Instead of a bailout we need a new deal for education, sustainability and the economy

I’m not an economist, but I, like many Americans, have been trying to understand and develop a cogent opinion about the economic crisis we are facing. A $700 billion dollar taxpayer bailout of Wall Street investment firms doesn’t sit well, although I’m convinced that speedy action is necessary to avert economic collapse. During the great depression, President Roosevelt offered the United States a new deal; he did not bail out Wall Street.

Our country’s infrastructure is in shambles. We face a desperate need to develop clean, viable energy sources. We need more schools and more humane educators so that classes are reasonably-sized, and students receive the education that will help them become citizen problem-solvers. We need more farmers producing food in a sustainable and organic manner. And people need jobs in order to pay their mortgages.

Since a primary reason for the current economic collapse is the housing crisis and the inability of so many homeowners to pay their mortgages, why not consider this approach instead of a bailout:

1) Let’s make sure that no one else loses their home to foreclosure, by making every effort possible to rewrite these mortgages so that they are manageable and affordable over time.

2) Let’s invest the $700 billion dollars Congress is now considering in a new New Deal that puts people to work on solar, geothermal, hydrogen, wave, wind, and hydro power technologies (as well as other emerging clean fuels), on infrastructure repair, on sustainable agriculture, and in education.

What will we solve with such a plan? Our economy will heal as these new jobs enable people to afford their homes, pay their taxes, and purchase healthy, sustainable foods from more conscientious farmers. Wall Street will do well as the economy recovers, people buy the products they need, and pay the mortgages that currently make up so many investment banks’ funds. A new generation of graduates will have tools to solve continued challenges. And when our economy recovers, we’ll have what we need to ensure that social security is stable and health care is possible for all.

Wouldn’t this be a better way to invest $700 billion dollars?

~ Zoe Weil, President Institute for Humane Education www.humaneeducation.org zoeweil.com