On November 4, 2013, Mark Gongloff writes in The Huffington Post:
“Public investment in the US has hit its lowest level since demobilisation after the second world war because of Republican success in stymieing President Barack Obama’s push for more spending on infrastructure, science and education,” write Robin Harding, Richard McGregor and Gabriel Muller.
And they have a helpful chart to illustrate this, which I have reproduced here using data from the Bureau of Economic Analysis (story continues after chart):
Government investment is what the government sector spends on buildings and equipment and research and development. It fell in the second quarter of 2013 to 3.6 percent, the lowest level since 1948. This is because, driven by Republicans’ newfound religion about deficits, a conversion that miraculously occurred on Inauguration Day 2009, the U.S. government has slashed spending by the largest amount since the end of the Vietnam War, The New York Times reported earlier this year.
That is austerity, and it’s a big reason — maybe the big reason — the recovery has been so sluggish. Yet Republicans still aren’t satisfied, wanting another round of cuts, which is why we’ll probably have another destructive budget fight all over again early next year.
In the past, taxpayer-supported spending on infrastructure, science and education has never carried with it the stipulation that the private sector corporations awarded the contract work document that they are employee owned. If we are to ensure a FUTURE where EVERY American can earn a good income to support themselves and their families, then we must focus on ownership creation. The reality is that tectonic shifts in the technologies of production will continue to destroy jobs and devalue the worth of labor. And with less and less income circulating in the economy, the economy stagnates. But with a focus on ownership creation, not only is a new source of income opportunity afforded to EVERY American, but as a result of expanding the population of “customers with money” real job opportunities will materialize as a future economy is built that can support general affluence for EVERY American.
See the article entitled “The Solution To America’s Economic Decline” at http://www.nationofchange.org/solution-america-s-economic-decline-1367588690 and “Education Is Critical To Our Future Societal Development” at http://www.nationofchange.org/education-critical-our-future-societal-development-1373556479. And also “Achieving The Green Economy” at http://www.nationofchange.org/achieving-green-economy-1373980790. Also see it complete with the footnotes at http://foreconomicjustice.org/?p=9082.
Also see “Financing Economic Growth With ‘FUTURE SAVINGS’: Solutions To Protect America From Economic Decline” at NationOfChange.org http://www.nationofchange.org/financing-future-economic-growth-future-savings-solutions-protect-america-economic-decline-137450624, “The Income Solution To Slow Private Sector Job Growth” at http://www.nationofchange.org/income-solution-slow-private-sector-job-growth-1378041490, and “A Solution To Eroding Retirement Security” at http://www.huffingtonpost.com/gary-reber/a-solution-to-eroding-retirement_b_4103834.html and at http://www.nationofchange.org/solution-eroding-retirement-security-1382020223.
