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Obama unveils plan for '21st century economy'
Published January 8, 2009 - BizTimes Daily
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President-elect Barack Obama this morning called for bipartisan support for his American Recovery and Reinvestment Plan to jumpstart the nation out of the recession.
Without immediate action, the recession could deepen for years and the unemployment rate could reach double digits, Obama said in a speech at George Mason University in Fairfax, Va.
Taking note of the current conditions, Obama noted that nearly 2 million jobs have been lost in the past year, 2.8 million Americans who would like to be working full-time are settling for part-time jobs and workers "are watching their life savings disappear."
Obama called for Republicans and Democrats to set aside their partisan agendas and come together to "build a 21st century economy."
Obama said his plan to invest in energy, education, health care and infrastructure will put money in the pockets of the American people, will make money available for businesses to meet pay roll and will create 3 million jobs over the next three years, mostly in the private sector.
"We will double the production of alternative energy in the next three years" by putting Americans to work, building solar panels, wind turbines and fuel-efficient cars and buildings, he said. Obama said his plan will "retrofit" America with a "smart" electrical grid.
Within five years, all of America's medical records should be computerized, saving costs and lives, Obama said.
He promised to provide federal funds to help states continue to provide essential services.
Obama is proposing stimulus checks of $1,000 for families and $500 for individuals.
He also called for tighter regulations on Wall Street.
