President Obama on Infrastructure Investment: "This is Work That Needs to Be Done. There Are Workers Who Are Ready to Do It."

During tough economic times, one of the toughest jobs to hold is as a construction worker. In almost any city or town in America, you're likely to see buildings, projects, or roads left half-done after investments made by private enterprise or state and local governments -- based on expectations of a brighter economic future -- dried up.

Meanwhile, there is a near-universal consensus that America's infrastructure is both falling apart and lagging behind as our competitors move forward on the next generation of transportation.

That's part of why a new report from the Council of Economic Advisers [CEA] and the Treasury Department [pdf] encourages a bold, new plan to invest -- finding that infrastructure projects have a high bang for the buck because construction costs are low, due to underutilized resources, and that these investments would create jobs in sectors of the economy suffering from some of the highest levels of unemployment. The Recovery Act already created hundreds of thousands of jobs this way, but there is more than enough left to do.

After meeting with some of his Cabinet secretaries -- along with a bipartisan group of former secretaries of Transportation, mayors and governors who have come together in support of infrastructure investment -- President Obama [pictured with the group outside the White House] spoke both on the depth of the problem and value of the solution.

On the Problem...
"For years, we have deferred tough decisions, and today, our aging system of highways and byways, air routes and rail lines hinder our economic growth. Today, the average American household is forced to spend more on transportation each year than food.

"Our roads, clogged with traffic, cost us $80 billion a year in lost productivity and wasted fuel. Our airports, choked with passengers, cost nearly $10 billion a year in productivity losses from flight delays. And in some cases, our crumbling infrastructure costs American lives. It should not take another collapsing bridge or failing levee to shock us into action.

"So we’re already paying for our failure to act. And what’s more, the longer our infrastructure erodes, the deeper our competitive edge erodes.

"Other nations understand this. They are going all-in. Today, as a percentage of GDP, we invest less than half of what Russia does in their infrastructure, less than one-third of what Western Europe does.

"Right now, China’s building hundreds of thousands of miles of new roads. Over the next 10 years, it plans to build dozens of new airports. Over the next 20, it could build as many as 170 new mass transit systems.

"Everywhere else, they’re thinking big. They’re creating jobs today, but they’re also playing to win tomorrow. So the bottom line is, our shortsightedness has come due. We can no longer afford to sit still."

On the Solution...
"By investing in these projects, we’ve already created hundreds of thousands of jobs. But the fact remains that nearly one in five construction workers is still unemployed and needs a job. And that makes absolutely no sense at a time when there is so much of America that needs rebuilding.

"So that’s why, last month, I announced a new plan for upgrading America’s roads, rails and runways for the long-term.

"Over the next six years, we will rebuild 150,000 miles of our roads -- enough to circle the world six times. We will lay and maintain 4,000 miles of our railways -- enough to stretch from coast to coast. And we will restore 150 miles of runways and advance a next-generation air-traffic control system that reduces delays for the American people.

"This plan will be fully paid for. It will not add to our deficit over time. And we are going to work with Congress to see to that. It will establish an infrastructure bank to leverage federal dollars and focus on the smartest investments.

"We want to cut waste and bureaucracy by consolidating and collapsing more than 100 different, often duplicative programs. And it will change the way Washington works by reforming the federal government’s patchwork approach of funding and maintaining our infrastructure.

"We’ve got to focus less on wasteful earmarks, outdated formulas. We’ve got to focus more on competition and innovation; less on shortsighted political priorities, and more on our national economic priorities.

"So investing in our infrastructure is something that members of both political parties have always supported. It’s something that groups ranging from the Chamber of Commerce to the AFL-CIO support today. And by making these investments across the country, we won’t just make our economy run better over the long haul -- we will create good, middle-class jobs right now."

* * *

GoodBiz113's Take: Between 1935 and 1943, President Franklin Delano Roosevelt's Works Progress Administration [aka Work Projects Administration, or WPA] put nearly eight million people to work on much-needed public works projects that reshaped America's infrastructure -- all while benefiting individuals, families, small businesses, corporations and communities from coast to coast.

