Bloomberg reports President-Elect Barack Obama may spend on highways and bridges to stimulate the U.S. Economy.
Obama said in an Oct. 13 speech in Toledo, Ohio, where he outlined his plan for reviving the economy, “We’ll create 2 million jobs by rebuilding our crumbling roads, schools and bridges.”
In a Feb. 2008 proposal, Obama called for an infrastructure bank – to invest $60 billion in roads, bridges and other projects over 10 years.
While Obama’s proposal acknowledges America’s infrastructure needs, the American Society of Civil Engineers says it would take $1.6 trillion over five years to adequately address the issue.
Still, Obama’s call for public works projects is reminiscent of how the last great economic crisis was addressed. Just as President Franklin D. Roosevelt both improved America’s basic utilities and put people back to work, President- Elect Obama seems to be suggesting much of the same.