Business

President-Elect Shows Economic Plan
by Milota Sidorova

Personally, I have never had any doubts that Barack Obama would be one of those ‘weak presidents’. And despite the storming showmen labeling him ‘elitist’, he remained of a person with advanced listening ability.
And now, two weeks after election boom, two weeks of silence, Obama steps out to set his economic recovery program and confirm his leadership.
Desperate markets showed some relief on Friday when he announced new economic team going to ride America out of shadows. Timothy Geithner, man with more than 15 year treasury experiences will replace controversial current Treasury Secretary Henry Paulson. Lawrence Summers will be the Head of National Economic Council and New Mexico Gov. Bill Richardson will take place of Commerce Secretary.
In fact, markets finally got theirs day and Dow Jones rallied almost 495 points.

There’s no time to loose!

Obama declared his 2 year spending and tax cutting recovery program on Sunday.
He’s pointed out priorities which are in fact very social and public demanded.
The new administration’s promised to create 2.5 million jobs in environmentally friendly technologies by the end of 2010. Nevertheless he’s opened tax cut issue, in fact the most troubled point among Congressional parties. Obama is intending to lower taxes to middle class and lower earning workers, but he didn’t mention how and when will be the expected rise coming. During the campaign he’s promised to raise taxes to group earning of $250,000 or more per year.

This all seems so good however we shouldn’t forget the plan will certainly overcome proposed $175 billion investment. It will overcome it several times. Some economists say the real amount is about $550 -$700 billion. Obama’s advisers told that this had to be done to power the economy.
New coming President-Elect has step on the right side by not mentioning planned tax rise, in fact the major Republican objection to his proposal.
He’s called on Congress to schedule hearings just after the New Year’s so he would be prepared to sign it down as soon as possible.
David Axebrod has also warned begging automakers leaving White House with nothing but empty hands to propose relevant long term plan to rescue the industry if they wanted to get federal package.



related story: http://news.yahoo.com/s/ap/20081123/ap_on_go_pr_wh/obama_economy;_ylt=AkXKpMPHSseJkrWzrWDGVgWs0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 3:34 AM