Dr. Nomi Prins, Ph.D., author and former Wall Street executive, Washington State Senator Liz Lovelett, and Dr. Andrew Winnick, former Cal State Econ Professor, and others joined in a timely Zoom Town Hall “Time to Go ‘Off-Budget’: $5 Trillion National Infrastructure Bank Can Build the U.S.” 

With our Nation plunged, yet again, into a budget crisis, with no immediate solution on the horizon, it is time to go “outside the box.” Every time the country has run aground, “off the budget” National Banks have rescued and built the economy. It’s as American as good old Apple Pie. H.R.4052 is a bill creating a $5 trillion National Infrastructure Bank (NIB), which will be off the budget!

We have had four institutions like the NIB dating back to George Washington and Alexander Hamilton and continuing through Franklin Roosevelt. We have had nothing since the 1950s. It’s time to do it again. 

The Nation is entering a perfect storm. Due to high-interest rates, bank lending is contracting. Mortgage rates are soaring and housing construction is slowing. New job creation is falling, and personal consumption is winding down. The federal government deficit is projected to be $2 trillion! So, any recession cannot be met with trillions in new government spending. 

And now a budget crisis! Draconian cutbacks are being mooted for all areas of the economy. These will impact all citizens, but especially those least able to cope. Ironically, the cuts will deepen the budget deficit! There are no more tools in the toolbox!

Time to go “off-budget” with H.R.4052, the National Infrastructure Bank bill in Congress. The NIB can marshal $5 trillion in new financing for infrastructure. It will complement all that Congress has done and spark a large-scale economic expansion. All with no new federal spending or federal taxes! 

This bill now has 15 sponsors, with the bulk of them coming in the last eight weeks. The Seattle City Council just unanimously endorsed the legislation, and more resolutions are in the works. Growing numbers of officials are contacting their members of Congress to cosponsor the bill. Please watch this important Zoom Town Hall.

Speakers:

Alphecca Muttardy, former Senior Economist, International Monetary Fund, Fairfax, VA

Congressman Dwight Evans, Philadelphia, PA (video)

Dr. Nomi Prins, Ph.D., author “Permanent Distortion,” and former Wall Street executive, Los Angeles, CA

Sen. Liz Lovelett, Washington State Senate, Anacortes, WA

Rep. Arthur Handy, Rhode Island House of Representatives, Cranston, RI

Rep. George Brown, Kentucky House of Representatives, Lexington KY

Michael Flynn, Senior Director, Cushman and Wakefield Rail Advisory Group, Westchester, NY

Asw. Maryjane Shimsky, New York Assembly, Dobbs Ferry, NY

Rep. George Brown, Kentucky House of Representatives, Lexington KY

Rep. Robert Williams, South Carolina of Representatives, Darlington, SC

Dr. Andrew Winnick, Professor of Economics and Statistics (ret.), Cal State University, Los Angeles, CA

Moderator: Robert Lynn, Jr, Secretary, Jobs with Justice; Organizer, UA Local 50 (ret), Toledo, OH