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John Podesta: Rebuilding—and Greening—the Economy

At the risk of stating the obvious, the economy is, well, not in a good place.

What we need at this moment is real leadership, and a plan to address the problems of a collapsing economy while averting looming ecological catastrophe.

John Podesta, President and CEO of Center for American Progress, has a proposal that could create millions of new jobs, help lower oil prices, reconstruct local communities, and make the US a leader in the global green economy.

From the article:

The signs are clear: Our economy is in trouble. Falling home prices, foreclosures, bank failures, a weaker dollar, rising prices for gas, food, and steel, and layoffs in banking, construction, and manufacturing sectors are all indicators of serious economic strain—following a long period in which the middle class went nowhere even while the economy grew as a whole. What’s more, evidence suggests the current downturn will continue for at least another year.

At the same time, we face a growing climate crisis that will require us to rapidly invest in new energy infrastructure, cleaner sources of power, and more efficient use of electricity and fuels in order to cut global warming pollution. There is much work to be done in building smart solutions at a scale and speed that is bold enough to meet this gathering challenge.

It is time for a new vision for the economic revitalization of the nation and a restoration of American leadership in the world. We must seize this precious opportunity to mobilize the country and the international community toward a brighter, more prosperous future. At the heart of this opportunity is clean energy, remaking the vast energy systems that power the nation and the world. We must fundamentally change the way we produce and consume energy and dramatically reduce our dependence on oil. The economic opportunities provided by such a transformation are vast, not to mention the national security benefits of reducing oil dependence and the pressing need to fight global warming. The time for action is now.

Today, the Center for American Progress releases a new report by Dr. Robert Pollin and University of Massachusetts Political Economy Research Institute economists. This report demonstrates how a new Green Recovery program that spends $100 billion over two years would create 2 million new jobs, with a significant proportion in the struggling construction and manufacturing sectors. It is clear from this research that a strategy to invest in the greening of our economy will create more jobs, and better jobs, compared to continuing to pursue a path of inaction marked by rising dependence on energy imports alongside billowing pollution.

The $100 billion fiscal expansion that we examined in this study provides the infrastructure to jumpstart a comprehensive clean energy transformation for our nation, such as the strategy described in CAP’s 2007 report, “Capturing the Energy Opportunity: Creating a Low-Carbon Economy.” This paper shows the impact of a swift initial investment in climate solutions that would direct funding toward six energy efficiency and renewable energy strategies:

  • Retrofitting buildings to increase energy efficiency
  • Expanding mass transit and freight rail
  • Constructing “smart” electrical grid transmission systems
  • Wind power
  • Solar power
  • Advanced biofuels

Read the whole article here.


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