President Obama talked up his economic recovery plan Tuesday night in an unofficial State of the Union speech that also touched on green initiatives, increased research, and health information technology.
"Over the next two years, this plan will save or create 3.5 million jobs," Obama told members of Congress, the Supreme Court, and his Cabinet. "More than 90 percent of these jobs will be in the private sector jobs rebuilding our roads and bridges; constructing wind turbines and solar panels; laying broadband and expanding mass transit."
Obama signed the American Recovery and Reinvestment Act into law last week, an $800 billion stimulus package that includes $7.2 billion for broadband grants, $650 million for the DTV trasition, and $2 billion for heatlh IT.
"I have told each member of my Cabinet as well as mayors and governors across the country that they will be held accountable by me and the American people for every dollar they spend," Obama said Tuesday. "And we have created a new Web site called recovery.gov so that every American can find out how and where their money is being spent."
The president stressed the need for clean energy developed by American entrepreneurs.
"We invented solar technology, but we've fallen behind countries like Germany and Japan in producing it," he said. "New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea."
The stimulus package will double the nation's supply of renewable energy in the next three years, Obama said. "We have also made the largest investment in basic research funding in American history an investment that will spur not only new discoveries in energy, but breakthroughs in medicine, science, and technology."
The new law includes $1 billion for NASA, $3 billion for the National Science Foundation, $2 billion for science research within the Department of Energy, and $220 million for research and grants at the National Institute of Standards and Technology (NIST) within Commerce. It also provides $2 billion for grants that would support the manufacturing of advanced vehicle batteries and components.
"We will invest $15 billlion a year to develop technologies like wind power and solar power; advanced biofuels, clean coal, and more fuel-efficient cars and trucks built right here in America," Obama said.
The president also called for an overhaul to the nation's healthcare system, a plan that "will invest in electronic health records and new technology that will reduce errors, bring down costs, ensure privacy, and save lives," he said.
February 25, 2009 12:28 AM
Obama's apparent preference for renewable energy aside, coal and nuclear power are fully deployed, and in widespread use, meaning they'll remain the backbone of our energy sector in the New Year.
February 25, 2009 5:27 AM
This is probably one of my favorite projects by Obama. Clean energy is very practical, it may be expensive at first but it will be so much more efficient and less expensive in the longrun.
February 25, 2009 8:48 AM
The news hasn't got out about where these hundreds of billions will come from and how much interest needs to be paid on it and when or how it is to be repaid. Anybody know?
February 25, 2009 9:29 AM
Where are all the changes? I have heard allot about them, seen them in ink but none to help. Has anyone received new employment or just been laid off. This so called package is not going to do anything but raise TAXES. Think about it where is the money coming from? CHINA. Just how much money are we going to borrow from China before they will recall their loan. Then what? Anyone have an answer? Sure like to hear it.
As my daddy used to say "hang on to your short hairs".
February 25, 2009 11:22 AM
Seriously? The guy's been in office for a month and some folks apparently want him to shit gold bricks. there's a lot of mess to clean up and it takes more than 30 days to do it. If I hear one more "where's all the change, what's that about change, where's my change" I'm going to puke.
Check your seat cushions for your change while you're busy being shortsighted and whining about China and your taxes (which are going to get cut, but hell, he could keep mine. i'd rather see my taxes go up and see more schools go up with em) - the rest of us have a recovery to participate in.
And mortgage payer: the answer to your question is government bonds - hit it up on wikipedia, it'll answer your questions. It's spending now to encourage a thriving economy later that is robust enough to be profitable, return on investment, and pay down debt- it's how we've been doing business since Andrew Jackson. :)