Kucinich: Economic Stimulus Package Needs To Focus On States And Localities That Need Help The Most

Dandelion Salad

by Dennis Kucinich

Washington, Jan 17 – Congressman Dennis Kucinich (D-OH) released the following statement concerning the economic stimulus package being proposed to jumpstart the economy:

“We have to provide relief to American families. It is this Congress’ responsibility to offer support for middle class families and strengthen our economy,” Kucinich said.

“The subprime lending-induced housing market collapse coupled with the slowdown in the economy will mean big losses in property tax and sales tax revenue. Infrastructure is often the first cost to be abandoned.

“When considering an economic package that will help us avoid a recession, Congress should consider taking up the Kucinich/LaTourette Infrastructure Bill.”

On August 3, 2007, Kucinich and Congressman Steve LaTourette (R-OH), introduced a bipartisan infrastructure bill to improve critical infrastructure in Ohio and nationwide.

The bill would create the Federal Bank for Infrastructure Modernization (FBIM). The bank, as an extension of the Federal Financing bank under the Treasury Department, would establish zero interest mortgage loans for states and local governments to use to fund specific projects. The loans would bear a small fee of one-quarter of one percent of the loan principle to cover the administrative costs of the FBIM. The bill would not require Congress to appropriate any funds and would effectively double the amount of financing that is available to states and localities for infrastructure investment.

“This bill is not just an infrastructure improvements bill but a jobs bill as well,” stated Kucinich. “The Cleveland-area, and big and small cities across the country need this common-sense bill.”

“Our infrastructure needs are many and dollars are scarce,” LaTourette said. “This bill will help communities do big-ticket projects for wastewater and water plants, roads and bridges.”

“It is vital that this economic stimulus package help aging infrastructure and focus on the states and localities hardest hit,” Kucinich concluded.

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8 thoughts on “Kucinich: Economic Stimulus Package Needs To Focus On States And Localities That Need Help The Most

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  3. U.S. Economic Program – Emergency & Long-Term Correction

    The underlying problem with the economy is an extreme maldistribution of income between the working class and the capital owners. When a CEO can make 300 million dollars while an average worker’s wages haven’t even kept pace with inflation what results is a dysfunctional market economy starved for consumption spending. The average American has had to fuel his/her spending with debt obtained by borrowing on the equity within their home – that phantom equity has now evaporated.

    John Maynard Keynes –
    • If fiscal policy is used as a deliberate instrument for the more equal distribution of incomes its effects in increasing the propensity to consume is, of course, all the greater.
    • Aggregate consumption depends mainly on the amount of aggregate income.
    • Consumption – to repeat the obvious is the sole end and object of all economic activity.
    • We cannot, as a community, provide for future consumption by financial expediants [stocks, bonds, 2nd mortgages on home loans, etc] but only by current output.
    • Capital is not a self-subsistent entity existing apart from consumption.
    • Consumption is directly tied to the level of employment.

    Proposed Program
    • 2 year 800 billion emergency Infrastructure Investment Jobs Creation Program (IIJCP) aimed at building new interstate highways, mass transit systems, schools, bridges, public hospitals, libraries, and assorted public buildings.
    • Eliminate labor arbitrage by canceling all Temporary Worker Visa programs (L-1, H1-B, etc.), and establish tax penalties for firms that expand their workforce above some threshold through outsourcing, or replacement hiring in foreign locations.
    • Taxation of corporate profits in the amount of 95% for firms that exceed a threshold level of jobs outsourced to a foreign country.
    • Taxation at the rate of 80% on individual yearly income received from any corporation, not-for-profit organization, or any form of legal entity where the total income exceeds the U.S. average yearly median individual income by 200%.
    • Fair trade agreements that ensure nations will offer decent wages, humane working conditions, and sound environmental policies.
    • A nationalized health care system for all U.S. citizens.
    • An effective federally funded tuition assistance program for U.S. citizens targeted at professions in demand.
    • Repeal all legislation that inhibits the right’s of individuals to organize under labor unions regardless of position or any other currently disqualifying classification.

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  5. The underlying problem with the economy is an extreme maldistribution of income between the working class and the capital owners. When a CEO can make 300 million dollars while an average worker’s wages haven’t even kept pace with inflation what results is a dysfunctional market economy starved for consumption spending. The average American has had to fuel his/her spending with debt obtained by borrowing on the equity within their home – that phantom equity has now evaporated.

    In order to correct this out of balance condition there needs to be laws in place (similar to the anti-Trust legislation) that caps the annual income of all capital owners and their surrogates (CEOs, CFOs, etc.) at a specific federal percentage above that of the highest paid worker within their respective firm. Also, we need to eliminate labor arbitrage by canceling all Temporary Worker Visa programs (L-1, H1-B, etc.), and establish tax penalties for firms that expand their workforce above some threshold through outsourcing, or replacement hiring in foreign locations.

    Essentially, FDR was accurate when he characterized the Great Depression as an out-of-balance Economic malady. Rural income prior to the Great Depression was significantly lower than urban income, now (overvalued home equity) as then there was unlimited amounts of overvalued phantom equity flowing into the stock market, the income differential between labor and capital while nowhere near the current astronomical level was still much higher than sustainable. There in lies the root cause of the out-of-balance condition that precipitated the Great Depression. Any system including the market economy that gets to far out balance does not function properly. Certain constraints need to exist to keep the market economy from slipping into a dysfunctional state. Balance is the essence of stability nothing short of this will guarantee permanence.

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