What was interesting in today’s testimony is that there was a consensus report for an immediate economic stimulus package to get the economy moving. We have taken steps to stabilize our financial markets and with the stock market going up and credit becoming released– not in the way that we’d like– we’ve seen some improvement in that area. We need to improve our overall economy. We need to keep that economic engine going. This hearing was for an economic stimulus package, and in addition there was the report from USA Today, where the overwhelming majority of economists that they interviewed about the need for a stimulus package today called for a quick stimulus immediately, even before the president in sworn in in the new Congress, to act as soon possible to move a stimulus forward. And they called for a number between $300 and $450 billion dollars– larger than the one we had earlier. They feel that you need this type of input into our overall economy.

There was strong testimony for investment in infrastructure. The opposition to infrastructure is that it’s not immediate, it’s not timely, you can’t move forward quickly, but yet the state of Maryland testified that they have many projects ready to move that are only not going forward because of lack of money. They’ve gotten their approvals from the environment, the federal, state, and city levels. They just need the dollars to move it forward.

Yesterday Governor Corzine from New Jersey came in with an extensive list of projects that are ready to move now. The state of New York likewise has projects. I believe every state has projects and infrastructure should be part of this, because there are immediate projects that can be funded. It’s good jobs and you get a lasting benefit for the modernization. Bridges have collapsed from lack of maintenance and modernization at least should be part of it.

We heard convinced support today for the FMAP, the federal commitment and contribution to the Medicaid program, not only to help people with health care they deserve, but it has a multiplier effect, leading the FMAP program for Maryland would generate a minimum of 1,400 jobs because the doctors, and the nurses, and the cleaners, and the food suppliers. It does have an important influx of the economy into hospitals.

We do need to extend unemployment insurance to states that have high unemployment and certainly food stamps for people who may have lost their jobs.

We heard a testimony against having stimulus, because it will not get into the economy and it will just be used to pay off debts. But there is an influx into the economy, with people spending their money for food, spending their money for healthcare.

So it’s a busy time. We’re right before an election, when I’d like to be campaigning, but this is important. The GDP numbers came out. The news was grim, but it gave us a road map for what we need to do. I think it was an important hearing today.

This entry was posted on Friday, October 31st, 2008 at 12:45 pm and is filed under Uncategorized .