In their joint report released today, Department of Treasury and CEA officials present a compelling case for taking action ASAP to invest financial resources in another historic infrastructure-building initiative that will serve short-term employment needs, as well as our nation's long-term transportation and economic-development needs.

Let's just hope that, 70-plus years later, the petty partisanship that nearly blocked FDR's far-reaching efforts doesn't rear its ugly head yet again by trying to obstruct common-sense, future-forward progress.

SOURCES: Council of Economic Advisers, Treasury Department, The White House [photo by Lawrence Jackson], Wikipedia
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Franken Demands Immediate Congressional Hearings re Banks' Abuse of $700 Billion Bailout

Minnesota DFL candidate Al Franken -- the only U.S. Senate candidate who opposed the $700 billion Wall Street bailout -- today called for immediate hearings in light of reports indicating that banks may not be using those funds to unfreeze credit markets but, rather, for other purposes -- with the encouragement of the Treasury Department.

"Washington sprung into immediate action when Wall Street was in trouble, but there's been no help for struggling homeowners on Main Street and no solutions for middle-class families and small businesses hurt by the failed economic policies of the last eight years," said Franken. "And now we find that the $700 billion bailout is being used not to solve the problem, but to handpick winners and losers on Wall Street. That's an outrage.

"Taxpayer dollars should be helping taxpayers, not going to pad the bottom lines of the Wall Street bankers whose bad bets got us into this mess. This is exactly why we should never have passed this bill without proper accountability. And it's time for Congress to take action."

Earlier this month, the Bush administration announced that it would use bailout funds to inject capital directly into banks. They claimed that this would allow credit to start flowing again as banks lent that money to other entities. But recent reports indicate that, instead, the banks receiving these funds are using them to buy up other, smaller banks. And the Treasury Department, according to a column by New York Times financial columnist Joe Nocera, is encouraging the practice.

Meanwhile, Wall Street financial institutions like Morgan Stanley and Merrill Lynch continue to pay out billions in bonuses, despite receiving bailout funds.

This morning, during his statewide "For The Middle Class, For A Change" bus tour, Franken stopped at Bouquets by Carolyn, a small business located in St. Paul, Minn. There, he called for:
* Immediate hearings into potential abuses of the $700 billion bailout by Wall Street banks
* Straight answers from the Bush administration on its real plans for these taxpayer dollars
* An administration guarantee that banks receiving bailout funds will use them to lend
* A revocation of U.S. Treasury Department Secretary Henry Paulson's authority to implement the bailout if he cannot explain how his plan is serving taxpayers

In an editorial today, the New York Times wrote, "Shortly after the bailout was enacted, The Times's Mark Landler reported that Treasury officials also wanted to steer the bailout billions to banks that would use the money to buy up other banks. Now, lo and behold, with $250 billion in bailout funds committed to dozens of large and regional banks, it turns out that many of the recipients of this investment from taxpayers are not all that interested in making loans. And it appears that Mr. Paulson is not so bothered by their reluctance."

Case in point: Merrill Lynch. Two days ago, Bloomberg reported that, while Merrill Lynch is laying off employees, the financial institution is paying out billions in bonuses. According to Bloomberg, "Five straight quarters of losses and a 70 percent slide in its stock this year haven't stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses ... The money Merrill has set aside for bonuses equates to an average $110,000 for each of its 60,900 people, up from $108,000 a year ago because more than 3,000 jobs have been cut."

Apparently, Merrill Lynch isn't the only bailout recipient that's utilizing taxpayer funds to reward its employees. Bloomberg also reported that Morgan Stanley and Lehman are both setting aside billions for bonus payments. According to Bloomberg, "Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago ... Morgan Stanley, the second-biggest securities firm until it also converted to a bank, has $6.44 billion for bonuses, or $138,700 per person, down 20 percent from last year."

GoodBiz113's take: Al Franken is right: Congressional oversight is needed, post-haste, to hold the Wall Street bailout recipients accountable for seeing that taxpayer funds are used to help fuel America's economy [e.g., small businesses, homeowners, working families], as intended -- not to lavishly reward their own fat-cat executives and employees.

