This is a Busine$$

Money Management starts at Home

2009-04-17T16:34:00.000-07:00

Imparting the money management knowledge to children right from the early age will be rewarding in the long run. Since children spend most of the time at home, parents should make them realize the importance of money management.
Managing money, as we all know is crucial in every aspect of life. From raising a ‘kid’ to ’retirement’, money is needed. Income generation, investment and savings all requires effective money management on your part.
Here are some valuable money management tips which parents may use in realizing the essence of money management to their little ones:

As the kid start exploring new things, money comes into existence. For e.g. If your child demands $1 for buying a toy. At this time you should neither be so lenient nor too rigid. You should make them realize how the value of the cost related to the toy and what all it takes to built that toy.

Encourage your kid to play money management games such as game of life, payday, moneywise kids, easy money etc. All these interactive games will help your kid to learn the importance of money management more quickly.

Do not pamper your child by fulfilling all their financial demands. This way they might not respect money in the long run. Give them a small activity such as cleaning their bed sheet daily. Upon completing the task give them what they want. This will help the kids in implementing money management more effectively.

Try to involve kids into regular financial meetings and making them aware about the financial condition of the family. This will help them to learn money management in a more realistic manner.

Make sure that your kids do not waste things. For e.g. not properly eating the food, breaking the toys quite often, damaging the walls with pencil marks etc. All these things come with money and the parents should make their children realize this fact.

Make your child financially independent so that they can manage their money at their own. Just keep an eye on them what they are doing with the money and also assist them if they are unable to handle the finances properly. This will help your kid to take financial decisions on their own.

Parents play a crucial role in the upbringing of their children. Therefore they should be actively involved in realizing their kids, the importance of money management.

Trade Forex At Home - But Act Like A Pro

2009-04-17T16:25:00.000-07:00

A lot of people get into trading Forex because it is something you can do at home. Not everyone wants to be a full time trader, or quite their day job. So, this is a good opportunity for those looking to do something part time, on their terms, but with huge profit potential. But don't make the mistake of thinking that just because you are trading Forex from home that you don't need to act like a pro.

The truth is... you need to be serious about Forex trading if you want to succeed, even if you are only trading from home part time. So, instead of thinking of your trading as a hobby, or something to dabble in once in a while, start thinking and acting like a pro. I believe this change in attitude can make successful traders from the unsuccessful, and more profitable traders from those already enjoying some success. Here are three things you can learn from the pro traders...

Think Of Trading At Home Like A Business

Set up a little space for yourself to do your trading. This is your trading zone and should be focused on trading. Then set up a time period for your trading. Let friends and family know that just because you are trading at home, this is serious business and a lot of money to be made. They need to learn to respect your space and time. Interruptions should be as unwelcome as if someone is bothering you while you are at your real job.

Protect Your Money With Solid Money Management

While most Forex traders concentrate on finding the perfect "system" to trade, I believe money management is where the real money is. There is no perfect Forex trading system that works 100% of the time. So you need to be prepared to take losses, but still have a winning system over all.

Nobody knows this as well as pro traders. They are trading with more money than you and I can imagine... so they have to have very strict and effective money management rules. And so should you. So, start protecting your money like the pro traders do, and I guarantee it will help you accumulate more money over time (which is the point, right?).

Find A Forex Trading System And Stick To It

Pro traders use a system and stick to it as if their lives depend on it. They spend years refining their trading system and then the practice until they are very skilled. They do not throw the system to the wind and start trading on hunches or because they want to cover a previous loss. And neither should at home traders.

If you are trading Forex at home, you need to act like a professional. if you make one live trade you can consider yourself a Forex trader. But to be a successful Forex trader and make the kind of life changing money I know you dream of, you need to act like a pro. There is no difference in trading Forex at home, or being a professional trader. So, learn the mindset, trading systems and proven money management the pros use... and put more profits in your trading account.

US insurers in line for state aid

2009-04-08T17:21:00.000-07:00

Other US insurers could follow AIG and receive government bail-outs

Some of the biggest insurance companies in the US may be in line for government bail-outs from existing funds set aside for the banking sector.

