DBE GoodFaith's
Monthly Newsletter
Public Works, Procurement, and Disadvantaged Business News
Monthly Newsletter
October 2011 | Volume 6, Number 9 | California Edition | www.dbegoodfaith.com
Obama promotes jobs plan, highway bill at impasse
Lately, President Barack Obama has been crisscrossing the county in an attempt to drum-up support for his $447 billion jobs plan, which was unveiled in early September. Under the proposal, the federal government would help stimulate job growth through a mixture of spending, tax cuts and incentives, and increased taxes for rich.
"[The American Jobs Act] will lead to new jobs for construction workers, for teachers, for veterans, for first responders, young people and the long-term unemployed," said President Obama. "It will provide tax credits to companies that hire new workers, tax relief to small business owners, and tax cuts for the middle class. And here's the other thing I want the American people to know: The American Jobs Act will not add to the deficit. It will be paid for."
The Republican response to the plan has been lukewarm at best, but it has received strong backing from construction advocates.
"Should Congress fail to enact the desperately needed infrastructure investments the President proposes, too many construction workers will remain unemployed, the private sector will suffer, and taxpayers will end up paying more, later, for infrastructure," said chief executive officer of the Associated General Contractors of America, Stephen Sandherr. "Infrastructure projects don't just create construction jobs. New construction activity boosts demand for steel, concrete, construction equipment and countless other services and supplies."
According to the National Journal, the proposal calls for the following public works investments:
Recent reports, though, indicate that House Republicans want to increase the transportation spending outlined in their proposal by $15 billion without raising the gas tax.
The existing surface transportation bill was scheduled to expire in September, but was extended by lawmakers until the end of 2011.
Learn more about the American Jobs Act.
"[The American Jobs Act] will lead to new jobs for construction workers, for teachers, for veterans, for first responders, young people and the long-term unemployed," said President Obama. "It will provide tax credits to companies that hire new workers, tax relief to small business owners, and tax cuts for the middle class. And here's the other thing I want the American people to know: The American Jobs Act will not add to the deficit. It will be paid for."
The Republican response to the plan has been lukewarm at best, but it has received strong backing from construction advocates.
"Should Congress fail to enact the desperately needed infrastructure investments the President proposes, too many construction workers will remain unemployed, the private sector will suffer, and taxpayers will end up paying more, later, for infrastructure," said chief executive officer of the Associated General Contractors of America, Stephen Sandherr. "Infrastructure projects don't just create construction jobs. New construction activity boosts demand for steel, concrete, construction equipment and countless other services and supplies."
According to the National Journal, the proposal calls for the following public works investments:
- $2 billion for airport-development grants;
- $1 billion for FAA air-navigation facilities;
- $27 billion for highway repair and construction;
- $4 billion for passenger rail;
- $2 billion of Amtrak repair and upgrade;
- $6 billion for buses and bus facilities;
- $5 billion for surface-transportation projects;
- $3 billion for other transit projects, $15 billion for rehabilitating vacant and foreclosed houses; and
- $7 billion to build and operate a nationwide public-safety broadband network.
Recent reports, though, indicate that House Republicans want to increase the transportation spending outlined in their proposal by $15 billion without raising the gas tax.
The existing surface transportation bill was scheduled to expire in September, but was extended by lawmakers until the end of 2011.
Learn more about the American Jobs Act.
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CalPERS to invest in state's infrastructure
The California Public Employees' Retirement System (CalPERS) is trying to get the state's unemployed construction laborers back to work.
In mid-September the CalPERS investment committee voted unanimously to create a $800 million fund to invest in California's infrastructure.
"Infrastructure is an integral part of the CalPERS investment portfolio," said George Diehr, Chair of the CalPERS Investment Committee. "We're looking for long-term economic value by providing safe, reliable, efficient and high quality services that are vital to California that not only meet our risk-return objectives, but that we believe have the extra benefit of creating jobs and ultimately improving the economic climate."
Learn more about the investment plan.
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