Steel Stimulus, Barry Goldwater and 600,000 New Government Jobs
The U.S. steel industry faces tough times as demand collapses.
Supporters of limited government celebrate the 100th anniversary of the birth of Barry Goldwater.
President-Elect Obama announces a new spending plan that would create 600,000 new government jobs.
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1. BUSINESS
The U.S. steel industry faces tough times as demand collapses.
CEI Expert Available to Comment: Adjunct Analyst Steven Milloy on where steel makers are looking for help:
“The steel industry, having entered the recession in the best of health, is emerging as a leading indicator of what lies ahead. As steel production goes — and it is now in collapse — so will go the national economy. The industry itself is turning to government for orders that, until the September collapse, had come from manufacturers and builders. Its executives are waiting anxiously for details of President-elect Barack Obama’s stimulus plan, and adding their voices to pleas for a huge public investment program — up to $1 trillion over two years — intended to lift demand for steel to build highways, bridges, electric power grids, schools, hospitals, water treatment plants and rapid transit.”
2. POLITICS
Supporters of limited government celebrate the 100th anniversary of the birth of Barry Goldwater.
CEI Expert Available to Comment: Editorial Director Ivan Osorio remembers Goldwater’s legacy:
“The story of Goldwater’s trailblazing candidacy making Reagan’s election in 1980 and the Republican takeover on Congress in 1994 possible has been told many times, but no matter. His influence on the politics of the century his life spanned…will always be worth celebrating.”
3. ECONOMY
President-Elect Obama announces a new spending plan that would create 600,000 new government jobs.
CEI Expert Available to Comment: Adjunct Analyst Doug Bandow on the unique financial logic of the nation’s capital:
“The Washington Post [recently ran] an article entitled ‘U.S. Debt Expected to Soar This Year: $2 Trillion Increase May Test Federal Ability to Borrow’ on page one. To normal people, that suggests the federal government ain’t got no cash to spend. But no matter. On page two of the Washington Post is an article entitled: ‘Governors Call for $1 Trillion Stimulus to Offset Budget Cuts.’ So, the feds, who have no money, should borrow more money, even though they already have to borrow a couple trillion dollars, in order to underwrite states and localities, which have spent the last few years spending wildly. This makes no sense. But no matter. It’s Washington, D.C. The budget isn’t supposed to make sense!”
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