
In part one, I suggested four principles that President-elect Obama’s economic team should follow as they create an economic recovery package. To sum up, America needs long-term investments in a new energy economy, with every dollar used strategically to solve several problems at once, including energy security, economic stability and a rapid reduction in greenhouse gas emissions.
Obama clearly understands this prescription. He has announced that he will champion a two-year recovery package to create 2.5 million jobs, in part by “creating the clean energy infrastructure of the twenty-first century.” To his credit, he told governors and international leaders meeting in California last week that our economic mess will not deter his commitment to this investment.
“I promise you this,” he said in a taped address. “When I am president, any governor who’s willing to promote clean energy will have a partner in the White House. Any company that’s willing to invest in clean energy will have an ally in Washington. And any nation that’s willing to join the cause of combating climate change will have an ally in the United States of America.”
The question is whether the Congress and the American people will support a recovery package designed not just for short-term stimulus, but for long-term health.
Obama hasn’t said how big his investment package will be, but there is speculation it could climb to as much as $700 billion. Here are some suggestions on how some of that money should be allocated:
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