New School Politics

Obama Outlines Economic Plan in New Speech

Zach | 13 02 2008

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Speaking at the Janesville General Motors Assembly Plant, Barack Obama finally laid a concrete and comprehensive plan for economic development during an Obama presidency. The location of the speech is somewhat symbolic given the announcement by GM yesterday of huge losses and issues with the unions. The Page has full coverage of his plan, but we’ll outline it below. Commentary and opinions on the plan will be posted shortly.

We are not standing on the brink of recession due to forces beyond our control. The fallout from the housing crisis that’s cost jobs and wiped out savings was not an inevitable part of the business cycle. It was a failure of leadership and imagination in Washington – the culmination of decades of decisions that were made or put off without regard to the realities of a global economy and the growing inequality it’s produced….

I don’t know about a time-out, but I do know this – when I am President, I will not sign another trade agreement unless it has protections for our environment and protections for American workers. And I’ll pass the Patriot Employer Act that I’ve been fighting for ever since I ran for the Senate – we will end the tax breaks for companies who ship our jobs overseas, and we will give those breaks to companies who create good jobs with decent wages right here in America….

My energy plan will invest $150 billion over ten years to establish a green energy sector that will create up to 5 million new jobs over the next two decades – jobs that pay well and can’t be outsourced….

In the end, this economic agenda won’t just require new money. It will require a new spirit of cooperation and innovation on behalf of the American people. We will have to learn more, and study more, and work harder. We’ll be called upon to take part in shared sacrifice and shared prosperity. And we’ll have to remind ourselves that we rise and fall as one nation; that a country in which only a few prosper is antithetical to our ideals and our democracy; and that those of us who have benefited greatly from the blessings of this country have a solemn obligation to open the doors of opportunity, not just for our children, but to all of America’s children.

Those who claim that Mr. Obama has been all style and all substance should finally have something to chew on today, whether they like his plan or not. We’ll soon see how the public reacts. February’s primaries are supposed to be skewed heavily in Obama’s favor, and results like yesterday’s in upcoming primaries could help seal the nomination for a candidate who was once thought of as a long shot.