Skip to comments.Infrastructure (bank) in the Fast Lane
Posted on 09/03/2011 2:44:47 PM PDT by reaganaut1
The fix is nearly in. There's a ballooning consensus in the nation's capital that America must begin serious spending on infrastructure. There's no need to draw on our maxed-out national credit card to pay for it all, proponents argue. User fees and the creation of an infrastructure bank to leverage private investment will provide an estimated $1 trillion in required upgrades.
Led by the Obama White House, the push for infrastructure spending has produced unlikely bedfellows. The U.S. Chamber of Commerce and AFL-CIO -- intractable foes on most other issues -- are one such pair. Tom Donohue, president and CEO of the Chamber, is agitating for fully funded highway, aviation and water-system bills, as well as an adequately capitalized infrastructure bank.
"We need action now not after the next election," says Donahue. He estimates that 25 million Americans are either unemployed, underemployed or in such deep despair that they've stopped seeking work. Infrastructure spending over the next six years would create 1.5 million to 2.0 million jobs, he estimates.
An infrastructure bank would sell construction bonds to pensions, endowments, hedge funds and other holders of big pools of cash. Taxpayers would capitalize the bank -- one early proposal called for an infusion of $10 billion. But the institution would attract private investment many times this.
"An estimated $250 billion is sitting around in private global investment funds that would like to invest in our infrastructure because they have a sure way of being paid," says Donahue.
"We're pretty much in agreement [with Donohue] that an infrastructure bank is a good thing, if properly funded," says Richard Trumka, president of the AFL-CIO.
(Excerpt) Read more at online.barrons.com ...
Gee I wonder what could go wrong with this idea? (sarcasm off)
This is intended to be a slush fund to finance projects that benefit Democratic Union workers, who will turn those “living wage salaries” into campaign donations, while saving Politicians in both parties the embarrassment of defending horribly expensive and wasteful Gubment projects through the normal budgetary process.
What could go wrong? We can always use another slush fund to pay of Zero’s allies.
What could go wrong? We can always use another slush fund to pay off Zero’s allies.
By any other name that would be toll booths and ‘user fees’. And of course extending and raising the federal gas tax.
Looks like Palin will have to round up the Chamber of Commerce too. That’s okay, their whole existence at the national level is about corporate crony capitalism.
Didn’t we spend $800 billion two years ago on “shovel ready” infrastructure jobs? Wasn’t that a colossal failure?
The GOP will sell us out again.
Yeah, an “independent” agency with a blank taxpayer credit card...... what is the wort that can happen?
Biggest political slush fund ever.
Union tools will be rejoicing at this...gotta wonder what the CoC sees in it????
Didnt we spend $800 billion two years ago on shovel ready infrastructure jobs? Wasnt that a colossal failure?
Agreed! If this is such a great idea, then why didn’t they use some of the 800 billion for it? It seems like every 2 years (elections) this administration comes up with expensive projects and gets lots of campaign contributions for scratching the backs of unions.
Somebody please get Trumka and his goons some bibs. They are all drooling uncontrollably. Again.
Infrastructure Bank , more like a “Pork Barrel Bank”
So the money will go to Unions then back to the dems! ‘Cause if Trumka is for it!???
“In 2008, organized labors get-out-the-vote efforts were critical to Obamas election. And as the presidents reelection campaign begins its push to increase participation among the Democratic base, labor could play a big role.
But after a string of high-profile disappointments, including the presidents failure to push through bills overhauling immigration laws and making it easier to organize unions, Trumka said he has repeatedly warned Obama that union members may be less than energized about his reelection.”
This article was from August 25th. Afew days later he announce the ifrastructure bank with Trumka at his side. I wonder who REALLY came up with this idea?
I just don’t see how something like this can be set up without the approval of Congress. This is really beyond the pale - Obama needs to be stopped, big time.
-——a slush fund to finance projects-——
or campaigns..... remember
The Democrat party is a criminal enterprise
It’s just a scheme to get around the debt ceiling LOL!
Heck, if another trillion for ‘infrastructure’- after just spending nearly a trillion- is such a winner sell it honestly... as more federal debt.
Yeah man: a vest and a ‘slow/stop’ pole for me and a bill for my progeny for a hundred years...