Thursday, November 19, 2009

Job Creation

I just heard on the radio that China is putting in 10,000 miles of high-speed rail line.  The host of the radio program I was listening to poked fun at the fact that when Los Angeles recently added 1.8 miles of extended Metro rail line, the city had a huge celebration.  And by the way, China is completing this project within a two-year time-span.  It would take two years here in the U.S. just to get through the environmental studies for such a project.

The difference in the two nations worries me.  We just bailed out GM and most of the major banking, lending and investment institutions with billions of dollars, and for what?  To maintain an infrastructure that was already there and failing.  When all is said and done, we’ll have nothing new.  We haven’t created anything with that money that makes new jobs or provides something new we can all benefit from.

What’s also maddening is that the banks, having been bailed out, won’t pass any of that help to their own customers, most of whom have huge dept that the banks and lenders are being charged 20-plus percent interest.  These mafia-esk interest charges are not being reduced, but instead, the banks are going ahead with foreclosing on people’s homes, forcing them into bankruptcy and destroying their credit scores.  What about the banks’ credit scores?  All is forgiven to them I guess.  The greed just goes on and on.

Meanwhile, in China, working people have ambition and hope, and the country’s gross national product is growing exponentially, and they are creating useful infrastructure and services for society, and most importantly, more jobs for people with the money.  They are investing in themselves.

The U.S. did this once.  During the Great Depression, Franklin D. Roosevelt set forth with all of those public work projects, which gave people jobs and made America stronger.  But what happened?  Why aren’t we doing this now?

We need real stimulation and growth today more than ever!

FDR's WPA (Wikipedia)