Where Obama’s jobs bill falls short

„The president should announce a national jobs emergency. Infrastructure projects listed under this rubric should be fast-tracked through the environmental review process, with approvals granted within 60 days, and the Davis-Bacon wage requirement should be suspended. In return for these exemptions, Democrats should seek $200 billion in capital for the new infrastructure banks, which could easily attract private capital of hundreds of billions within weeks. The efforts Obama and Jeffrey Immelt, his jobs czar, have made to cut the regulatory cycle time are not enough; we need something much bigger and bolder.

There is really no debate about the need to invest in America’s infrastructure. The conservative-leaning Center for Strategic and International Studies issued a report in 2006 noting that U.S. productivity and living standards were declining as a consequence of neglect. It urged federal involvement and investment, pointing out that »creating infrastructure assets with long-lived benefits should not be determined by short-term cash availability.« It also noted: »Federal deficits sap our economic growth, and must inevitably be paid. But failing to support long-term growth could prove even more vexing. . . . By whatever means, it is imperative that we make new investments.«

Of the 2012 presidential candidates, just one was a signatory to that report on Guiding Principles for Strengthening America’s Infrastructure. I look forward to hearing a full-throated case for infrastructure spending during the campaign from that person, Rick Perry.”