Tag Archives: infrastructure banks

President Obama’s job speech reacted to by Heritage Foundation scholars (Part 2)

I love going to the Heritage Foundation website because of articles like this:

Heritage’s experts watched President Barack Obama’s jobs speech delivered to a joint session of Congress. Here are some of their immediate reactions:

Obama’s False Choice – and Missed Opportunity – on Regulations

The President tonight missed an opportunity to constructively address one of the major problems facing the economy: regulation.

After acknowledging that “there are some rules and regulations that put an unnecessary burden on businesses, and claiming credit for the small steps taken so far toward reform, he then slipped into a rhetorical — and rather cartoonish — description of the issue.

“What we can’t do,” he said, “is let this economic crisis be used as an excuse to wipe out the basic protections that Americans have counted on for decades.  I reject the idea that we need to ask people to choose between their jobs and their safety.”

But no one is suggesting that any basic protections be erased — instead the pressing need now is to stop the tidal wave of regulation — costing almost $40 billion dollars — that has swamped Americans and the economy since the president was elected.

From lightbulbs to the Internet, from guitars to health care, Washington has imposed new rules. It is time to stem this flow. This need not be a partisan issue – both sides agree the current rulebooks are too fat. But demagoguery and rhetoric will get us no closer to a solution.

– James Gattuso

The Futility of Infrastructure Banks

Building and repairing roads and bridges neither creates net job growth nor boosts the economy in the near term.

First, increasing government spending on these projects simply moves resources from one place to another — it may employ construction workers, but only by reducing jobs in other sectors. Further, the money never gets out the door soon enough to promote near-term job growth: “shovel-ready” projects are not nearly so shovel ready as they may seem, as the President himself recently acknowledged.

Further, the infrastructure bank the President proposes would require a whole new bureaucracy that would only increase the central government control over transportation — which would be consistent with the President’s government takeover of health care, student loans, financial markets, and other sectors.?

– Patrick Knudsen