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The State of the Union Bush Forgot to Talk About
By Bernie Sanders, Posted by Bernie Sanders (about the submitter) Page 3 of 4 page(s)
2) We must strengthen the middle class; and
3) We must put Americans back to work at good paying jobs rebuilding our crumbling infrastructure: our roads, bridges, schools, homes, health centers, sewers, and other important needs.
If we fail to pass an economic stimulus package that does not accomplish all three of these goals, we will have missed out on an important opportunity to strengthen our economy.
Here is what I believe we should do.
First, I would increase the economic stimulus package from $150 billion to $175 billion.
The next thing we should do is to reduce the business tax breaks on equipment purchases by 50 percent or roughly $25 billion. These tax breaks are referred to as bonus depreciation. It has been argued that businesses need these tax breaks to buy more equipment, but the experts tell us that businesses will be buying this equipment regardless of whether these tax breaks are signed into law or not. According to Mark Zandi with Moody's, for every $1 the government provides for bonus depreciation, it would only add 27 cents to GDP. In other words, it would provide very little stimulus.
If we did these two things: increase the overall economic stimulus package by $25 billion; and cut the bonus depreciation tax break by 50 percent, that would leave us with about $50 billion.
What could we do with this $50 billion? We could complete the picture. We could put Americans to work at decent paying jobs; we could help those most in need; and we could strengthen the middle class. Those are the three pillars I believe should be included in any economic stimulus package.
Specifically, I believe we should provide $5 billion for an expansion of the Food Stamp program. The Congressional Budget Office and other experts have indicated that such an increase would be one of the most effective ways to stimulate the economy. For every $1.00 invested in the Food Stamp Program, we would add $1.73 to GDP. More importantly, these benefits would go to the Americans who have been hit the hardest in our economy.
What else could we do?
We could provide $3.62 billion in home heating assistance for senior citizens on fixed incomes, low-income families with children and persons with disabilities through the Low Income Home Energy Assistance Program (LIHEAP). The price of energy is skyrocketing. People in my State of Vermont and all over this country are paying record prices to heat their homes this winter. In the richest country on the face of the earth, we must ensure that no-one goes cold this winter.
Including Food Stamps, LIHEAP and unemployment benefits in the economic stimulus package is not only the right thing to do in terms of stimulating the economy, it is the moral thing to do. We cannot turn a blind eye to those most in need.
In addition, with unemployment rising and our infrastructure crumbling, we could address both of these concerns by providing $16 billion to repair our schools, bridges, roads, sewers, rails, ports and airports. We could also put people to work weatherizing nearly 100,000 homes; expand our health delivery system by increasing funding for Community Health Centers, and help veterans with disabilities retrofit their cars and refurbish their homes.
States, localities, economists and other experts have identified thousands of projects throughout the country that could not only use this money, but spend it quickly.
Last year, about 200,000 construction workers lost their jobs. We could and should put many of these Americans back to work through this economic stimulus package.
The views expressed in this article are the sole responsibility of the author
and do not necessarily reflect those of this website or its editors.
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