While on an emotional level we need to chant the mantra, “jobs, jobs, jobs”. On a rational level we need to offer a solution/answer to those who wonder how we pay for those jobs. And who object to our infrastructure projects due to costs.
Allow me to introduce you to the National Infrastructure Bank. This is a Bank of the United States chartered by Congress to loan $5 trillion over the next few years to finance all the infrastructure projects we need. We expect 25 million Americans will be put to work in high paying construction jobs. From new bridges, to high speed rail, to very high speed internet, to smart energy grids. Then a small portion of our electric bills, internet bills, and HSR train tickets will go to pay the loans back.
Since these are loans held by the NIB our taxes don’t go up and the US Treasury doesn’t go further into debt. In fact, once the loans are repaid the NIB is no longer needed and the profit from the loans goes into the US Treasury.
We, the USA, have used US Banks owned by the people and managed by a Board put in place by Congress several times in the past. Under George Washington and John Q. Adams, the US Bank were used to build roads, sea ports, and the US Postal Service. Under President Abraham Lincoln the US Bank loaned the money to build out a transcontinental railroad. Under FDR in the 30’s and 40’s a US chartered bank saved American capitalism and American democracy.
We can do this again. It is usually supported by liberals and conservatives. Democrats and Republicans. It is a truly non-partisan issue. But we need all our political candidates running for office on any level to talk this up during the 2022 election. To counter Far Right conspiracies and lies we must offer concrete facts. We must offer solid physical solutions. When we talk, voters know what we are talking about. They understand how this will impact them.
Here is more information and a letter for you to sign. I’m asking that you share this with your FB and other social media friends. Especially if you are a Democratic county officer as I am. Then talk to your candidates about this. We need bottom to top support for this. We need every Democrat on board.
Here is the link to the NIB. And please look for the box with “Add Your Name to the Open Letter”. And sign it. https://www.nibcoalition.com
I’m going to add some points here. I heard from Stuart Rosenblatt, one of the officers at NIB and he suggested these notes.
“Loans at rock bottom rates, Flexibility on initial repayment, supercharging of the economy to drive the process will allow states/cities/counties to more easily repay. No sunset clause for the bank, so itwon’t go out of existence. Important for long term financing of big projects, i.e. high speed rail, big water projects, 7 million new affordable housing units, etc.Lincoln did not have a Bank per se, but enacted the National Banking Acts, incorporating the same policy and the new system functioned as a national bankingsystem. FDR likewise did not have a chartered bank, but turned the Hoover-created Reconstruction Finance Corporation (a quasi-government entity) into a national bank, and used it as one.The bipartisan appeal is not concocted. It is very real.”
All important points to keep in mind. Thx Stuart Rosenblatt
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