By Fareed Zakaria, CNN
President Obama has proposed a number of specific policies to tackle the jobs crisis, but they have gone nowhere because Republicans say that their top concern is the deficit and debt.
Those of us worried about the debt - and I would strongly include myself - need to remember that if unemployment doesn't go down fast, the deficit is going to get much worse. If you're serious about deficit reduction, the single most important factor that will shrink it is to have more people working and paying taxes.
I want to focus on one of Obama's proposals because it actually would add very little to the deficit, it has some Republican supporters and it would have an immediate effect on boosting employment and growth. Plus, it's good for the country anyway.
We need a national infrastructure bank to repair and rebuild America's crumbling infrastructure. The House Majority Leader, Eric Cantor, has played down this proposal as just more stimulus, but if Republicans set aside ideology, they would actually see that this is an opportunity to push for two of their favorite ideas - privatization and the elimination of earmarks. That's why Republicans like Kay Bailey Hutchison and Chuck Hagel are strongly in favor of such a bank.
The United States builds its infrastructure in a remarkably socialist manner. The government funds bills and operates almost all American infrastructure.
Now, in many countries in Europe and Asia the private sector plays a much larger role in financing and operating roads, highways, railroads, airports and other public resources. An infrastructure bank would create a mechanism by which you could have private sector participation.
Yes, there would be some public money involved, though mostly through issuing bonds. And with interest rates at historic lows, this is the time to use those low interest rates to borrow money and rebuild America's infrastructure. Such projects have huge long-term payoffs and can genuinely be thought of as investments, not expenditures.
A national infrastructure bank would also address a legitimate complaint of the Tea Party - earmark spending. One of the reasons federal spending has been inefficient is that Congress wants to spread the money around in ways that might make political sense but are economic nonsense.
An infrastructure bank would make those decisions using cost-benefit analysis in a meritocratic system rather than spreading the wealth around and basing these decisions on patronage, politics and whimsy.
Let's face it, America's infrastructure is in a shambles. Just a decade ago, we ranked sixth in infrastructure in the world according to the World Economic Forum. Today we rank 23rd and dropping. We will not be able to compete with the nations of the world if we cannot fix this problem.
Is it too much to ask that Republicans and Democrats find a way to come together on this?
That moment of bipartisanship might actually be the biggest payoff of all.
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One word best describes your show...Intelligent!. Please keep it that way without inviting the likes of Ann Coulter and Spitzer both of whom are ego inflated to the point that if they have any intellegence at all it is overwhelmed by their party brainwashing. You can do without them.
One detail that he skipped was who and how is going to fund the bank. It will become another of those semi-government agencies like the one responsible for Urban development, bridges and tunnels in NY, public bond athority, and so on. And as far as dealing with unemployment problem, this is indeed a stimulus, as it uses the same approach – let's fund and run more projects in hope to regain employment, regardless what initially caused the unemployment. If the unemployment is cost by giving away 10 million jobs abroad, you won't be able to create and fund enough government projects to compensate for it, especially in long term.
What about a green infrastructure bank as well? Something to specifically finance energy, adaptation and innovation in a green economy?
That would be great, but is never going to happen.
I agree with Chris Tiller.
I would like to see you on the panel with Bill Maher. CNN is way too politically correct.
Fareed, however right you are, you can never convince the other camp to jump on the bandwagon. They'll never embrace anything constructive! No they'll do everything just to oust Obama and leave the country to its devices, while other countries in the international community just laugh at America!
Dear Mr. Zakaria, My family and I love your show, GPS. We think its one of the smartest things on TV? Do CNN execs. know you are using their otherwise focused on pandering and gossip network that way? We suspect they don't watch GPS because there's no overblown hysterionics on your show – at least there wasn't until you had Anne Coulter on! What's up with that? Coulter is just an mindlessly partisan and ill-tempered bomb thrower – not a policy analyst. She is so far beneath the rest of your policy analysis panel and your other GPS content. I recoommend not having her back. Thanks.
