In the face of a $250 million budget deficit and a pretty dismal immediate economic future on the horizon, Mayor Newsom's crack team of economists assures us that San Francisco is actually "faring reasonably well" relative to other U.S. cities. But that doesn't mean we're immune. Enter: a new economic stimulus plan, the main thrust of which is fast-tracking $5.3 billion in capital projects, potentially including Transbay Terminal, SFO renovations, a water system upgrade and new parks and libraries. Laid-off city employees now may have a future directing traffic at the Transbay construction site! Also on the docket: a new focus on city advertising to promote "stay-cations" and local spending by local residents. But if you're not confident with the management (or lack thereof?) of the city's coffers, take some solace... in the Board of Supes. They'll be holding an "economic summit" today to discuss Gavin's New Deal in the face of total financial apocalypse.
· Newsom proposes economic stimulus plan [SF Gate]
· Mayor unveils SF economic stimulus plan [ABC 7]
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