Public Works

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PUBLIC WORKS….California is on the verge of cancelling hundreds of public works projects because it can’t sell the revenue anticipation bonds needed to continue financing them:

Road, levee, school and housing construction projects throughout California are on the verge of being halted or delayed, as state officials prepare to shut off their financing in the most drastic fallout yet from California’s cash crisis.

Officials plan to meet today to freeze financing on these projects and about 2,000 others, including park improvements, environmental restoration and repairs to state prisons.

….Lockyer told legislators last week that halting public-works projects would have a ripple effect through California’s economy, costing private companies $12.5 billion and eliminating 200,000 jobs.

Let me just say up front that California’s problems are largely of our own making. If the rest of the country has zero sympathy for us, I don’t really blame them.

Still, this is a national problem, not just a local one. And if infrastructure spending is good stimulus, but the problem is that it takes a long time to get it up and running, then surely, at a minimum, you wouldn’t want to lose a single dollar of infrastructure spending that’s already in progress. Especially when the immediate problem has been caused by the freezing of the credit markets more than by California’s fiscal recklessness. TARP to the rescue?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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