I agree with HDA. Ann Coulter was a bad idea.
You know Fareed, you've lost your credibility with me by having Ann Coulter as a panelist, and I'll explain why. Coulter is one of an insidious group of vile propagandists who have over the years employed a totalitarian tactic used by Nazi Germany, the Soviet Union and Communist China, namely the assertion that their political opponents are not just wrong, but mentally ill. This has the effect of even more than demonization; it implies that the opposition are defective human beings. In the three totalitarian countries I mentioned, this implication led to disenfranchisement at best, and at worst, re-education and concentration camps and ultimately eugenic euthanasia. You have made a huge mistake lending credence to this very un-American and dangerous ilk.
great post. unfortunately true. you had me laughing out loud. maybe i need to get out more.
Putting Ann Coulter on the panel does not necessarily disqualify Zacharia. As long as she doesn't advocate evil, her wits can be useful in a debate. I myself tried to join her forum, but some "evil" advisors of her banned me for life from joining. I still don't know why. Perhaps they fear truth. Still, I remind all: what matters is truth, not the personalities. It is better to talk with "different" people, than shun them or attack. In the same way, it is also better to talk, than bear the consequences of not talking!
When I get elected president, I'm going to put pipes and roads and bridges in a bank. Then they will help many many many small pipes, roads, and bridges. Then I will sell these small pipes, roads, and bridges to the Chinese so they can build the bigger pipes, roads, and bridges we need. Wow, I'm a genius!
And I'm going to be responsible for infrastructure incubator. I will put girl pipes and roads with boys pipes and roads together, will keep them warm and they will start procreate and make new pipes and roads. I will sell some of the new pipes and roads in the IPO and keep some for myself so that could continue procreating in the incubator. And when I get a lot of of those pipes and roads and the incubator becomes really big I will sell the whole thing to Chinese investors and let them move the operaion to China and produce pipes and roads there so that we would be buying those pipes and roads from Chinese.
When you elect me president, I will make you my infrastructure Czar.
I agree that Coulter was at best a political anomoly who is a mouthpiece for those who want to keep the political economic situation at a standstill–the quintessential totalitarian strategy that combines repetitive lying until it becomes acceptable. It becomes pablum to those incapable of any original or critical thought, yet there can be nothing critical or original without opposition and contrast. She's dangerous because she attempts to wipe out memory and falsify history and needs to be exposed to people who have memory.
Agree with the above.
Anne Coulter's view point was more of a polemic and a diatribe than a civil discourse amongst passionate people.
Listen to your show to hear both sides of the view point.
I want to hear the from the conservative view point in a civil discourse just as much as I want to hear from the liberal side.
I listened to your show this week on XM radio and half the time it sounded like noise with people interrupting each other with more of a personal attack than stating the differences in their opinion.
Your show is great but won't have the broad audience if this continues.
I'm glad to see that your other fans were as surprised to see Ann Coulter on GPS as I was. Was this some type of contractual obligation? Or an attempt to douse partisan tempers after your dust up with Glenn Beck? In any event, I hope that you'll agree she added very little to the conversation and needn't make a repeat visit. What would she have to say about, for example, an infrastructure bank that would be profitable to hear?
On the other hand, I was very happy to hear Henry Kissinger's take again on US-China relations. But I was waiting to hear you ask him about whether he'll accept Sepp Blatter's offer to become a "Wise Man" in FIFA's rehabilitation! After all, what gets talked about in the Global Public Square than football?
I totally agree about the need to do something to fix America's infrasture. A lot of our infrastructure was built in the 1950s and had a 50 year life expectancy. We're now 60 years in with that same infrastructure and we're rolling the dice every day hoping it will hold up. If politicians are looking to have a strong economy in the future, then they need to address the "crumbling of America", to quote a history channel show on the same topic.
