The Obama administration is working on assuring Americans that the recession is the worst in 70 years and that the government will clear a pathway to more jobs in the short term.
Obama’s long-term proposal will depend on Congressional cooperation to fund the proposed $50 billion infrastructure job plan. The initial investment will go toward rebuilding runways, highways, roads, and railways. Obama, however, will face Democrats who are expected losers in important congressional races in November.
The infrastructure job plan will consist of: “creation of jobs immediately”, rebuilding 150,000 miles of road; building and maintaining 4,000 miles of rail; and rehabilitation or reconstruction of runways. It will also modernize the air traffic control system.
In the past, money spent on infrastructure job plans and projects were allocated according to geographic regions and politics. With the proposed new plan, an infrastructure bank will be created that would “leverage private, state, and local capital” to invest in worthwhile projects that will help build and stabilize the national economy.
The infrastructure job plan investments are going to be one part of a package of economic plans and proposals that the White House has revealed today in efforts to jump-start the economy before November elections.