Obama’s Teeny Tiny Stimulus

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Barack Obama celebrates Labor Day:

President Obama on Monday is to call for as much as $50 billion in government spending to start up a long-term public works plan emphasizing transportation projects — roads, rail and airport runways — over the next six years.

….While Mr. Obama’s plan would call for investment over six years, the White House says it would be front-loaded with an initial investment of $50 billion in taxpayer money, to help create jobs in the shorter term. The administration says it would work with Congress to find ways to pay for the plan, so that it would not add to the nation’s rising deficit. One possibility would be to cut existing subsidies for oil and gas exploration and production.

This is all perfectly sensible. At the same time, if it’s offset by other items in the budget it probably won’t have any net stimulative effect. Essentially, we’ve given in to the deficit hawk brigade without even a fight.

Not that it matters, I suppose. It’s too small to be more than a pinprick, and Republicans will probably filibuster to the death the right of our nation’s oil and gas companies to their federal subsidies anyway. But I’m sure it will give Fox News something to roar about for the next month. Obama is socializing roadbuilding! He’s endangering our supplies of oil and gas! It just shows his contempt for ordinary Americans!

Should be loads of fun.

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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