Today's Outrage: Obama's $50 Billion Is Paving a Road to the Past
(Article updated with information on tax relief savings report and United Steelworkers Union claims that China is violating trade laws.)
NEW YORK ( TheStreet) -- Vice President Joe Biden's chief economist made an interesting comment trying to defend President Obama's plan to jump-start the stalled U.S. economy by paving $50 billion worth of roads. "The car ... is finally moving in the right direction, but it needs to go a lot faster," wrote Jared Bernstein, chief economic adviser to Vice President Joe Biden, in a White House blog post arguing in favor of Stimulus: the Sequel.
What's interesting about Bernstein's comment is the metaphor chosen to defend the economic stimulus package: the car. Indeed, the metaphor is enough to give a guy road rage.
I recently took a road trip from Milwaukee to Chicago where I was able to get a firsthand view of the original stimulus package: lines and lines of cars burning up their gas tanks while backed up in traffic bottlenecks caused by all the construction started after Obama's first attempt to rescue the U.S. economy with a New Deal-esque works projects. I've never spent so much time looking at the Chicago skyline, and not enjoying it. By the way, and maybe not by coincidence, where did Obama make the formal announcement about the infrastructure spending plan? Milwaukee.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV