$50bn infra plan backed by Barack Obama

Obama will announce plans today

In an effort to spark life into an ailing US economy, President Barack Obama will announce a six year, $50 billion investment into the country's roads, railways and runways.

The announcement coincides with the November congressional elections, and is a legitimate effort by the Obama administration to appeal to a faltering electorate.
According to the BBC, a CNN/Opinion Research Corporation poll of 1,024 US adults released on Monday suggests 52 percent of people would vote Republican, against 45 percent for the Democrats, up by 4 percent on last month.

Obama will announce the finer details of the investment later today, at a Labor Day event in Milwaukee. Labor secretary Hilda Solis confirmed on the Early Show that Obama's plan would: "put construction workers, welders, electricians back to work [...] folks that have been unemployed for a long time."

The projected plan, which should breath fresh jobs and opportunities into a stagnant economy, will include rebuilding 150000 miles of roads, building and maintaining 4000 miles of railways, repairing 150 miles of runway and implication of a new air navigation system.

To help such a large-scale investment run more efficiently, Obama will call for the creation of a permanent infrastructure bank, which by definition will run solely to help the funding of both national and regional infrastructure projects.

Obama made infrastructure investments a central part of the $814 billion stimulus Congress passed last year, although the bulk of the $50 billion could be raised by taxation paid by oil and gas companies operating within the US and off its shores.

According to the BBC, the US Labor department announced that unemployment in the US rose to 9.6 percent, constituting around 54000 jobs.

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