Infrastructure bank could be part of jobs package

[onehandle]

Source: AP

WASHINGTON (AP) — A national infrastructure bank that would entice private investors into road and rail projects could be a major part of the jobs package that President Barack Obama hopes will finally bring relief to the unemployed. The White House hasn't divulged the contents of the package that Obama is to unveil in an address to a joint session of Congress next week. But the president has pushed the idea of an infrastructure bank in recent speeches and has praised Senate and House bills that create such a government-sponsored lending institution.

Whether the bank, which would need time to organize, could have any real impact on the jobs situation in the coming year — and particularly before the November 2012 elections — is in dispute. Obama seems to think it would. "We've got the potential to create an infrastructure bank that could put construction workers to work right now, rebuilding our roads and our bridges and our vital infrastructure all across the country," he said at a news conference in July.

But Janet Kavinoky, director of infrastructure issues at the U.S. Chamber of Commerce, cautioned that "even in the next two years I don't believe the bank is going to be that kind of job creator." The best way to spur job growth in the short term is for Congress to pass long-stalled bills to fund aviation and highway programs, she said. The Chamber of Commerce strongly supports the infrastructure bank. Kavinoky said the United States is one of the few large countries that lack a central source of low-cost financing for construction projects. But she said it's going to take time to get it running and come up with a pipeline of projects where funds can be invested.

Sen. John Kerry, D-Mass., who's sponsoring an infrastructure bank bill, argued that "we have projects all across America that are ready to go tomorrow." He said the bank "could have money flowing in the next year easily." Michael Likosky, senior fellow at the NYU Institute for Public Knowledge and author of "Obama's Bank: Financing a Durable New Deal," says he is working with transportation agencies in California and New York that "are waiting for the federal government to say they are going to support these projects." A commitment to a national infrastructure bank could also provide a positive spark to financial markets and encourage investment, he said.

Read more: http://news.yahoo.com/infrastructure-bank-could-part-jobs-package-070206676.html

---

Boehner says: 'No! And move that damn speech to Friday... about 3 a.m.'

[newfie11]

1. I won't hold my breath this actually happens. n/t

[Firebrand Gary]

2. It better be.

[adam in oregon]

3. infrastructure bank

We do not need to create another middle man to fix our roads. If we have the money, do it now using the systems we always have. Private money is not going to go to this bank without a payout for the companies. Think they want to just build a road for everyone's good, or so they can somehow make money? Perhaps more toll roads? Just what we need, right? We have a trillion dollars worth of bridge and road repairs that need fixing now, not in a couple years when they find out how to make money on this scam.

[Roland99]

5. Bingo! They'll want something back and it'll probably be a piece of our own hides via tolls or

who knows what else!

[zalinda]

6. Any time a private contractor gets involved

with a government project, there are ALWAYS cost overruns. Unless, of course, it is a no-bid contract, and even then it's screwed.

zalinda

[SpartanDem]

40. Who do you think builds the roads

States do not large numbers of employees to do road work. Smaller thing sign making/repair minor roads repair are typically done in house, but the large projects are bid out the private contractors.

[adam in oregon]

48. who builds

Get whoever is doing it now, without a middleman bank, skimming profits off the top. Taxes should go to the common good, not to prop up an unnecessary 'bank'.

[JDPriestly]

45. This is just a euphemism for what Greece is being forced to do.

Sell its national assets.

No. This is a horrible, horrible idea. The worst, most awful idea Obama has come up with yet. Why not just sell the Statue of Liberty to the highest bidder. It symbolizes something that this idea will completely destroy -- that we are a democracy holding up the torch of liberty to the world.

Obama and his rich friends are making that ideal into a joke.

No, no, a thousand times no.

Tax the rich.

[liberal N proud]

4. With an obstructionist congress?

Fat chance with a Congress that has made its number on priority of brining the President down, that this will ever get approved.

[valerief]

7. Why doesn't the prez just declare a War on Jobs? We all know the "War on" programs

do the opposite of what their missions are.

[kpete]

8. Obama Rolls Out a Jobs Plan That Doesn't Need Congress

Source: The Atlantic

The president has asked federal agencies to find solutions on their own. His message to lawmakers: We can do this without you.

.........

On Wednesday, Obama took a now-familiar path in adopting a program--this time a jobs and infrastructure effort--that can happen entirely within his domain. Obama directed several federal agencies to identify "high-impact, job-creating infrastructure projects" that can be expedited now, without congressional approval.

One week before he will make a major address to Congress on jobs, Obama is making sure they know he plans to move forward without them. The president has also directed the Education Department to come up with a "Plan B" updating the 2001 No Child Left Behind law in the absence of congressional action. The message to Congress is clear: Do your work or we'll do it for you.