A US Treasury spokesperson said that a number of life insurance companies had met requirements for government aid.

Andrew Williams said help to insurers would not involve new funds, but would come from the $700bn (£477bn) Troubled Assets Relief Programme (Tarp).

Funds from the programme have been used to bail out insurance giant AIG.

However, until now, it had been seen as a special case.

'Consistent goals'

But following reports that the Treasury would extend the financial bail-out programme, known as Tarp and was passed last year, to insurance companies, Mr Williams said that certain insurers that had banking operations could qualify.

"There are a number of life insurers that have met requirements because of their bank holding company status.

"These are among the hundreds of financial institutions that will be reviewed and funded as appropriate," he said.

Frank Keating, boss of the American Council of Life Insurers, said: "As we have argued all along, allowing life insurers to participate in the programme would be consistent with its stated goals to increase the flow of financing to US businesses and stabilise the credit markets."

Life insurers have about $5.1tn in assets and are major holders of US corporate bonds, said Mr Keating.

They have lost huge amounts of money during the recession.

But some analysts warned that US government aid was not unlimited and those insurers that did not receive help would struggle to survive.

"It is fairly likely that we will see a few major life insurers that don't qualify for aid either fail or enter state receivership," said Kent Smetters at the University of Pennsylvania's Wharton School.

Seize the moment, Brown urges US

2009-03-04T20:42:00.000-08:00

Gordon Brown hails special relationship

Gordon Brown has urged the US to renew the "special relationship for our generation" in a speech to Congress

Mr Brown, the fifth UK prime minister in history to address both houses on Capitol Hill, urged the US and UK to push for "essential" economic changes.

Neither nation should "succumb" to protectionism "which protects no-one", but "seize the moment", he said.

Mr Brown also announced that veteran Senator Edward Kennedy would receive an honorary UK knighthood.

The prime minister paid tribute to the work of US troops in Afghanistan and said terrorists could "not ever destroy the American spirit".

The partnership between the UK and the US is "unbreakable" and that "no power on earth can ever draw us apart", he also said.

'Standards'

The speech began and ended to standing ovations and was frequently interrupted for applause - with 17 such pauses counted.

Mr Brown called for agreed "rules and standards for accountability, transparency and reward" in banking.

There is no old Europe, no new Europe. There is only your friend Europe

Gordon Brown

On the recession, he said: "America and a few countries cannot be expected to bear the burden of the fiscal and interest rate stimulus alone. We must share it globally.

"So let us work together for the worldwide reduction of interest rates and a scale of stimulus round the world equal to the depth of the recession and the dimensions of the recovery we must make."

Mr Brown added: "An economic hurricane has swept the world, creating a crisis of credit and of confidence.

"History has brought us now to a point where change is essential. We are summoned not just to manage our times but to transform them."

In addressing Congress, Mr Brown follows in the footsteps of Winston Churchill, Clement Attlee, Margaret Thatcher and Tony Blair.

'Pro-American'

He said: "Now more than ever the rest of the world wants to work with you...

"And let me say that you now have the most pro-American European leadership in living memory. A leadership that wants to cooperate more closely together, in order to cooperate more closely with you.

"There is no old Europe, no new Europe. There is only your friend Europe.

Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession

Vince Cable, Lib Dems

"So once again I say we should seize the moment - because never before have I seen a world willing to come together so much. Never before has that been more needed."

Announcing the honorary knighthood for Edward Kennedy, Mr Brown said that "Northern Ireland is today at peace, more Americans have healthcare, more children around the world are going to school" because of the long-serving Democratic senator.

The world owed "a great debt to [his] life and courage", he added.

Senator Kennedy, who is being treated for a brain tumour, was unable to attend Congress.

BBC political editor Nick Robinson said US President Barack Obama had telephoned Mr Brown during his flight back to the UK to congratulate him on his speech.

But he said the US administration had "only just begun to engage with the ideas that are coming from Gordon Brown, let alone agree to them".

