By DAVID E. SANGER
Pushing green energy, health insurance and broadband networks.
WASHINGTON
AS PRESIDENT OBAMA and Congress barrel toward the latest emergency program to resuscitate the American economy, one question is looming over their search for a cure: Can the government fashion a fast and efficient economic stimulus while also seizing the moment to remake America?
For now, Mr.Obama and his aides are insisting they can accomplish both goals, following their mantra of using the urgency of the economic crisis to accomplish larger - and long-delayed - reforms that never garnered sufficient votes in ordinary times.
In fact, at various times in American history, moments like this one have been used for big programs, from integrating the armed forces to creating Social Security and, later, Medicare. So it is little wonder that everyone with a big, stalled, transformative project - green energy programs, broadband networks that reach into rural America, health insurance for the newly unemployed or uninsured - is citing the precedent of Franklin D.Roosevelt, and declaring that a new New Deal is overdue.
But the question that the Senate has begun debating is whether grand ambitions are getting in the way of pulling the United States out of a downward spiral. And so for every comparison of this moment to
Roosevelt’s first hundred days, there are warnings that much of his social experimentation did not have a big impact on America’s economic recovery, which took years.
“When you are filling a hole this big and adding to America’s debt on such a large scale, you need to make sure every dollar is aimed for the economic boost you need,”said Martin S.Feldstein, a Harvard economist who warned more than a year ago that the United States economy was about to be hit.
Mr.Feldstein has provided the economic arguments behind Republican objections that Mr.Obama is starting a long-term expansion of government, after decades in which the United States has relied on market solutions and encouraged nations around the world to do the same.
Taken together, the economic stimulus plan and the banking bailout have quickly melded into a bitter political and ideological clash, barely two weeks into the Obama presidency. Some of what is going on might best be called a classic case of pent-up demand - demand by Democrats for the kinds of programs that they could never get passed during the Bush years.
After years of battling with a White House that questioned the science behind global warming, Democratic lawmakers see a chance to begin programs aimed at environmental protection, using economic justifications for efforts like developing low-emission cars. And with a Democrat in the White House, they also see an opening to push for increased spending on education.
The efforts are fueled by a liberal base that supported Mr.Obama’s promise that he would tackle the biggest issues. That same base is concerned that the long slog ahead will force a delay or an abandonment of those ambitions.
As a result, there is $54 billion in the House bill for new forms of“American energy,”a phrase with an air of nationalism, along with a series of“Buy America”requirements of dubious legality under trade treaties; $141 billion for education; $24 billion for lowering health care costs; and $6 billion for broadband service.
A piece of“emergency”legislation that would spend heavily to stanch the killing of jobs is now transforming into a series of long-term commitments that are sure to add enormously to the national debt, and keep adding to it long after the Panic of 2008 and the recession - or worse - that it set off are consigned to history.
In the Republican response to Mr.Obama’s address, Senator Mitch McConnell of Kentucky argued that“permanent spending would be expanded by about $240 billion”in the House, which would“lock in bigger and bigger deficits every year.”
Alice M.Rivlin, an economist at the Brookings Institution, an independent research and policy institute, and a former member of the Federal Reserve, supports a major stimulus package.“Because we’re doing this outside the budget process, it means no one has to talk about what the long-term effects of any of this might be,”she said. She testified recently in Congress about the need to separate short-term economic stimulus from a broader agenda - which embraces everything from fixing America’s schools to improving health care for children.
“We seem to be counting on the Chinese to keep investing to pay for this,”Ms.Rivlin said, referring to the huge amount of United States government debt held by China,“and we’re assuming that the rest of the world isn’t going to lose confidence once we use this moment to spend on a whole range of programs. And I’m just not sure that’s the right assumption.”
Ms.Rivlin raises what may turn out to be the most urgent question of all in a few months.
When Roosevelt took America down new roads, he financed it at home. Mr.Obama does not have that luxury: He must persuade not only the United States Congress and the public but also world financial markets, which must decide whether - and at what interest rate - they are willing to finance his plan.
That is the three-dimensional chess game the administration must play as it tries to mount the biggest economic rescue plan in more than seven decades.
댓글 안에 당신의 성숙함도 담아 주세요.
'오늘의 한마디'는 기사에 대하여 자신의 생각을 말하고 남의 생각을 들으며 서로 다양한 의견을 나누는 공간입니다. 그러나 간혹 불건전한 내용을 올리시는 분들이 계셔서 건전한 인터넷문화 정착을 위해 아래와 같은 운영원칙을 적용합니다.
자체 모니터링을 통해 아래에 해당하는 내용이 포함된 댓글이 발견되면 예고없이 삭제 조치를 하겠습니다.
불건전한 댓글을 올리거나, 이름에 비속어 및 상대방의 불쾌감을 주는 단어를 사용, 유명인 또는 특정 일반인을 사칭하는 경우 이용에 대한 차단 제재를 받을 수 있습니다. 차단될 경우, 일주일간 댓글을 달수 없게 됩니다.
명예훼손, 개인정보 유출, 욕설 등 법률에 위반되는 댓글은 관계 법령에 의거 민형사상 처벌을 받을 수 있으니 이용에 주의를 부탁드립니다.
Close
x