In the weekly Democratic radio address (which is also videotaped for Youtube), President-elect Barack Obama outlined his economic stimulus plan. Noting the "crisis of historic proportions," Obama wants to create 2.5 million jobs in a two-year period to stimulate growth:
"It will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."
He also said, "There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better. But January 20th is our chance to begin anew, with a new direction, new ideas, and new reforms that will create jobs and fuel long-term economic growth,” and mentioned the risks of "falling into a deflationary spiral that could increase our massive deficit."
The NY Times says the plan is "larger than any initiatives he proposed during the presidential campaign." Obama added he would seek input from Republicans as well as Democrats but emphasized that the country needs to move quickly, "If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year."