Gloria Ferris

one woman’s view from a place by the zoo in the city

a newer New Deal: rebuilding the infrastructure

with 2 comments

Again, from the New York TIMES, a commentary from Bob Herbert on the blindness a culture of panders for years to the wealthy–the investment bankers and venture capitalists and big businesses, those who provide the richest emoluments for our elected representatives–and then tries to mitigate the country’s losses by putting a band-aid on the problems of people who work and have no lobby. He concludes:

I’d start with a broad program to rebuild the American infrastructure. This would have the dual benefit of putting large numbers of people to work and answering a crying need. The infrastructure is in sorry shape. New Orleans comes to mind, and the tragic bridge collapse in Minneapolis.

The country that gave us the Marshall Plan to rebuild postwar Europe ought to be able, 60 years later, to reconstitute its own sagging infrastructure.

There are also untold numbers of jobs and myriad societal benefits to be reaped from a sustained, good-faith effort to achieve energy self-sufficiency. Think Manhattan Project.

The possibilities are limitless. We could create an entire generation of new jobs and build a bigger and fairer economy for the 21st century. If only we were serious.

Written by Gloria Ferris

January 20th, 2008 at 3:57 pm

2 Responses to 'a newer New Deal: rebuilding the infrastructure'

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  1. It is the investment bankers and venture capitalists that provide capital to start up businesses. It is the start up businesses that create jobs. It is also the start up businesses that act as a check against the big corporations anytime the big corporations are not fulfilling the customer needs.

    Silicon Valley was built on venture capitalism. I believe its accomplishments speak for themselves. Many new companies that will do incredible things that I can’t even imagine right now will be started funded by venture capitalist money. If you begin regulating investments you will end up with no start up, no innovation and no new jobs.

    As for your talk about improving our infrastructure, let me first ask you to name another country with 300 million people sprawled out over 3,800 square miles that has a better infrastructure than the United States. Second, let me remind you that its not “evil capitalists” that are responsible for maintaining our nation’s infrastructure, but it is the realm of the government. Let me assure you that if a company owned that Minnesota bridge and pulled profits from tolls, it would not take a report about potential structural faults as lightly as they were taken by the Minnesota government.

    Finally, lets once and for all dispense with the myth of the great New Deal. The New Deal did NOTHING to end the Great Depression, in fact many economic PhD dissertations have argued that the New Deal extended the Great Depression. This so called recession that we are in now will be over in less then 12 months because of the strength and diversity of the US economy. People like you will still be bitching about it just like you have been for the past 5 years when the economy was growing. I know people who complain about this economy as they buy their 3rd big screen plasma TV for their home. Its a sad commentary on the human condition. Even if we achieve utopia, we will still be bitching, bitching and bitching some more. We will never appreciate what we have and what we have accomplished and will never realize that being born in the US was winning the lottery of life.


    7 Feb 08 at 11:50 AM

  2. The NEW DEAL Debunked

    Macroeconomic model builders have finally realized what Henry Hazlitt and John T. Flynn (among others) knew in the 1930s: FDR’s New Deal made the Great Depression longer and deeper. It is a myth that Franklin D. Roosevelt “got us out of the Depression” and “saved capitalism from itself,” as generations of Americans have been taught by the state’s education establishment.


    7 Feb 08 at 12:50 PM

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