Friday, July 16, 2010

President Obama Visits Holland, Michigan

President Barack Obama on Thursday opened the nation's ninth advanced battery plant funded with economic stimulus money, leveraging taxpayer dollars to build a new national industry.

Compact Power Inc., Holland's second advanced battery plant half-funded by $151 million from the stimulus, will manufacture batteries for the Chevrolet Volt, a plug-in hybrid electric car, with a projected 52,000 to be produced each year. It will also supply the power for a new electric Ford Focus. It is only a part of a $2.4 billion federal commitment to the fledgling industry, financed under the economic stimulus.

White House economists say the U.S. produced less than 2% of the world's advanced batteries in 2009. By 2012, plants in the U.S. will have the capacity to produce 20% of the world's production. By 2015, that share will be 40%, the White House says.

But capacity is one thing. Demand for electric vehicles is another, and the market has been fickle in the past. Menahem Anderman, chief executive of Total Battery Consulting in California, estimates that the capacity to produce advanced automotive batteries just from the stimulus-funded U.S. plants will be three times greater than global demand by 2014.

To view the full article visitWall Street Journal

Noting that a shrinking US economy is now growing due to the steps being taken by his Administration, President Barack Obama asserted that his country would emerge stronger than before from this turmoil.

Addressing a meeting in Holland, Michigan, on clean energy, Obama asserted that because of the series of steps being taken by his Administration, the US would emerge from this period of turmoil; and come out stronger than it was before. Referring to the economic recession, he said it was a decade in which it seemed like the values that built this country were turned upside-down.

"It got even worse when the financial crisis sent our economy into a freefall and cost eight million Americans their jobs. Michigan was hit harder than anywhere else. An on top of this recession, you were also rocked by the near collapse of the domestic auto industry," he said.

"That's why, when my administration began, we cut taxes for small business owners and for 95 per cent of working families here in Michigan and across the country. We extended unemployment insurance to help folks get through these storms," he said.

"And we are seeing results. There are 4.5 million unemployed workers already hired whose employers are eligible for a payroll tax exemption, a tax break that I signed into law earlier this year," he said.

To view the full article visit Business Standard

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