Under Wednesday's order, the departments of Agriculture, Commerce, Housing and Urban Development, Interior, and Transportation will each select up to three high-priority infrastructure projects that can be completed within the control and jurisdiction of the federal government. The effort is labeled as a "common-sense approach" to spurring job growth "in the near term." In practical terms, that means speeding up the permitting and waiver processes for green-building or highway projects to get the government out of the way. One of businesses' foremost complaints with government infrastructure projects is that the paperwork is too cumbersome and creates unnecessary delays, according to White House economic advisers.


Read more: http://www.theatlantic.com/politics/archive/2011/09/obama-rolls-out-a-jobs-plan-that-doesnt-need-congress/244420/

[dkf]

9. Speeding up the permitting and waiver processes for green-building or highway projects to get the

government out of the way.

--well finally. Geez.

[former9thward]

26. Most permitting for building and highways are state and local government.

[rfranklin]

10. it is not Congress, it is Reppublicans in Congress...

Geeez, can the media cover any better for them?

[dotymed]

22. I got the e-mail.

It was emphasized that this was another BI-PARTISAN approach. Yea......

:wtf: :bounce:

[dotymed]

25. Bipartisan proposals (here it is)

Mike --

Today I asked for a joint session of Congress where I will lay out a clear plan to get Americans back to work. Next week, I will deliver the details of the plan and call on lawmakers to pass it.

Whether they will do the job they were elected to do is ultimately up to them.

But both you and I can pressure them to do the right thing. We can send the message that the American people are playing by the rules and meeting their responsibilities -- and it's time for our leaders in Congress to meet theirs.

And we must hold them accountable if they don't.

So I'm asking you to stand with me in calling on Congress to step up and take action on jobs:

http://my.barackobama.com/Time-To-Act

No matter how things go in the weeks and months ahead, this will be an important challenge for our organization.

It's been a long time since Congress was focused on what the American people need them to be focused on.

I know that you're frustrated by that. I am, too.

That's why I'm putting forward a set of bipartisan proposals to help grow the economy and create jobs -- that means strengthening our small businesses, giving needed breaks to middle-class families, while taking responsible steps to bring down our deficit.

I'm asking lawmakers to look past short-term politics and take action on that plan. But we've got to do this together.

I will deliver this message to Congress next week, but I'm asking you to stand alongside me today:

http://my.barackobama.com/Time-To-Act

More to come,

Barack

[blm]

11. About time Obama woke up and noticed the GOP won't do ANYTHING for working class Americans.

.

[cstanleytech]

14. That sir is slanderous of you to say as the GOP does do something for working class americans.......

they make it into the unworking class by destroying the economy.

[Firebrand Gary]

12. The President now has my attention.

[Firebrand Gary]

13. Oh and K&R

[Coyote_Bandit]

15. This is like trying to fix the economy

by adding a few summer jobs. The trickle down effect of adding some temporary jobs will be fairly minimal.

Yes, it's better than nothing. And I'm glad to see this happening. But it will not address the underlying problems in our economy.

[luckyleftyme2]

19. how wrong your conception is

In projecting jobs with construction projects which have a limited time frame the financial value is far greater than the project itself! It usually improves the neighborhood,employs locals,enhances new business opportunities in the area an encourages new money to continue the upgrade!
let this be a lesson to you the snookered; the repubs hate this because it is hard to get their hands on this tax money!

[dotymed]

29. Not Really..

Who do you think gets the contracts for these bipartisan construction jobs? Then (maybe) some of the change (you can believe in) will trickle down to the underpaid workers on this temporary job.

I spent 15 years as a Union carpenter (much better than non-union) the bad thing was, on every project, we were working ourselves out of a job. Most Union carpenters (depending on the state) EARN a living wage.

Unfortunately, because of the profit motive, the contractors "lay-off" the workers as soon as possible because they do not want to keep paying them between jobs.

Most of these Union contractors have low paid workers back at the shop to maintain the equipment between jobs. I understand that is because of the way our capitalistic economy (and government) is set up.

Funny that you don't see this happening to the CEO's and banksters. They have an obscene salary all year.

Tax the wealthy, put "caps" on salaries either through taxes or legislation, then the real workers can (maybe) stay employed all year. "They" would probably just earn more profits and still lay-off the workers.

That is why this unregulated capitalism does not work for the people.

[Coyote_Bandit]

42. They have spent a lot of stimulus dollars here

on roads and infrastructure. The contracts went, almost exclusively, to out of state companies and crews.