SOURCES: Al Franken for U.S. Senate, Bloomberg, New York Times
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'Jobs, Baby, Jobs': Al Franken Wins Fourth Debate by Focusing on Minnesota's Middle Class, Small Businesses; Kicks off GOTV Bus Tour

By all accounts, Al Franken won his fourth consecutive U.S. Senate debate last night -- not by yelling the loudest or throwing the most elbows at his opponents, but by focusing on his middle-class economic agenda.

"Al Franken is proving that you don't need to be a career politician to win debates if you're the candidate of change in an election that's all about change," said Andy Barr, Al Franken for U.S. Senate communications director, just after the debate ended.

"Tonight, Minnesota voters saw that it's Al Franken who will be a strong voice for the middle class," Barr noted. "It doesn't matter how slick his opponents' rhetoric is, or how many elbows come his way. Al Franken won this debate for the same reason he'll win this election: He's the candidate of the middle class, and the candidate of change."

Perhaps in recognition of Al Franken's recent lead in public polls, both Norm Coleman and Dean Barkley frequently attacked Franken. But Franken stayed focused on his core economic message.

"The reason I voted against -- or would have voted against -- the bailout package, is that it didn't really do anything on golden parachutes and bonuses," Franken noted during the dabate. "That's one of the many reasons...

"Look, people are hurting, and we need to get the economy working again. Now my mantra is 'jobs, baby, jobs,' and here are the things that I would do to keep the jobs that we have and create new jobs:

"One, build. Build new bridges and roads and schools... infrastructure. We've always built infrastructure, and it always has a multiplier effect and creates good jobs.

"Secondly, let's address the housing crisis head-on. I agree with Barack Obama: We have to help families -- who, through no fault of their own, are in trouble -- stay in their homes.

"Third, let's stop rewarding companies that are offshoring our jobs, American jobs, overseas. They're getting tax breaks; we should stop that.

"OK, let's get credit into the hands of small businesses. That's fourth.

"Fifth, a green economy. Let's make Minnesota the epicenter of a green economy that can create hundreds of thousands of jobs.

"Finally, [get] tax cuts into the hands of the middle class. The middle class is the engine of our economy. We have to stop tilting all these tax cuts and tax giveaways to the special interests."

"For The Middle Class, For A Change"
This morning, Al Franken kicked off his "For The Middle Class, For A Change" get-out-the-vote bus tour at a DFL get-out-the-vote rally in St. Paul. The rally launched a statewide barnstorm of Minnesota for the last 10 days of the campaign.

Franken called for fundamental change in Washington, detailed a bold economic agenda for Minnesota's middle class, and urged supporters to take action as part of the DFL's grassroots GOTV campaign. The unprecedented campaign will involve 77,000 volunteers making 1.5 million phone calls and 2.8 million door-knocks before Election Day.

"Folks are frustrated, they're anxious, and, frankly, they're outraged -- and they have a right to be all three," Franken declared. "Washington just isn't working for Minnesota's middle-class families. And if we want change, we're going to have to work for it.

"I want to go to Washington and work with President Barack Obama and Sen. Amy Klobuchar to stand up for Minnesota's middle-class families. And I'm calling on everyone who's ready for change to stand with me in this campaign."

Al Franken also detailed his plan for rebuilding the middle-class economy:

* Bring back oversight on Wall Street and address the housing crisis
* Cut taxes for middle-class families
* Make health care and college more affordable
* Protect Social Security
* End giveaways to special interests, like big drug and oil companies
* Repeal tax breaks for companies that ship American jobs overseas
* Create jobs by investing in infrastructure and renewable energy
* Make credit available to small businesses

Today, Franken headed to St. Paul, Albert Lea, Austin and St. Peter; Vice President Walter Mondale joined Franken in Austin and Albert Lea. Tomorrow, Franken will campaign with Congressman Keith Ellison in St. Paul and Minneapolis.

On Monday, Franken will visit St. Cloud, Morris, Crookston, Climax, Moorhead, Brainerd and Bemidji. Congressman Collin Peterson will join Franken for several events throughout the 7th Congressional District.

