Economic Justice

I see an America where the economy works for everyone because everyone is working. I see a new horizon in this country where there is no such thing as an acceptable level of unemployment. Nearly 9,000,000 Americans are unemployed. Millions more are not being included in the official count. Average wages are falling. People are taking pay cuts to keep their jobs. The unemployed and the employed alike are experiencing a falling standard of living. The middle class aspirations of many are being dashed.

Where the private sector fails to provide jobs, the public sector has a moral responsibility to do so. People want work, not welfare. And while there ought to be welfare for those unable to work, there ought to be work for those who are able to work and who want to work. And there is enough work to do.

I see a newly rebuilt America. I see a new horizon where America provides a means to have massive public works to rebuild our cities, our water systems, our public transportation systems, our schools, our parks, our public energy systems. Nearly $150 billion is needed over 20 years to repair and provide for adequate wastewater treatment systems. Another $120 billion is needed for drinking water systems. We need a new financial mechanism to get money to cities and states to begin rebuilding and to put America back to work.

The federal government can give cities and states loans for infrastructure programs to be repaid over a period of 30 years, at zero interest. This will boost economies and spur private investment. A Federal Bank for Infrastructure Maintenance would administer a program of lending $50 billion per year to state and local governments. The money comes from an innovative adaptation of the normal money supply circulation activity of the Federal Reserve Bank. The cost to the American taxpayer is simply the cost of the interest on the loans.

It is up to the Democratic Party to be the advocates for economic progress for all the people.