| The Third Man |
01-25-11 07:08 PM |
Look for it
President Barack Obama's '5 pillars' to fixing economy
— Michael Oneal
April 15, 2009
WASHINGTON — President Barack Obama said the key to a bright, sustainable future for the U.S. economy requires a "foundation built upon five pillars," each of which represents a policy shift that is sure to set off a major political battle. They are:
New rules
for Wall Street
A fundamental rewriting of financial regulations to "reward drive and innovation, not reckless risk-taking." Obama wants to give government authority to monitor institutions that could pose "systemic" risk to the whole system if they got into trouble. Calls for legislation by year end.
Investment
in education
Focus on early childhood education, improving test scores and tax credits to make college education more affordable. New emphasis on drawing more Americans into science and technology. Give the U.S. the world's highest percentage of college graduates by 2020.
Investment in renewable
energy and technology
The stimulus bill ratchets up spending on energy technology and "green" public works that will safeguard the environment while generating thousands of new jobs. But Obama said ultimate success will require a controversial system to put market-based caps on carbon pollution.
Health-care reform
Revamp health-care system to improve quality and make care more affordable for every American without increasing the deficit. Developing technology and stronger market incentives are seen as keys to curbing skyrocketing costs and aiding families and businesses while helping to trim the deficit.
Deficit reduction
Wants to pay for it by rooting out waste, as well as containing health-care and other entitlement costs. Obama cited his budget, which identifies savings of $2 trillion in areas such as defense, procurement and Medicare.
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