President Obama has unveiled an expensive plan to re-build America and beat the recession. On the back of more gloomy jobs figures, the president wants to spend the equivalent of around 40 billion euros over six years to re-vamp the US’s ageing, roads, railways and airports.
“I am going to keep fighting every single day, every single hour, every single minute to turn this economy around and put people back to work and renew the American dream,” he told voters in Milwaukee. “Not just for your family, not just for all our families, but for future generations, that I can guarantee!”
The president went on: “I want America to have the best infrastructure in the world. We used to have the best infrastructure in the world, we can have it again.”
The American economy remains sluggish, and the president’s fellow Democrats face a voter backlash in November’s midterm elections. 54,000 jobs were lost in August, and unemployment is stuck at a stubbornly-high 9.6 per cent.
Critics point out that infrastructure projects rarely have an immediate effect on employment, and say the first new jobs are unlikely before next year at the earliest. Economists also agree the president has few options left.