Besides simply slapping up new roads/bridges etc. though, I'd like to see the US take this opportunity to modernize and incorporate green technology into these designs. I'd also like to see things done aesthetically, hire craftsmen and artisans on these projects too. That would create a wider variety of jobs. I lived in New Mexico for a summer and they had beautiful overpasses and bridges, just stunning. As silly as it may sound, I think living in an ugly grey concrete world hurts the economy. It makes people depressed and tired, and depressed, tired people are not productive citizens.
As silly as that sounds, its so true. I've worked in an ugly office before, everyone was bored and dicking around on facebook all day. I'm in a much newer and prettier office now and people have smiles on their face and enjoy their work.
Thank you for a very intelligent show. I am glad to learn both sides of issues without someone screaming at and interrupting a speaker before a point can even be fully presented. Yours is a thinking person's show. Keep up the fine interviewing skills.
nice to see so many people staying on topic.
Ok, according to Zakaria the problem is that the Republicans are blocking President Obama's proposals. I am sorry but I watch news and that proposal hasn't resonated in the news, not even in liberal channels like CNN or MSNBC. In my opinion the private sector should be in charge of that "bank". Fanie Mae and Fredi did a horrendous job last time.
Great to see Spitzer and Zakaria totally own Coulter by pointing out that Reagan was a Keynesian. She didn't have a talking point for that one LOL! Keep up the good work.
Fareed: You're displaying an obvious liberal bias in the following statement: " If you're serious about deficit reduction, the single most important factor that will shrink it is to have more people working and paying taxes."
Actually, the single most important factor that will shrink the deficit is TO STOP SPENDING MONEY!
who is trying to stop deficit spending? deficit spending increases private profits.
Susan. Investing in infrastructure is not the same as spending. When you invest in roads and bridges and public transportation, you make the whole economy more efficient. You get more revenue out of it when more jobs are created, etc.
It is pennywise but pound foolish to neglect your infrastructure.
Just WHO will be borrowing this money, Fareed? The states, which are already facing budget crunches, or the Federal government, which already has 61$ trillion in unfunded obligations. We're doing just fine on infrastructure fixes here in Florida; we're making do with what we have. Hell, even my street is being repaved. We don't need to sink ever deeper in public debt. Let's get the economy going again, then there will be more money available to do these projects. Until then, suck it up. Borrowing to fund more borrowing doesn't work; never will. It's too bad that some in Washington, such as Zakaria, sill don't get it.
Smartest comment ever ....
you increase corporate taxes on the corporations that are seeing all of these profits from the new globalist economy... and, duh, in a fiat currency system which we are in you print money to stay up with government spending that goes over what the tax base can pay for. that is the keynsian school of thought at least. however, the government is so afraid of allowing the Bush tax cuts (which is only for the capital gains, corporate tax etc.) to expire. even my beloved Obama is afraid to do this. in other words, we are being held hostage by our own corporate structure and the american congress is complicit in this recession.
Great column! Eric Cantor doesn't want any money spent unless it's spent on private business. But I remember the government taking on these huge projects. It certainly put a lot of people to work in the Civilian Conservation Corps. Those projects are still around. Cantor doesn't seem to realize that if people are working, they're paying taxes, unlike the huge companies he wants to pay to do the infrastructure jobs. I've always wondered why the army ever started privatizing the services that they always performed very well. But I know it's because the congress wants that money in private hands and they don't care how much it costs. I don't think they're acting in the best interests of the country.
Will Fareed disclose that he advises the President? Will people figure out that a 'journalist' is just advocating the government's position instead of challenging it for the People?
If Fareed was advising the President, you'd see him charging toward the middle.
Obama has already proposed a national infrastructure bank in his budge a year ago.
its idea first came from Dem senaters in 2007 and obama endorsed it in 2008 and again in 2010.
but people are skeptical because of the failure of national housing banks.
but as Mr zakaria points out it is proven effective in Europe and Asia.
eric canter calling it just another stimulus effectively scare people away( see some comments?)
