Perrbo commented on the blog post Fill Up That Infrastructure Bank with Untaxed Money
Oh brother. Guys, face up to reality. The infrastructure bank is a good idea. It’s backed by the AFLCIO and the US Chamber of Commerce, two entities that are never aligned.
The idea behind the IB is to rebuild our infrastructure (a critical need) and to put people to work – another critical need, or have you not been paying attention?? The IB is modeled after FDR’s public work projects.
Money for the IB will be funded by private banks, but collateralized by the Feds. For doing so, tax payers earn money, not spend it. Tax payers made money with the recent auto industry bail-out – a great example of the power of public / private partnerships. And this is a great way for banks to stop hoarding cash and finally lend it. Another critical need. Get it?
More info here from a recent NY Times article
“A recent survey by the Rockefeller Foundation found that Americans overwhelmingly supported greater private investment in infrastructure. Even so, there is understandable skepticism about public-private partnerships; Wall Street has not re-earned the trust of citizens who saw hard-earned dollars vacuumed out of their retirement accounts and homes. An infrastructure bank would not endanger taxpayer money, because under the Federal Credit Reform Act of 1990, passed after the savings and loan scandal, it would have to meet accounting and reporting requirements and limit government liability. The proposed authority would not and could not become a Fannie Mae or Freddie Mac. It would be owned by and operated for America, not shareholders. ”
So instead of blind, uninformed criticism, do your research. We need good ideas, not head in the sand, ignorant pot shots from the sidelines from blogs that add negative social value by spewing non-sense and lazily making money off ad impressions. It’s the other side of Fox News.
As for the rich making more money: yeah that sucks. We desperately need tax reform to cut off the overseas tax shelters. But in the meantime, we should repatriate that money instead allowing it to disappear into international coffers.
So: be a good citizen. Help this country get moving again. Connect with your Congressional leader or Senator and support the IB.
Full disclosure: I’m not a political wonk, a government employee, part of any presidential or re-election campaign. Just a concerned citizen that wants to cut through the non-sense and, like you, see our country get back on it’s feet. Thank you -
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