Conservative Party acting leader William Hague said: "It is right [of Mr Brown] to remind Americans that we need to work together against protectionism, in defeating terrorism and in combating climate change.

"What was missing was any sense of contrition for past mistakes and an ability to translate words into action."

Liberal Democrat Treasury spokesman Vince Cable said: "Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession which has engulfed the world economy and his government.

"Rather than trying to shore up his reputation in America, he should be focusing his attention on fixing the mess we face back home."

'Common interest'

After Mr Brown's meeting with Mr Obama on Tuesday, the US president said the "special relationship" between the countries would "only grow stronger".

After about an hour of talks at the White House, Mr Brown and Mr Obama said they agreed that improvements were needed to the regulation of the global banking system.

Mr Obama warned that countries should not "project inwards" by encouraging protectionism during the economic crisis.

Mr Brown said the two countries were pursuing a "common interest" in a "global new deal".

The prime minister's US visit comes ahead of a summit of the Group of 20 (G20) developed and emerging economies in London on 2 April.

The EU and Canada have warned that a "buy American" clause in the US economic recovery package could promote protectionism.

It seeks to ensure that only US iron, steel and manufactured goods are used in construction work funded by the bill - but has included a pledge to respect international trade obligations.

Oil price up over petrol demand

2009-03-04T20:40:00.000-08:00

US crude stocks fell by 700,000 barrels for the last week of February

Oil prices have risen nearly 9% after the US government reported an unexpected drop in crude stocks and an increase in demand for petrol.

Prices were also supported by a rise in China's manufacturing index. China is the second biggest oil consumer.

US light crude rose by $3.73 to $45.38. Brent crude added $2.42 to $46.12.

US crude stocks fell by 700,000 barrels for the last week of February, while demand for petrol over the past four weeks was up 2.2% from a year ago.

"Overall the [US oil inventory] numbers are very bullish... again, gasoline remains the one bright spot in the market that can really pull the complex higher," said Chris Jarvis at Caprock Risk Management.

Oil prices won't move higher without some signs that the economic malaise has bottomed out

Tom Kloza
Oil Price Information Service

"Couple that with the composite of economic news out of China overnight and this is really setting the stage for the energy complex ... to move higher if the equities markets can maintain themselves."

Stock markets around the world have been rising on Wednesday on hopes China will announce an expansion to its economic stimulus plan.

However, Tom Kloza at Oil Price Information Service said that crude inventories had been bloated for months, and "oil prices won't move higher without some signs that the economic malaise has bottomed out".

"It's going to be a shaky year. The fundamentals are still poor," he said.

US economy 'deteriorates further'

2009-03-04T20:38:00.000-08:00

The Fed called the prospects for near-term economic improvement "poor"

US economic conditions got worse in January and February, the Federal Reserve has said in its influential Beige Book.

The report, which is used to help determine US interest rates, also said that improvement was not expected before late 2009 or early 2010.

"The deterioration was broad-based, with only a few sectors... appearing to be exceptions," it said.

The bank said housing markets remained "in the doldrums" in most US regions.

The report, based on information collected before 23 February, will be used at the forthcoming meeting of Federal Reserve policymakers in two weeks.

'Steep declines'

"Consumer spending remained sluggish on net, although many districts noted some improvement in January and February compared with a dismal holiday spending season," the Beige Book said.

In manufacturing, reports from most areas "suggested steep declines in activity in some sectors and pronounced declines overall".

"Reports from banks and other financial institutions indicated further drops in business loan demand, a slight deterioration in credit quality for businesses and households, and continued tight credit availability," the Federal Reserve said.

It was reported last week that the US economy had shrunk at an annual rate of 6.2% in the last three months of 2008 official figures show, a far sharper fall than previously reported.

On Tuesday Federal Reserve chairman Ben Bernanke warned of stagnation if the US authorities do not move "aggressively" to stimulate the economy.

He told the Senate Budget Committee that stabilising financial markets would be crucial for economic recovery.

