Warm Southern Breeze

"… there is no such thing as nothing."

Report: U.S. to LOSE $4 TRILLION GDP, 2.5 MILLION Jobs in 5 Years

Posted by Warm Southern Breeze on Monday, May 11, 2020

“Over time, these impacts will also affect businesses’ ability to provide well-paying jobs, further reducing incomes. If this investment gap is not addressed throughout the nation’s infrastructure sectors by 2025, the economy is expected to lose almost $4 trillion in GDP, resulting in a loss of 2.5 million jobs in 2025.

“Moreover, workers who are employed will earn lower wages, and in the long term, many higher paying jobs in technology and other leading sectors will be replaced by jobs that fulfill needs brought on by the inefficiencies of deteriorating infrastructure.”

There you have it!

Why focus upon repairing, rebuilding, replacing, and expanding America’s deteriorated economic infrastructure?

Because not only will YOU lose money and unemployment will increase, but American Gross Domestic Product will seriously decline, and that means reduced profitability for businesses of all types and all sizes – from Mom & Pop small and minority-owned businesses, to corporate giants, as well.

That finding is from the American Society of Civil Engineers (ASCE), and their report “Failure to Act: Closing the Infrastructure Investment Gap for America’s Economic Future,” which was published in May 2016, as the final update from four previous reports in the Failure to Act series published in 2011 and 2012. In those reports, the ASCE examined 10 infrastructure sectors critical to American economic prosperity.

Those reports were followed by a fifth, comprehensive final report entitled “Failure to Act: The Impact of Infrastructure Investment on America’s Economic Future,” which focused upon the total economic loss which would occur because of America’s failure to act in more than one sector.

The purpose of the report was to provide a total overall analysis of the economic implications of continuing to fail to invest in multiple infrastructure categories.

Even the Central Intelligence Agency sees America’s problems for what they are. It’s as plain as the nose on one’s face. And it’s NOT a partisan, Republican versus Democrat type of issue. It’s a matter of NATIONAL SECURITY.

Even America’s spy agency, the Central Intelligence Agency (CIA), sees the problem clearly, and has recognized not only it, but the increasing inequities of income distribution, as well.

“Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure…

“…the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.”

Now that we’ve identified the problem, let’s consider a workable solution.

Nothing is free in this nation, nor anywhere else, for that matter. And EVERY government runs on taxes, and has done so at least since the time of the Roman empire. And face it… if the Romans built aqueducts and roads that have lasted for at least 2000 years, we can too – and should.

Simply put, income tax rates WILL need to be raised, and the brackets expanded, upon the wealthy, and well-to-do, the “billionaire class” and their corporations. No longer should Jeff Bezos and Amazon not pay a single penny of income taxes. No longer should Congress enact legislation which reduces taxes upon the wealthiest Americans, and their heirs and heiresses. No longer should Wall Street speculators and hedge fund managers get off scot-free by making killings upon the backs of hard-working American families and employees. No longer should the jet-setting, yacht-owning wealthy and their corporations pay the same rate as Average Americans. During the two-term Republican Eisenhower administration, tax rates upon the wealthiest were 90%+, and upon corporations it was very nearly 50%. And our nation grew like gangbusters!

Congress should then spend that money by:

• Repairing and expanding EVERY single solitary road in America, and should make some where none exist, and are needed;

• Repairing and expanding EVERY airport in America, including small-town airports

• Create a coast-to-coast high-speed (300+mph) mag-lev monorail train network system (like Germany, Great Britain, Brazil, Japan, and China) which would replace Amtrak, and be used in lieu of, or in addition to air travel, for passenger and freight transportation.

• Envision and build a flood prevention and water management system along our coastal areas, and major rivers (Mississippi, Missouri, Ohio, Tennessee, Hudson, Colorado, Rio Grande, Columbia, etc.) much like the system the Netherlands uses (Delta Werks), which has prevented catastrophic flooding in that nation since the North Sea Storm in the winter night of January 31, into February 1, 1953 which devastated that nation.

• Corollary to hydrological disaster management, in order to minimize loss of life and property, update and strengthen building codes, especially for private residential construction, to withstand extreme winds, to include sprinkler systems and fire protection

• Establish fiber optic network connectivity initiatives for the “last mile,” rural and underserved areas through local, and state not-for-profit public electricity providers, including electrical cooperatives, and TVA, and expand, improve and upgrade cellular telecommunications to 5G networks nationwide

• Double down on education by building schools in all 50 states, hiring more board-certified teachers, doubling teachers’ salaries, and providing all resources in full which they need to perform their work, especially in rural, underserved, and, impoverished areas

• Provide incentives for the re-establishment of family farms, including on-site alternative energy production through methane capture and conversion from CAFOs and farms, including wind and solar production

• Reinvigorate America’s rural areas by incentivizing home construction, business creation and relocation, school, and healthcare provision

• Establish a National Public Service Corps similarly to the Civilian Conservation Corps which would hire youth up to age 30, be paid in a manner similar to Military Service Members, including provision of healthcare for the member and family, housing, clothing allowances, and education benefits, and permanently tax-free completion and/or signing bonuses. The youth would be employed by public and private sector employers, with a primary focus upon public works projects.

Every single solitary cent which would be spent on every public service project would naturally be plowed right back into the private sector via competitive bidding and wages, thereby significantly invigorating it.

And, it should go without saying, that expansion of Public Health, reducing Medicare eligibility age to 50, increasing the Minimum Wage to $20/hour, would be part and parcel of those changes, including a 30-hour workweek, change Workman’s Compensation Laws to be Federalized and uniform throughout the 50 states, and increase the age from 16 to 18 the number of hours employees aged 16 and older may work in any workweek.

It’s beginning to look like a 21st Century Agenda.

And you know the saying:

“If you always do what you’ve always done,
you always get what you’ve always gotten.”

– Jessie Potter, PhD (1922-1994),
Founder/Director, National Institute for Human Relationships, Oak Lawn, Illinois; faculty member University of Illinois Medical School, Northwestern University Medical School, as featured speaker at the Friday opening of the seventh annual Woman to Woman conference, as published in “The Milwaukee Sentinel” of Milwaukee, Wisconsin, 24 October 1981, in “Search For Quality Called Key To Life” by Tom Ahern, Quote Page 5, Column 5, Milwaukee, Wisconsin. (Google News Archive)

2012, The Dictionary of Modern Proverbs, Compiled by Charles Clay Doyle, Wolfgang Mieder, and Fred R. Shapiro, Quote Page 57, Yale University Press, New Haven. (Verified on paper)

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