September 15, 2008
A new report released last week by the nonprofit Center for American Progress (CAP) shows that the U.S. can create 2 million jobs over two years by investing in a rapid green economic recovery program. The report, entitled "Green Recovery: A Program to Create Good Jobs and Start Building a Low-Carbon Economy," shows how an investment of $100 billion in green technologies and industries would create nearly four times more jobs than spending the same amount of money within the oil industry, and would simultaneously reduce national unemployment from today']s 5.7% level to 4.4% over just two years. The icing on the cake, of course, would be a marked reduction in greenhouse gas emissions as greener, non-fossil fuel alternatives become more widely implemented.
According to the report, half of the money proposed for the green fund, some $50 billion, would fund tax credits that would assist private businesses and homeowners to finance both commercial and residential building retrofits as well as investments in renewable energy systems. Another $46 billion would be earmarked for direct government spending on public building retrofits, the expansion of mass transit, freight rail and smart electrical grid systems, and new investments in renewable energy. The remaining $4 billion would be held...