give loans to people who couldn't pay back those home loans...that precipitated this recession. We don't need another pseudo-governmental organization to screw up the economy even more. Especially when it won't be funded by spending cuts to compesate it's establishment.
Monday, September 06, 2010
Mr. Obama called for a government run "bank" to gather funds, both public and private, to pay for the $50,000,000,000.00 2nd Stimulus Package. That package is to pay for inftrastructure improvements. A government run "bank" sounds more like another massive slush fund. I suspect that it would be used to pay off yet more unions, and supporters of the Democratic Party. Nothing the government does is ever on time or under budget, or terribly effective or efficient either. If the $1,000,000,000,000.00 original "Stimulus Package" coulnd't get the the economy back on track...how much of a chance does $50 Billion? Slim and none...on the other hand, it would pay off political supporters before they Democratic Party loses control of the House of Representatives and, possibly, the Senate.