Obama argument for infrastructure now

by YankeeJim | October 12, 2010 at 06:55 am

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It is cheaper because 17% of the construction workforce is unemployed. Repair now will save later.

OK, but does not the money still come from Chinese loans? Answer that one. Maybe we should not care.

“Wonkbook: WH infrastructure report; Diamond's Nobel (and Shelby's response); admin opposes foreclosure moratorium mortgage

President Obama renewed his call for increased infrastructure spending yesterday, making the case both in public remarks and in a report (pdf) released by the Council of Economic Advisers. The report's argument, by this time, will be familiar to readers of Wonkbook: America needs trillions in infrastructure repairs and upgrades. Right now, construction sector unemployment is 17 percent, slack global demand means raw materials are cheap, federal borrowing costs are at their lowest point since the 1950s, and the economy desperately needs jobs. Given the choice between paying for infrastructure repairs today and paying for them tomorrow -- and that is our choice -- we will get more for our dollar, and do more for our economy, if we pay for them today.”