Venezuela seizes US rice producer

2009-03-04T20:32:00.000-08:00

Mr Chavez has accused rice producers of sidestepping quotas

Venezuelan President Hugo Chavez has ordered the expropriation of a rice mill, amid a battle with food companies over price regulation.

Mr Chavez said the mill, owned by a subsidiary of US food giant Cargill, was not distributing rice at government-set prices.

He also threatened to nationalise the country's largest food processor and private company, Polar.

Venezuela has already set quotas and prices for 12 basic foods.

Under the measure, 80% of all rice produced must be basic white rice. The measure also includes 95% of all cooking oil, coffee and sugar.

Producers of items such as powdered milk, cheese and tomato sauce are also affected.

'Intolerable'

Last week President Chavez ordered troops to rice processing plants after accusing producers of sidestepping the law on controlled prices by producing a higher grade of rice.

Cargill, which operates one rice-processing plant in Venezuela, said the mill does not produce the plain rice that is under regulation.

"Prepare the decree, we are going to expropriate Cargill. We are not going to tolerate this," Mr Chavez said.

Mr Chavez is attempting to reduce the cost of the basic shopping basket of ordinary Venezuelans, says the BBC's Will Grant in Caracas.

But business leaders and food producers are furious at what they see as a further attack on their ability to turn a profit, our correspondent says.

President Obama's Speech and Home Business Opportunity

2009-02-19T21:29:00.000-08:00

Upon reflecting on President Obama's speech and what it meant has pre-occupied me these past few days in a very positive sense. As a person who is promoting the values of working from home through various home business opportunity offerings, my ears pricked up when the President told the story of the 106 year lady and the changes she had seen in her lifetime and how it was the people who brought about those changes not a specific individual hence the mantra Yes We Can.

I also took note that it cannot be up to one man or woman or a visitor from another planet or whatever, it had to be up to us the people to unite and release the enormous potential we all have. Due to the turmoil in recent times we have been seduced by the press to seek further government control as a way to make our lives more safe and secure etc. When you here that statement that says The Government Has To Do Something that sends a shiver down my spine as it is just another nail in our collective coffin, whether that is to guarantee bank deposits, selectively bail out companies who by their own poor decision making or greed have gone bankrupt, save a manufacturer who was too blind to realize that the market for their product had changed and on and on.

People appear to be waiting for someone anyone to come along and fix all of our woes and I see that expectation already of President Obama as the press after two days started to express concerns on how he was going to do it thereby completely misinterpreting his message, which is what they do to create doubt and fear, and he is not even in office yet. The message was we all had to make sacrifices and that we are all in this together and that by the American people to their credit having the courage to change history was just an example of you the people can change the world not that President Obama can change the world but what President Obama stands for can allow us to change the world.

As the majority of people go about their daily routine which has become almost robotic and using only a portion of the amazing brain power we have available not to mention our creative side to dream and create we will never reach our true potential and that in a sense is so sad but it need not be.

Abundance is a state the majority of the people on the planet want to be in but unfortunately they inevitably associate that with money which is limiting because you might have the money but do you have the time, are you realizing your true potential and purpose are you happy abundance is best described by this affirmation "I give thanks for my abundance which gives me the ability to do what I choose and do it when I choose to do it”. There is no mention of money or type of house or car or holiday or whatever. The key to this is having the ability to choose what You want to do and actually do it not just hope to do it but do it and just as importantly when you want to do it.

How can you possibly achieve this if you are working for someone or even if you own certain types of businesses which require you to be at a certain place at a certain time. The truth is you can't, we are living in a time where there are tremendous problems in the world or so we are told by the press and governments around the globe but the reality is we are living in the most exciting times in the history of our planet. That reason is due to creation and explosion of the internet as millions of people connect everyday to find a home business opportunity that allows you to connect to the world, you now have a customer base that is worldwide and is eager to achieve the abundance described above through an array of home business opportunity offers worked from home at times that suit you and at income levels that suit you.

