Seems like only yesterday conservative nabobs of negativity predicted America’s ballooning budget deficit would generate soaring inflation and crippling costs of additional federal borrowing.
Remember Standard & Poor’s downgrade of the United States? Recall the intense worry about investors’ confidence in government bonds — America’s IOUs?
Last week ten-year yields on U.S. Treasuries closed at 1.83 percent.
In other words, they were wrong.
In fact, it’s cheaper than ever for the United States to borrow. That’s because global investors desperately want the safety of dollars. Almost everywhere else on the globe is riskier. Europe is in a debt crisis, many developing nations are gripped by fears the contagion will spread to them, Japan remains in critical condition, China’s growth is slowing.
Put this together with two other facts:
Unemployment in America remains sky-high. 14 million Americans are out of work and 25 million are looking for full-time jobs.
The nation’s infrastructure is crumbling. Our roads, bridges, water and sewer systems, subways, gas pipelines, ports, airports, and school buildings are desperately in need of repair. Deferred maintenance is taking a huge toll.
Now connect the dots. Anyone with half a brain will see this is the ideal time to borrow money from the rest of the world to put Americans to work rebuilding the nation’s infrastructure.
Problem is, too many in Washington have less than half a brain.
This post originally appeared at Robert Reich’s Blog and is reproduced with permission.
27 Responses to “Why This Is Exactly the Time to Rebuild America’s Infrastructure”
And since every government job that is created destroys 1.29 real jobs, we would be better off if the people who lost their government jobs because of budget cuts did not have their jobs reinstated by this type of bailout, because for every government job that they lost, 1.29 real jobs will eventually materialize in the real world economy.
The Dark Side is Strong
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Nevertheless, as Marks used to live in York until recently I was slightly disappointed that I couldnt wean him back to do Q&A after a showing of the film at City Screen. Close, but no cigar.
Oh, indeed, Beth. BERSERK! is one helluva film: Joan didnt even have a dressing room and had to change in a car.
read the news. NY is willing to give minorities a vote that accounts for six votes compared to a white man with one vote.
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People are just adjusting to him, and I think Joe needs to learn that he loses considerable effectiveness if he goes more than one inning (brilliant Boston game notwithstanding). Also, it seems like he needs to bear down more with two outs. Hes around the plate so much, and thats great, but maybe bounce some with two outs or two strikes and prey on the fact that guys are expecting him to throw strikes.
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I don’t think divisions should be eliminated. Just conferences. So there would be one league made of 8 conferences. The 8 winners plus the next-best 4 teams make the playoffs. Seems simple enough to me.
Jim you are rightnone of them know what they are talking about. They all have said stupid stuff that they do not have a clue. I have spent my whole adult life as an RN and I can tell you no one goes without care. People think children die if the parents don`t have the money for chemo and other treatments and that`s the scare tactic Kennedy,Fag Frank uses. And then there are the people who abuse the system just to ride in to the ER via ambulance, get a cheseburger,warm place to sleep,a ride home in a taxi all paid for by the tax payer. all the while to prevent a lawsuit all the expensive tests have been performed. These are repeatersthat is the SHIT Obama needs to stop!!
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