Helping Main Street, Multiple Streets At A Time

The one thing missing from the national debate on reinvigorating the economy has been help for Main Street. Financial service proponents have thought that helping Wall Street trickles down to benefit Main Street but that is clearly not how it works. Finally we have a plan formulating in the Democratic ranks to bring a real stimulus to those that truly need it.

From Yahoo News:

U.S. Rep. Barney Frank, chairman of the House Financial Services Committee, told ABC television he will put together an economic stimulus bill when Congress returns to Washington after the November 4 elections, while a key Republican said he would support an effort that "makes sense."

Rep. Roy Blunt, the Missouri Republican who serves as House minority leader, said he would support a stimulus plan if it did not include massive public works spending and budget bailouts for states that overspent on health care and other social programs.

Frank, despite his failings in the bailout mess is on to something here. Blunt, on the other hand, represents the same old crap emanating from what is left of the GOP. After the elections, when we could see a 100 seat Democratic Majority in the House, he will have to change his thinking on the issue or else be rolled over in the process. Just like in the 1930s, a national agenda that addresses our infrastructure would do wonders for our economy and when adding in alternative energy to the mix, will create green jobs as well as improve the environment.

Robert Rubin clearly gets it:

Former Treasury Secretary Robert Rubin, who served under President Bill Clinton, told CNN that an infrastructure plan that could quickly pump money into the economy was the most important action that U.S. authorities could take to help deal with the current economic crisis.

"I would put in place an infrastructure piece... bridges, water systems roads, highways, but not new projects that are going to take a long time to set up," Rubin said. "There are a lot of existing projects where states and cities are having a hard time finding a lot of financing where you could funnel that money right into existing activities where you would be able to act very very quickly."

That is great for the short-term, but we must add in projects that will truly make a difference for the future. For far too long, we have been thinking of nothing but what is directly in front of us. The policies that reinforce the failed ideas that got us where we are today need to be thrown to the wayside. Building an infrastructure system meant for the 21st century would be a good start and a great boost for our country.