The Yes We Can speech by the President said that it will require some sacrifice from everyone but one that is worth the effort and that means you have to have rock solid reason for doing not some vague wish you have to feel the pain you will incur if the end goal is not achieved and that goal is abundance as in the meaning above. Do you think President Obama just woke up one morning and said I am going to become the President of the United States and then just went on with his day not doing anything further to bring that thought to reality on that day or any other day that followed?

Had he done nothing each and every day the outcome would be that he would not be delivering the acceptance speech for being elected President of the United States of America he would still doing the same thing as what he was doing when he had the thought that is the sacrifice we talk about with regard to your home Business Opportunity you have to dedicate time every day to build your business.

There are many success stories of people living their life of abundance from all sorts of backgrounds, age groups, education and financial positions because of their home business opportunity and they all say the same thing you have to be prepared to learn to stay focused don't settle for a life of drudgery of just getting by or of being told what to do and when to do it as against doing what you choose to do and do it when you choose to do it.

Just as the people of the United States of America have embraced change with the election of President Obama they and everyone else on the planet needs to embrace change and hope for themselves to achieve the abundance which is our God given right we were not placed on this planet to be insignificant we were all given uniqueness and you will never get that when someone else is pulling the strings.

What Does Barack Obama's Presidency Mean for Internet Marketers?

2009-02-19T20:55:00.000-08:00

When it comes to Barack Obama's new economic plan, there are positive and negative aspects. Some parts the plan should help us out as internet marketers. There are other parts that might hurt us. First, let's start with the best news...we internet marketers are a resourceful bunch and we'll probably make sure that everything goes well for our future no matter what.

That reminds me...before I go on, I will stick my opinion where it may or may not belong. Both candidates said "The American people are innocent victims of this financial disaster"...um, are you kidding me? I can't think of a more dangerous thing to say. No one had guns to their heads when they signed those home loans! When American citizens completely stop taking responsibility for their own actions, as the candidates encouraged, then America loses its advantage as the superpower in the world. I know they were trying to win votes, but that's just irresponsible.

My audience—internet marketers and entrepreneurs—will take care of themselves. They don't WANT the government to take care of them. That's how it should be and it's that very attitude that makes them successful and independent to begin with. If everyone thought like and entrepreneur, we, er, the country wouldn't be in this mess in the first place.

Okay, back to economic policy. The most exciting thing for internet marketers in Obama's new economic plan is the deployment of what politicians are calling Next-Generation Broadband. With this plan, Obama wants to bring broadband to every community in America. Overall, this should eventually bring the costs of broadband internet down across the nation. Also, the internet users that are still on dial-up will likely switch over to faster internet, meaning more chances for them to stay on your site instead of clicking away because your graphics are taking too long to load. This happens with flash sites. Overall, with this plan implemented, more of America should spend even more time online, meaning more chances for you to make a sale.

There are a couple of other parts of Obama's economic plan that could turn into positives depending on your market niche. Part of the Obama plan is to issue an emergency energy rebate for $1,000. This rebate is said to be a type of "down payment" for Obama's long-term plan to give middle-class families at least $1,000 per year in tax savings. I'm sure you have heard this statistic: The personal savings rate here in the United States is the lowest that it has been since the Great Depression. We've turned into a society of instant gratification. As much as we would love many Americans to put this extra $1,000 towards savings or debt, I believe most everyone will continue to spend this extra income on whatever they want. So that means there's an extra $1,000 each year that families could use to make even more online purchases.

Another positive in Obama's plan is the tax relief for small businesses and start-up companies. Obama wants to eliminate all capital gains taxes for these businesses in order to encourage the creation of more jobs. Since we work online, most of us don't owe capital gains taxes, but some of us might. A better positive for most all internet marketers is the proposed "Making Work Pay" tax credit which promises a $500 credit to almost every worker in America, which looks like it will include self-employed small business owners.

O.K., now for the negative aspects of Obama's plan: All through the debates you have heard Obama say that nobody making less than $250,000 per year will see a tax increase. He has even been quoted saying that these people should all see a tax cut. Well, what if you are making more than $250,000 per year? What kind of tax increases will this mean? Not all of us internet marketers are making $250,000 per year, but the ones that have turned the internet into a career rather than just a side job or hobby usually do pretty well. The sad thing is that we usually worked daunting schedules for years in order to enjoy a little of this "getting ahead". Now this group of superachievers is being targeted as a cash machine. Obama has said on camera "It's time for folks who make over $250K to pay their fair share". It makes me want to throw up.

