Democrats eye huge economic boost, burning the Dollar with dept
Soviet Union 5 years plan for US ?
This sounds like the ancient Soviet Union 5 years plan. Have nothing to eat, be happy, spend money you don't have. Build bridges run cars on It. America do you have still a single normal business man ? It is innovation driven by thursty Immigrants that made America running. A lot of desperate Houswifes cooking the Pelosi poverty soup.
Spending another $700bn ?
Works only if US runs down all other currencies like Euro, Yuan, Rubel, Real, or starts war again. I doubt this. So further spending into nowhere, with no cash back for Investors. The instituional investors followed by the "grey men" with a 1 trillion Dollar non verified offshore money will not invest in infrastructure programs, they want to cash in on higher value of investment by brakthrough Innovation. This is not an opinion, it is basic economic intelligence.
The Pelosis coming
Speaking to CBS News on Sunday, Ms Pelosi said any stimulus package should be aimed at creating jobs immediately, and could contain a tax cut.
"Something of several hundred billion would have to be some investment into the future, plus creating jobs immediately, and a tax cut," she said.
Another senior Democrat, New York Senator Charles Schumer, told ABC News that a package of between $500bn and $700bn was needed to overcome the current economic crisis.
The president-elect's new economic team will be charged with revitalising the US economy, which is faltering badly amid the global downturn.
On Saturday, Mr Obama said the economy needed to create 2.5m jobs by 2011.
In a weekly address, he said he wanted to rebuild America's ageing infrastructure, including roads and bridges, as well as develop sources of renewable energy