AFL-CIO Announces Commitment to Promote Large-Scale Infrastructure Investments ....."AFL-CIO President Richard Trumka said:
We at the AFL-CIO believe that together, with our partners in business and government, we can profitably invest at least $10 billion in workers’ capital over the next five years in public infrastructure projects to make America more competitive and energy-efficient.
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AFT President Randi Weingarten and AFL-CIO Building and Construction Trades President Mark Ayers will announce the initiative at the Clinton Global Initiative meeting and describe the partnership with investors, the government and businesses.".....
Obama changes rhetoric to try to sell Congress on transportation spending (new bank)......."It’s a little more surprising that the president would avoid the word “infrastructure,” especially since a key part of the president’s plan would be to spend $10 billion to create a national infrastructure bank.
Obama says the bank would leverage private and public capital and invest in a broad range of projects to improve the nation’s rapidly eroding transportation network.".....
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“The nation[U.S.] has over $2 trillion in infrastructure and social needs, and there is over $3 trillion in public sector pension funds,” said Randi Weingarten, president of the American Federation of Teachers and the leader of a group of public sector unions in the A.F.L.-C.I.O. that is studying the issue. “The question is, are there financially prudent ways to invest working men’s and women’s capital to create jobs and rebuild America’s infrastructure?”
................A.F.L.-C.I.O. officials said they also hoped their plan would help persuade Congress to create a National Infrastructure Bank or a program similar to the expired Build America Bonds program, in which the federal government subsidized bonds issued by states and municipalities to finance bridges, airports or other infrastructure. While labor unions and many Democrats support such measures to create jobs, many Republicans oppose them because they will increase federal spending."......[end excerpt] Source
Dubbed MyRA, Obama’s initiative is intended to allow workers who do not have access to other workplace savings plans to open an account overseen by the government that would invest in low-risk Treasury bonds. It’s a relatively modest proposal, one that would be entirely voluntary for employers and employees and would only guarantee low returns to minimize risk. "
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Dubbed MyRA, Obama’s initiative is intended to allow workers who do not have access to other workplace savings plans to open an account overseen by the government that would invest in low-risk Treasury bonds. It’s a relatively modest proposal, one that would be entirely voluntary for employers and employees and would only guarantee low returns to minimize risk.
EUROPE Considers Wholesale Savings Confiscation, Enforced Redistribution "......................The solution? "The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said."
Mobilize, once again, is a more palatable word than, say, confiscate.
And yet this is precisely what Europe is contemplating:
Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.
The document said the "appropriateness" of the EU capital and liquidity rules for long-term financing will be reviewed over the next two years, a process likely to be scrutinized in the United States and elsewhere to head off any risk of EU banks gaining an unfair advantage.
But wait: there's more!"
Inspired by the recently introduced "no risk, guaranteed return" collectivized savings instrument in the US better known as MyRA, Europe will also complete a study by the end of this year on the feasibility of introducing an EU savings account, open to individuals whose funds could be pooled and invested in small companies.
Because when corporations refuse to invest money in Capex, who will invest? Why you, dear Europeans. Whether you like it or not.
But wait, there is still more!.........."
Socialist never stop with other peoples money.
Until they run out.
We are almost to that point.
The benevolent government gives free money. Feel the love.
This is inflation thrusted on taxpayers. Just like cash for clunkers abnormally kept car prices high for those impoverished by taxes.
Thanks for IRS post........
What is the House number of the bill that authorized this spending of the taxpayers dollars?
Outrageous.
Y’all had enough?