What a relief it gives us to look at history and see that no politician has ever kept all of his or her promises.

Now, there is one last part of Obama's plan that I see as a potential negative for internet marketers. He wants to "simplify tax filings for middle class Americans." With this plan, Obama wants to make it so that millions of Americans can get their taxes done in less than five minute. They want to have the IRS use the info it gets from employers and the banks in order to give taxpayers the option of simple pre-filled tax forms that they can simply verify, sign, and return. As internet marketers, we know that there are a lot of tax benefits that come from being self-employed. Some of us work very hard in order to find as many tax deductions that we can. And others pay CPAs big money in order to find even bigger deductions.

If middle class Americans are given the option of getting pre-filled tax forms, I believe a huge majority of them will take it out of laziness, and a large number of these Americans will miss out on tons of legal tax breaks that they could receive for their families. Obama says that this plan can save Americans up to $2 billion in tax preparer fees. But I sit here and think to myself about how much some people save when they do have professionals file their taxes. I'm not a conspiracy theorist, but I think that this could be construed as a perfect plan for the government to issue a lot less refund checks to American citizens. And my main point of negative for this part of Obama's plan is less money for middle class American to spend at your site.

So, what will Obama's economic plan do overall for your business? Well, I believe there are chances to see spikes in sales, but the truth is that we see spikes in sales all the time, anyway. It seems to me that there are really less positives than negatives with Obama's plan. But I think that most of our sales will stay around the same during the Obama regime.

As long as there is a small percentage of entrepreneurs in America, the economy will be fine in the long run and we will figure out for ourselves how to thrive in the short run, in a good or a bad economic climate. Real business minds always rise above the zeitgeist.

Obama stimulus plan may mean huge infusion of funds for jobs, schools, Medicaid

2009-02-13T06:59:00.001-08:00

The new $790 billion stimulus package should "save or create" some 119,000 jobs in the recession-battered city over the next two years - more than double the number of jobs lost in the city in all of 2008.

"It is a real shot in the arm for New York," promised Sen. Chuck Schumer, the Senate's No. 3 Democrat.

While actual copies of the package remained under wraps Thursday - as lawmakers continued to haggle over how the pots of money will be distributed - congressional leaders said the bill contained a range of goodies for the city, especially in education, transportation and Medicaid aid.

Gov. Paterson said the stimulus bill all but required him to restore a proposed $700 million cut in state aid to city schools - a whack that Schools Chancellor Joel Klein had warned could cost thousands of teachers their jobs.

"We have no choice [but to restore the funds], and we are glad we have no choice," Paterson told reporters during a late-day conference call with Schumer.

Schumer said the state would also pick up $1.3 billion in mass transit aid. But straphangers hoping to stave off a fare increase might be disappointed - the money can only be used on capital projects, not to balance the MTA's operating budget.

The package also includes a $2.8 billion boost in Medicaid funding for the city - a significant bump at a time when Mayor Bloomberg is trying to close a $4 billion gap in next year's budget.

The mayor declared himself pleased with the overall package but cautioned that nothing is certain until lawmakers produce an actual copy of the bill.

"In any piece of complex legislation, the details of the legislative language matter as much as the numbers," Bloomberg said in a statement.

But the list of new spending plans appeared long and varied: $403 million to help weatherize New York homes; an expected $70 million in grants that the city could use to hire new cops; $390 million to improve city public housing; $75 million to combat homelessness and stave off evictions.

Lawmakers said the whole program would "save or create" some 215,000 jobs across the state, including the 119,000 in the city, over the next two years.

That's more than double the 49,100 jobs the city lost in 2008, as the deepening recession sparked heavy layoffs in the financial sector and beyond.

