My post on the Bush bailout for the financial sector mentioned the “Green Recovery” report recently released by the Center for American Progress and Dr. Robert Pollin from the University of Massachusetts Political Economy Research Institute. Here’s a little more detail:
The report looks at how a $100 billion strategic investment can generate 2 million new, well-paying jobs (at least $16/hour) in the renewable and energy efficiency sectors and beyond. The chart below shows the breakdown of job creation:
The number of jobs created by this investment is four times what the same spending in the oil industry would create, as this chart illustrates:
Using a combination of tax credits, loan guarantees, and direct government spending, the recovery strategy proposes investment into solar and wind energy, efficiency retrofits, mass transit, “smart” electricity grid modifications/construction, and advanced biofuels. As a result, the job creation would be seen primarily in the manufacturing and construction sectors, both of which sorely need the boost.
Center for American Progress President and CEO John Podesta explains:
The plan increases public spending in the short term when a near-recession economy needs greater impetus to growth; but it remains consistent with fiscally responsible long-term plan to reduce the debt as a share of GDP, after the economy recovers.
The report looks at the local impacts the Green Recovery would have in 37 states (click below):
Alaska, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, West Virginia, Wisconsin