Governments' building projects shore up economy

Construction spending by federal, state and local governments has reached record levels, lifting the economy and employing some blue-collar workers despite a collapse in home building. Full Story »

Posted by Kaizar Campwala

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Review

Peter Halligan
3.3
by Peter Halligan - Oct. 1, 2008

Yes it is good journalism. I fault it like many stories in the relativities that it portrays. The article makes punchy points, but doesn't make the obvious point, that is, the spending should be occurring at the federal level, not the state level as part of a "depression avoidance" plan. There is no mention that military spending is another US$30-50 billion AHEAD of the record US$480 billion spent in a record year of private homebuilding. The infrastructure spending is laudable and just what the country needs to avoid depression (from the implosion/collapse of the banking system of endemic fraudulent lending and speculative now proven worthless investment banking executive and dealer bonuses, that cannot be recovered, but thats another story!) The real story here is that Americas infrastructure rebuild to 21st century standards will make America the envy of the world, but instead, neither Obama or McCain shows any sign of switching profligate military spending back to pre-warmonger Bush levels. The states should be receiving hundreds of billiosn of dollars from the Federal government not have to make themselves bankrupt to make up for spurious, oil and heroin motivated, wars.

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