I was reading the financial news today at CNN Money when I ran across an article highlighting presidential candidate Barack Obama’s plan for revitalizing the shrinking U.S. economy. He says that he wants to spend billions of dollars on education, infrastructure, health and energy systems. Specifically (and this is to improve America’s competitiveness according to the article) he wants to spend “$10 billion on childhood education, $150 billion over 10 years developing alternative energy and $60 billion over 10 years to build 21st-century infrastructure. Where will the money come from to fund these spending plans? By ending the war in Iraq, reducing government waste, charging polluters for greenhouse gas emissions and ending the Bush tax cuts, but only for wealthy individuals.
Not A Bad Idea, But Will It Really Work?
Honestly I’m all for increasing spending where it’s important for the future of the country, and more importantly the future of the world. Education is a great place to spend money on (efficiently of course) and I’m definitely all for developing alternative energy. Overall the places which Mr. Obama has outlined as important to spending I agree with. However I’m not so sure how realistic it is to assume that the money to fund these plans will actually come. The war in Iraq is probably likely to end if Obama is elected (at least if he does what he is saying he will), but what does it really mean when someone says that they want to reduce government waste? Or charge polluters for greenhouse gas emissions? These are quite vague. I drive my car to work which means I emit greenhouse gases. Does that mean I’ll be taxed for these pollutions? Any ideas out there?
Globalization Is Inevitable
Another interesting part of this article was Barack Obama’s response when asked about protectionist trade policies designed to protect American jobs. He said, “it is impossible to turn back the tide of globalization.” Good man. I’m glad that someone in Washington is smart enough to at least realize the truth of this matter. We’re going global, whether we like it or not. If we prepare for it and stay competitive then we’ll survive in a global market. If we don’t and instead whine and complain and fight for protectionist trade policies and increased tariffs, etc. we’ll crash and burn as a global economic superpower. I’m actually a fan of his policies regarding this. I’m glad that he’s realized that we need to change and adapt, if we want to stay competitive. Now if we could only convince everyone else…