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Deja Vu All Over Again

- August 30, 2011

If It’s September, It Must Be Time For Another Obama Speech About Infrastructure Spending  

“President Barack Obama Said Monday He Would Unveil Proposals Next Week Aimed At Spurring Job Growth In Part Through Infrastructure Improvements.” (“Obama Says Will Unveil Jobs Plan Next Week,” Reuters8/29/11)

  • In His Speech, “The President Is Likely To Discuss Items He Has Pitched Before.” “The president is likely to discuss items he has pitched before, including an extension of payroll tax cuts, a string of free-trade deals and new infrastructure projects -- items he said Republicans and Democrats should agree on.” (David Jackson, “Obama: Jobs Are Our ‘Urgent Mission,” USA Today’s “The Oval,” 8/29/11)

IT’S JUST A LITTLE BIT OF HISTORY REPEATING

2010 

September 6, 2010: Obama Announced “A New Plan For Rebuilding And Modernizing America’s Roads And Rails And Runways For The Long Term.”   “So, that’s why, Milwaukee, today, I am announcing a new plan for rebuilding and modernizing America’s roads and rails and runways for the long term.  (Applause.)  I want America to have the best infrastructure in the world.  We used to have the best infrastructure in the world.  We can have it again.  We are going to make it happen.” (President Barack Obama, Remarks by the President at Laborfest in Milwaukee, Wisconsin, 9/6/10)

  • Obama Proposed $50 Billion More In Spending To Rebuild Americans Infrastructure. “As the economy continues a sluggish recovery and with midterm elections right around the corner, President Obama spent his Labor Day championing the American worker and pushing a new, $50-billion vision for revamping America’s crumbling transportation infrastructure.” (Jon Garcia, “Obama $50 Billion Infrastructure Plan to Create Jobs in 2011,” ABC News’ Political Punch,” 9/6/10)

2009 

September 7, 2009: Obama On The Stimulus: “We're Rebuilding America's Infrastructure … Our Recovery Plan Is Working.” OBAMA: “We're rebuilding America's infrastructure, including improvements to I-75 in Hamilton County, led by a local Cincinnati contractor.  (Applause.)  We've got more than 200 other highway projects across Ohio, and we're making a historic commitment to innovation -- much of it still to come in the months and years ahead:  doubling our capacity to generate renewable energy; building a new smart grid to carry electricity from coast to coast; laying down broadband lines and high-speed rail lines and providing the largest boost in basic research in our history -- all of which will put people back to work.  (Applause.)  Steelworkers, plumbers, pipe-fitters, engineers, you name it. So our recovery plan is working. (President Barack Obama, “Remarks By The President At AFL-CIO Labor Day Picnic,” 9/7/09)

September 15, 2009: Obama Said His Stimulus Was Putting Americans To Work And Was “The Largest Investment In Our Infrastructure Since Eisenhower Created The Interstate Highway System In The 1950s.” “We're putting Americans to work across this country rebuilding crumbling roads and bridges and waterways with the largest investment in our infrastructure since Eisenhower created the Interstate Highway System in the 1950s. All in all, many middle class families will see their incomes go up by about $3,000 because of the Recovery Act, helping them get back much of what they've lost due to this recession.” (President Barack Obama, Remarks By The President At AFL-CIO Convention, 9/15/09)

2008 

September 16, 2008: Obama Touted His Proposal For A $50 Billion Infrastructure Plan “That Would Save 1 Million Jobs.” OBAMA: “To jumpstart job creation, I have proposed a $50 billion Emergency Economic Plan that would save 1 million jobs by rebuilding our infrastructure, repairing our schools, and helping our states and localities avoid damaging budget cuts.” (Barack Obama, Remarks In Golden, Colorado, 9/16/08)

AND THOSE WHO FAIL TO LEARN FROM HISTORY ARE DOOMED TO REPEAT IT 

Moody’s Chief Economist, Mark Zandi, Says Infrastructure Spending In The Stimulus Was Not “Particularly Helpful.” “Zandi called it a mistake to put infrastructure spending into the stimulus bill. ‘It's good policy and we can use the jobs, but it's not an effective way of getting money into the economy quickly,’ he said. Nor was spending on Obama priorities such as education and broadband ‘particularly helpful’ in putting money into the economy fast, he told me.” (Jill Lawerence, “Stimulus Plan in Hindsight: Did Obama's Agenda Hobble Economic Recovery?,” Politics Daily, 9/2/10) 

Obama’s Infrastructure Spending On Roads And Bridges From First Stimulus “Has Had No Effect Of Local Unemployment.” “Ten months into President Obama’s first economic stimulus plan, a surge in spending on roads and bridges has had no effect on local unemployment and only barely helped the beleaguered construction industry, an Associated Press analysis has found.  Spend a lot or spend nothing at all, it didn’t matter, the AP analysis showed: Local unemployment rates rose and fell regardless of how much stimulus money Washington poured out for transportation, raising questions about Obama’s argument that more road money would address an ‘urgent need to accelerate job growth.’” (“What Stimulus?  Road Projects Aren’t Boosting Jobs Much,” The Associated Press1/11/10) 

Since President Obama Took Office, The Nation Has Lost 2.4 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 8/17/11)

Obama’s Economic Advisors Predicted That The Stimulus Would Keep The Unemployment Rate Below 8 Percent With Stimulus. (Christina Romer and Jared Bernstein,"The Job Impact Of The American Recovery And Reinvestment Plan,"1/9/09)

  • “The Jobless Rate Has Stayed Above 8% For 30 Straight Months, The Longest Stretch Of High Unemployment Since The Great Depression In The 1930s.” (Jeffry Bartash, “U.S. Economy Gains 117, 000 Jobs In July,” Market Watch, 8/5/11)

Deja Vu All Over Again


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