“Only government can provide the short-term boost necessary.”
Lawrence Jackson/AP
We’ve been hearing for some time about our “new Great Depression,” so what will our new New New Deal look like? Barack Obama offered a clue in a speech today. Obama’s “American Recovery and Reinvestment Plan” will aim to double the production of alternative energy over the next three years, computerize American medical records within five years, modernize classrooms, revamp the country’s electricity grid, and offer a $1,000 tax cut to 95 percent of working families. He announced that all money will be spent transparently, with records available online, and that it will be free of earmarks. “It is true that we cannot depend on government alone to create jobs or long-term growth,” Obama said, “but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe.”