Has it improved neighborhoods? No. But it has improved highways for truckers and through traffic.

Has it employed locals? For the most part, no. The projects here represent dollars going to contractors and their employees who live elsewhere. Many of these crews come from one of three states that border the area. And the crews can commute in about an hour and a half. About the only thing they are spending money one here is gasoline.

Has it enhanced new business opportunities? No, it hasn't. Business opportunities are demand driven. A business with the nicest building, and highway access will still fail if their intended customers cannot or will not spend money for their goods and services.

Perhaps you should give some additional thought to your own conclusions.

[JDPriestly]

47. And sells what should belong to us all and be managed

democratically to the wealthy.

This is just a way through which the wealthy few can take over America and ruin our democracy and our lives.

[pinto]

16. Kick

:kick:

[liberal N proud]

17. Can't work with them, then you find a way to work without them.

[Skink]

18. He might be FDR yet

[Myrina]

20. ... and it took him 3 years to figure this out?

Just in time for another campaign cycle. How coincidental!!! :eyes: :eyes: :eyes:

[cottage10]

21. I Like It--I just wish he had done this 3 years ago!

Now Obama just needs to follow through on what he promises, and I'll give him another chance. I've always voted for a Dem for president, but haven't been at all happy with Obama. He needs to stop catering to the GOP and start doing the right thing for America IMO.

[Name removed]

23. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[RedCloud]

24. This on a day where they are bragging about O "caving in"

[Tiggeroshii]

27. HOLY SHIT HIS BALLS ARE SHOWING!

he better put them away before anybody can see!

[Avalux]

28. Great News! K&R. n/t

[mimitabby]

30. fantastic!! this i wanted to hear

[Mr Deltoid]

31. But, but, I thought only congress could pass stuff Sparky!

About time he grew a pair, yay.

[The Backlash Cometh]

32. Dang! I'm behind him 100%

[CarrieLynne]

33. Gobama!

thats the kinda shit I wanna see dammit! lol

[RandomKoolzip]

34. More please.

[A Simple Game]

35. This would have been perfect if he had done it on the original night scheduled.

He would have looked strong by telling the Republicans in congress he was going to do it on Wednesday and sticking to it.

He is going to give a speech on bypassing an obstructionist Congress after the Republican House told him he couldn't give it on the night he wanted to. Just makes him look weak.

If he had told the Republicans he was doing it on Wednesday and they grudgingly showed up, he would look strong, maybe even Presidential. If they didn't show up they would look stupid and petty. It would have also reinforced everything he said in his speech.

He couldn't lose by sticking to the original night.

Content of the speech is at least a step in the right direction.

[Shining Jack]

37. +1

[Akoto]

38. Strength is a non-factor. He had no choice as to the night.

The President can request to speak before a joint session, but only Congress has the right to say yes or no. If they say no, then they say no. I think him storming Congress might have done more harm than good, especially if we are to say that our presidents respect the rule of law more than Obama's predecessor did.

[A Simple Game]

41. I don't know for sure so I will assume you are right. Then he should

have negotiated the date behind the scenes instead of announcing a date and looking weak when it was shot down.

[Uncle Joe]

36. Kicked and recommended.

Thanks for the thread, kpete.

[nolabear]

39. K&R for getting things done without participating in the hysterics.

ANY of the hysterics.

[JDPriestly]

46. Most of the permitting problems are at the state and local levels.

What is Obama going to do about that?

No, here in L.A. we do not want an extension of the 710 freeway running through areas of town where historical buildings are located. We also do not want a tunnel running under the ground for miles in this earthquake prone area. We just do not want another freeway in the middle of a big metropolis.

Again, if we changed our trade agreements to encourage the building of industry and manufacturing here, construction jobs would not be the only alternative for working people.

Obama is way off mark on this.

I cannot believe this.

There is only one solution -- higher taxes, especially inheritance taxes, on the rich.

[Odin2005]

43. Wow, is Obama finally growing a spine?

[JDPriestly]

44. That is sort of like borrowing money from the banks.

Eventually you have to pay the money back.

This is the worst idea yet.

Why should we sell stuff to them. Why not tax them and use the money to build the roads?

This is the biggest double-cross by Obama yet.

Horrors!

This is what Schwarzenegger wanted to do in California. He started by borrowing instead of taxing. Look where it got us. Second highest unemployment rate.

Higher taxes for the rich are the only answer.

[StarsInHerHair]

49. bad idea, this "bank" is on dlc website, or it was

go with what works, what FDR did-that works. 6 back-to-back years of stimulus spending is what it took to get the U.S. out of Depression. It applies today too