Author and former Goldman Sachs executive Dr. Nomi Prins, Ph.D., Public Banking Institution Chair Ellen Brown, Esq., and former International Monetary Fund Senior Economist Alphecca Muttardy were joined by elected officials for a NIB Zoom Town Hall, “The National Infrastructure Bank Solution to Congressional Insanity,!” on January 18, 2024. (Watch here.)

 Albert Einstein famously quipped “The definition of insanity is doing the same thing over and over again and expecting a different result.” This fits the behavior of many in Congress to a “T.” The congressional leadership will only spend through the budget. However, ever-deeper budget deficits prevent any new spending. Many are demanding more draconian budget cuts to “balance the budget.” That will cut revenue further and deepen the deficit! It will beget more cutbacks. Hence: They are insane! 

On January 19, Congress, once again, could not agree on a new budget, and voted to “kick the can down the road.”

The National Infrastructure Bank (NIB) solves the problem. It works “outside the budget” and would finance $5 trillion of urgently needed new projects. It would require no new federal dollars! 

Support for the NIB, as embodied in HR4052 in Congress, is growing. There are already more cosponsors on the bill than in the previous Congress. Resolutions of support are being introduced into many state legislatures. Recently, the highly-regarded Journal of Critical Infrastructure Policy carried a 10-page feature article touting the legislation. 

Every day the need for new infrastructure and industrial spending grows. 10 million or more lead water service lines need to be replaced. Cost: $100 billion. Only HR4052 has the money to cover this. The cost to repair and replace all water systems, including those that are now regularly flooding, under the stress of powerful storms: $800 billion or more. Again, the NIB has all the money. National High-Speed rail network, $1 trillion or more. The NIB has the funds. And everything else.

Congress is locked into the downward spiral of budget cuts, revenue declines, and decrepit infrastructure and inadequate industry. For many members, as per Bill Murray’s character in the movie “Groundhog Day,” life is a vicious cycle of insanity. 

It is time to break the loop! Watch this timely and insightful Town Hall, and help mobilize support for the NIB and HR4052. Insanity has consequences, and they are not pretty. 

Speakers:

Dr. Nomi Prins, Ph.D., author and former Managing Director, Goldman Sachs Group, Los Angeles

Ellen Brown, Esq., author and Chair, Public Banking Institute, Los Angeles

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

Rep. Erin Byrnes, Michigan House of Representatives, Dearborn

Rep. Kate Nugent, Vermont House of Representatives, Chittenden

Rep. Harry Benton, Illinois House of Representatives, Plainfield

Rep. Sam Park, Georgia House of Representatives, Lawrenceville

Matthew Miller, Albany County Legislature, NY

Moderator: Julie Olsen, MBA, Chair, Progressive Caucus, Alaska Democratic Party, Anchorage