Signed with 10 Pens: The American Recovery and Reinvestment Act
February 18, 2009
What Obama has called the most sweeping economic package in US history (see video), was signed into law just a few hours ago. The Act will support a reduction in taxes, investment in green technology, and ostensibly save some 3 million jobs in what have been billed as critical areas – broadband, roads, levies, mass transit, high-speed rail, education, health care modernization, smart meters in homes, increased research funding… All of these are areas of investment designed to create productivity, and save working families and government institutions money.
What seems to be missing though is a plan for financial recovery. Ah yes, finance is being handled by Geithner in a separate Bank Bailout (see video here). It may be true, as Obama said in the inaugural address, that economic strength is derived from ‘the makers and doers of things’. What is perhaps puzzling is that financial agents are not seen as productive – as active doers and makers of things and value – and not just as supportive of economic activity through the flow of credit.
Geithner has suggested that “the financial system is working against economic recovery”. What if the productivity of the financial system is at the heart of economic recover? Unfortunately, the systems of production and finance continue to remain separate objects of governance in the eyes of the state…
For the plan’s transparency, visit recovery.org. You can read the full 1073 page bill here. And light of Daniel’s last post on tombstones (toys that mark deals on Wall Street) check out the ‘save the date’ magnet add on the bottom of this ABC news blog.