{"id":735,"date":"2011-09-09T17:24:54","date_gmt":"2011-09-09T21:24:54","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=735"},"modified":"2011-09-09T17:24:54","modified_gmt":"2011-09-09T21:24:54","slug":"what-the-country-needs-is-a-new-new-deal-truthdig-2","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/09\/what-the-country-needs-is-a-new-new-deal-truthdig-2\/","title":{"rendered":"A New New Deal – Truthdig"},"content":{"rendered":"

Decades of experience, in nations across the globe, provide ample evidence that while the private sector plays an important role, it cannot by itself provide employment for all who want to work.<\/p>\n

There is a way to do that:\u00a0 The government could serve as the \u201cemployer of last resort\u201d under a job guarantee program modeled on the WPA (the Works Progress Administration, in existence from 1935 to 1943 after being renamed the Work Projects Administration in 1939) and the CCC (Civilian Conservation Corps, 1933-1942). The program would offer a job to any American who was ready and willing to work at the federal minimum wage, plus legislated benefits. No time limits. No means testing. No minimum education or skill requirements.<\/p>\n

……To avoid simple \u201cmake-work\u201d employment, project proposals could be evaluated on the following criteria: (a) value to the community; (b) value to the participants; (c) likelihood of successful implementation of project; (d) contribution to preparing workers for employment outside the program.<\/p><\/blockquote>\n

via What the Country Needs Is a New New Deal – Truthdig<\/a>.<\/p>\n

Comment:<\/p>\n

Infrastructure projects are one way to get the unemployed back to work and are to some extent offset by savings in unemployment benefits. I would add one qualifier to the selection of infrastructure projects: they must be selected in terms of return on investment (ROI) and not on the number of jobs created. Projects that earn a market-related return on investment\u2014whether toll roads, high-speed rail, new port facilities or national broadband networks\u2014will generate revenues that can be used to repay the debt incurred. At the right time, they can also be sold off to private investors in order to generate funds for further projects. Money invested in schools, libraries, universities and research should be funded out of revenue, and not from increased government borrowing, simply because they do not generate new revenues. Instead they require ongoing expenditure to staff, operate and maintain the new facilities. Read more in my discussion of Austerity and Infrastructure Spending<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Decades of experience, in nations across the globe, provide ample evidence that while the private sector plays an important role, it cannot by itself provide employment for all who want to work. There is a way to do that:\u00a0 The government could serve as the \u201cemployer of last resort\u201d under a job guarantee program modeled … <\/p>\n

Continue reading “A New New Deal – Truthdig”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34],"tags":[1227,1841,1842,1962,1967],"class_list":["post-735","post","type-post","status-publish","format-standard","hentry","category-us-canada-countries-regions","tag-employment","tag-infrastructure-projects","tag-infrastructure-spending","tag-job-guarantee-program","tag-jobs"],"yoast_head":"\nA New New Deal - Truthdig - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A New New Deal - Truthdig - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Decades of experience, in nations across the globe, provide ample evidence that while the private sector plays an important role, it cannot by itself provide employment for all who want to work. 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The basic point is simple: at low rates of unemployment, the demand for labor allows\u2026","rel":"","context":"In "Deficit Spending & Employment"","block_context":{"text":"Deficit Spending & Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":622,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/01\/full-employment-and-the-path-to-shared-prosperity-dissent-2\/","url_meta":{"origin":735,"position":4},"title":"Full Employment and the Path to Shared Prosperity | Dissent","author":"ColinTwiggs","date":"July 1, 2014","format":false,"excerpt":"Great summary of the current political gridlock by Dean Baker and Jared Bernstein: There are many policies that can reduce inequality, but there is none as straightforward conceptually and as difficult politically as full employment. The basic point is simple: at low rates of unemployment, the demand for labor allows\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6936,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/","url_meta":{"origin":735,"position":5},"title":"What is Modern Monetary Theory, or \u201cMMT\u201d? | naked capitalism","author":"Colin Twiggs","date":"March 12, 2013","format":false,"excerpt":"Dale Pierce makes this comment when discussing make-work programs in his introduction to Modern Monetary Theory: Whether the job-guarantee program makes fighter planes or wind turbines makes no economic difference \u2013 the workers employed by it will spend their wages on the same things other workers buy. 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