Rep. Conyers: Infrastructure and Jobs Deficits 'Demand Immediate Attention'

Monday, 04 Aug 2014 10:44 AM

By Dan Weil

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
While much focus has centered on the fact that the budget deficit has shrunk to 3 percent of GDP from almost 10 percent in 2009, problems remain, says Rep. John Conyers, D-Mich.

"There are, in fact, deficits that demand America's immediate attention: consider our infrastructure deficit and our jobs deficit," he writes in an article for The Huffington Post.

As for infrastructure, the American Society of Civil Engineers calculates that we need to invest $2.7 trillion in roads, bridges, water and sewage systems, electrical grids and ports by 2020, Conyers notes.

Editor’s Note:
Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now


"But there's only an estimated $1.6 trillion in public and private financing projected to be available over that period."

Meanwhile, the jobs gap, "America's most serious deficit," totals more than 6.8 million, Conyers says. The Brookings Institution estimates it will take that many jobs just to bring us back to pre-recession employment levels when accounting for new entrants into the labor force.

"Even according to optimistic projections, it would take us until 2018 to close this gap," Conyers writes.

"It's time for Congress to get serious about infrastructure and jobs — the deficits that really matter to the American people."

Economist Laurence Kotlikoff of Boston University is worried about the overall budget deficit.

Based on the Congressional Budget Office's projection of what will happen without major policy changes, Kotlikoff calculates that the "fiscal gap," a measurement of government debt, totaled $210 trillion last year.

That put the true budget deficit at $5 trillion, compared with the official total of $680 billion, he writes in The New York Times.

"The fiscal gap — the difference between our government's projected financial obligations and the present value of all projected future tax and other receipts — is, effectively, our nation's credit card bill," Kotlikoff writes.

Editor’s Note: Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

Related Stories:

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

John Kasich 2016: 7 Key Political Positions of GOP Presidential Hopeful

Friday, 19 Dec 2014 22:22 PM

John Kasich has been involved in the national scene since the 1980s as a U.S. congressman and popular governor from Ohio . . .

Stocks Rise in Best Week Since October as Energy Industry Gains

Friday, 19 Dec 2014 16:56 PM

Oil and gas companies led the stock market up Friday, helping the Standard Poor's 500 index notch its second-best week . . .

Fed's Williams Sees June as Time to Start Considering Higher Rates

Friday, 19 Dec 2014 15:10 PM

Federal Reserve Bank of San Francisco President John Williams said next June will be the right time to consider when to  . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved