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T. Boone Pickens Statement on Signing of Economic Stimulus Plan

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Stimulus Provides A Start for Energy Investment But More Needs to Be Done to Reduce Nation’s Dependence on Foreign Oil and to Develop Serious Energy Policy

Dallas, TX, February 17, 2009 - T. Boone Pickens offered the following comment today on the progress made on energy policy and investment through President Obama’s signing of the economic stimulus legislation:

“The stimulus has made some important progress through investments in renewable energy, the funding to rebuild our nation’s transmission grid and on conservation.  These are certainly an important part of the Pickens Plan.  It will create jobs and will move the country in the right direction on our energy policy.  But as I have said previously, this is only a start.”

“We must continue to focus on reducing our dependence on foreign oil and the only way to do that is using our abundant supply of domestic fuels in transportation.  We must tap into the potential of natural gas and until we do that, then we are not close to solving our problem.  I will continue my efforts and am focusing the more than 1.4 million members of the Pickens Army to deliver the message on foreign oil to the leadership in Washington, particularly as it moves forward with energy legislation in the coming months.”

This entry was posted on Tuesday, February 17th, 2009 at 4:19 pm by TeamPickens in Press Releases.
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Comments2 Responses to “T. Boone Pickens Statement on Signing of Economic Stimulus Plan”

February 18th, 2009 at 5:02 am

James Everitt


Despite lawmakers' gripes, the stimulus is a big winner for Texas MITCHELL SCHNURMAN schnurman@star-telegram.com Is this a great country or what? Our governor denounces the "bailout mentality" in Washington, and our congressmen vote against the stimulus bill by a margin of almost 2-to-1. Yet Texas and its residents will still reap tens of billions of dollars in benefits from the federal plan that President Barack Obama signed Tuesday. Critics will be quick to say that we’ll be paying for it, too. But that doesn’t marginalize the fact that Texas will be among the great beneficiaries. That’s largely because Texas has lots of needy people, even if most lawmakers don’t talk about them much. Leaders prefer to tout Texas’ low taxes, job creation and budget surplus, which are notable achievements these days. But those strengths don’t provide much help for the state’s poor and middle classes, and its uninsured population. That’s where the stimulus plan comes in. In addition to providing billions for transportation projects and other infrastructure, it increases the payments for Medicaid and food stamps, and extends tax credits for children and low-income families. For Texas, that means a lot. The increase in Medicaid funding alone is expected to total $5.3 billion in the state. That’s enough to prevent cuts to the program that might be coming otherwise and enroll more eligible children, according to the Center for Public Policy Priorities in Austin. Food-stamp allotments will get a 13.6 percent boost from the stimulus plan, and that’s worth $1.8 billion to Texans over the next four years. An even bigger payout potential lies in getting more people signed up: less than two-thirds of eligible families in Texas get food stamps, which places the state in the lower half of the country in that category. Food stamps are a great stimulus because they’re used almost immediately, and they boost the local economy. "It’s all federal aid, and it helps local families and local grocery stores," says Eva DeLuna Castro, senior budget analyst at the priorities center, a nonprofit research firm. Texas also has one of the highest concentrations of young people, so it benefits significantly from several education measures in the bill. Texas will get $4.1 billion for the state fiscal-stability program, which includes funding for education, public safety and other government services. An additional $2.3 billion is also allocated for education, according to Will Straw of the Center for American Progress in Washington. An increase in Pell Grants will net about $1.3 billion for college students in Texas, Straw says. He estimates that Texas will get at least $37 billion from the federal package, and that number excludes smaller programs and federally administered ones; add those to the total, and the Texas take could grow by another 30 percent. The tax credit for working Americans, which saves $400 a year for individuals and $800 for married couples, will provide more payoff than any category: $8.9 billion to workers in Texas. Only California and New York are expected to rake in more federal dollars from the stimulus, and they’ve been hurt much more by the recession. California continues to reel from the housing crisis, with unemployment spiking there, while New York City was waylaid by the meltdown on Wall Street. By comparison, Texas has held up better, with the unemployment rate lower than the national average and its budget in the black. The state has been losing jobs lately and sales-tax revenue is falling, so even Texas can use a boost. "Every state and almost every country is being affected by this economic crisis," Straw says. "The whole purpose of the stimulus is to get the economy moving again." The stimulus includes a patch for the alternative minimum tax, which will save middle-income families at least $70 billion nationwide. Texas won’t benefit as much as other states, because average incomes are lower here. The stimulus includes a federal subsidy for COBRA health benefits, which could be a great aid to unemployed workers. It enables them to keep their health insurance, covering 65 percent of the retail price for up to nine months, and that makes it easier to accept temporary work. The subsidy also preserves jobs in healthcare, because more people will continue seeing their doctors if they can keep their insurance. In Texas, about half the residents get insurance through their employers, compared with 60 percent of workers nationwide, so the benefit won’t be quite as large here. Unemployment insurance is being increased and extended, and an estimated 677,000 Texans will receive $25 more per week. The state also has a chance to qualify another 45,000 jobless, but that would require improving the system, and some lawmakers will balk at the prospect of increasing the size of the pool. Texas has a major transportation network, and the Transportation Department will get $2.9 billion for improvements. About half is going to highways, with $343 million for transit and $1.1 billion for aviation. TxDOT has 120 days to commit the first half of the highway funds and six months for the first half of the transit funds. The agency says the projects will be ready to go. Put it all together, and the White House estimates that the stimulus will create 269,000 jobs here. That’s a winner for Texas, no matter how much our lawmakers talk it down. Creating more green jobs has multiple benefits. It helps the economy as a whole; it helps our environment; and it will save you money. The challenges our country faces are too great for us to sit on the sidelines. We’d like to hear from you. Stay tuned for more information on green jobs following the Middle Class Task Force’s, first meeting on February 27, 2009 in Philadelphia, Pennsylvania. BRIEFING ROOM: The White House provides timely and accurate information about the President's latest events and public statements. Here you'll find photos, video, and blogs, as well as proclamations, executive orders, and press releases. Don't have time to read all 1500 pages of the H.R. 1 Stimulus Bill? Shame, shame. Still, this bill is mostly a combination of bills moved through three major committees. Summaries of each section can be found here, here and here. The American Renewal and Reinvestment Act (H.R. 1) recently passed by the House and Senate. President Obama signed into law with his promise that American citizens will have the ability to see how the funds are being spent at Recovery.Gov

February 18th, 2009 at 8:34 pm

Ken


Next step? Be prepared to answer to Congress as to how much of the stimulus package funding related to energy independence was spent, for what, when, where and by whom. The Pickens Plan folks need to be prepared to answer every 2 to 3 months by whom, for what, when and how much. It doesn't matter who "owns it". What matters is the perception of who owns it and who takes ownership. In order to maximize the next round toward energy independence it is of utmost importance such questions be answered in full thus providing confidence on the part of the public to move even faster. Ken

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