GoodBiz113's take: It's no wonder that Al Franken carried the day with his strong, clear and focused economic agenda for Minnesota's middle-class families and households, and small businesses. Franken truly is the candidate of change for Minnesotans, and all Americans will benefit from his win-win-win vision and service in the U.S. Senate.

SOURCES: Al Franken for U.S. Senate, Twin Cities Public Television
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Franken Proposes Bold Economic Solutions for Middle Class, Main Street

DFL U.S. Senate candidate Al Franken today addressed the Humphrey Institute 2008 Candidate Forum at the University of Minnesota. In his remarks, Franken called for bold action to help Minnesota's middle class: cutting taxes on working families; ending giveaways to special interests and companies that outsource; creating jobs by investing in short-term infrastructure projects; and helping small businesses find credit in an uncertain economy.

Franken also reiterated his opposition to the $700 billion Wall Street bailout, describing his concerns with the lack of oversight for the financial-services industry and the failure of Washington to address the housing crisis that sparked the economic downturn.

"We have got to change the way Washington handles the economy," Franken told the audience. "There are too many people there who believe that wealth comes from the top -- that what drives our economy is when a CEO gets a big tax cut and builds, oh, I don't know, a seventh house.

"Well, I guess that does create a few jobs, especially if it's a really fancy house. But I grew up in a middle-class family in St. Louis Park [Minn.]. And I know that it's the middle class that is the engine of prosperity in America. And what drives our economy is when everyone has a good job, and makes a decent wage, and we're building millions of homes.

"So, I believe that if we're going to re-build our economy in the wake of this massive collapse, it's going to start with re-building the middle class. That means stopping the giveaways to the special interests and putting more money in middle-class family budgets. And it means creating and protecting good jobs that offer people a chance to get ahead.

"This bailout was the exclamation point on eight years of economic mismanagement. Now is the time for us to change fundamentally the ways of Washington, so that at least it might, indeed, be the end of the sentence.

"And if we make that change, we'll be alright. We are Americans. We are the country that beat communism and beat fascism, and we can beat this crisis.

"But the people who will get our economy moving again don't work on Wall Street. They work here on Payne Avenue and in every city and town in this country. They own body shops and hair salons, and they sell bicycles and lawnmowers and homemade cookies. And, you know what? They need help. They need it now. And it's time Washington got to work."

SOLUTIONS FOR THE MIDDLE-CLASS ECONOMY: AL FRANKEN'S PLAN TO CREATE JOBS IN MINNESOTA

Al Franken believes that we need fundamental change from the policies that have put our economic security at risk. But the best way to emerge from the current economic downturn is by creating and protecting middle-class jobs here in Minnesota.

A Lifeline for Minnesota Small Businesses
Minnesota's small businesses -- which create four out of every five jobs in our state -- are paying the price for the mess on Wall Street. They are finding it harder and harder to obtain the credit they need to cover start-up costs, expand their operations, or hire new employees. To help them, Al Franken will work to unfreeze the credit market.

* Expand the Small Business Administration's Loan Guaranty Program by $1 billion, and make another $4 billion available for direct loans to small businesses.

* Simplify the loan approval process and eliminate fees for lenders and borrowers, and expand the network of lenders to increase liquidity and help small businesses get better loan rates.

Create Jobs by Investing in Infrastructure
According to the Department of Transportation, each $1 billion invested in transportation development creates over 47,500 jobs and over $1.3 billion in worker income -- and up to $6 billion in additional gross domestic product. Right now, there are projects ready to be started -- and Minnesotans ready to do this important work.

* Create nearly 150,000 jobs by investing $2 billion to pay for deferred infrastructure repair projects, and another $1 billion for capital costs of facilities and equipment needed to improve multi-modal transportation options like the Midwest Regional Rail Initiative.

An Apollo Program to Create Green Jobs
Our energy crisis could be a huge opportunity for Minnesota. With an Apollo program for renewable energy and energy efficiency, we can end our dependence on foreign oil, make our nation more secure, improve our environment -- and create "green" jobs by making Minnesota the epicenter and the engine of a new energy economy.

* Invest in research and development into new and existing renewable energy technologies: wind, solar, biofuels, carbon sequestration, and more.

