700 billion dollars

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by Eleanor Arnason • 10/22/08 • A billion dollars spent on infrastructure creates 47,000 jobs, according to Senator Bernie Sanders of Vermont. If the $700 billion we just appropriated for Wall Street could be spent on bridges, highways, sewer lines, housing for homeless people, new schools and so on, it would create 32.9 million new jobs. At present, 154.7 million Americans are working. That is a lot of extra jobs.

Think of all the construction workers and teachers and child care workers and engineers we could hire with 700 billion dollars. Think of the country we could build.

And now this from The Guardian on October 18:

Financial workers at Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year – despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government’s cash has been poured in on the condition that excessive executive pay would be curbed.

I think I will say no more.

Senator Bernie Sanders of Vermont:

We should make a major financial commitment to improving our roads and bridges. We must develop energy-efficient rail lines for both freight and high-speed passenger service and promote public transportation. We need to bring our water and sewer systems into the 21st century. In terms of job creation, every billion dollars invested in the physical infrastructure creates 47,000 new jobs.

We should make a major financial commitment to energy efficiency and sustainable energy. With a major investment, we could stop importing foreign oil in 10 years, produce all of our electricity from sustainable energy within a decade, and substantially cut greenhouse gas emissions. We can make the United States the world leader in the construction of solar, wind, bio-fuel and geothermal facilities for energy production, as well as creating a significant number of jobs by making our homes, offices, schools and factories far more energy efficient.

We should make a major financial commitment to education. We must end the disgrace of millions of children under five attending totally inadequate child-care facilities while millions of other families are unable to afford a college education. We must invest in new classrooms, new computers, energy-efficient heating and cooling systems. That would not only create jobs, but relieve some of the burden on the regressive property tax.

In these harsh economic times we should extend unemployment benefits from 26 weeks to 39 weeks, so that more than 1 million Americans do not run out of their benefits by the end of this year. We should increase eligibility for food stamps and other nutrition programs to assist the hard-pressed middle class as well as the poor. We should substantially increase funding for the highly-effective community health center program so that, at a minimum, all Americans have access to affordable primary health care, dental care, and low-cost prescription drugs.

Finally, with cities and states facing deep deficits and cutting basic services, we must make a major, immediate financial commitment to states and municipalities. Their crisis will only grow worse as homes are foreclosed, as income and capital gains decline, as fees on sales of homes and motor vehicles diminish. For too long, unfunded federal mandates have drained the budgets of states and communities. The strength and vitality of America’s communities must be restored.