I could not agree more, Antidoomer, but the Obama plan is idiocy. The building needs to be in things that will:

1. give people work, and the more the merrier
2. reduce consumption of fossil fuels
3. increase renewable energy generation

To that end, pay/help pay for improvements in efficiency/micro power generation improvements in every household. A large number of people would have to be trained to do design, building and installation of these projects. The would not do all the work, but help private citizens/communities to do this. This would provide a huge number of jobs, would make transition to an renewable electric system faster and more affordable as well as saving fossil fuels, and build community connections.

Rather than build roads (some money repairing what we have is OK, I suppose, particularly in cities) we should be building electrified mass transit - both short and long-haul. Obviously this would employ large numbers of people, but also would reduce consumption of oil in the long term by a large amount.

A massive back-to-the-earth movement to promote sustainable agriculture would do wonders. Natural farming methods act as carbon sinks. Small farms/"victory gardens" would ensure the food supply for the entire population - as well as shutting down Monsanto and their ilk. Further, large amounts of land could be cultivated using natural methods and the food exported, helping with the US trade deficit.

Build out: The Grid vs. The Household - Towards a Community-based Solution to CC and PO

And all this would cost less, in the long run, than any form of BAU while at the same time creating communities, giving us a chance to avoid globally catastrophic climate change and moving in the direction of sustainable, steady state economics.

Cheers