OK I am beginning to feel somewhat Nostradamus like with the blog lately. This one goes under the heading national economy. We talked of an article that referenced the last recession and what the US did to get the country out of it in 1935. A huge transportation and infrastructure plan was roiled out that put millions to work and built highways, bridges, buildings and the like. Obama is seeking to repeat history somewhat here with this new proposal. With a clever idea to overhaul corporate and business taxes to pay for it, he is proposing $302 billion to repair and replace roads, bridges, tunnels and railroads. This is needed anyway, and of course it would create badly needed jobs. Both parties can’t even disagree on it, just how to fund it and whether or not it is enough money. There is such a thing as a Highway Fund, which does these things now, and it is almost broke. That could happen by the summer and if it does projects around the country will stop and as many as 700,000 jobs could be “undermined”. Some have argued that this will not be enough money, and that raising the gas tax will be necessary to solve this issue long term. Clearly there is a lot more negotiating to be done here but I think both parties understand that this is the road map that will solve this pressing problem. How and when it gets resolved remains to be seen, and you can be sure it won’t be quick or easy but it will get done. This could really help the long term unemployed, all the new construction jobs. I hope it can happen quickly, they only have until the summer so the clock is certainly ticking. This could be a rare moment of unity by politicians, look quickly before you miss it!
To Pay for Infrastructure Repairs, Obama Seeks Tax Changes
http://nyti.ms/1o7rtZL
http://www.nytimes.com/2014/02/27/us/politics/Obama-seeks-money-for-aging-infrastructure.html?_r=0
Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434
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