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President Obama’s nearly $800bn economic stimulus package has finally passed, but not with the bipartisan welcome he and many others had hoped for.
In large part due to the many items contained in this package that are not really considered to be a stimulus to our ailing economy and high unemployment rate at all.
Rather it is said to be an opportunity to promote social programs that have been on the Democratic agenda for many years but had been unable to pass during the last many years.
However, many of the initiatives in the package, while forwarding Democratic ideals of green projects and industry, do provide that shot of adrenaline into the economy we desperately need right now.
A substantial portion of the money from the plan will go to green industry and technology – creating jobs in renewable energy, LEED construction and architecture, as well as providing manufacturing jobs to recently unemployed plant workers and other blue collar trades.
In addition to tax credits for businesses and homeowners greening themselves and their homes, the package includes nearly $30bn for green development in the auto manufacturing, renewable energy, and infrastructure sectors. Nearly $5bn will go to converting government buildings to energy saving or green facilities.
And good news for all of those scientists recently laid off from the biopharmaceutical industry: $15bn goes into scientific funding for energy and disease research.
The green portions of this package create job activity in the private and public sectors and also provide training in renewable energy and green construction. In addition to creating new jobs and training, this plan allows for creating better and cleaner products and bringing industry and manufacturing back to the U.S.
Now the question is – How long will it take to see positive effects of the stimulus in the job market?
Sources for analysis and more detailed information can be found at:
American Council on Renewable Energy (ACORE) Stimulus Overview
AP Analysis of Stimulus plan
Economic Report Overview from Nancy Pelosi’s office
Full Congressional draft reports
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It is so good to see that Obama is following through with his environmental agenda so early in his term. I honestly can’t wait until the weatherization and mass transit projects are underway. Who knew that one day I’d be able to get from my home in New Orleans to New York on one, high-speed train!
Honestly is all this worth the ridiculous debt our children will have to deal with when we’re gone? Do you guys really think that all this investment in green stuff will ever pay off? I think we should be focusing more on cutting the burden of government on the people than making it so much bigger. I don’t want to pay the kind of taxes they do in France!
First of all, before Obama ever took office, our children were already burdened with an enormous national deficit. Was the war in Iraq worth it? Who knows, but I think an investment in renewable energy holds a lot more promise for our children than the war ever will.
I agree, we don’t have a choice here. I am all for moderating spending, but we risk killing industry and innovation in the States without a stimulus. This is at least spent at building the future. Look at what the great depression did for our infrastructure…this could do the same for our renewable energy infrastructure.