"This is probably the most generous bill for New York City that we have had in a decade," Rep. Anthony Weiner (D-Brooklyn/Queens) said. "And while it doesn't solve every problem, it certainly solves a lot."

President Obama in Virginia: 'Putting America Back to Work'

2009-02-13T06:12:00.000-08:00

President Obama was in Virginia today, where he visited an example of one of the many "shovel-ready" projects that could be jump-started by the American Recovery and Reinvestment Act. Along with Governor Tim Kaine, the President toured an unfinished stretch of the Fairfax County Parkway connector, a stretch of highway designed to ease horrible traffic congestion where construction has already begun but is in need of additional funding in order to finish.

The President also cited another example where the passage of the bill currently working its way through Congress could put people back to work almost overnight:

The MSNBC reports:

President Barack Obama said Wednesday that heavy-equipment maker Caterpillar has informed him it will rehire some of the thousands of workers it has laid off in recent weeks if Congress passes an economic stimulus bill.

... The president's travel to pitch the urgency of the stimulus plan was his third day in a row to leave Washington. On Thursday, he goes to Peoria, Ill., to visit a Caterpillar manufacturing plant.

The world's largest maker of mining and construction machinery announced more than 22,000 job cuts last month amid waning demand for its products.

But Obama said the company told him Wednesday it would hire back some of those workers if the legislation passes.

In his remarks today, President Obama explained:

Not far from where we're standing, back in Washington, we continue to have a debate about our economic plan -- a plan to create or save more than 3 million jobs in the next few years. And I welcome that conversation. But I am here today because you don't need to travel very far from that debate to see why enacting this plan is both urgent and essential to our recovery -- to see that the time for talk has passed and that now is the time to take bold and swift action.

We've passed a version of the American Recovery and Reinvestment Plan through the House. Yesterday, we passed a version through the Senate. Now we've got to get a final version to my desk -- so that I can sign it and so that here in Virginia and across the country the people can use it.

...Look at this construction site right where we're standing. We're surrounded by unmet needs and unfinished business -- in our schools, in our roads, in the systems we employ to treat the sick, in the energy we use to power our homes. And that's the core of my plan: putting people to work doing the work that America needs done.

Read the President's full remarks . . .

REMARKS BY THE PRESIDENT ON INFRASTRUCTURE

Fairfax County Parkway Connector Site

Springfield, Virginia

February 11, 2009

Thank you, everybody. I am extraordinarily pleased to be here with Virginia's Governor, an exceptional leader and a great friend of mine, Tim Kaine.

Not far from where we're standing, back in Washington, we continue to have a debate about our economic plan -- a plan to create or save more than 3 million jobs in the next few years. And I welcome that conversation. But I am here today because you don't need to travel very far from that debate to see why enacting this plan is both urgent and essential to our recovery -- to see that the time for talk has passed and that now is the time to take bold and swift action.

We've passed a version of the American Recovery and Reinvestment Plan through the House. Yesterday, we passed a version through the Senate. Now we've got to get a final version to my desk -- so that I can sign it and so that here in Virginia and across the country the people can use it.

In Virginia, the unemployment rate has surged to its highest level in more than a decade -- and it might have been a lot worse were it not for the leadership of Governor Tim Kaine and former governor, now Senator Mark Warner. Unemployment claims have doubled in recent months compared to last year. Nationwide, we've lost 3.6 million jobs since this recession began -- nearly 600,000 this past month alone.

These are the people I talked to in Elkhart, Indiana, on Monday, which has lost jobs faster than anyplace else in America, with an unemployment rate of over 15 percent. They're the people I met yesterday in Fort Myers, Florida, which has been among the places hardest hit by the foreclosure crisis. These are the folks looking for work, and these are the folks who want to work.

At the same time, look around us. Look at this construction site right where we're standing. We're surrounded by unmet needs and unfinished business -- in our schools, in our roads, in the systems we employ to treat the sick, in the energy we use to power our homes. And that's the core of my plan: putting people to work doing the work that America needs done.

