News Release

PROGRESSIVE LEADERS BEGIN PUSH FOR MAJOR PUBLIC INVESTMENTS TO FUEL ECONOMIC RECOVERY AND GROWTH

Experts Gather On Capitol Hill To Discuss Bold Public Investment Strategies;

WASHINGTON – Congressional and progressive leaders kicked off a major effort on Capitol Hill today to push a long-term investment program that could fill a staggering public infrastructure deficit cited in a new report released today by the Campaign for America’s Future.

The need for a bold public investment initiative was detailed at today’s conference sponsored by the Campaign for America’s Future at the Library of Congress. Members of Congress, economists and labor and business leaders agreed that the times demand an aggressive program to fuel our economic recovery and growth, both in the short- and long-term.

Campaign for America’s Future co-director Robert Borosage opened the conference by noting that the need for substantial, strategic and sustained public investments is rapidly increasing as economic conditions worsen.

“Our challenge is not finding the money,” said Borosage. “Our challenge is finding the political will to respond boldly to the economic crises before us. We will not have a moment like this again in our lifetimes. In the deepening recession, the first task is to put people back to work by rebuilding America. In the long term, we need a sustained expansion of public investment in our future.”

Conference participants included Rep. Rosa DeLauro, D-Conn., Rep. Keith Ellison, D-Minn., and Progressive Caucus co-chairs Rep. Barbara Lee, D-Calif., and Rep. Lynn Woolsey, D-Calif. They discussed new strategies for public investments from modern infrastructure and new energy to lifelong education, laying out ways to finance sustained economic growth.

Rep. DeLauro said we need to get our economy back on track with a new approach of investing in large infrastructure projects.

“We need a solution that moves beyond left or right,” said Rep. DeLauro. “We need a solution that creates jobs and strengthens our economy with significant and substantial resources in our infrastructure. We have the moment and the will now for a national program."

Rep. Woolsey agreed with Rep. DeLauro, noting that our collapsing infrastructure needs immediate attention.

“The most important need is our crumbing infrastructure,” said Rep. Woolsey. “We must invest in our public infrastructure. We must do it once and for all. It will take the leadership of the federal government and the partnership of our businesses.”

Janet Kavinoky of the U.S. Chamber of Commerce also called for a strong and competitive public infrastructure.

“Business and labor will fight about many issues in the years ahead, but one place where we’re on the same page in investing in infrastructure,” said Kavinoky. “We’re falling behind to maintain what we need to do on public investment. We’re driving investment to the top of our agenda.”

In his keynote address at the conference, University of Texas professor and economist James Galbraith called for a national infrastructure investment fund for capital projects.

“Building capital assets and infrastructure shouldn’t be subject to pay-go,” said Galbraith. “A revolving fund could be on the president’s desk on day one to move large scale public investment projects and rebuild America. With a new fund, states wouldn’t have to cut services, eliminate police officers or fire fighters or close parks.”

The Campaign for America’s Future report, “The Investment Deficit in America,” outlines deficiencies in transportation, energy, Internet and education projects where public investments are needed the most. The total long-term investments discussed in the report would cost about $2.5 trillion over the next several years. If instituted, these investments would pay dividends over time. They’d create good jobs that stay in America and construct infrastructure that would never leave. The investment would help hire teachers, train engineers and strengthen our workforce.

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**NOTE: To view a video of today’s conference and PowerPoint presentations or to obtain an electronic copy of the Campaign for America’s Future report, please visit http://institute.ourfuture.org/investinamerica.**