Wall street numbers were up on Monday after news of Barack Obama’s infrastructure stimulus package and the proposed bailout of the big 3 US automakers. The DOW JONES was up almost 300 points and flirted with 9000 closing at 8,934.18.
In an address on Saturday, the president-elect said his administration is going to act swiftly on a recovery plan and new stimulus package as soon as he is sworn in January.
The package includes: Upgrading federal buildings to make them more energy efficient; the largest road and highway rebuilding program since the 1950’s; modernizing and upgrading school buildings across the US and upgrading both broadband Internet service and access for all.
The Real News Network spoke to Editor of the Left Business Observer, Doug Henwood.
Henwood says the stimulus can generate some growth but the structural problems in the US economy like wealth disparity needs to be addressed for long-term gain and that’s not going to be easy to do.