Last July, I wrote two articles ( “National Infrastructure Bank…And The State Of Washington” and “Renewed Push for a National Infrastructure Bank”). Both articles described a proposal in Congress to create a $5 trillion National Infrastructure Bank (NIB) that would assist in financing the nation’s infrastructure needs (currently estimated at over $6.1 trillion) without involving the budget or adding to the national debt. (This less-than-7-minute video explains how that works.) Tens of millions of jobs would be created as vital infrastructure projects across the U.S. were put into motion. The financing picture we currently face was starkly brought home with the recent (March 26th) tragic bridge collapse in Baltimore. What would our conversation be now if Congress had already acted and approved the NIB?
The Biden administration's Infrastructure Improvement and Jobs Act of 2021--providing $1.2 trillion in transportation investments--was woefully insufficient to repair the nation's infrastructure. However, that the bill was passed at all, in the current political atmosphere, is remarkable. But more, much more money is needed to reconstruct and replace our aging infrastructure, or enhance what we have with new projects, whether they be affordable housing, water systems, high speed rail, power grids, transportation or high-speed broadband nationwide.
Rep Danny K. Davis of Illinois introduced the most current NIB bill (HR 4052) last summer. It now has 28 co-sponsors from 11 states. In Washington, Rep Adam Smith (D-WA-9) is sponsoring the legislation. Support resolutions are needed from cities and counties across the nation. An impressive list of current endorsements and resolutions can be found here.
The NIB is akin to the very successful Reconstruction Finance Corporation (RFC) which helped pull us out of the Great Depression and financed the phenomenally rapid arming of the U.S. during WWII. There is also available a very informative video on the RFC entitled, A New Reconstruction Finance Corporation Can Rebuild the USA. The presentation features Steven Fenberg, Emmy Award-winning producer and author of “Unprecedented Power: Jesse Jones, Capitalism and the Common Good,” and “Brother, Can You Spare a Billion?”. Also in the film is Alphecca Muttardy, former Senior Economist, International Monetary Fund.
President Biden, not to mention all who are running for national office, ought to be delighted to support this bill, which would rapidly become one of the major new proposals as the president plunges into his nationwide electioneering. Remember, the legislation does not involve the budget or adding to the national debt. It is a dream proposal for all voters to support and all politicians to embrace for the good of the country.
