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Some Thoughts On “Review & Outlook: The Latest Jobs Plan”
February 22nd, 2012 by admin
Govt. infrastructure spending to get us out of recession is a farce. First of all, it is very capital-intensive so that the bang for the buck is small. Second, it takes months to get going: bids have to be evaluated, contracts let, etc. The only infrastructure projects that are ready to go are oil and gas drilling and the pipeline from Canada. All of which this administration is holding up. (If there ever was a free lunch it is increased oil & gas drilling: lower balance of payments, lower energy prices, increased employment law advice, increased tax revenue.) The attack on banks for selling to those naive buyers, Fannie & Freddie, will reduce employment in the banking industry as they become even more stringent in their mortgage underwriting. Finally, making a speech, no matter how eloquent, is not equivalent to getting on with the job of governing.