FYI....Do not, I repeat do NOT allow carlhungus to repair your tele...his insight to this post is welcome but TV repair...well just don't....lol
Maybe if we just pray, god will fix the infrastructure.
Fareed – if you can find a way to de-politicize issues such a our infrastructure, we might get out of this box.
If you've ever seen a caterpillar operator, you'll notice that he uses the right control stick to speed up, slow down or reverse the right track and the same goes for the left. Our government is like a Caterpillar with the fringe right wing operating the right hand control and the fringe left wing controlling the left hand control. . . . and one wonders why we're spinning in circles?
Good analogy.....very good.
Almost too good.
If America is going to come back from the hole they're in, Obama is going to have to do a better job of bringing the left and right together and find a way to get rid of sabateurs with their own agendas. That is what brought them to this point, the interests of big business dictating legislature and fiscal policies. Well that and America as a whole almost promoting the "living beyond your means" type lifestyle. Happy Birthday Tupac!!!
Fareed is an intelligent thinker that should be listend too....As is Newt Gingrich, as is Barak, as are other members of congress and the media...Palin is not...Pelosi is not...etc....Then you have the operators of your catepillar analogy that politicize everything...IMO at least. I think the de-policizing has to occur on an individual level which requires some education by simple google searches to edcuate ourselves on the issues...then we can get the catepillar on a stright line with real left right thinking and a government that works for all of us.
Mr Zaharia since you have such well thought out plans how about you running for president and have the opposing house nixes very plan you propose, for the good of the county, shot down. You would do better focusing on the Republican house who kowtow to the Tea Party platform (which is to destroy the president who occupies the White House now. See how far you would get.!!!!!
Not born in US!!
LOL! Since when does that matter? Just joking, Obama is as American is apple pie.
This is a great idea. The only potential downside I see to this is how the process of the decision of which projects would get higher priority over others would implemented. Would this not create yet another vacuum for special interest, powerful lobby, campaign money to influence those decisions? No matter how many good policy ideas you may come up, one just cannot escape the fact that the underlying problem behind all of America's ills is the influence that big money has in politics. Politics was what relaxed those important regulations allowing banks to take on more risk than they could handle. Politics kept Obama from fighting as hard as he could on his health care reform. Politics is what keeps these indefensible oil subsidies alive. How will we know if firms accomodative to oil and coal industries or big companies like GE, for example, won't just buy the politicians so they can have first dibs at that capital and crowd out lending to others? I think the single biggest thing that will determine the success of an infrastructure bank will be the implementation of the power structure behind who runs it. How do you expect Congress or the President to honestly create this type of institution without these political realities in mind? Maybe Warren Buffet or Bill Gates can build one and donate it to the public?
Zakaria for President! Seriously.. From foreign policy to warfighting to the economy and jobs, Fareed Zakaria has infinitely better ideas and solutions for the United States' problems than the politicians in office.
Infrastructure is what commerce moves on and through. Improve it and the movement of goods and services speed up. That provides great opportunities for economic growth and job creation. Sadly elected officials as a whole have no vested interest in vigorous job creation. Whichever party is not in the White House sees unemployment as an opportunity for political gain. I would ask Mr. Obama, Mr Boehner, and Mr. Reid to tie their pay to the unemployment rate. For every tenth above 7% their pay decreses by 1%, for every tenth it increases, their pay increases. Something similar could be done with corporate tax rates. Perhaps then job growth through areas such as infrastructure will actually have a chance of being considered.
