Huffy Post Stooges for Unconstitutional Bank.

Michael Likosky of the Huffington Post proves to be a cheerleader for President Obama and the National Infrastructure Development Bank. Writing in the Huffy Post, Dr. Likosky states:

...the Infrastructure Bank can relay the foundation of our economy through progressive long term projects that are synced up with a medium term business cycle - allowing firms to plan ahead, which is essential for retaining and creating good jobs. Investing in what will make America competitive, a job producer, a promoter of equal opportunity, and an ensurer of national security.

What an undisciplined argument this is. Platitudes without logical basis and specious cause and effect arguments. But it gets worse. Likosky continues:

On February 13, 2008, then-Senator Obama had first announced the Infrastructure Bank on the factory floor of the General Motors Assembly Plant in Janesville, Wisconsin as a campaign plank. The speech marked, at the time, a pivot by Obama away from the sole candidate to have opposed the Iraq War and toward positioning himself as the champion of America's economic recovery. In this landmark speech, Obama argued for redirecting our energies away from reconstructing Iraq and toward reinvesting in America.

This piece of revisionist history is beyond the pale. As reported elsewhere, this speech was a token gesture by then Candidate Obama in return for Senator Dodd (D - Connecticut) withdrawing from the Presidential Race. Soon after, then Senator Obama became an official sponsor of Senator Dodd's proposed legislation. The purpose of this bill should be obvious. It is an attempt by the delegation of Connecticut to get more funding for their very unpopular, federally subsidized railroad system. This was no landmark speech and the President was so committed to this proposal that his colossal stimulus bill, which contained nearly every other Democratic bill introduced since President Clinton left office, omitted the bank.

Don't believe intellectually dishonest people like Dr. Likosky. Urge your elected representatives to reject the unconstitutional National Infrastructure Development Bank.

President Obama Lights a Fire on Unconstitutional Bank

As reported in the New York Times, President Obama's new infrastructure plan includes a call to establish the unconstitutional National Infrastructure Development Bank. The Times' article made clear the intent of establishing this entity:

Indeed, some leading proponents of such a bank — including Gov. Arnold Schwarzenegger, Republican of California; Gov. Ed Rendell, Democrat of Pennsylvania; and Michael R. Bloomberg, the independent mayor of New York — would like to see it finance a broader range of projects, including water and clean-energy projects. They say such a bank would spur innovation by allowing a panel of experts to approve projects on merit, rather than having lawmakers simply steer transportation money back home.

So, we need to establish this bank because our elected representatives cannot be trusted to spend the money in the way that big state governors and big city mayors approve of. But, the constitution makes it clear that spending our money is the job of our Representatives, and this duty cannot be delegated to an unelected committee.

Contact your Congressional and Senate delegation today and tell them to stop the unconstitutional National Infrastructure Development Bank.

DeLauro Makes Unconstitutional Intent Clear

In her testimony before the House Ways and Means committee on May 13th 2010, U.S. Representative Rosa DeLauro (D-Connecticut) outlined and summarized her plans for the National Infrastructure Development Bank. Read the prepared remarks here.

In her testimony, DeLauro highlights that the Bank would be capitalized by $25 billion in five annual $5 billion appropriations and "An additional $225 billion would be available at the call of the Treasury Secretary to meet bank obligations if necessary."

Oh, and don't be fooled, because Representative DeLauro certainly intends that it be necessary. In fact, she opined that "With a conservative leverage ratio of 2.5 to 1... ... the Bank could potentially issue up to $625 billion in bonds."

Conveniently, Representative DeLauro ignores the fact that this scheme delegates congress' duty to spend tax revenue by appropriations to an unelected committee who can pick and choose the projects to invest in.

Representative DeLauro also fails to draw the lessons of Fannie and Freddie. Similar schemes that have wreaked havoc on the economy and the government's budget.

Please contact Representative DeLauro, and the Representative for your congressional district, and urge that this unconstitutional bill be dropped from consideration.