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Obama plans infrastructure blitz to boost US economy
President-elect Barack Obama has said his plan to create at least 2.5 million new jobs would include the largest infrastructure investment since the 1950s and a huge effort to reduce US government energy use.
The United States will also make a big push to expand access to high-speed Internet and modernise school buildings across the country, he said.
"We need action, and action now," Mr Obama said in the Democratic Party's weekly radio address, one day after government data showed US employers had axed 533,000 jobs in November, the most in 34 years.
Mr Obama, who takes office on January 20, has promised to move quickly to pull the US economy out of a recession which has already pushed the unemployment rate to 6.7 per cent and could take it above 8 per cent by late next year.
He has started by asking his economic team to come up with a plan to create at least 2.5 million new jobs by 2011.
Congress is also expected to pass a hefty new economic stimulus bill in January that could be ready for his signature immediately after he is sworn in.
"First, we will launch a massive effort to make public buildings more energy-efficient. Our government now pays the highest energy bill in the world," Mr Obama said.
Replacing old heating systems and installing energy efficient light bulbs in federal buildings would save taxpayers billions of dollars, as well as create new jobs, he said.
Millions of new jobs would also come from "the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s," Mr Obama said, without providing a precise amount.
Under the plan, states would lose federal money unless they act quickly to build or repair roads and bridges.
"We'll set a simple rule, use it or lose it," he said.
Mr Obama's plan, which he said would be fleshed out in greater detail in coming weeks, includes modernising schools to make them energy efficient and putting new computers in classrooms.
"We'll also renew our information superhighway. It is unacceptable that the United States ranks 15th in broadband adoption," he said.
He said he wants to hook more schools and libraries up to the Internet and also ensure US hospitals are connected to each other electronically.
Making sure that every doctor's office and hospital in the United States is using cutting edge technology and electronic medical records would "cut red tape, prevent medical mistakes and save billions of dollars each year," he said.
Well friends this has been a big shot in an arm for the US economy if that will be implemented and I have no doubt that what Obama has spoken will implement it.This is America and not India.
Did our market get the clue of this coming out and hence it rallied?We have to see whether our rallied fizzles out soon or it is a real turn around and we did make a bottom at 7600! and no looking back from there.
But the clear winners in US market would be GE.GeneralElectric co where the power system starts for the world and a leader in itself.Warren Buffet hiking stake through the right issue was no bad a decision but actually it is turning out to be a very good decision.
I remember when I was reading the 1929 great depression ,I read that Franklin Roosevelt took over as the president in 1932.The depression last for 10 yrs at that time.He immidiately declared to build roads and new buildings that can help decrease the unemplyement.He did it very fast and implement it as well in no time and the fruits were there to be seen in next decade.
Obama ,the elect president is doing the same things as he also has declared building new school buildings,and replacing new system to old ones....
Let us see what he wants to do and which sector can be beniffeted .
1)He wants to make public building more energy efficient.
2)Wants to replace old heating system and installing energy efficient light bulbs.
3)His will be the single largest investment in Infrastrcuture, highway projects, in last 50 years.
4)Modernising schools to make them energy efficient and putting new computers in classrooms.
5)Renew information superhighway. It is unacceptable that the United States ranks 15th in broadband adoption...
6) Wants to hook more schools and libraries up to the Internet and also ensure US hospitals are connected to each other electronically.
Now we will see which cos without taking name will be beniffited.The cos are
A) Producing energy efficient bulbs...
B)Cos producing energy efficient heating system
C)Infrastrcuture bulding cos for highways.
D)Co making computers
E)Broadband network cos....
F)Electronics equipment making co....
I have been saying this here many times and elsewhere that whenever world thinks USA is gone it stands up and shows that she is still the leader.
I remember somewhere I read that Warren Buffet said that look at the world.Look at this.We are leaders and developed since 200 yrs and we are still the leaders.Countries like China, Russia , Japan, Korea etc etc were thought of becoming the next power , all were there since 200 yrs but they never prospered.So if they do not prosper in 200 yrs then when they will?It means that there is something terribly wrong in the system of other countries and that is where America have the edge and that will remain forever.