Fareed,
Your idea of privatization sounds fair only if the private sector take up full liability responsibility and ownership. I worked in the public sector and I have seen many public projects being sued by private citizen's group simply because they know the government are deep pockets, that is the tax payer will foot the bill. even if they loss the law suite, the government will still pick up the legal cost. here's how it works, even if the government is only 1% liable of the entire law suite, they will still have to pick up the entire tab. so, it's a win-win situation for the plaintiff and a lose-lose situation for the government. And so, guess what, a big portion of the cost of government is paying these law suites to private entities. However, I think your idea will work if privatization will take up full liability of the entire infrastructure and this will do two things. One it will hold the private companies(whether it's foreign or domestic) accountable without loop holes like filing bankruptcy to get out from their full responsibility. Two, it will ensure they will do a thorough job in their own QA/QC process, if they want to be the owner and operator of the infrastructure. They will have to assume total responsibility and the government should be completely out of the picture. Shared liability and responsibility has always been a problem and has never really work out well for the public sector and the tax payer. Take full responsibility and accountability by the private sector is the key to the success of your infrastructure bank idea.
The only problem with the infrastructure bank is it will not eliminate earmarks. As long as a Congressman or Senator can attach things to a bill earmarks will continue. They are always looking for ways to "buy off" or at least satisfy their voter base by building a park here, renovating a bridge there whether they need it or not. This bank idea may create a more efficient way to prioritize infrastructure repair/improvement, but what it will create instead is a two system approach that will fight each other. One the bank planning by need and two earmarks planning based on re-election needs.
...so we're going to borrow more money (by selling more bonds), then use it to "build infrastructure", which creates temporary jobs...that still equals more debt and unemployment for many in the end to me. We're already in debt, so we're going to get another credit card and spend more money to get out of debt?
is there a particular reason cnn quotes their own employee (zakaria) week after week as if he's the spoken authority on the world? it would fine if it were places in the "opinion" column but its placed under world new as if the entire world is listening to this guy.
Glad you said it! None of these ideas are new. They just need buy in from the right people but it won't happen. I get tired of all these so called "experts" blathering on. Fareed blah blah blah then the socks posting how great he is.
The problem is that Obama engaged in massive and undisciplined spending during the first half of his presidency, which merely added to the massive and undisciplined spending of his predecessor. Over a trillion dollars dissipated on 'this and that' projects that without any coordinated purpose or plan (not to mention political gerrymandering). The result was predictable: anemic economic growth without the necessary stimulus and structural changes needed to propel our economy forward (as further complicated by burdensome corporate taxes, an outrage for a tax code and other key problems). This bank sounds, at least on paper, like a good idea. And would target spending on not only on something essential to our future, but would put tens of thousands of people in construction back to work. That has more the ring of the type of spending that got us out the Great Depression. But unlike 1930, we're entering this race already carrying a huge debt burden. That makes the idea of a government run bank "floating bonds" more difficult to sell, even if the underlying notion may be correct.
Fareed, One of the other things that bothers me about America is the litter. We need to employ more people to keep American cities and highways at least as clean as Canada. 30 million Canadians is a good source of tourism for America if only we can keep American cities litter free and beautiful.
Please ask CNN to fund your travel to Canada for a 1-week trip and write about the Canadian lessons in infrastructure and cleanliness and all other good things we can learn from Canada.
Believe me. I lived in Canada for 5 years and I know what I am talking about.
HAHAHA!!! I am in my office right now (Bay Street, Toronto), and I just got back from New York. Levels of cleanliness are quite similar, Canadians don't care about the environment as much as we like to think we do.
But, Vigna is very right about about Fareed coming up here to learn about how to build a strong infastructure. Our streets are generally smooth and pot-hole free, schools have all the right stuff (and teachers), police are everywhere, people have jobs, water is clean and government offices are as efficient as government offices can be.
Oh, and l sprained my ankle last month and I went to the hospital. I waited for about 5 mins in the E.R. Our hospitals are not crowded at all because we know about proper nutrition and our our "ghettos" are filled with opportunities to be successful (crime is relatively low). School funding does not vary by socioeconomic areas, it varies by population count!!! Thats the way it should be.
And even our capitalist pigs (myself included), are quite socialist when it gets down to it.
