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The $5 Trillion National Infrastructure Bank Is Looking Better Every Day

With such a bank in place, we would likely not be scrambling around and asking Congress for rebuild monies, as we are now with the catastrophic event involving the Francis Scott Key bridge on March 26, 2024.

With such a bank in place, we would likely not be scrambling around and asking Congress for rebuild monies, as we are now with the catastrophic event involving the Francis Scott Key bridge on March 26, 2024.

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 4054) 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.    

The $5 Trillion National Infrastructure Bank Is Looking Better Every Day

By Dick ConoboyOn Mar 27, 2024

With such a bank in place, we would likely not be scrambling around and asking Congress for rebuild monies, as we are now with the catastrophic event involving the Francis Scott Key bridge on March 26, 2024.

COB - Your Interests vs. Corporate Interests

By Jon HumphreyOn Mar 18, 2024

No public fiber means we can’t compete with big telecom. EVER.

3 comments, most recent 1 week ago

Scrap metal shipping from Port dock ends this summer

By John ServaisOn Mar 25, 2024

Port of Bellingham commissioners terminate last 13 years of ABC Recycling lease

5 comments, most recent 1 day ago

The Insidious Creep of Medicare (Dis)Advantage

By Guest WriterOn Feb 25, 2024

Crappier coverage for us, even more money for insurance companies.

3 comments, most recent 1 month ago

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By Dianne FosterOn Feb 09, 2024

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6 comments, most recent 1 week ago

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By Tip JohnsonOn Jan 09, 2024

The Port Commission has decreed that Bellingham’s waterfront will remain a toxic, festering sore

6 comments, most recent 2 months ago

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By David Netboy On Dec 26, 2023

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"Sweet Jesus,” shrieked the thralls of the Sehomus Republic,as ABC the Yochlowitz,successor to GorgoPacificus the Destroyer,...

3 comments, most recent 3 months ago

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By Dick ConoboyOn Dec 05, 2023

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3 comments, most recent 3 months ago

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By Dick ConoboyOn Dec 02, 2023

Biden administration is asking the public to report on bogus advertising claims of Medicare Advantage providers.

7 comments, most recent 3 months ago

Alert On Development Proposal: 2706 Mill Avenue

By Guest WriterOn Nov 30, 2023

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2 comments, most recent 3 months ago

ABC Recycling Meets the Public

By Guest WriterOn Nov 28, 2023

Tuesday, Dec, 5, will be the first time ABC Recycling has agreed to answer the public. Don’t miss this meeting. Here are the issues.

6 comments, most recent 3 months ago

Don’t Be Manipulated by Misleading Data

By David A. SwansonOn Nov 19, 2023

The effect of WWU students on Whatcom County’s rental housing market

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Scamming Our Veterans

By Dick ConoboyOn Nov 17, 2023

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By Dick ConoboyOn Nov 10, 2023

Merely musing about soldiers.

4 comments, most recent 4 months ago

Thanks to the City of Bellingham

By Jon HumphreyOn Nov 09, 2023

The city comes through on public wi-fi hotspots

1 comment, most recent 4 months ago

Thoughts of a Bellingham Renter

By Guest WriterOn Nov 08, 2023

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5 comments, most recent 4 months ago

Vote Yes On Jail Tax - A Personal View

By Guest WriterOn Nov 04, 2023

It is time to stop the injustices that have been propagated over the years.

6 comments, most recent 4 months ago

Retirees With Federal Employee Health Care - Beware Of Offers To Switch Drug Coverage

By Dick ConoboyOn Nov 04, 2023

Getting a letter that declares, “An exciting new prescription drug benefit for you!” should activate your BS detector.

7 comments, most recent 3 months ago

No Third Jail Tax

By Tip JohnsonOn Oct 31, 2023

Who benefits?

3 comments, most recent 4 months ago