* Support U.S. House Transportation & Infrastructure Committee Chairman Jim Oberstar's work to make increased availability and use of rail -- light rail, commuter rail, inter-city passenger rail -- a reality.

* Work with entrepreneurs in Minnesota to support energy-efficient technologies, such as windows and other "green building" initiatives.

End Tax Breaks for Companies That Ship Jobs Overseas
We've lost over 600,000 jobs in America just this year. Now, Minnesota's unemployment rate is the highest it's been in 22 years -- with 170,000 people unable to find work. Part of the problem is that we've seen our tax code changed to encourage companies to ship American jobs overseas. Al Franken will work to reverse that.

* Strip companies of the nearly $40 billion in tax breaks they received to ship American jobs overseas, and use that money to promote domestic manufacturing.

* Support worker re-training programs that help those whose jobs have been lost.

GoodBiz113's take: Al Franken's proposed solutions are bold -- and very much needed in order to help get small businesses, and our nation, moving again. Kudos to Al Franken for having the vision and guts to conceive and articulate such a far-reaching strategy.

SOURCE: Al Franken for U.S. Senate, U.S. Census Bureau, U.S. Department of Transportation, U.S. Small Business Administration
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Franken Campaign Releases Two New Ads Focusing on the Economy, Middle-Class Families and Small Businesses

Just one day after Minnesota's U.S. Senate candidate Al Franken unveiled his proposal to unfreeze credit and help small businesses create jobs, his campaign released two new television spots highlighting Franken's strong message on middle-class economic issues and supporting small businesses. The ads -- "Get to Work" and "Honest Differences" -- began airing this morning and will run statewide.

"The election comes down to a simple choice," said Andy Barr, communications director of the Al Franken for Senate campaign. "Norm Coleman chose Bush economics over Minnesota's middle class. And, now, Minnesotans have a chance to choose a new direction. In these ads, Al Franken lays out his plans to help the middle class: Cut taxes for middle-class families, create jobs, bring real oversight to Wall Street, and work to put our economy back on track."


SCRIPT: "Get To Work"
Al Franken: It's such a tough time. People's life savings are literally slipping away. We have got to change the disastrous policies of the Bush administration. I don't have all the answers – but here's where we start. Let's stop the billions of dollars in giveaways to big oil and drug companies. Bring real oversight to Wall Street. Work to make college affordable. And fix the economy to help the middle class. I'm Al Franken. I approve this message. Because it's time to get to work.


SCRIPT: "Honest Differences"
Announcer: Honest differences on the issues that matter to your family. The economy: Al Franken supports tax breaks for the middle class. A five thousand-dollar tax credit to help families pay for college. Stop giveaways to the special interests. Norm Coleman? He supported George Bush's economic plan all the way, voting for budgets that have left us ten trillion dollars in debt. It's Al Franken who will stand up for the middle class. For a change.

Al Franken: I'm Al Franken, and I approve this message.


GoodBiz113's take: During this election year, while far too many candidates have stooped to unleashing petty, baseless and mean-spirited attacks on their opponents, it's refreshing to see and hear specific, pragmatic and forthright proposals -- especially those that pertain directly to economy-propelling small businesses.

SOURCE: Al Franken for U.S. Senate
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Joined by Sen. Dorgan, Franken Proposes New Lifeline for Minnesota Small Businesses

Joined by Sen. Byron Dorgan [D - N.D.] and two local small-business owners, DFL U.S. Senate candidate Al Franken [D-Minn.] today offered a new proposal to unfreeze credit for Minnesota small businesses. His initiative is part of an economic recovery plan designed to create jobs and help Minnesota families in these tough economic times.

Franken unveiled the plan today at a news conference, joined by Dorgan and two local entrepreneurs:

* Mallard Teal is the owner of Payne Ave. Body Shop. A small-business loan enabled him to renovate his storefront and expand his business.

* Mary Leonard is the owner of Chocolat Celeste. She applies for a seasonal loan each year to expand production and hire additional employees for the busy Christmas season -- but this year, has been unable to acquire that capital.

