There is a bill that has been referred to the Education and Workforce committee that stands to create a nation indebted to big bankers. House Resolution 5259, otherwise known as “Investing for Tomorrow’s Schools Act of 2014”, provides the framework for bankers to become wealthy while each and every state becomes indebted to those banks.
I’ve read through the entire bill, sponsored by Jarred Hoffman (D) of California. The disturbing nature of this bill is in its foundation. H.R. 5259 calls for the creation of “infrastructure banks” in each state. The Federal Government will then give money to these “infrastructure banks,” which will be used to loan out to each state, with interest. The states will use this money to build new schools and/or renovate current schools, libraries, etc. While this seems like a good idea because it grants the opportunity for expansion, it’s actually a horrible thing. Give me a moment to explain why.
We pay our taxes. The government is supposed to use this money to provide for the national defense and promote the general welfare of the country. Instead of that, they will give it to private banks that will then LOAN the money back to the states, which will benefit the people that paid for the loans in the first place. Are you following me yet? A banker stands to make a ton of money on the back of our tax dollars while the states will be on the hook for those loans, which are “not to exceed 30 years.”
This is a horrible bill and everyone needs to contact all the representatives on the Education and Workforce committee and tell them to stop the bill in its tracks. I think we’re all tired of loans, banks, debt, and bubbles. This bill, sponsored by a Democrat, is going to add to all four of those. It will force loans on the state, make a banker wealthy, push every single state further in to debt, and create another debt bubble that will eventually crash when the states are unable to make those payments.
Don’t let our states fall into this trap of debt in an effort to build more schools and/or renovate older schools. If we are to do that, we need to allow the federal government to give back a portion of the taxes back to each state with no strings attached. Adding a middleman banker will only cause the renovation and construction to cost more. Say NO to House Resolution 5259. Say NO to feeding bankers more money. Say NO to debt. Say NO to the status quo.