From all President Elect Obama’s speeches so far it is still not evident that the US and other western economies understand that we are not in a temporary bind we can work our way through, but hitting the equals sign in the ‘one planet equation’.
Infrastructure spending is not sufficient, or effective if money borrowed and invested does not reduce the future resource intensity of its use, extension and maintenance and in the process, sucks in external resources, skills and knowledge.
Research and education into achieving this, on a scale never attempted before is required plus a unified political commitment of epic proportions.
Jan. 8 (Bloomberg) — President-elect Barack Obama warned that without immediate steps by the government to revive the economy, family incomes will drop, the unemployment rate could reach “double digits” and the U.S. risks losing a “generation of potential and promise.”
In excerpts of a speech he’s scheduled to give today at 11 a.m. New York time in the Washington suburb of Fairfax, Virginia, Obama says that while the cost of his economic recovery plan will add to a deficit already projected to exceed $1 trillion, he “won’t just throw money at our problems.”
“It is true that we cannot depend on government alone to create jobs or long-term growth,” Obama will say. “But at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe.” ………………..
“Every day we wait or point fingers or drag our feet, more Americans will lose their jobs, more families will lose their savings,” Obama will say. “More dreams will be deferred and denied. And our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.”