Yeah, send them to clean the Vancouver streets after the damages caused by those sore loser savages..
LOL. Definitely sore losers, plus Torontonians riot WAYYYY better than those Vancover female private parts.
The tax funds for infrastructure maintenance and expansion should be hands of to the political cronies. Funds are there but they're being pilfered by politicians for their pet projects and political kickbacks.
America is in trouble–this idea of nfrastructure will further make America fade away until our country will not be separate-NO WAY SHOULD AMERICANS BUY THIS TAKE!
Now, that is an original idea and the best one I have heard for months. Independent thinking and pragmatism are what sets realists apart from the dogmatically rigid and politically irrelevant GOP base.
Democrats are just as rigid in standing for nothing as the GOP is at good ideas. Independent thinking is Donkey-speak for gibberish. Pragmatism is Donkey speak for the GOP accomplishing what a pack of infighting liberals in control of the government could not accomplish when given an uninterrupted chance.
Infrastructure had its own tax revenue source to maintain and expand it. The trouble is that it has gotten pilfered by political cronies for pet projects and kickbacks.
There are no new FDR projects to do again. The ones that were done opened up free enterprise and interstate commerce. That infrastructure is now in place but deteriorating due to government bureaucracy and negligence.
It's due to the strangle hold hold of unions holding the Country hostage. Teachers claim, rightly so, that ignorance is more costly than education. Labor blackmail is even more costly than education, as our profits have gone overseas.
It's a good idea to have a Central Bank to fund our infastructure.Capitalism is good but the free market has fail us with personal and cooperate interes above the interst of the Amerian peoplet.The real problem is at the Capitol Hill.Nothing can't be done unless their is a compremise with the Democrate and Republican.It will become difficult even if the Republican win the White House,just word and word on what they will do about the ecomomic.it will be another fail economic policy to advance the economic.Remember the U.S.A is the greatest Nation on Earth and we must preserve our role as a place where people can lives their American dream.
We already have a Central Bank you dork.
And the federal Reserve and the IMF and the department of Treasury and Mega Banks and you want another one.
Give it time, they will come for you house, your car, your money and guns.
If I control a Countries Currency, I care not who makes their laws.
Mr DaRothchilds.
I think he meant a central bank solely devoted to infastructure needs, which by definition is not a central bank. It is merely a pool of funds which are distributed for various projects like the IMF or World Bank. Also, I apologize if English is a second language to either of you...but you really got to work on your grammar to be taken seriously in a place like this.
After the collapse of two small bridges in the Province of Québec, the provincial government made an exhaustive review of all infrastructures all across the Province. The Results were not good at all. And so took the decision to start investing massively in order to repair, rebuild, and reconfigure all its infrastructures. Fortunately for us, they started this just before the 2008 financial crisis. We barely felt the financial crisis impact, in part because of these massive investments which created jobs and still continue to create jobs all across the Province. In Québec, house value has not drop, they actually have increase, in Québec, many enterprise are looking to hire employee. It seems that our government decided to focus on the concrete such as its infrastructures and its people rather than on a abstract neo-liberal right wing ideology which focuses on what actually? Well, the only answer I can give to this, is that right wing ideology, republican ideology only focus on one thing, and this thing is its own abstract ideology, which put them into a vicious circle. No wonder American economy stagnate! They look for solutions within their own ideology, which brought them where they are now to start with. Some light I think will start appearing when many of those people will start thinking beyond their own ideological boundaries, and truly feel in their gut that the government should work for the people, real people, concrete people and not abstract statistical numbers on pieces of paper.
This article and Job Creation in U.S. false hope to prevent massive civil unrest and Riots and marches on Washington.
Outsourcing is going stronger than ever while the nation BEGS for work.
Your President, Senate and Congress refuse to address Outsourcing or revoke the Trade Agreements giving Companies huge tax breaks to ship jobs overseas.
There is NO job creation only massive Outsourcing.
