Michael Ettlinger from the Center for American Progress explains why the US economy needs a stimulus bill passed that leads with public investments.
1) WE ARE LOSING 15,000 JOBS A DAY.
2) THIS BILL IS ABOUT JOBS:
IT SAVES JOBS,
HELPS PEOPLE WHO LOST THEIR JOBS,
and LAYS THE FOUNDATION FOR FUTURE JOBS.
3) CONSERVATIVES ARE PUSHING THE SAME, OLD FAILED BUSH POLICIES THAT GOT US HERE IN THE FIRST PLACE – tax cuts that benefit big corporations and CEO’S at the expense of the middle class.
1) SAVES AND CREATES 3-4 MILLIONS JOBS: The recovery bill will save jobs that are currently on the chopping block and create jobs by making targeted investments and boosting economic activity.
Relief for state and local governments will help them avoid making the layoffs of police, firefighters and teachers, more spending cuts, and tax increases that will worsen the downturn.
Stemming the downturn will protect private sector jobs that are on the verge of being cut.
The recovery bill will make targeted investments that will create millions of jobs. For example, the recovery bill’s…
Investments in energy will create 459,000 jobs.
Investments in infrastructure will create 377,000 jobs.
Investments in education will create 250,000 jobs.
Leading economists like Mark Zandi have concluded that targeted spending is the most efficient way to create jobs in a recession
2) HELPS PEOPLE WHO LOST THEIR JOBS: The recovery bill will help people who lost their jobs with middle-class tax cuts and investments in programs that will put money in the hands of people who will spend it and protect the most vulnerable.
The “make work pay” tax cut will give $1,000 to 95 percent of families.
Expanding unemployment benefits, food stamps, and health coverage will lend a helping hand to out-of-work families. And investing in these kinds of programs is also one of the most effective ways to spur economic growth and create jobs.
3) FUTURE JOBS: The recovery bill will lay the foundation for future jobs by modernizing our economy and infrastructure for the 21st century.
The recovery bill will…
Modernize our schools by renovating and modernizing 10,000 schools attended by 5 million students, and making college more affordable for 7 million students.
Modernize our energy grid by powering 6 million homes with renewable energy, and weatherize 2 million homes and 75 percent of federal buildings.
Modernize our health care system by computerizing every Americans’ health records within five years.
Modernize our infrastructure by repairing thousands of miles of roads and bridges, enhancing the security of 90 ports, funding 1,300 new wastewater projects and 380 new drinking water projects and constructing 1,000 rural water and sewer systems.
4) CONSERVATIVES ARE PUSHING FAILED, BUSH POLICIES: Conservatives are standing in the way of jobs by pushing the same old, failed policies that got us here in the first place: tax cuts that benefit big corporations and the very wealthy at the expense of the middle class.
Bush’s tax cuts totally failed to create jobs – they only created one job for every $871,000 spent.
But conservatives like Eric Cantor, John McCain and Jim DeMint are still pushing for more of Bush’s failed economic policies.
Bush-style tax cuts contributed to this crisis – they’re not going to get us out.
MYTH v. REALITY
MYTH: House GOPers’ all-tax-cut plan would create 6 million jobs at half the cost.
REALITY: The “6 million jobs” figure claims to be based on the work of White House economic advisor Christina Romer – but she says it distorts her research. Even Republican economists like Mark Zandi and Martin Feldstein believe that spending is the most effective way to create jobs.
MYTH: The spending is too slow to create jobs.
REALITY: According to the CBO, roughly two-thirds to three-quarters will be spent over the next 18 months
MYTH: The recovery bill includes $80 billion in tax cuts for people who don’t pay taxes
REALITY: This $80 billion expands the EITC, which goes to people who don’t pay income taxes but do pay thousands of dollars in payroll taxes. These people are also the most likely to spend the money and boost the economy.
MYTH: The recovery bill cuts taxes for illegal immigrants.
REALITY: To receive a tax cut, you must be a U.S. citizen and have a Social Security Number. These are the same requirements President Bush signed for last year’s rebates
MYTH: The recovery bill is wasteful.
REALITY: Even some of the weirder-sounding programs create jobs – for instance, the programs the Wall Street Journal recently held up as frivolous actually create 100 jobs at a cost that is ten times more efficient than the Bush tax cuts. And about a third of the spending identified as “waste” by House Minority Leader Eric Cantor goes to greening federal buildings green – which will pay for itself over the next few years.
MYTH: The recovery bill will permanently expand government
REALITY: The vast majority of spending in the bill will be temporary – one-time costs of building infrastructure or temporary help for families through tax cuts or unemployment insurance.
MYTH: There should be more spending in the recovery bill on historic accomplishments.
REALITY: The recovery bill is a landmark reinvestment in America – making a historic commitment to health care, clean energy, education, and infrastructure.