InfoAnda - Rail Industry Likes Economic Stimulus But Public Support Wanes

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Rail Industry Likes Economic Stimulus But Public Support Wanes Email Facebook Digg Twitter Buzz Up! ShareThis February 18, 2010 4:48 p.m. EST Topics: government, politics, transport, executive (government), economy, business and finance, railway, national government, United States Tom Ramstack - AHN Correspondent Washington, D.C., United States (AHN) - A railroad trade group released a study Thursday promoting the economic benefits of the government's multi-billion dollar investment in the industry while skepticism grows about President Obama's economic stimulus program. The Association of American Railroads says every $1 billion invested in the railroad industry produces 20,000 jobs. The economic stimulus program depends heavily on infrastructure investment to create jobs and help the economy recover from recession. On Wednesday, the Obama administration announced $1.5 billion in financial assistance for the transportation industry, mostly railroads. It follows an announcement two weeks ago of $8 billion for high-speed passenger railroad projects. On the one-year anniversary of the economic stimulus program, Obama's critics in Washington are asking why billions of dollars are being spent but unemployment lingers at 9.7 percent. Supporters of the economic stimulus say the program needs a little more time to reap the benefits of the spending. "The money has just been allocated and awarded in the past 30 days," said Edward Hamberger, president of the Association of American Railroads, referring to the railroad grant money. "These investments will create jobs now that they've been allocated." This week, Republicans and Obama exchanged criticisms over the high unemployment rate. With unemployment little changed from a year ago and the national debt rising past $14.3 trillion, "This was not the plan Americans asked for or the results they were promised," said Senate Republican leader Mitch McConnell. Former Massachusetts Gov. Mitt Romney, speaking at a meeting of the Conservative Political Action Conference, said Obama "has prolonged the recession, expanded the pain of unemployment and added to the burden of debt we will leave future generations." Discontent also was reflected in a CBS News/New York Times survey last week that found only 6 percent of Americans believe the economic stimulus package has created jobs. Meanwhile, the price of the economic stimulus continues rising. It started at $787 billion when Congress approved it last year but now has risen to an estimated $862 billion as a result of unexpectedly high unemployment compensation costs. Obama said in a White House speech this week that the economic stimulus already saved two million jobs and is expected to create another 1.5 million this year. However, he acknowledged that the recovery is taking too long. "Millions more are struggling to make ends meet," he said. "So it doesn't yet feel like much of a recovery. And I understand that. It's why we're going to continue to do everything in our power to turn this economy around." He urged Congress to finish its work promptly on a jobs bill that so far has been stalled by partisan bickering. More layoffs will follow soon unless new jobs legislation is passed, Obama said. He also tried to address the concerns about the rising deficit Thursday when he appointed leaders for a special committee assigned to figure out ways to reduce the nation's debt. One big change in the economic stimulus spending in the past year is how the money is allocated. It has changed from being primarily directed at unemployment compensation and other relief efforts to infrastructure investment. The transportation, energy and telecommunications industries are receiving some of the biggest cash infusions. The $1.5 billion in Transportation Investment Generating Economic Recovery grants announced Wednesday would pay to free up a tangle of passenger and freight rail lines around Chicago, build a 17-mile line for urban buses in Las Vegas and set up bicycle lanes in the Philadelphia area. On Monday, Obama announced $8.3 billion in loan guarantees to finance two new nuclear reactors in Georgia. He said he would triple loan guarantees to build a "new generation" of nuclear power plants. Another 7.2 billion is set aside in the budget for high-speed Internet projects. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. 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