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The Real News Network

Obama Stimulus Boosts Markets

Proposed infrastructure plan from Barack Obama stimulates Wall St., but is it a long-term solution?

CHICAGO, Illinois - On Monday Barack Obama announced an infrastructure stimulus package and
a proposed bail out of the three big U.S. automakers that resulted in
an increase in Wall Streets numbers.  The president elect said his
administration is going to act swiftly on
a recovery plan and new stimulus package as soon as he is sworn in on
January 20, 2009.  This package would include upgrading federal
buildings to make them more
energy efficient, the largest road and highway rebuilding program since
the 1950's, modernizing and upgrading school buildings across the US
and upgrading both broadband internet service and access for all.  The
Real News Network spoke to Editor of the Left Business Observer, Doug
Henwood.   According
to Henwood, the Obama administration is saying all the right things,
"The combination of long and short terms strategies seems very good,"
although he is not making any delusions about the complexity and
severity of this situation.  Henwood sees the need for a major
re-distribution of income, "There are a lot of really complicated
structural problems with the U.S. economy," referring specifically to
the mass concentration of wealth at the top of the ruling economic
class.  In order for any effective change to be accomplished, Henwood
says there will need to be a concerted effort by the Obama
administration to ensure a more even distribution of wealth but
"...those are tough (issues) to address..that is a very messy political
thing to do." 

In a television appearance on Meet The Press, president
elect Obama acknowledged the severity of the current crisis while
making his priorities known, "This is a big problem and it's going to
get worse and that's why my number one priority coming in, is making
sure that we have an economic recovery plan that is equal to the task."



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