Forget Spending Cuts, the U.S. Economy Really Needs a $2 Trillion Stimulus
I've been blogging for about four years now and have been arguing the whole time as it relates to the American economy. That we need to invest about 1-2T$ in the economy to put people back to work. A couple problems with the 2009 American Recovery and Investment Act better known as. Obama stimulus is despite its title, it only had around fifty billion dollars in it that went to infrastructure even. Though we have an over one trillion dollar hole in infrastructure. According to the U. S. Core of Engineers, the other problem being that the ARIA was only around 800B$ when the economy was. Contracting at seven percent and seven percent in an economy of sixteen trillion dollars is 1.12T$, so 787B$ over two years. Is simply not big enough to fill that hole, 787B$ might of been fine for one year but the ARIA should've. Been around two trillion dollars over two years and invested at least half of twenty five percent of that into infrastructure. Which would've not only saved a lot of jobs in the construction and manufacturing industries but created new ones as well.
The economic situation today is better but the fiscal situation is much worse with an additional five trillion dollars added to the national debt. Even though budget deficit has falling which is good news. But we still have around eight percent unemployment, an economy thats not growing but plenty of work that could be. Done around the country right now, we just need someone to prioritize that work because the private sector is not going to do it by themselves. We don't need the Federal Government to rebuild the country but what we need it to do is making the rebuilding a priority and at least help finance this. Effort and we need not a 1-2T$ stimulus package but we need a 1-2T$ investment package and put a lot of that money in. Infrastructure investment and tell our construction and manufacturing industries we have a lot of work for you to do. And bring in the states and locals and private sector even with something like a National Infrastructure Bank.
We need to bring in the states and locals and get their input on what need to be built and repaired. That benefits the economy and puts people back to work and start awarding around 1-2T$ in contracts to do. This work which would also be boom for our manufacturing industry because of the parts that are going to be needed to do the work. And we need to encourage American as well as foreign companies to invest in this country and bring that money here. And that means lowering our business taxes and making us more competitive and we need to pay for this package over a 5-10 year period. And we could do this by closing wasteful tax loopholes and raising taxes on gas and oil and so fourth. And not hurt the economy and we could put millions of Americans back to work.