Walker: Obama Didn’t Address Key Issues
In his speech today at the Brookings Institution, did President Obama outline an effective proposal for job creation? To find out, NRO asked David Walker, the former Comptroller General of the United States and current president of the Peter G. Peterson Foundation.
“It’s possible to make targeted investments to deal with job challenges and economic growth, but America has a large, known, and growing structural problem with deficits,” says Walker. “I didn’t hear anything concrete in this speech that addresses that long-term issue. Washington is continuing to kick the can down the road.”
The administration, says Walker, needs to be “more intelligent” about how they make infrastructure investments. “We need to make sure they promote economic growth and efficiency and are not just make-work projects,” says Walker. “The simple fact is that this country doesn’t do a good job at long-range planning for key infrastructure projects. When the country tries to put money in the pipeline, there often aren’t enough meritorious projects ready to be executed. We end up spending lots of money on make-work projects that may or may not increase growth and efficiency. Shovel-ready projects generate short-term employment opportunities but they don’t fix the problem.”