Job Creation In the Obama Presidency

It's been years since I blogged anything- probably 2003 during the last period of high unemployment in the bush administration. While I'm happy to report that I'm still gainfully employed, I work for a defense contractor these days so I'm assuming a heightened vulnerability to layoffs going forward.

I'm delighted that Mr. Obama was elected but I can't imagine stepping into this position at this time in history. He has gone on record that an economic stimulus package is a first priority. To stave off the current hemmorraging of jobs this is the right thing to do. My concern is that the we have some evidence from the previous administration that just handing out money works for the short term but it very quickly dissapates and then we're back to the same conditions. My suggestion to Mr. Obama is to quickly follow any type of cash incentives with long term infrastructure project stimulus so that, as the effects of the cash rebates wear off, the longer term projects would kick in to keep employment and economic growth moving.

Here are some suggestions for infrastructure improvements:

Revamp TV spectrum and auction off licenses to commercial cellular and broadband companies (like the 700 MHz auctions on steroids)
Accelerate fiber to the home
High speed rail systems between major cities- freight and passenger- including new tracks and technology
Interstate road and bridge projects (this is an obvious one)
Update the electrical grid
Accelerate solar and wind power systems
Accelerate Hybrid auto technologies- especially battery systems
Re-examine trade agreements to improve the dollar abroad
Look at re-regulation in the airline business to improve margins (yes, this will mean we'll have to pay more)
Fix water distribution systems in major cities (sewage systems too)

Regardless of the project, these should be managed by our financial institutions under close scrutiny of the Federal Government who will control rate of return, management fees etc.

I'm sure that the new administration is already contemplating many of these. The challenge will be in the priority, scope and execution. I can't think of anyone right now though that I'd rather have thinking through these problems.