Posted 4 years ago on May 23, 2012, 2:30 p.m. EST by TrevorMnemonic
This content is user submitted and not an official statement
“Today’s CBO report backs up what economists have been telling us since 2008. Austerity does not spur the economy or create jobs. Cuts slow the economy, and a slow economy results in less government revenue. Austerity creates a downward spiral and reduces the standard of living for working and middle class Americans.
“On the other hand, government spending stimulates the economy. When the economy is moving, people shop, invest and trade, which creates revenue for the government. According to Moody’s Mark Zandi, a $1 increase in food stamp payments boosts GDP by $1.73.
“The question shouldn’t be ‘should government invest in America?’ the question must be ‘what are the best investments for government to make?’
“According to the American Society of Civil Engineers, we need to spend $2.2 trillion over the next five years just to make our domestic infrastructure safe. We have bridges collapsing in America and Americans who need jobs now. Austerity is counterproductive to our economic recovery and counterproductive to the development of our nation.
“There is a simple way to invest in our economy. We can invest in our infrastructure, put Americans back to work and pay off our debt as it comes due. Congress has the power under Article 1, Section 8, of the Constitution to originate money.
“H.R. 2990, The National Emergency Employment Defense Act (The N.E.E.D. Act) enables money to be issued by spending it into circulation on programs approved by Congress – without taxing or borrowing.
“We can use the authority that we have to reinvigorate the economy, spur the next generation of green energy, rebuild our infrastructure and put Americans back to work.
“What’s standing in our way?”
-Congressman Dennis Kucinich
Learn more about The N.E.E.D. Act here - http://kucinich.house.gov/theneedact/
WHAT IT DOES:
Puts the Federal Reserve (Fed) into the Department of Treasury (Treasury) to make our monetary policy truly accountable to Congress and the American people. Just like in the constitution.
Ends the banks’ special privilege by no longer allowing them to create our money supply when they make loans, through a simple and non-disruptive accounting change.
Invests money to renew our crumbling infrastructure, making it fit for the 21st Century; creating real wealth and millions of good jobs at the same time.
The Federal reserve created 16 trillion dollars in 2008 for the banks and corporations... the GAO audit exposed this... so that's the national debt gone immediately, if we had that power instead of the banks using it to finance their quest to own the world. If the government doesn't need to borrow money... how will the debt increase? Debt increases from borrowing money from the federal reserve, the banks, and China. Not to mention the debt to the fed will disappear as will the interest our tax dollars are paying. Read the bill. It talks about how inflation will not occur. The money would be used for job creation as well to help boost the economy which in turn provides more tax dollars coming in.