Austeridiocy: Budget Cuts Take Money Out Of The Economy

What if, instead of doing things that have always failed, we addressed our economic slowdown in a way that has always worked in the past? What if we took this opportunity to invest in repairing our aging, crumbling infrastructure, bringing it up to 21st-century standards? The long-term result of this would be an economy that is more efficient and competitive in world markets, which would of course help our businesses. But more important right now this would mean hiring millions of people to do the work. These people would then be paying taxes and would not be receiving unemployment, food stamps, etc. So of course this would help lower deficits. Also they would be participating in the economy again, making their mortgage payments, buying clothes, even cars. So of course this would help the economy.

The Contract For The American Dream And The Emergency Jobs Bill

The Contract For The American Dream And The Emergency Jobs Bill both call for investment in repairing and modernizing our infrastructure, to improve our economy and to create millions of jobs. So does The People’s Budget from the Congressional Progressive Caucus.

The first step in the Contract For The American Dream (please, please click through) is:

Invest in America’s Infrastructure

Rebuild our crumbling bridges, dams, levees, ports, water and sewer lines, railways, roads, and public transit. We must invest in high-speed Internet and a modern, energy-saving electric grid. These investments will create good jobs and rebuild America. To help finance these projects, we need national and state infrastructure banks.

The Fact Sheet about this idea begins,

For decades America has deferred maintenance of our public infrastructure – our roads, bridges,

airports, ports, rail, levees, schools, broadband, wastewater and sewage systems, energy systems, and

waterways. This infrastructure serves the public’s safety and welfare needs and supports the nation’s

economic growth and competitiveness. This is a core function of government and we aren’t doing it.

This is work that has to be done. This is millions of jobs that need doing, while millions of our people are looking for work. Instead of taking money out of our economy, let’s invest in our economy and our people, and live off the dividend.

This post originally appeared at Campaign for America’s Future (CAF) at their Blog for OurFuture. I am a Fellow with CAF.

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