Senator Dodd Announces Goals for Economy
Wednesday, January 23, 2008 at 3:42PMSenator Chris Dodd (D-CT) gave a statement in the Senate Press Gallery outlining his goals as Chairman of the Banking Committee with regard to the current economic crisis and beyond. His plans include provisions for stimulating both the housing and infrastructure sectors of the economy.
Citing historic high home foreclosure rates as a root source of the dip, Dodd proposed that the government buy up discounted mortgages and foreclosed houses and sell them back to homeowners at discounted rates insured by a revitalized FHA. Such measures could be part of a congressional economic stimulus package still under discussion. Dodd declared his interest in "getting beyond rebates" as the economic medicine of choice.
The Senator also proposed additional spending on infrastructure as a way to not only accomplish much needed refurbishment, but also stimulate and sustain the economy over the long term. He quoted economist Lawrence Mishel's recent testimony before the Joint economic committee when recommending wisely managed infrastructure spending to help the economy avoid recession.
Reader Comments (1)
There will soon be no "economy" unless you inject something of value into the US. Paper dollars are not "value"! It's time to move quickly beyond shuffling the chairs around on the US Titanic.
Drill in the proven Alaska oil fields. Now! There is enough oil to cut the price of energy back to a functional level, while real alternative sourcs can be developed. Export some of the Alaskan oil to pay to develop solid alternatives to foreign oil dependency.
Lanuch the Alaskan oil development as a national project, like the NASA Space Race program. Manage it carefully with audited reports, posted on the Internet. This is our very LAST shot at becoming energy independent.