Posts Tagged ‘stimulus funds’

Richard Florida
by Richard Florida
Tue Dec 23rd 2008 at 8:00am UTC

The Bailout Economy

Tuesday, December 23rd, 2008

The cities want in, as David Miller noted here earlier. Their lining up for stimulus funds and the tab is getting pretty hefty, according to this Forbes report (h/t: Dean Alexander).

On Dec. 8, just two days after Obama’s pledge for massive infrastructure spending, the U.S. Conference of Mayors released an 803-page report–a wishlist of some 11,391 infrastructure projects they would love to press ahead with.Those cities that responded would like $17 billion for streets, $15 billion for water and sewage, $13 billion in community development grants, $7 billion for transit systems, $6 billion for energy projects, $4 billion for schools, $4 billion for public safety, $4 billion for airports, $2 billion for public housing and $1 billion for Amtrak infrastructure.

Here’s a partial list: Miami: $3.4 billion; Sacramento: $2.8 billion; Philadelphia: $2.6 billion; Los Angeles: $2.4 billion; Albuquerque: $2.3 billion. There’s plenty more.

Wow-ee-wee-wa. So now government funds are going to prop up those sagging real estate and construction jobs that were previously pumped up by the housing bubble.

The key will be how much of the stimulus is sucked up propping up the old real estate/ auto economy versus how much is actually invested to set the stage for the new, creative one? Any guesses out there?