They are saying nothing of bringing the Millions of jobs back.
Job Creation is a joke and does not exist unless you want minimum wage.
Wait until your Government starts issuing Austarity Mesaures on you , people are going to lose it and rage.
Let the REVOLUTION BEGIN NOW.
Before your all broke and homeless.
The federal Reserve is going to destroy the Country and steal what wealth is left.
If you do not rise up, you will be left with nothing
American Patriot, Do you mean "You're" rather than "your?" You are no patriot to grammar. "Your" is a possessive, as in, "Your grammar is awful." "You're" is a contraction of "You are," as in, "You're an idiot."
Wasabiwahabi: The Mad Grammarian stroke again.
struck again. sorry if you were joking.
Ey! Zacharia has good ideas when he rises with the right foot from his bed. I have been proposing the same for decades, If China build the most modern infrastructure, without even thinking where will the money come from, why not the U.S.? Is not infrastructure building a solution for unemployment and national debt? It is! The taxes will start flowing to the Nation's coffers if people are working! I would add to Zacharia's bright ideas: build your own manufacturing! Don't buy China's! This will also be good for unemployment and the national debt! Do something right right now, or we will be in big trouble!
Yeah right, that's what we need, another bank to we can bail it out of banrupcy with a trillion dollars. If we have so many banks already, why to creat another one? That is Bush tactic: To duplicate entities when the originals already can provide the intended service, which is a waste of time, money and resources.
Ummmmmm....it's not that kind of bank....its the other kind.
The U.S. is in dire need of 2 things to be relevant in the next 50 years; jobs and infastructure improvements. This proposed bank would create jobs through construction of roads, schools, medical research, farming subsidies, IT and other government technology investments, green energy research amongst many other things, and should have been done a long time ago, as the original stiumulus package. Thanks Fareed, your choice of content is great and comments have just the right amount of bias.
-Marx
The United States already has a set of infrastructure banks - Fannie Mae and Freddie Mac. These are government sponsored entities that create government guarantees and contingent liabilities that basically displace real risk taking private investment. Worse still they are highly politicized. The role of Freddie Mac and Fannie Mae as the "ground zero" of the financial crisis is a real warning about the dangers of advocating another Government sponsored financial intermediary like an infrastructure bank. The solution lies less in financial engineering of financial markets but more in restructuring how cities and state manage and govern the delivery of infrastructure. For example, bidding out transport authorities and water utilities to the private sector or ensuring that they are credit worthy to raise resources directly from the capital and finacial market which is already the pre-existing infrastructure bank in the US! It would be useful for Mr. Zakaria to have a show dedicated to the idea of an infrastructure bank by comparing it with the experience of Fannie and Freddie and reflecting the global experience of different approaches to boosting infrastructure that avoids the trap of Ponzzi Schemes that are inherent in government sponsored financial intertmediaries. It is surprising that Mr.Zakaria did not refer to a deep academic and analytical work that exists which empirically refute the idea of government sponsored financial intermediaries. More importantly, this literature outlines the very political nature of these organizations which rival the politics of earmarked funding which Fareed Zakaria is concerned about.Mr. Zakaria has identified a critical issue - infrastructure funding - but unfortunately failed to do the analysis that is characteristic of his commentaries which would have shown the pros and cons of his specific proposal.
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Someone please propose to President Obama for a limited time of maybe ninety days. There is a 15% or 20% “Amnesty” of $2 trillion in offshore accounts to stimulate the U.S. economy? Or option allows return of $2 trillion in offshore accts at 5% or even 0% if they invest in the 2011 Presidents proposed U.S. National Infrastructure ‘Job’ Bank. Please Democrats come up with it first before just 5% or 0% “Amnesty” is proposed for his friends at the debates by Willard Romney. In order to refund Sheldon Alderson, the Koch Brothers and others back their investment for his campaign? Oh, wait hopefully someone just did!