Kucinich Smoking Too Much Spinach
from Concord (NH) Monitor

Kucinich proposes public works program

Rep. Dennis Kucinich proposed a massive public works program yesterday that he said would virtually eliminate unemployment.

A day after finishing with 1 percent of the vote in the Iowa caucuses, Kucinich made his most detailed speech in New Hampshire, reading word for word from a pre-printed copy he shuffled in his hands.

The Ohio congressman spoke in Bedford and in Concord at the Conservation Center and promised to stay in the race through "all 50 states." Kucinich hit on several subjects he has discussed before, such as the immorality of invading Iraq and the need for universal health care. But he also touched on some new ones, including the need for more subsidized housing as well as the need for a crackdown on predatory lending aimed at low-income Americans.

"Our nation is in a perilous condition due to fear, war, tax cuts to wealthy Americans and trade policies," said Kucinich, who believes in a 100 percent employment economy.

Kucinich wants to start what he calls a Federal Bank of Infrastructure Modernization, which would be created with a portion of the Federal Reserve's treasury securities.

Such a program would cut the cost of public works projects in half, allowing state and local governments to fund needed public projects that would, in turn, necessitate workers, Kucinich said. The new Federal Bank of Infrastructure would lend money to states at zero interest.

"Look around," said Kucinich, who wants to cancel the North Atlantic Free Trade Agreement and exit the World Trade Organization. "We must rebuild our roads, our bridges, water systems, sewer systems . . . We can put millions of people back to work with this program."

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Kucinich proposes public works program

He says initiative would create full employment

By ED PILOLLA
Monitor staff

Rep. Dennis Kucinich proposed a massive public works program yesterday that he said would virtually eliminate unemployment.

A day after finishing with 1 percent of the vote in the Iowa caucuses, Kucinich made his most detailed speech in New Hampshire, reading word for word from a pre-printed copy he shuffled in his hands.

The Ohio congressman spoke in Bedford and in Concord at the Conservation Center and promised to stay in the race through "all 50 states." Kucinich hit on several subjects he has discussed before, such as the immorality of invading Iraq and the need for universal health care. But he also touched on some new ones, including the need for more subsidized housing as well as the need for a crackdown on predatory lending aimed at low-income Americans.

"Our nation is in a perilous condition due to fear, war, tax cuts to wealthy Americans and trade policies," said Kucinich, who believes in a 100 percent employment economy.

Kucinich wants to start what he calls a Federal Bank of Infrastructure Modernization, which would be created with a portion of the Federal Reserve's treasury securities.

Such a program would cut the cost of public works projects in half, allowing state and local governments to fund needed public projects that would, in turn, necessitate workers, Kucinich said. The new Federal Bank of Infrastructure would lend money to states at zero interest.

"Look around," said Kucinich, who wants to cancel the North Atlantic Free Trade Agreement and exit the World Trade Organization. "We must rebuild our roads, our bridges, water systems, sewer systems . . . We can put millions of people back to work with this program."

The program, according to Kucinich, would give state and local governments access to $185 per capita per year for 10 years for infrastructure improvements. The states would pay the principal back, which would replenish funds in the bank.

In New Hampshire, more than 11,000 workers have lost their jobs since President Bush took office, and 22,000 manufacturing jobs have been lost, Kucinich said. The national unemployment rate for 2003 was 6 percent.

"We must stop the shift in wealth occurring in our tax code and we must stop the loss of jobs occurring through our trade policies," Kucinich said.

He said it was "urgent" that America recreate a public works program similar to the one President Roosevelt instituted after the Great Depression.

Kucinich also called for more subsidized housing, which would mean many Americans could pay a smaller percentage of their paychecks for housing. Twelve million households pay half their incomes toward their rent or mortgage, Kucinich said. More public housing is needed and the current subsidized housing programs should be expanded, he said.

Kucinich's view of housing was inspired by his own life experience, he said. When he was growing up, his father moved the family several times. Kucinich said his family had lived in 21 different places by the time he was 17, "including a couple of cars."

Kucinich also called on the Department of Justice to investigate and eliminate predatory lending practices that cause folks to lose their homes. Loans with high interest payments, balloon payments and inflated lender fees are often targeted at low-income communities, he said.

He also criticized privatizing Social Security. The Social Security trust fund is not in danger of becoming insolvent until 2042, according to the fund's trustees, Kucinich said. That timeline is further into the future than those who want to privatize the program have claimed.

"A shortfall projected to occur in 2042 is not a crisis," Kucinich said.

After his speech in Bedford, Kucinich told reporters he decided to share some Iowa caucus supporters with North Carolina Sen. John Edwards "because we are friends." Kucinich said he has ideological differences with all the candidates, but said Edwards's "optimistic" campaign is similar to his.

posted by prof_booty | 01:39 PM