House Passes Bi-partisan Budget, Neglecting Investment in Job Creation, Economic Growth, Education

Peter Mathews on KTLK AM 1150, the David Cruz Show: (Dec.12, 2013) House Passes Bi-partisan Budget, Neglecting Investment in Job Creation, Economic Growth, Education: House keeps corporate tax loopholes; cuts military pensions, unemployment benefits for 1.3 million Americans.

Professor Mathews notes that the discretionary spending budget passed by the U.S. House of Representatives includes $1.012 trillion for 2014 and $1.014 trillion for fiscal year 2015. Of this, 51.4% will be spent on the military and 48.5% on domestic programs, including investments in Small Business, Commerce, Education, Housing, Transportation, Scientific Research and Technological Development, and Infrastructure, all of which make up the engine of economic growth and prosperity.

This budget also abandons 1.3 million Americans, including 222,000 Californians, whose unemployment benefits expire at the end of 2013. According to the Department of Labor and the President’s Council of Economic Advisers, 240,000 jobs will be lost by businesses, because the unemployment benefits of the 1.3 million Americans expire, eliminating their purchasing power.

Mathews noted that approximately 100,000 of these people are in the Los Angeles Metropolitan area, further depressing the local economy. According to the Federal government the unemployment rate was 5.2% for Asian Americans, 6.2% for white Americans, 8.7% for Latino Americans, and 12.5% for African Americans. Peter Mathews said that it is a human tragedy for anyone, regardless of ethnicity, who wants to work for a decent wage, to be unemployed in the richest nation in the world. He also noted that young Americans (ages 25-34) have the highest rate of unemployment, which is not only a tragedy, but is a catastrophe for the future of the United States of America.

Mathews said that it is possible to create full employment and well paying jobs by eliminating the unproductive corporate tax loopholes and subsidies, and waste in some Military spending. The hundreds of billions of dollars generated from this should be invested in capital for small business job creation, education and job re-training for new skills, rebuilding and modernizing our infrastructure, and scientific and technological research and development to create 21st Century New Technology jobs that will produce clean energy based and environmentally sustainable products for export and domestic use. Professor Mathews claimed that this is the vision on which Congress should base its budget and appropriations actions. Otherwise, we will continue to muddle along, and the American Dream will no longer be attainable for millions of Americans.

[Listen]  (10 min.)

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