President Bill Clinton recently published “Back to Work; Why we need smart government for a strong economy.”
Most of what he says at the outset is a cogent encapsulation of what brought about our current plight, tracing the roots back to 1981. It is a good summary, although so compact that not all is readily understandable for those who haven’t read various books covering different aspects of what he discusses.
What intrigued the Watchdog was the last part of the book, especially when he describes the incredible savings, job creations and national security benefits that come from picking ‘low hanging fruit’ in the way of energy conservation and developing alternate sources.
The savings are ‘ripe for the pickings’ but for the problem of financing retrofits, even when it can be shown that they pay for themselves in a matter of a few years with handsome savings continuing thereafter.
Most investors would be content with 5% return on their investments today, at a time when certificates of deposit pay less than 2%. Investments in more insulation, in increasingly efficient appliances, in temperature controls, and in retrofitting public and private sector buildings can offer a pay back of perhaps 20% annually or better…but from where do the up front funds come to pay for these projects?
Clinton advocates government programs that would encourage and, in some cases, loan funds for such sound investments.
He also emphasizes that such work generates decent paying jobs here in the USA. So there are multiple benefits: Energy savings, job creation, reducing the unemployment and welfare rolls, less dependence on foreign sources of petroleum, and providing the unemployed with the dignity that comes from having decent paying jobs.
We will discuss other recommendations in a future column.
