Sequester, fiscal cliff, tax reform, gun and voting rights, right to life; we are wearing ourselves out rearranging the deck chairs on the sinking Titanic.
America’s immediate and existential issue is physical economic growth. Other discussions are frivolous twitter.
Economic growth and expansion of jobs is only possible with the restoration of Glass -Steagall combined with government issued credit to build production increasing infrastructure.
Around 1970 America suspended investment in productive growth thinking we could live like slumlords, squeezing every dime from previous investments of prior generations. That may appear to work but real income decreases as the structures decay. Slum lords can pass their liability to the public through bankruptcy but our nation has no one to assume our liability. It’s our responsibility.
Economic infrastructure does not cost it pays.
The Erie Canal in 1828 reduced the cost of transportation between the Great Lakes by 90 percent raising wages, decreasing the cost of living and raising the standard of living. It increased land values and supported New York City’s rapid growth. It paid for itself in a few years and we are still benefiting.
The Suez Canal was rebuilt after our Civil War and is still moving a large percent of the world’s oil and other goods. We are still benefiting.
The Tennessee Valley Authority of our Great Depression is the same story. It allowed for rural development and the expanded industry that became necessary to defeat fascism in World War II. It also paid for itself in a few years and we are still benefiting.
Flaming Gorge was dedicated in 1962 by John Kennedy powering Salt Lake City and turning desert lands green. We are still benefiting.
The 1970 Aswan High Dam in Egypt was completed and returned its cost in three years with Egypt growing 100 percent of it own food needs. The increased power generation and irrigation allowing them to export some of their surplus production.
We have one such project still on the shelf since the Kennedy Administration; North American Water and Power Authority (NAWAPA). If the President would re-issue the plan with congressional concurrence we could soon restore our economy and expand the world’s wealth. This is not just something on a wish list. We must take the responsibility to increase our food and energy production or destroy our nation and starve our children; and the latter is murder.