We're here today because there's a lot of work that needs to be done on our nation's congested roads and highways, crumbling bridges and levees, and crowded trains and transit systems. Because we know that with investment, we can create transportation and communications systems ready for the demands of the 21st century -- and because we also know what happens when we fail to make those investments.

We've seen the consequences of a bridge collapse in Minneapolis. We've seen the consequences of levees failing in New Orleans. We see the consequences every day in ways that may be less drastic, but are, nonetheless, burdens on local communities and economies -- time with family lost because of longer daily commutes; growth held back by streets that can't handle new business; money wasted on fuel that's burned in worsening traffic. These are problems that the people of Northern Virginia understand acutely.

Governor Kaine understands it acutely. And your Governor has worked valiantly to relieve these transportation pressures while, at the same time, facing enormous budget pressures. What's worse, now states are facing acute new responsibilities during this recession. Local governments are seeing more people filing unemployment claims, signing up for Medicaid, requesting government services. And all the while, people are spending less, earning less, and paying less in taxes.

So across the country, states need help. And with my plan, help is what they will get. My plan contains the largest investment increase in our nation's infrastructure since President Eisenhower created the national highway system half a century ago. We'll invest more than $100 billion and create nearly 400,000 jobs rebuilding our roads, our railways, our dangerously deficient dams, bridges and levees.

Here in Virginia, my plan will create or save almost 100,000 jobs, doing work at sites just like this one. Where we're standing, that could mean hundreds of construction jobs. And the benefits of jobs we create directly will multiply across the economy.

For example, this kind of infrastructure project requires heavy equipment. Caterpillar, which manufactures the machines used in this project, has announced some 20,000 layoffs in the last few weeks. And today, the chairman and CEO of Caterpillar said that if the American Recovery and Reinvestment Plan passes, his company would be able to rehire some of those employees.

Tomorrow, I'm going to East Peoria, Illinois, to visit a Caterpillar manufacturing plant to talk to these workers. Because what's at stake here are not abstract numbers of abstract concepts -- we're talking about real families that we can help and real jobs that we can save.

My plan will also give tax cuts to 3 million Virginia workers and their families. And we'll provide an additional $100 per month in unemployment benefits to nearly a quarter-million workers in Virginia who've lost their jobs, and extend benefits to 46,000 more workers who aren't currently eligible.

So we're at the doorstep of getting this plan through the Congress, but the work is not over. When we do, the challenge will shift to administering successfully this endeavor of enormous scope and scale.

Now, there are those who've expressed the opinion that we won't be able to do it, who say that this plan is too big to be implemented effectively and efficiently. And the fact is, there's a certain amount of skepticism, much of it justified, by what we're accustomed to seeing in Washington. So I understand these concerns, but I'm confident that we can do things differently and better.

As President, I expect to be judged -- and should be judged -- by the results of this program. That's why I refused to allow even a single dollar in this legislation to be spent on earmarks. And that's why we're going to put information about every dollar that's spent, including the money spent on projects like this one, on a new website called recovery.gov -- so that the American people can see where their money is going.

And that's why I will appoint an oversight board that will be charged with monitoring my plans as part of an unprecedented effort to root out waste and inefficiency. And this board will be advised by experts -- not just government experts, not just politicians, but citizens with years of expertise in management, economics and accounting.

We're going to do more than has ever been done before to make certain that every tax dollar is spent wisely and on its intended purpose. So we're going to hold the federal government to new standards of accountability. And just as we demand new accountability for ourselves, we're going to demand this kind of accountability from the states and cities, as well. And I know Tim Kaine and other governors and mayors around the country would expect nothing less.

So much depends on what we do at this moment. It's not just about the future of my administration. It's about the future of our families and communities, our economy and our country. We are going to do this carefully and transparently and effectively as possible because so much is on the line. And that's what we've already begun to do -- drafting this plan with a level of openness for which the American people have asked and which this situation demands.

So I, once again, thank Governor Kaine for welcoming me to the Commonwealth of Virginia once again. I want to thank him for his support of this plan that's so urgent for the people he represents and for the people that I've met throughout this great state and throughout the country.

Thank you very much.