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Obama Signs “Green” Economic Stimulus Package

By February 17, 2009

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When President Barack Obama signed the $787 billion economic stimulus package into law today—the first major accomplishment of his month-long presidency—he returned to Denver, the city where he accepted the Democratic Party nomination last summer.

The stimulus package is designed to create or save up to 3.6 million jobs over the next two years, boost consumer spending, and put the brakes on the recession. Equally important, in crafting legislation to help set the economy back on track, President Obama and Congress have seized the opportunity to begin the job of reshaping the economy into one that is greener, cleaner and more sustainable. The new economic stimulus package includes $71 billion for energy and environmental initiatives and another $20 billion for green tax incentives.

"We have begun the essential work of keeping the American dream alive in our time," Obama told the crowd that gathered to witness the historic occasion. "I don't want to pretend that today marks the end of our economic problems, nor does it constitute all of what we are going to have to do to turn our economy around. But today does mark the beginning of the end."

For a summary of the clean-energy and other green provisions in the 2009 economic stimulus package, see U.S. Economic Stimulus Package Includes Billions for Energy and the Environment.

Photo by John Moore/Getty Images

Comments

February 20, 2009 at 9:10 pm
(1) guidoLaMoto says:

Some simple facts: average (mean) American wage = $

February 21, 2009 at 5:31 am
(2) guidoLaMoto says:

Let’s assume that was a tech problem and not a symbolic strangulation by the moderator ;-) Let’s try again: average (mean) American wage ~$40,000/yr
-Porkulus Plan: ~$800,000,000,000
Some simple arithmetic: 8×10^11 / 4×10^5 = 2,000,000 jobs IF all moneyis sent ONLY on wages and none on materials, ie- not very many jobs will be created- way less than the 4 million promised. And that’s only for one yr anyways. They’re trying to fool us again.

Secondly, in regards “green tech”: solar and wind elect generation costs 3x conventional gen costs, regardless of who’s paying for it. It’s simply too early to spend that kind of money. It will be more economically efficient to wait until oil/coal actually runs out.

February 24, 2009 at 6:04 am
(3) guidoLaMoto says:

Either nobody is paying attention, or nobody is any good at math here. I made a slight error in the calculation above: ave. income should have been 4×10^4 (not ^5), giving a result of 20 million jobs. Not only are they lying, but they’re stupid: how much fraud and ineptitude is involved if we’re paying for 20 million and getting only 4 million?

February 24, 2009 at 8:33 pm
(4) environment says:

The stimulus package is not intended to be a straight dollars for jobs exchange, with the money going to pay salaries until it runs out. Instead, as the term implies, the stimulus package includes investments that are intended to help stimulate the economy, including the private sector, by providing capital and funding projects that will lead to local, state and private-sector investments that will create more jobs and achieve more benefits. There’s no question there will be misses as well as hits with this–any legislation of this size inevitably invites more pork than anyone would like–but the test will be whether the country is better off in a couple of years.

February 24, 2009 at 11:06 pm
(5) goldengrain says:

The overriding goal must be nonpolluting energy sources. If they cost more, so be it.
It is cutting off the nose to spite the face to create more jobs for people right now while ensuring the demise of life on the entire planet in the future.
There is no such thing as clean coal. Nuclear just produces an uninhabitable earth in the future.
We must exhaust all non polluting methods first and then see what we are left with.

February 26, 2009 at 5:13 am
(6) guidoLaMoto says:

Re: Stimulus. I agree with the GOP on this one: we need an injection of funds, but his bill is way too inefficient as my figures show. Construction jobs are temporary ones. What about all the white collar workers who are without work now?
Goldengrain brings up the point of population, which nobody wants to talk about. Like the fat guy who insists he not too fat, just too short for his weight, do we have too few jobs for the population, or too many people for the jobs? It’s going to get worse, and if you do the math, we’re already past “the point of no return”. It’s gunna get ugly.
BTW- nuclear does not pollute. You’ve watched too many old sci-fi movies. Clean coal may not be totally clean, but new tech can make it acceptabley clean.

March 17, 2009 at 1:33 pm
(7) upnorth says:

In comments 2 and 3 guidoLaMoto’s argument changes drastically to fit whatever his correct or incorrect numbers tell him. That extra zero seems to be a bugger for him. Keep the same argument instead of adjusting the argument around your mistakes! Regardless, as mentioned by someone else, it’s a mute point anyway since they aren’t dolling out salaries.

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