Wednesday, January 28, 2009

This is Stimulus?

The Wall Street Journal takes a look at Obama's stimulus plan.

The 647-page, $825 billion House legislation is being sold as an economic "stimulus," but now that Democrats have finally released the details we understand Rahm's point much better. This is a political wonder that manages to spend money on just about every pent-up Democratic proposal of the last 40 years.

We've looked it over, and even we can't quite believe it. There's $1 billion for Amtrak, the federal railroad that hasn't turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There's even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.

In selling the plan, President Obama has said this bill will make "dramatic investments to revive our flagging economy." Well, you be the judge. Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There's another $40 billion for broadband and electric grid development, airports and clean water projects that are arguably worthwhile priorities.

Add the roughly $20 billion for business tax cuts, and by our estimate only $90 billion out of $825 billion, or about 12 cents of every $1, is for something that can plausibly be considered a growth stimulus. And even many of these projects aren't likely to help the economy immediately. As Peter Orszag, the President's new budget director, told Congress a year ago, "even those [public works] that are 'on the shelf' generally cannot be undertaken quickly enough to provide timely stimulus to the economy."

[via valuhunt3r]

Thursday, January 22, 2009

The Inheritance

An interesting interview on Charlie Rose with New York Times correspondent David Sanger author of The Inheritance on the problems that Obama will take over from Bush.

[2/18/09 -- see also Obama's Challenge]

Tuesday, January 20, 2009

stimulus too slow?

It will take years before an infrastructure spending program proposed by President-elect Barack Obama will boost the economy, according to congressional economists.

The findings, released to lawmakers Sunday, call into question the effectiveness of congressional Democrats' efforts to pump up the economy through old-fashioned public works projects like roads, bridges and repairs of public housing.

Less than half of the $30 billion in highway construction funds detailed by House Democrats would be released into the economy over the next four years, concludes the analysis by the Congressional Budget Office. Less than $4 billion in highway construction money would reach the economy by September 2010.

The economy has been in recession for more than a year, but many economists believe a recovery may begin by the end of 2009. That would mean that most of the infrastructure money wouldn't hit the economy until it's already on the mend.

Obama inaugurated at 44th President

Barack Obama delivered a sobering assessment of where America stands and a hopeful vision of what it can become during his inaugural address as the nation's 44th president.

"Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time," Obama told those gathered on the National Mall -- a crowd estimated at about 2 million -- and millions more watching on television and the Internet.

"But know this, America -- they will be met," he said.

Sunday, January 18, 2009

I Can See Russia From My House

Sarah Palin lost the election, but she's a winner to a connoisseur of quotations. The Republican US vice presidential candidate and her comedic doppelganger, Tina Fey, took the top two spots in this year's list of most memorable quotes compiled by Fred R Shapiro.

First place was "I can see Russia from my house!" spoken in satire of Palin's foreign policy credentials by Fey on Saturday Night Live.

Palin actual quote was: "They're our next-door neighbours and you can actually see Russia from land here in Alaska, from an island in Alaska."

Palin also made the third annual list for her inability to name newspapers she reads. When questioned by CBS anchor Katie Couric, Palin said she reads "all of them, any of them that have been in front of me over all these years".

Monday, January 12, 2009

The final news conference of George W. Bush

WASHINGTON (AP) — In a nostalgic final news conference, President George W. Bush defended his record vigorously and at times sentimentally Monday. He also admitted many mistakes, from the "Mission Accomplished" banner during a 2003 Iraq speech to the discovery that the alleged Iraqi weapons of mass destruction that he used to justify war didn't exist.

Wednesday, January 07, 2009

lunch with the presidents

WASHINGTON (AP) — President-elect Barack Obama hailed a rare Oval Office gathering of all U.S. presidents as an extraordinary event on Wednesday as the current occupant, President George W. Bush, reminded his predecessors and successor that the office "transcends the individual."

"I just want to thank the president for hosting us," the president-elect said, flanked by former President George H.W. Bush on one side and his son on the other.

Presidents Bill Clinton and Jimmy Carter, both smiling broadly, stood with them.

"All the gentlemen here understand both the pressures and possibilities of this office," Obama said. "For me to have the opportunity to get advice, good counsel and fellowship with these individuals is extraordinary."

In a swift photo opportunity, the current president wished Obama well before all five men headed to a private lunch.

"I want to thank the president-elect for joining the ex-presidents for lunch," Bush said, even though he's not quite a member of that club yet.

"One message that I have and I think we all share is that we want you to succeed. Whether we're Democrat or Republican we care deeply about this country," Bush said. "All of us who have served in this office understand that the office itself transcends the individual."

He added: "We wish you all the very best, and so does the country."

Bush and Obama also met privately for roughly 30 minutes. That one-on-one meeting, coming just 13 days before Obama's inauguration, likely focused on grim current events, with war in the Gaza Strip and the economy in a recession.

Tuesday, January 06, 2009

Afghanistan signs cluster bomb treaty

In a last-minute change, President Hamid Karzai of Afghanistan agreed on Wednesday to join some 90 other nations signing a treaty banning the use of the cluster munitions that have devastated his country in recent years.

The decision appeared to reflect Mr. Karzai’s growing independence from the Bush administration, which has opposed the treaty and, according to a senior Afghan official who spoke on the condition of anonymity following diplomatic protocol, had urged Mr. Karzai not to sign it.

“Until this morning, Afghanistan was not going to be a signatory,” said Jawed Ludin, Afghanistan’s ambassador to the Scandinavian countries and the leader of its delegation here. He said the president’s change of heart came as a result of pressure by human rights organizations and cluster-bomb victims, including Soraj Ghulam Habib, a 17-year-old from the city of Herat who lost both legs when he accidentally stepped on an explosive cluster remnant seven years ago.

Mr. Ludin’s announcement was greeted by raucous cheers in Oslo’s City Hall, where the signing ceremony began Wednesday after two years of diplomatic work by Norway. By the end of the day, more than 90 nations — including 18 of 26 NATO members — had signed the treaty, called the Convention on Cluster Munitions, which bars adherents from using, producing, selling or stockpiling cluster munitions.

Norway’s foreign minister, Jonas Gahr Stoere, said he expected several more nations to sign on Thursday. Among them, however, will not be the United States, Russia, China, India, Pakistan or several Middle Eastern nations. But Mr. Gahr Stoere said universal compliance was not necessary for the cluster-bomb treaty to work.

In recent months, Mr. Karzai has sharpened his public criticisms of the American mission in Afghanistan. He has spoken out against aerial bombings and other operations by the American-led forces in the country that have caused civilian casualties, offended cultural sensitivities and undermined popular support for the war that routed the Taliban in late 2001.

While several Afghan officials interviewed Wednesday said that the United States did not publicly press the Afghans to reject the treaty, an official in the Karzai administration said that throughout the process that led to the treaty, the Americans made it clear “that they would prefer that Afghanistan stay out of it.”

The United States has not used any cluster bombs since 2003, said Marc Garlasco, a senior military analyst for Human Right Watch, who was at the event in Oslo. A NATO policy banning the use of cluster munitions in Afghanistan has been in place since 2007.

American officials said the United States would continue pursuing measured restrictions on the use of cluster bombs by trying to amend the 1980 United Nations convention on conventional weapons. The members of that treaty include Russia, China and most of the others that have refused to sign the Oslo treaty.

Monday, January 05, 2009