"George Bush and Norm Coleman just don't get it: giveaways to the special interests and tax cuts for millionaire CEOs don't create jobs," Franken declared. "Small businesses create jobs. And, while Washington rushed to bail out huge corporations on Wall Street, we're going to lose jobs here in Minnesota if we don't do something to unfreeze credit for our small businesses. My proposal will ensure that folks like Mallard and Mary can continue to grow their operations and get our economy moving again."

Dorgan wholeheartedly agreed. "Al and I both opposed the bailout because it didn't protect taxpayers by adding in provisions to make sure this type of meltdown would not happen again," he said. "Al Franken is now proposing smart ideas to get this economy moving. We need him in the Senate to help fight for the middle class and stand up to the special interests."

Franken's proposal generates $4 billion for direct loans to small businesses through the Small Business Administration [SBA], and adds another $1 billion to the SBA's loan guaranty programs. It also simplifies the process of obtaining these loans; eliminates associated fees; and expands the network of lenders to increase liquidity and secure better loan rates for small businesses.

The initial $5 billion investment will be repaid by small businesses, resulting in no net cost to taxpayers over time. But Franken called for the $5 billion upfront cost to be paid for, in the short term, by taking it out of the $700 billion earmarked for the bailout package, or by eliminating unwarranted and excess stock-option deductions on executive compensation.

SOURCE: Al Franken for U.S. Senate
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Al Franken Kicks Off Weeklong Statewide Tour, Offers New Solutions to Ease the Middle-Class Squeeze

This morning, U.S. Senate candidate Al Franken unveiled new common-sense solutions to ease the squeeze on Minnesota's middle class. Franken discussed his new proposals at a campaign rally that attracted hundreds of people outside the locally owned Harvest Moon Coffee House in his hometown of St. Louis Park, kicking off a week of traveling the state to contrast these common-sense solutions with the disastrous Bush-Coleman economic legacy.

"Norm Coleman wants to stay the course with the Bush economic 'plan,'" said Franken. "But that 'plan' has put Minnesota's middle class into a deep hole – and it's time to stop digging.

"The solutions I'm proposing today will help Minnesotans care for their kids and aging loved ones, balance work and family, and save for retirement. Easing the middle-class squeeze isn't just about helping those who are suffering in the Bush-Coleman Recession. It's about restoring the sense of hope and opportunity that my family enjoyed when I was growing up in St. Louis Park."

After sharing a few horror stories he's heard along the campaign trail -- e.g., one about an independent trucker who now nets just $200 per week, thanks to astronomical gas prices -- Franken offered three new proposals:
* Kitchen Table Tax Relief: A set of tax credits designed to ease the burden on families caring for children or elderly loved ones
* 21st Century Family Leave: A new family leave policy to address 21st-century family structures
* The 401[U]: A revolutionary new type of retirement account to help every Minnesotan develop long-term financial security

More details on these proposals is available at www.alfranken.com/easethesqueeze.

Franken's next stops on this week's statewide tour include the following:
* July 22, 11:00 - 11:45 a.m.: Duluth -- Beaner's Central Concert Coffeehouse, 324 N. Central Avenue
* July 22, 3:00 - 3:30 p.m.: Cambridge -- DFL Offices, 237 2nd Avenue SW
* July 23, 11:00 a.m. - 12:00 p.m.: Rochester -- Rochester Labor Center, 11 4th Street SE
* July 23, 1:30 - 2:30 p.m.: Burnsville -- Ironwood Electronics, 11351 Rupp Drive, Suite 400
* July 24, 1:15 - 2:15 p.m.: St. Cloud -- Mississippi Bean & Tea Co., 819 W. Germain St.

GoodBiz113's take: Skol to you, Al Franken! Your innovative proposals deserve serious consideration and buy-in by citizen-voters, entrepreneurs, corporate leaders, and current and would-be elected officials at all levels of government. The very fact that you chose a small business from which to announce these solutions to help lift the beleaguered middle class, speaks volumes about your purely good intentions and actionable ideas for much-needed change. Minnesotans are fortunate that you're willing to represent them in the U.S. Senate.

SOURCE: Al Franken for Senate
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